INSERT INTO `wp_posts` VALUES (6039,3,'2021-03-04 23:54:38','2021-03-04 23:54:38','<!-- wp:heading -->\n<h2>Is Wall Street in a \'New Paradigm Era\'... or merely an \'Old Bubble\' carried to New Extremes?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Santayana, an early 20th Century philosopher, once said, “Those who do not learn from the past, are doomed to repeat it.” And Sir Isaac Newton, who lost the equivalent of over $1,000,000 investing in the South Sea bubble of 1720,  remarked, “I can measure the motions of bodies, but I cannot measure human folly.” However to this day, analysts cannot agree as to what constitutes a bubble… or how to recognize a bubble before the inevitable washout and aftermath.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>It is widely perceived that the U.S. economy and stock market have embarked on a “New Paradigm Era” in which old rules no longer apply and traditional barriers have been broken. Yet as Federal Reserve Chairman Alan Greenspan warned Congress on February 26th 1997, “Regrettably, history is strewn with visions of such ‘new eras’ that, in the end, have proven to be a mirage.” This is an insight into one such likely mirage…</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>What Constitutes A Bubble?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:quote {\"align\":\"left\"} -->\n<blockquote class=\"wp-block-quote has-text-align-left\"><p>That the free enterprise economy is given to recurrent episodes of speculation will be agreed… This process, once it is recognized, is clearly evident, and especially so after the fact. So also, if more subjectively, are the basic attitudes of the participants. These take two forms. There are those who are persuaded that some new price-enhancing circumstance is in control, and they expect the market to stay up and go up, perhaps indefinitely… Then there are those, superficially more astute and generally fewer in number, who perceive or believe themselves to perceive the speculative mood of the moment. They are in to ride the upward wave; their particular genius, they are convinced, will allow them to get out before the speculation runs its course… For built into this situation is the eventual and inevitable fall. Built in also is the circumstance that it cannot come gently or gradually. When it comes it bears the grim face of disaster. That is because both of the groups of participants in the speculative situation are programmed for sudden efforts at escape. Something, it matters little –although it will always be debated– triggers the ultimate reversal.<br></p><cite><strong>A Short History of Financial Euphoria<br></strong>John Kenneth Galbraith</cite></blockquote>\n<!-- /wp:quote -->\n\n<!-- wp:paragraph -->\n<p>Historically, bubbles have always been a part of the lessons of investing. There was the Japanese stock market and real estate bubble which popped in 1989. In domestic real estate, there was the not so “recession-proof” California, as well as the price deflation or washouts of condominiums in Hawaii… residences in the Northeast… commercial office space in the oil belt… and numerous other regions in the 1980’s. Many investors may also remember $850 gold… $50 silver… $37 oil… numismatics… baseball cards… and the list goes on.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>In the stock market, bubbles are usually limited to individual sectors which ride high on excessively exuberant expectations – only to plunge back to earth later. Yet history has left several notable eras which were recognized as “bubbles” only in the eventual and inevitable devastation. Seasoned investors may remember the “Nifty Fifty” era… the “Go-Go Fund” era… or even the “Investment Trust” era of the 1920’s.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>A Short History of Financial Euphoria</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>In essence, a bubble is created when objectivity, reasoning, and valuation give way to greed and the desire for profits. In “A Short History of Financial Euphoria,” author Galbraith describes the common seeds of past manias that inevitably give way to disastrous consequences:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>1) The basic premise that investing involves a trade-off between risk/reward is lost as investors are “captured by the wondrous satisfaction from accruing wealth. The very increase in values thus captures the thoughts and minds of those being rewarded.”<br>2) The belief that “some new price-enhancing circumstance is in control” – that there is “something new in the world” that justifies a permanently higher level of valuation.<br>3) The illusion that, except for temporary setbacks, “values are going up permanently and indefinitely.”<br>4) The “condemnation at those who express doubt or dissent. … because of defective imagination or other mental inadequacy they are unable to grasp the new and rewarding circumstances.”</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Healthy Bull Market to Dangerous Bubble</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Yet only in the aftermath, is a “bubble” identified as a bubble. While in progress, it can only be recognized by its symptoms which are common with speculative eras of the past. At what point does a healthy bull market turn into a bubble ripe for the popping? Here are a few differences:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"align\":\"center\",\"id\":5946,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/marketbubble-1024x308.jpg\" alt=\"Table detailing the characteristics of a healthy bull market and the characteristics when it swings to a dangerous bubble.\" class=\"wp-image-5946\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:heading -->\n<h2>Time For A Reality Check...</h2>\n<!-- /wp:heading -->\n\n<!-- wp:image {\"align\":\"right\",\"id\":5953,\"width\":356,\"height\":351,\"sizeSlug\":\"medium\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignright size-medium is-resized\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/overvaluation-extremes-300x296.jpg\" alt=\"Overvalutaion dot chart showing the extremes present at historic market tops.\" class=\"wp-image-5953\" width=\"356\" height=\"351\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>Wall Street consensus is that the U.S. has entered a “new era” of tame inflation, low interest rates, and rising productivity that will carry economic prosperity well into the new millennium. If so, say pundits, then today’s extreme valuation levels in the stock market are justified. Just how extreme is stock overvaluation? The figure below shows the S&amp;P 500 Price-to-Dividend Ratio on the vertical scale, and the S&amp;P Industrials Price-to-Book Value Ratio on the horizontal scale. Simply, the higher on the chart, or the farther to the right a year appears, the more overvalued it is. Clearly, when compared to overvaluation at some of the most historic market tops such as 1929, 1968, 1972, and 1987… today (1998) is off-the-chart!</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Consensus on Wall Street is also that today’s investor is smarter, better informed, more patient, and longer-term oriented than in the past. Consequently, it is believed that today’s mutual fund holder will never panic in a bear market. However, not all agree with this consensus:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:spacer {\"height\":37} -->\n<div style=\"height:37px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:quote {\"className\":\"is-style-default\"} -->\n<blockquote class=\"wp-block-quote is-style-default\"><p><strong>Investors may overreact to a downturn, SEC warns</strong><br>Inexperienced investors who have known only the bull market of the last decade could react ‘precipitously’ to a downturn and ‘at great cost to themselves and our markets’, Mr. Arthur Levitt, chairman of the Securities and Exchange Commission<br>warned yesterday.</p><cite>London Financial Times – Feb 26, 1997</cite></blockquote>\n<!-- /wp:quote -->\n\n<!-- wp:paragraph -->\n<p>And Federal Reserve officials also appear nervous as evidenced by this Congressional Testimony in early 1997:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:quote {\"className\":\"is-style-default\"} -->\n<blockquote class=\"wp-block-quote is-style-default\"><p>History demonstrates that participants in financial markets are susceptible to waves of optimism… Excessive optimism sows the seeds of its own reversal in the form of imbalances that tend to grow over time. When unwarranted expectations ultimately are not realized, the unwinding of these financial excesses can act to amplify a downturn</p><cite>Federal Reserve Chairman Alan Greenspan<br>– Feb 26, 1997</cite></blockquote>\n<!-- /wp:quote -->\n\n<!-- wp:paragraph -->\n<p>Meanwhile, the cold fact remains that the assets in equity mutual funds now total $3,164 Billion, as compared to $226 Billion in October 1990 at the start of this bull market. Quite simply, 93% of the money in stock mutual funds has not experienced a bear market or even a -15% correction in blue chip averages!</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Perhaps more ominously, an overwhelming majority of fund investors believe they never will experience such a decline. This late 1996 Lou Harris poll reveals that 85% expect the next 10 years to be as spectacular or better than the past decade. 78% are not expecting a mild bear market of -20%. And almost half think that minor -10% corrections are a thing of the past:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"align\":\"center\",\"id\":5954,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/surveyfundinvestors-1024x224.jpg\" alt=\"survey of fund investors expectations and the actual risk since 1900.\" class=\"wp-image-5954\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p><strong>Just how far out of touch are these investor expectations with reality?</strong> Compare the “actual risk” for all the years of this century (above right). A -10% correction has occurred in 65 years, or once every 1.5yrs on average – yet 7 years have lapsed since the last. A -20% decline has triggered every 2.5yrs – again, over 7 years since the last. A -30% bear hits every 4.6yrs – last seen during the ’87 Crash. And a major bear, with -40% losses, strikes about every 8.7yrs… last felt by investors 23 years ago!</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:spacer {\"height\":51} -->\n<div style=\"height:51px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:image {\"align\":\"right\",\"id\":5959,\"width\":300,\"sizeSlug\":\"medium\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignright size-medium is-resized\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/dow10000-300x221.jpg\" alt=\"Newspaper clipping of When and How the Dow may hit 20,000 by 2007.\" class=\"wp-image-5959\" width=\"300\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>Is it a contest to see who can forecast the highest level for the stock market? No… more likely it’s just a not-so-mild case of “irrational exuberance” feared by the Federal Reserve.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"maroon\"} -->\n<p class=\"has-maroon-color has-text-color\"><strong><em>Reality Check: Bull or Bubble?</em></strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:spacer {\"height\":10} -->\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:columns -->\n<div class=\"wp-block-columns\"><!-- wp:column -->\n<div class=\"wp-block-column\"><!-- wp:image {\"align\":\"left\",\"id\":5960,\"width\":300,\"sizeSlug\":\"medium\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignleft size-medium is-resized\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/schwabassets-124x300.jpg\" alt=\"Bar chart of assets held in Charles Schwab customer accounts increasing year by year.\" class=\"wp-image-5960\" width=\"300\"/></figure></div>\n<!-- /wp:image --></div>\n<!-- /wp:column -->\n\n<!-- wp:column -->\n<div class=\"wp-block-column\"><!-- wp:spacer {\"height\":92} -->\n<div style=\"height:92px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:paragraph -->\n<p>Public investment funds placed with the nation’s largest discount brokerage firm have risen over 19-fold in less than a decade.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"maroon\"} -->\n<p class=\"has-maroon-color has-text-color\"><strong><em>Reality Check: Bull or Bubble?</em></strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:spacer {\"height\":71} -->\n<div style=\"height:71px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:image {\"align\":\"center\",\"id\":5963,\"sizeSlug\":\"medium\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-medium\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/mutualfunds-234x300.jpg\" alt=\"Bar chart of mutual funds increasing year over year.\" class=\"wp-image-5963\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>Since 1981, the number of mutual funds have multiplied at a rate far above any historical experience… far above the “Go-Go Fund” era of the 1960’s… and far above the “Investment Trust” era of the 1920’s.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"maroon\"} -->\n<p class=\"has-maroon-color has-text-color\"><strong><em>Reality Check: Bull or Bubble?</em></strong></p>\n<!-- /wp:paragraph --></div>\n<!-- /wp:column --></div>\n<!-- /wp:columns -->\n\n<!-- wp:spacer {\"height\":51} -->\n<div style=\"height:51px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:image {\"align\":\"left\",\"id\":5967,\"sizeSlug\":\"medium\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignleft size-medium\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/investmentsclubs-294x300.jpg\" alt=\"Bar chart of investment clubs surpassing the Go-Go Fund era.  \" class=\"wp-image-5967\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>The number of investment clubs has increased over 5-fold in the current bull market. Today, more than 1 in 3 adults own mutual funds – a 66% increase in four years. That easily surpasses the “Go-Go Fund” era in which 1 in 4 adults owned stocks when the washout began in 1969.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"maroon\"} -->\n<p class=\"has-maroon-color has-text-color\"><strong><em>Reality Check: Bull or Bubble?</em></strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:spacer {\"height\":51} -->\n<div style=\"height:51px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:image {\"align\":\"right\",\"id\":5972,\"sizeSlug\":\"medium\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignright size-medium\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/nyse-seat-216x300.jpg\" alt=\"Bar chart of cost of seat on NYSE soaring in 1998.\" class=\"wp-image-5972\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>Market historians note that stock market bubbles have been accompanied by a “bubble” in the price of a seat on the New York Stock Exchange. In March 1998, a seat sold for a cool $2.0 million – far above the peak prior to the 1987 Crash. Also note the 1929 and 1966-69 peaks… which will become relevant in the next section of this report.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"maroon\"} -->\n<p class=\"has-maroon-color has-text-color\"><strong><em>Reality Check: Bull or Bubble?</em></strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:spacer {\"height\":51} -->\n<div style=\"height:51px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:image {\"align\":\"left\",\"id\":5973,\"width\":382,\"height\":378,\"sizeSlug\":\"medium\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignleft size-medium is-resized\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/nasdaq-pe-ratio-300x297.jpg\" alt=\"NASDAQ P/E Ratio up to 81.2 in 1998.\" class=\"wp-image-5973\" width=\"382\" height=\"378\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Safety in diversification? Certainly not in small-caps. The cumulative P/E ratio of all domestic NASDAQ stocks has been hitting unprecedented, frothy levels. It would require a decline of over -75% to take the NASDAQ P/E ratio back to where it started this bull market in October 1990.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"maroon\"} -->\n<p class=\"has-maroon-color has-text-color\"><strong><em>Reality Check: Bull or Bubble?</em></strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:spacer {\"height\":51} -->\n<div style=\"height:51px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:image {\"align\":\"right\",\"id\":5978,\"width\":387,\"height\":334,\"sizeSlug\":\"medium\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignright size-medium is-resized\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/mergers-300x258.jpg\" alt=\"Mergers &amp; Acquisitions line chart also increasing in late 90s.\" class=\"wp-image-5978\" width=\"387\" height=\"334\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>Mergers and acquisitions? Since 1996, there’s been no “deal” too big, too expensive, or too leveraged for Wall Street to piece together.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"maroon\"} -->\n<p class=\"has-maroon-color has-text-color\"><strong><em>Reality Check: Bull or Bubble?</em></strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:spacer {\"height\":51} -->\n<div style=\"height:51px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:image {\"align\":\"left\",\"id\":5979,\"width\":392,\"height\":316,\"sizeSlug\":\"medium\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignleft size-medium is-resized\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/margin-debt66-300x242.jpg\" alt=\"Margin debt graph soaring to record levels in the late 90s.\" class=\"wp-image-5979\" width=\"392\" height=\"316\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>Margin debt (money borrowed to purchase stocks) has soared to record levels – even relative to the size of the economy. Note how far it is above the dangerous peaks in 1987, 1972, and 1968… just prior to the three biggest bear markets of the past half century. And of course, this doesn’t include the second mortgages, refinancings, or record credit card debt that has been used to divert funds into the stock market.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"maroon\"} -->\n<p class=\"has-maroon-color has-text-color\"><strong><em>Reality Check: Bull or Bubble?</em></strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:spacer {\"height\":51} -->\n<div style=\"height:51px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>The Inevitable Questions:</h3>\n<!-- /wp:heading -->\n\n<!-- wp:list -->\n<ul><li><strong>What has driven stocks to such overvalued extremes?</strong></li><li><strong>Why do the SEC and our Federal Reserve seem so worried?</strong></li><li><strong>Why are investor expectations so out-of-touch with reality?</strong></li><li><strong>What has created so many symptoms of a dangerous “bubble”?</strong></li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading -->\n<h2>TODAY: The Not So “New Paradigm Bubble”</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Many reasons, excuses, and theories have been postulated for Wall Street’s exuberance today. They range from advances in technology, to increases in productivity, to changing demographics (aging baby-boomers). Yet these all miss the mark in explaining how Wall Street arrived at DJIA 9000 from DJIA 800 in 1982. In 1981 when President Reagan took office, interest rates were above 13%, gold had recently hit $850/oz, the DJIA was at the same level as in 1966, and real estate was considered by all to be the safest, best long-term investment. What happened? What changed public opinion so dramatically?</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p><strong>The answer is “disinflation”. </strong>As inflation receded over the past 16 years, so did the fear or expectations of inflation. Gold lost its luster. Real estate washouts in the oil belt, California, and the Northeast removed its “safe haven” perception. And as interest rates slipped year after year, thrifty CD and money market fund savers were pushed to seek other alternatives… the stock market. A “Disinflation Era” is not new… and neither is the dangerous bubble which it can create. Let’s examine historical precedent:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"align\":\"right\",\"id\":5988,\"sizeSlug\":\"medium\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignright size-medium\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/90s-inflation-rate-300x298.jpg\" alt=\"5 year inflation rate graph over the djia increasing.\" class=\"wp-image-5988\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p><strong>THE INVESTMENT TRUST ’20s</strong><br><strong>Start:</strong> August 1921 – as the high inflation of World War I receded.<br><strong>Stocks:</strong> DJIA up 6-fold in 8 years.<br><strong>THE GO-GO FUND ’60s</strong><br><strong>Start:</strong> June 1949 – as the high inflation of World War II (and the Korean War) receded.<br><strong>Stocks:</strong> DJIA up 6-fold in 17 years (with subsequent tops in 1968 and 1973).<br><strong>THE MUTUAL FUND MANIA ’90s</strong><br><strong>Start:</strong> August 1982 – as the high inflation of the Vietnam War and the 1970s receded.<br><strong>Stocks:</strong> DJIA up 11-fold in 16 years.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Here are the ominous parallels and sequence of events in these “Disinflation Eras”:</h3>\n<!-- /wp:heading -->\n\n<!-- wp:image {\"align\":\"center\",\"id\":5989,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/1-correctionless-market-1024x167.jpg\" alt=\"Correctionless market contains an image with headlines from 1929, 1966, and today.\" class=\"wp-image-5989\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:image {\"align\":\"center\",\"id\":5990,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/2-mutual-fund-mania-1024x577.jpg\" alt=\"Mutual Fund Mania with headlines from 1929, 1966, and today.\" class=\"wp-image-5990\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:image {\"align\":\"center\",\"id\":5991,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/3-extreme-overvaluation-1024x235.jpg\" alt=\"Extreme overvaluation with headlines.\" class=\"wp-image-5991\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:image {\"align\":\"center\",\"id\":5992,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/4-old-rules-1024x442.jpg\" alt=\"Old Rules no longer apply headlines\" class=\"wp-image-5992\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:image {\"align\":\"center\",\"id\":5993,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/5-unparalleled-stability-1024x266.jpg\" alt=\"Unparalleled stability headlines\" class=\"wp-image-5993\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:image {\"align\":\"center\",\"id\":5994,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/6-supply-demand-1024x314.jpg\" alt=\"Supply and demand imbalance headlines\" class=\"wp-image-5994\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:image {\"align\":\"center\",\"id\":5995,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/7-riskless-attitude-1024x258.jpg\" alt=\"Riskless attitude headlines\" class=\"wp-image-5995\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:image {\"align\":\"center\",\"id\":5996,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/8-perpetual-prosperity-1024x442.jpg\" alt=\"Perpetual economic prosperity headlines\" class=\"wp-image-5996\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:image {\"align\":\"center\",\"id\":5997,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/9-new-era-hype-1024x452.jpg\" alt=\"New era hype headlines\" class=\"wp-image-5997\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:image {\"align\":\"center\",\"id\":5998,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/10-11-1024x567.jpg\" alt=\"Federal Reserve Censure and scolding the federal reserve headlines\" class=\"wp-image-5998\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:image {\"align\":\"center\",\"id\":5999,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/washout-1024x269.jpg\" alt=\"Inevitable washout headlines\" class=\"wp-image-5999\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:heading -->\n<h2>What the Future Holds...</h2>\n<!-- /wp:heading -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>A stock market bubble can be prevented, but it can’t be corrected…</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Painful recessions and periodic bear markets can usually prevent the valuation extremes and sentiment excesses that create a dangerous bubble. Yet tragically, this simple, historic fact must be relearned every time. For example, after the Japanese stock market and real estate collapse, the former head of the Bank of Japan lamented:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:quote -->\n<blockquote class=\"wp-block-quote\"><p>Looking back, we now feel that we should have applied the brakes on the excessive boom much earlier… However, back in those days, as [consumer] prices were not rising, it was difficult to obtain people’s understanding for a policy aimed at achieving sustainable economic growth by monetary tightening.</p><cite>Yasushi Mieno, Former Governor, Bank of Japan</cite></blockquote>\n<!-- /wp:quote -->\n\n<!-- wp:paragraph -->\n<p>The historical truth that bubbles can be prevented but not corrected even appears obvious to those involved in creating the current bubble, as evidenced by this 1996 quote from the former Federal Reserve Vice-Chairman:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:quote -->\n<blockquote class=\"wp-block-quote\"><p>It’s very hard to surgically prick a balloon. You may let out a lot more air than you bargained for.</p><cite>Alan Blinder, Former Vice Chairman, Federal Reserve</cite></blockquote>\n<!-- /wp:quote -->\n\n<!-- wp:paragraph -->\n<p>And in an article from 30 years ago, the current Federal Reserve Chairman wrote this critique of the 1929 Crash:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:quote -->\n<blockquote class=\"wp-block-quote\"><p>The excess credit which the Fed pumped into the economy spilled over into the stock market – triggering a fantastic speculative boom. Belatedly, Federal Reserve officials attempted to sop up the excess reserves and finally succeeded in braking the boom. But it was too late: by 1929 the speculative imbalances had become so overwhelming that the attempt precipitated a sharp retrenching and a consequent demoralizing of business confidence.</p><cite>Alan Greenspan, “Gold and Economic Freedom”, 1966</cite></blockquote>\n<!-- /wp:quote -->\n\n<!-- wp:paragraph -->\n<p>Yet the mere presence of a bubble, even with all the overvaluation and extremes, rarely pops itself. It may continue to inflate, transparent to those inside the bubble, until some external event causes the initial pinhole. As John Galbraith noted about past bubbles, “Something, it matters little –although it will always be debated–  triggers the ultimate reversal.”</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>From whence could the pin or trigger come?…</h3>\n<!-- /wp:heading -->\n\n<!-- wp:image {\"align\":\"right\",\"id\":6002,\"sizeSlug\":\"medium\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignright size-medium\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/global-disc-rates-289x300.jpg\" alt=\"Global discount rates graph dropping\" class=\"wp-image-6002\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>Global economic and financial turmoil offer a number of potential sources. Recessions in Germany and Japan have driven interest rates down to 1/3 of levels in 1991-92 (or 1/12 in the case of Japan). However, the frenzied effort to jumpstart foreign economies has instead pushed excess liquidity into the U.S. financial markets.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"align\":\"left\",\"id\":6003,\"sizeSlug\":\"medium\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignleft size-medium\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/net-foreign-purchases-300x211.jpg\" alt=\"Net foreign purchases of U.S. Treasury Bonds and Notes\" class=\"wp-image-6003\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>As a result, purchasing of U.S. Treasuries by foreign investors and central banks has soared to unprecedented levels. The short-term benefits have funded our trade deficit, supported the Dollar, and sloshed liquidity into Wall Street. The obvious danger is what might happen now that this trend shows signs of reversing.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"align\":\"right\",\"id\":6004,\"sizeSlug\":\"medium\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignright size-medium\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/global-derivatives-207x300.jpg\" alt=\"Global derivatives market bar chart increasing\" class=\"wp-image-6004\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>Another potential trigger resides in the global derivatives market. It’s assumed by today’s young gun-slinging money managers that such leveraged derivatives are as liquid as cash – even in a falling market or financial crisis. However, note that the face value of these global derivatives now totals over $41 trillion… 6 times larger than in the last U.S. recession… and 17 times larger than when liquidity disappeared during the 1987 Crash. That $41 trillion has never experienced a true global recession or liquidity crisis. What happens if speculators all want out at the same time?</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"align\":\"left\",\"id\":6005,\"sizeSlug\":\"medium\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignleft size-medium\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/household-credit-300x292.jpg\" alt=\"Household credit as a percentage of disposable personal income\" class=\"wp-image-6005\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>Liquidity could also prove a problem for today’s consumers. Household debt (even as a percentage of income) continues to rise to record levels. Personal bankruptcies are also at record levels – even in this 8th year of economic expansion. With consumer spending accounting for 2/3’s of GDP growth, how long can households keep heading the wrong way down a oneway street?</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"align\":\"right\",\"id\":6006,\"width\":374,\"height\":182,\"sizeSlug\":\"medium\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignright size-medium is-resized\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/ici-liquid-300x146.jpg\" alt=\"ICI liquid asset ratio decreasing to 5.1%\" class=\"wp-image-6006\" width=\"374\" height=\"182\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>If illiquidity is the trigger, mutual funds are sitting on the target. Cash reserves, tracked by ICI, have been reduced to the lowest levels of this 16-year disinflation bull. Meanwhile, nervous fund families, including Fidelity and Vanguard, have requested permission from the SEC to borrow from money market funds to meet redemptions if necessary. Some are even “investing” cash reserves in stock index futures. Is it confidence, ignorance, or recklessness that leads mutual funds down the same path as in the Go-Go Fund 1960’s, or as the Investment Trusts of the late 1920’s?</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Threat of a Crash…</h3>\n<!-- /wp:heading -->\n\n<!-- wp:list -->\n<ul><li>l This 7.8 years without a -15% correction in the DJIA is virtually double the previous record. Among the 5 longest such periods… are the 1929 Crash and 1987 Crash. Coincidence?</li><li>l This 16th year without the DJIA dropping under the previous year’s low is double the previous record of 8 years… which ended in the 1929 Crash. Coincidence?</li><li>l Intraday volatility (daily high-to-low) is averaging over 2% (~180 DJIA points) for 1997-98. Among the 3 previous records… again, 1929 and 1987. Coincidence?</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p>Historical precedent paints a foreboding picture. A “crash” is always a possibility in a correctionless, overvalued stock market. And none have been as correctionless or as overvalued as this one. Wall Street confidence relies heavily on the Federal Reserve and its ability to control or halt a meltdown scenario. Media has publicized the “un”official Plunge Protection Team, comprised of the Federal Reserve, Treasury, SEC, and CFTC – all of whom are “thinking carefully about how they would respond to the unthinkable” on Wall Street. Only time will tell if such confidence is misplaced…</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:quote -->\n<blockquote class=\"wp-block-quote\"><p><strong>Plunge Protection Team<br></strong>White House Group Shapes Plans to Ensure<br>Any Market Free Fall Is Contained</p><cite>The Washington Post</cite></blockquote>\n<!-- /wp:quote -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Weighing the Dangers…</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Today’s parallels with history, and repeated warnings from the SEC and the Federal Reserve carry ominous overtones. A correctionless bull market, record overvaluation, plus public exuberance all add up to unprecedented risk – for the stock market, as well as the U.S. economy. By July 1998, stock market capitalization (in relation to GDP) has reached over twice the peak before the last recession or prior to the 1987 stock market crash. Simply stated, even a mild bear market of -25% from today’s lofty levels, would wipe out $2.8 trillion – with more economic impact than any bear market of the past 60 years!</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"align\":\"right\",\"id\":6010,\"sizeSlug\":\"medium\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignright size-medium\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/stock-market-capitalization-300x288.jpg\" alt=\"\" class=\"wp-image-6010\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>To Alan Greenspan, who wrote so astutely of the lessons of 1929, the threat must  weigh heavily. The anecdotal evidence is overwhelming that Wall Street is in some type of bubble – a mania where valuations and expectations have disconnected from reality. If that is indeed the case, then what lies ahead is inevitable. And the downside risk is grossly underestimated by today’s investor. With valuations based on the broad S&amp;P 500 Index (but downside risk expressed in more familiar DJIA point terms), the table below shows how far today’s stock market could tumble before hitting 70-year average valuations. NOTE: This is only to average valuation levels since 1928, not the extreme lows that are typical in most bear markets!</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"align\":\"left\",\"id\":6012,\"sizeSlug\":\"medium\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignleft size-medium\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/valuation-risk-300x130.jpg\" alt=\"\" class=\"wp-image-6012\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>In one sense, it doesn’t matter whether today’s bubble unwinds in a deflationary crisis as in 1929, or in a series of protracted bear markets as in the late 60’s. The consequences for the average investor were the same. Those who blindly followed a buy-&amp;-hold strategy were devastated, both financially and psychologically. Meanwhile, those investors who recognized the dangers and took evasive action weathered the fallout – or even profited handsomely in the years that followed.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>It also matters little, if it is a bubble, what circumstance or event is blamed for “pricking” the overinflated balloon. Inevitably, the fact remains that much of the fault must lie with Wall Street itself. If not for the sirens and aggressive marketing in an overextended, overheated, overvalued bull market, then the excesses and speculation couldn’t reach such extremes. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>The purpose of this special report is not to frighten or build the case for a crash. Our sole objective is to educate. It is a dangerous, perhaps even financially fatal assumption to think the next 5 years will be a repeat of the recent past. But historical precedent cannot be ignored. The 1980’s and 90’s are not the first era where investors have been pushed away from inflation hedges, real estate, bonds, and cash. And, as revealed inside, it would not be the first such bubble created by these disinflation forces. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Only time, and 20/20 hindsight, will reveal if today’s “new era” is a mirage – merely  an old era carried to new levels of excess. Unfortunately, the symptoms are present and warning flags are flying high. <strong>Yet even if Wall Street is in a bubble destined to deflate, one must also remember that the devastation which followed the late 20’s and late 60’s created tremendous profit opportunities for those astute investors who understood and perceived what was happening. The historical perspective and evidence presented in this report serve as a vital step in that direction.</strong></p>\n<!-- /wp:paragraph -->','The New Paradigm... Era -or- Bubble?','A critical look at the unprecedented events that unfolded on Wall Street during the high-tech bubble of the late 1990s. Was it a New Era? Or was history repeating itself? What were the danger signs every investor should have known?','inherit','closed','closed','','2497-revision-v1','','','2021-03-04 23:54:38','2021-03-04 23:54:38','',2497,'https://ns2020-investech.investech.com/2497-revision-v1/',0,'revision','',0);
INSERT INTO `wp_posts` VALUES (6040,3,'2021-03-04 23:54:53','2021-03-04 23:54:53','<!-- wp:heading -->\n<h2>Is Wall Street in a \'New Paradigm Era\'... or merely an \'Old Bubble\' carried to New Extremes?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Santayana, an early 20th Century philosopher, once said, “Those who do not learn from the past, are doomed to repeat it.” And Sir Isaac Newton, who lost the equivalent of over $1,000,000 investing in the South Sea bubble of 1720,  remarked, “I can measure the motions of bodies, but I cannot measure human folly.” However to this day, analysts cannot agree as to what constitutes a bubble… or how to recognize a bubble before the inevitable washout and aftermath.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>It is widely perceived that the U.S. economy and stock market have embarked on a “New Paradigm Era” in which old rules no longer apply and traditional barriers have been broken. Yet as Federal Reserve Chairman Alan Greenspan warned Congress on February 26th 1997, “Regrettably, history is strewn with visions of such ‘new eras’ that, in the end, have proven to be a mirage.” This is an insight into one such likely mirage…</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>What Constitutes A Bubble?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:quote {\"align\":\"left\"} -->\n<blockquote class=\"wp-block-quote has-text-align-left\"><p>That the free enterprise economy is given to recurrent episodes of speculation will be agreed… This process, once it is recognized, is clearly evident, and especially so after the fact. So also, if more subjectively, are the basic attitudes of the participants. These take two forms. There are those who are persuaded that some new price-enhancing circumstance is in control, and they expect the market to stay up and go up, perhaps indefinitely… Then there are those, superficially more astute and generally fewer in number, who perceive or believe themselves to perceive the speculative mood of the moment. They are in to ride the upward wave; their particular genius, they are convinced, will allow them to get out before the speculation runs its course… For built into this situation is the eventual and inevitable fall. Built in also is the circumstance that it cannot come gently or gradually. When it comes it bears the grim face of disaster. That is because both of the groups of participants in the speculative situation are programmed for sudden efforts at escape. Something, it matters little –although it will always be debated– triggers the ultimate reversal.<br></p><cite><strong>A Short History of Financial Euphoria<br></strong>John Kenneth Galbraith</cite></blockquote>\n<!-- /wp:quote -->\n\n<!-- wp:paragraph -->\n<p>Historically, bubbles have always been a part of the lessons of investing. There was the Japanese stock market and real estate bubble which popped in 1989. In domestic real estate, there was the not so “recession-proof” California, as well as the price deflation or washouts of condominiums in Hawaii… residences in the Northeast… commercial office space in the oil belt… and numerous other regions in the 1980’s. Many investors may also remember $850 gold… $50 silver… $37 oil… numismatics… baseball cards… and the list goes on.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>In the stock market, bubbles are usually limited to individual sectors which ride high on excessively exuberant expectations – only to plunge back to earth later. Yet history has left several notable eras which were recognized as “bubbles” only in the eventual and inevitable devastation. Seasoned investors may remember the “Nifty Fifty” era… the “Go-Go Fund” era… or even the “Investment Trust” era of the 1920’s.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>A Short History of Financial Euphoria</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>In essence, a bubble is created when objectivity, reasoning, and valuation give way to greed and the desire for profits. In “A Short History of Financial Euphoria,” author Galbraith describes the common seeds of past manias that inevitably give way to disastrous consequences:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>1) The basic premise that investing involves a trade-off between risk/reward is lost as investors are “captured by the wondrous satisfaction from accruing wealth. The very increase in values thus captures the thoughts and minds of those being rewarded.”<br>2) The belief that “some new price-enhancing circumstance is in control” – that there is “something new in the world” that justifies a permanently higher level of valuation.<br>3) The illusion that, except for temporary setbacks, “values are going up permanently and indefinitely.”<br>4) The “condemnation at those who express doubt or dissent. … because of defective imagination or other mental inadequacy they are unable to grasp the new and rewarding circumstances.”</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Healthy Bull Market to Dangerous Bubble</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Yet only in the aftermath, is a “bubble” identified as a bubble. While in progress, it can only be recognized by its symptoms which are common with speculative eras of the past. At what point does a healthy bull market turn into a bubble ripe for the popping? Here are a few differences:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"align\":\"center\",\"id\":5946,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/marketbubble-1024x308.jpg\" alt=\"Table detailing the characteristics of a healthy bull market and the characteristics when it swings to a dangerous bubble.\" class=\"wp-image-5946\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:heading -->\n<h2>Time For A Reality Check...</h2>\n<!-- /wp:heading -->\n\n<!-- wp:image {\"align\":\"right\",\"id\":5953,\"width\":356,\"height\":351,\"sizeSlug\":\"medium\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignright size-medium is-resized\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/overvaluation-extremes-300x296.jpg\" alt=\"Overvalutaion dot chart showing the extremes present at historic market tops.\" class=\"wp-image-5953\" width=\"356\" height=\"351\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>Wall Street consensus is that the U.S. has entered a “new era” of tame inflation, low interest rates, and rising productivity that will carry economic prosperity well into the new millennium. If so, say pundits, then today’s extreme valuation levels in the stock market are justified. Just how extreme is stock overvaluation? The figure below shows the S&amp;P 500 Price-to-Dividend Ratio on the vertical scale, and the S&amp;P Industrials Price-to-Book Value Ratio on the horizontal scale. Simply, the higher on the chart, or the farther to the right a year appears, the more overvalued it is. Clearly, when compared to overvaluation at some of the most historic market tops such as 1929, 1968, 1972, and 1987… today (1998) is off-the-chart!</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Consensus on Wall Street is also that today’s investor is smarter, better informed, more patient, and longer-term oriented than in the past. Consequently, it is believed that today’s mutual fund holder will never panic in a bear market. However, not all agree with this consensus:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:spacer {\"height\":37} -->\n<div style=\"height:37px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:quote {\"className\":\"is-style-default\"} -->\n<blockquote class=\"wp-block-quote is-style-default\"><p><strong>Investors may overreact to a downturn, SEC warns</strong><br>Inexperienced investors who have known only the bull market of the last decade could react ‘precipitously’ to a downturn and ‘at great cost to themselves and our markets’, Mr. Arthur Levitt, chairman of the Securities and Exchange Commission<br>warned yesterday.</p><cite>London Financial Times – Feb 26, 1997</cite></blockquote>\n<!-- /wp:quote -->\n\n<!-- wp:paragraph -->\n<p>And Federal Reserve officials also appear nervous as evidenced by this Congressional Testimony in early 1997:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:quote {\"className\":\"is-style-default\"} -->\n<blockquote class=\"wp-block-quote is-style-default\"><p>History demonstrates that participants in financial markets are susceptible to waves of optimism… Excessive optimism sows the seeds of its own reversal in the form of imbalances that tend to grow over time. When unwarranted expectations ultimately are not realized, the unwinding of these financial excesses can act to amplify a downturn</p><cite>Federal Reserve Chairman Alan Greenspan<br>– Feb 26, 1997</cite></blockquote>\n<!-- /wp:quote -->\n\n<!-- wp:paragraph -->\n<p>Meanwhile, the cold fact remains that the assets in equity mutual funds now total $3,164 Billion, as compared to $226 Billion in October 1990 at the start of this bull market. Quite simply, 93% of the money in stock mutual funds has not experienced a bear market or even a -15% correction in blue chip averages!</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Perhaps more ominously, an overwhelming majority of fund investors believe they never will experience such a decline. This late 1996 Lou Harris poll reveals that 85% expect the next 10 years to be as spectacular or better than the past decade. 78% are not expecting a mild bear market of -20%. And almost half think that minor -10% corrections are a thing of the past:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"align\":\"center\",\"id\":5954,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/surveyfundinvestors-1024x224.jpg\" alt=\"survey of fund investors expectations and the actual risk since 1900.\" class=\"wp-image-5954\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p><strong>Just how far out of touch are these investor expectations with reality?</strong> Compare the “actual risk” for all the years of this century (above right). A -10% correction has occurred in 65 years, or once every 1.5yrs on average – yet 7 years have lapsed since the last. A -20% decline has triggered every 2.5yrs – again, over 7 years since the last. A -30% bear hits every 4.6yrs – last seen during the ’87 Crash. And a major bear, with -40% losses, strikes about every 8.7yrs… last felt by investors 23 years ago!</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:spacer {\"height\":51} -->\n<div style=\"height:51px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:image {\"align\":\"right\",\"id\":5959,\"width\":300,\"sizeSlug\":\"medium\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignright size-medium is-resized\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/dow10000-300x221.jpg\" alt=\"Newspaper clipping of When and How the Dow may hit 20,000 by 2007.\" class=\"wp-image-5959\" width=\"300\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>Is it a contest to see who can forecast the highest level for the stock market? No… more likely it’s just a not-so-mild case of “irrational exuberance” feared by the Federal Reserve.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"maroon\"} -->\n<p class=\"has-maroon-color has-text-color\"><strong><em>Reality Check: Bull or Bubble?</em></strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:spacer {\"height\":10} -->\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:columns -->\n<div class=\"wp-block-columns\"><!-- wp:column -->\n<div class=\"wp-block-column\"><!-- wp:image {\"align\":\"left\",\"id\":5960,\"width\":300,\"sizeSlug\":\"medium\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignleft size-medium is-resized\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/schwabassets-124x300.jpg\" alt=\"Bar chart of assets held in Charles Schwab customer accounts increasing year by year.\" class=\"wp-image-5960\" width=\"300\"/></figure></div>\n<!-- /wp:image --></div>\n<!-- /wp:column -->\n\n<!-- wp:column -->\n<div class=\"wp-block-column\"><!-- wp:spacer {\"height\":92} -->\n<div style=\"height:92px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:paragraph -->\n<p>Public investment funds placed with the nation’s largest discount brokerage firm have risen over 19-fold in less than a decade.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"maroon\"} -->\n<p class=\"has-maroon-color has-text-color\"><strong><em>Reality Check: Bull or Bubble?</em></strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:spacer {\"height\":71} -->\n<div style=\"height:71px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:image {\"align\":\"center\",\"id\":5963,\"sizeSlug\":\"medium\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-medium\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/mutualfunds-234x300.jpg\" alt=\"Bar chart of mutual funds increasing year over year.\" class=\"wp-image-5963\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>Since 1981, the number of mutual funds have multiplied at a rate far above any historical experience… far above the “Go-Go Fund” era of the 1960’s… and far above the “Investment Trust” era of the 1920’s.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"maroon\"} -->\n<p class=\"has-maroon-color has-text-color\"><strong><em>Reality Check: Bull or Bubble?</em></strong></p>\n<!-- /wp:paragraph --></div>\n<!-- /wp:column --></div>\n<!-- /wp:columns -->\n\n<!-- wp:spacer {\"height\":51} -->\n<div style=\"height:51px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:image {\"align\":\"left\",\"id\":5967,\"sizeSlug\":\"medium\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignleft size-medium\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/investmentsclubs-294x300.jpg\" alt=\"Bar chart of investment clubs surpassing the Go-Go Fund era.  \" class=\"wp-image-5967\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>The number of investment clubs has increased over 5-fold in the current bull market. Today, more than 1 in 3 adults own mutual funds – a 66% increase in four years. That easily surpasses the “Go-Go Fund” era in which 1 in 4 adults owned stocks when the washout began in 1969.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"maroon\"} -->\n<p class=\"has-maroon-color has-text-color\"><strong><em>Reality Check: Bull or Bubble?</em></strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:spacer {\"height\":51} -->\n<div style=\"height:51px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:image {\"align\":\"right\",\"id\":5972,\"sizeSlug\":\"medium\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignright size-medium\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/nyse-seat-216x300.jpg\" alt=\"Bar chart of cost of seat on NYSE soaring in 1998.\" class=\"wp-image-5972\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>Market historians note that stock market bubbles have been accompanied by a “bubble” in the price of a seat on the New York Stock Exchange. In March 1998, a seat sold for a cool $2.0 million – far above the peak prior to the 1987 Crash. Also note the 1929 and 1966-69 peaks… which will become relevant in the next section of this report.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"maroon\"} -->\n<p class=\"has-maroon-color has-text-color\"><strong><em>Reality Check: Bull or Bubble?</em></strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:spacer {\"height\":51} -->\n<div style=\"height:51px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:image {\"align\":\"left\",\"id\":5973,\"width\":382,\"height\":378,\"sizeSlug\":\"medium\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignleft size-medium is-resized\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/nasdaq-pe-ratio-300x297.jpg\" alt=\"NASDAQ P/E Ratio up to 81.2 in 1998.\" class=\"wp-image-5973\" width=\"382\" height=\"378\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Safety in diversification? Certainly not in small-caps. The cumulative P/E ratio of all domestic NASDAQ stocks has been hitting unprecedented, frothy levels. It would require a decline of over -75% to take the NASDAQ P/E ratio back to where it started this bull market in October 1990.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"maroon\"} -->\n<p class=\"has-maroon-color has-text-color\"><strong><em>Reality Check: Bull or Bubble?</em></strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:spacer {\"height\":51} -->\n<div style=\"height:51px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:image {\"align\":\"right\",\"id\":5978,\"width\":387,\"height\":334,\"sizeSlug\":\"medium\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignright size-medium is-resized\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/mergers-300x258.jpg\" alt=\"Mergers &amp; Acquisitions line chart also increasing in late 90s.\" class=\"wp-image-5978\" width=\"387\" height=\"334\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>Mergers and acquisitions? Since 1996, there’s been no “deal” too big, too expensive, or too leveraged for Wall Street to piece together.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"maroon\"} -->\n<p class=\"has-maroon-color has-text-color\"><strong><em>Reality Check: Bull or Bubble?</em></strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:spacer {\"height\":51} -->\n<div style=\"height:51px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:image {\"align\":\"left\",\"id\":5979,\"width\":392,\"height\":316,\"sizeSlug\":\"medium\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignleft size-medium is-resized\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/margin-debt66-300x242.jpg\" alt=\"Margin debt graph soaring to record levels in the late 90s.\" class=\"wp-image-5979\" width=\"392\" height=\"316\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>Margin debt (money borrowed to purchase stocks) has soared to record levels – even relative to the size of the economy. Note how far it is above the dangerous peaks in 1987, 1972, and 1968… just prior to the three biggest bear markets of the past half century. And of course, this doesn’t include the second mortgages, refinancings, or record credit card debt that has been used to divert funds into the stock market.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"maroon\"} -->\n<p class=\"has-maroon-color has-text-color\"><strong><em>Reality Check: Bull or Bubble?</em></strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:spacer {\"height\":51} -->\n<div style=\"height:51px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>The Inevitable Questions:</h3>\n<!-- /wp:heading -->\n\n<!-- wp:list -->\n<ul><li><strong>What has driven stocks to such overvalued extremes?</strong></li><li><strong>Why do the SEC and our Federal Reserve seem so worried?</strong></li><li><strong>Why are investor expectations so out-of-touch with reality?</strong></li><li><strong>What has created so many symptoms of a dangerous “bubble”?</strong></li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading -->\n<h2>TODAY: The Not So “New Paradigm Bubble”</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Many reasons, excuses, and theories have been postulated for Wall Street’s exuberance today. They range from advances in technology, to increases in productivity, to changing demographics (aging baby-boomers). Yet these all miss the mark in explaining how Wall Street arrived at DJIA 9000 from DJIA 800 in 1982. In 1981 when President Reagan took office, interest rates were above 13%, gold had recently hit $850/oz, the DJIA was at the same level as in 1966, and real estate was considered by all to be the safest, best long-term investment. What happened? What changed public opinion so dramatically?</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p><strong>The answer is “disinflation”. </strong>As inflation receded over the past 16 years, so did the fear or expectations of inflation. Gold lost its luster. Real estate washouts in the oil belt, California, and the Northeast removed its “safe haven” perception. And as interest rates slipped year after year, thrifty CD and money market fund savers were pushed to seek other alternatives… the stock market. A “Disinflation Era” is not new… and neither is the dangerous bubble which it can create. Let’s examine historical precedent:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"align\":\"right\",\"id\":5988,\"sizeSlug\":\"medium\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignright size-medium\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/90s-inflation-rate-300x298.jpg\" alt=\"5 year inflation rate graph over the djia increasing.\" class=\"wp-image-5988\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p><strong>THE INVESTMENT TRUST ’20s</strong><br><strong>Start:</strong> August 1921 – as the high inflation of World War I receded.<br><strong>Stocks:</strong> DJIA up 6-fold in 8 years.<br><strong>THE GO-GO FUND ’60s</strong><br><strong>Start:</strong> June 1949 – as the high inflation of World War II (and the Korean War) receded.<br><strong>Stocks:</strong> DJIA up 6-fold in 17 years (with subsequent tops in 1968 and 1973).<br><strong>THE MUTUAL FUND MANIA ’90s</strong><br><strong>Start:</strong> August 1982 – as the high inflation of the Vietnam War and the 1970s receded.<br><strong>Stocks:</strong> DJIA up 11-fold in 16 years.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Here are the ominous parallels and sequence of events in these “Disinflation Eras”:</h3>\n<!-- /wp:heading -->\n\n<!-- wp:image {\"align\":\"center\",\"id\":5989,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/1-correctionless-market-1024x167.jpg\" alt=\"Correctionless market contains an image with headlines from 1929, 1966, and today.\" class=\"wp-image-5989\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:image {\"align\":\"center\",\"id\":5990,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/2-mutual-fund-mania-1024x577.jpg\" alt=\"Mutual Fund Mania with headlines from 1929, 1966, and today.\" class=\"wp-image-5990\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:image {\"align\":\"center\",\"id\":5991,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/3-extreme-overvaluation-1024x235.jpg\" alt=\"Extreme overvaluation with headlines.\" class=\"wp-image-5991\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:image {\"align\":\"center\",\"id\":5992,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/4-old-rules-1024x442.jpg\" alt=\"Old Rules no longer apply headlines\" class=\"wp-image-5992\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:image {\"align\":\"center\",\"id\":5993,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/5-unparalleled-stability-1024x266.jpg\" alt=\"Unparalleled stability headlines\" class=\"wp-image-5993\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:image {\"align\":\"center\",\"id\":5994,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/6-supply-demand-1024x314.jpg\" alt=\"Supply and demand imbalance headlines\" class=\"wp-image-5994\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:image {\"align\":\"center\",\"id\":5995,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/7-riskless-attitude-1024x258.jpg\" alt=\"Riskless attitude headlines\" class=\"wp-image-5995\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:image {\"align\":\"center\",\"id\":5996,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/8-perpetual-prosperity-1024x442.jpg\" alt=\"Perpetual economic prosperity headlines\" class=\"wp-image-5996\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:image {\"align\":\"center\",\"id\":5997,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/9-new-era-hype-1024x452.jpg\" alt=\"New era hype headlines\" class=\"wp-image-5997\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:image {\"align\":\"center\",\"id\":5998,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/10-11-1024x567.jpg\" alt=\"Federal Reserve Censure and scolding the federal reserve headlines\" class=\"wp-image-5998\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:image {\"align\":\"center\",\"id\":5999,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/washout-1024x269.jpg\" alt=\"Inevitable washout headlines\" class=\"wp-image-5999\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:heading -->\n<h2>What the Future Holds...</h2>\n<!-- /wp:heading -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>A stock market bubble can be prevented, but it can’t be corrected…</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Painful recessions and periodic bear markets can usually prevent the valuation extremes and sentiment excesses that create a dangerous bubble. Yet tragically, this simple, historic fact must be relearned every time. For example, after the Japanese stock market and real estate collapse, the former head of the Bank of Japan lamented:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:quote -->\n<blockquote class=\"wp-block-quote\"><p>Looking back, we now feel that we should have applied the brakes on the excessive boom much earlier… However, back in those days, as [consumer] prices were not rising, it was difficult to obtain people’s understanding for a policy aimed at achieving sustainable economic growth by monetary tightening.</p><cite>Yasushi Mieno, Former Governor, Bank of Japan</cite></blockquote>\n<!-- /wp:quote -->\n\n<!-- wp:paragraph -->\n<p>The historical truth that bubbles can be prevented but not corrected even appears obvious to those involved in creating the current bubble, as evidenced by this 1996 quote from the former Federal Reserve Vice-Chairman:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:quote -->\n<blockquote class=\"wp-block-quote\"><p>It’s very hard to surgically prick a balloon. You may let out a lot more air than you bargained for.</p><cite>Alan Blinder, Former Vice Chairman, Federal Reserve</cite></blockquote>\n<!-- /wp:quote -->\n\n<!-- wp:paragraph -->\n<p>And in an article from 30 years ago, the current Federal Reserve Chairman wrote this critique of the 1929 Crash:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:quote -->\n<blockquote class=\"wp-block-quote\"><p>The excess credit which the Fed pumped into the economy spilled over into the stock market – triggering a fantastic speculative boom. Belatedly, Federal Reserve officials attempted to sop up the excess reserves and finally succeeded in braking the boom. But it was too late: by 1929 the speculative imbalances had become so overwhelming that the attempt precipitated a sharp retrenching and a consequent demoralizing of business confidence.</p><cite>Alan Greenspan, “Gold and Economic Freedom”, 1966</cite></blockquote>\n<!-- /wp:quote -->\n\n<!-- wp:paragraph -->\n<p>Yet the mere presence of a bubble, even with all the overvaluation and extremes, rarely pops itself. It may continue to inflate, transparent to those inside the bubble, until some external event causes the initial pinhole. As John Galbraith noted about past bubbles, “Something, it matters little –although it will always be debated–  triggers the ultimate reversal.”</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>From whence could the pin or trigger come?…</h3>\n<!-- /wp:heading -->\n\n<!-- wp:image {\"align\":\"right\",\"id\":6002,\"sizeSlug\":\"medium\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignright size-medium\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/global-disc-rates-289x300.jpg\" alt=\"Global discount rates graph dropping\" class=\"wp-image-6002\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>Global economic and financial turmoil offer a number of potential sources. Recessions in Germany and Japan have driven interest rates down to 1/3 of levels in 1991-92 (or 1/12 in the case of Japan). However, the frenzied effort to jumpstart foreign economies has instead pushed excess liquidity into the U.S. financial markets.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"align\":\"left\",\"id\":6003,\"sizeSlug\":\"medium\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignleft size-medium\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/net-foreign-purchases-300x211.jpg\" alt=\"Net foreign purchases of U.S. Treasury Bonds and Notes\" class=\"wp-image-6003\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>As a result, purchasing of U.S. Treasuries by foreign investors and central banks has soared to unprecedented levels. The short-term benefits have funded our trade deficit, supported the Dollar, and sloshed liquidity into Wall Street. The obvious danger is what might happen now that this trend shows signs of reversing.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"align\":\"right\",\"id\":6004,\"sizeSlug\":\"medium\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignright size-medium\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/global-derivatives-207x300.jpg\" alt=\"Global derivatives market bar chart increasing\" class=\"wp-image-6004\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>Another potential trigger resides in the global derivatives market. It’s assumed by today’s young gun-slinging money managers that such leveraged derivatives are as liquid as cash – even in a falling market or financial crisis. However, note that the face value of these global derivatives now totals over $41 trillion… 6 times larger than in the last U.S. recession… and 17 times larger than when liquidity disappeared during the 1987 Crash. That $41 trillion has never experienced a true global recession or liquidity crisis. What happens if speculators all want out at the same time?</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"align\":\"left\",\"id\":6005,\"sizeSlug\":\"medium\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignleft size-medium\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/household-credit-300x292.jpg\" alt=\"Household credit as a percentage of disposable personal income\" class=\"wp-image-6005\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>Liquidity could also prove a problem for today’s consumers. Household debt (even as a percentage of income) continues to rise to record levels. Personal bankruptcies are also at record levels – even in this 8th year of economic expansion. With consumer spending accounting for 2/3’s of GDP growth, how long can households keep heading the wrong way down a oneway street?</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"align\":\"right\",\"id\":6006,\"width\":374,\"height\":182,\"sizeSlug\":\"medium\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignright size-medium is-resized\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/ici-liquid-300x146.jpg\" alt=\"ICI liquid asset ratio decreasing to 5.1%\" class=\"wp-image-6006\" width=\"374\" height=\"182\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>If illiquidity is the trigger, mutual funds are sitting on the target. Cash reserves, tracked by ICI, have been reduced to the lowest levels of this 16-year disinflation bull. Meanwhile, nervous fund families, including Fidelity and Vanguard, have requested permission from the SEC to borrow from money market funds to meet redemptions if necessary. Some are even “investing” cash reserves in stock index futures. Is it confidence, ignorance, or recklessness that leads mutual funds down the same path as in the Go-Go Fund 1960’s, or as the Investment Trusts of the late 1920’s?</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Threat of a Crash…</h3>\n<!-- /wp:heading -->\n\n<!-- wp:list -->\n<ul><li>l This 7.8 years without a -15% correction in the DJIA is virtually double the previous record. Among the 5 longest such periods… are the 1929 Crash and 1987 Crash. Coincidence?</li><li>l This 16th year without the DJIA dropping under the previous year’s low is double the previous record of 8 years… which ended in the 1929 Crash. Coincidence?</li><li>l Intraday volatility (daily high-to-low) is averaging over 2% (~180 DJIA points) for 1997-98. Among the 3 previous records… again, 1929 and 1987. Coincidence?</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p>Historical precedent paints a foreboding picture. A “crash” is always a possibility in a correctionless, overvalued stock market. And none have been as correctionless or as overvalued as this one. Wall Street confidence relies heavily on the Federal Reserve and its ability to control or halt a meltdown scenario. Media has publicized the “un”official Plunge Protection Team, comprised of the Federal Reserve, Treasury, SEC, and CFTC – all of whom are “thinking carefully about how they would respond to the unthinkable” on Wall Street. Only time will tell if such confidence is misplaced…</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:quote -->\n<blockquote class=\"wp-block-quote\"><p><strong>Plunge Protection Team<br></strong>White House Group Shapes Plans to Ensure<br>Any Market Free Fall Is Contained</p><cite>The Washington Post</cite></blockquote>\n<!-- /wp:quote -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Weighing the Dangers…</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Today’s parallels with history, and repeated warnings from the SEC and the Federal Reserve carry ominous overtones. A correctionless bull market, record overvaluation, plus public exuberance all add up to unprecedented risk – for the stock market, as well as the U.S. economy. By July 1998, stock market capitalization (in relation to GDP) has reached over twice the peak before the last recession or prior to the 1987 stock market crash. Simply stated, even a mild bear market of -25% from today’s lofty levels, would wipe out $2.8 trillion – with more economic impact than any bear market of the past 60 years!</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"align\":\"right\",\"id\":6010,\"width\":358,\"height\":344,\"sizeSlug\":\"medium\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignright size-medium is-resized\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/stock-market-capitalization-300x288.jpg\" alt=\"\" class=\"wp-image-6010\" width=\"358\" height=\"344\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>To Alan Greenspan, who wrote so astutely of the lessons of 1929, the threat must  weigh heavily. The anecdotal evidence is overwhelming that Wall Street is in some type of bubble – a mania where valuations and expectations have disconnected from reality. If that is indeed the case, then what lies ahead is inevitable. And the downside risk is grossly underestimated by today’s investor. With valuations based on the broad S&amp;P 500 Index (but downside risk expressed in more familiar DJIA point terms), the table below shows how far today’s stock market could tumble before hitting 70-year average valuations. NOTE: This is only to average valuation levels since 1928, not the extreme lows that are typical in most bear markets!</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"align\":\"left\",\"id\":6012,\"width\":380,\"height\":166,\"sizeSlug\":\"medium\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignleft size-medium is-resized\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/valuation-risk-300x130.jpg\" alt=\"\" class=\"wp-image-6012\" width=\"380\" height=\"166\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>In one sense, it doesn’t matter whether today’s bubble unwinds in a deflationary crisis as in 1929, or in a series of protracted bear markets as in the late 60’s. The consequences for the average investor were the same. Those who blindly followed a buy-&amp;-hold strategy were devastated, both financially and psychologically. Meanwhile, those investors who recognized the dangers and took evasive action weathered the fallout – or even profited handsomely in the years that followed.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>It also matters little, if it is a bubble, what circumstance or event is blamed for “pricking” the overinflated balloon. Inevitably, the fact remains that much of the fault must lie with Wall Street itself. If not for the sirens and aggressive marketing in an overextended, overheated, overvalued bull market, then the excesses and speculation couldn’t reach such extremes. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>The purpose of this special report is not to frighten or build the case for a crash. Our sole objective is to educate. It is a dangerous, perhaps even financially fatal assumption to think the next 5 years will be a repeat of the recent past. But historical precedent cannot be ignored. The 1980’s and 90’s are not the first era where investors have been pushed away from inflation hedges, real estate, bonds, and cash. And, as revealed inside, it would not be the first such bubble created by these disinflation forces. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Only time, and 20/20 hindsight, will reveal if today’s “new era” is a mirage – merely  an old era carried to new levels of excess. Unfortunately, the symptoms are present and warning flags are flying high. <strong>Yet even if Wall Street is in a bubble destined to deflate, one must also remember that the devastation which followed the late 20’s and late 60’s created tremendous profit opportunities for those astute investors who understood and perceived what was happening. The historical perspective and evidence presented in this report serve as a vital step in that direction.</strong></p>\n<!-- /wp:paragraph -->','The New Paradigm... Era -or- Bubble?','A critical look at the unprecedented events that unfolded on Wall Street during the high-tech bubble of the late 1990s. Was it a New Era? Or was history repeating itself? What were the danger signs every investor should have known?','inherit','closed','closed','','2497-revision-v1','','','2021-03-04 23:54:53','2021-03-04 23:54:53','',2497,'https://ns2020-investech.investech.com/2497-revision-v1/',0,'revision','',0);
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INSERT INTO `wp_posts` VALUES (14469,3,'2022-03-09 10:56:15','2022-03-09 16:56:15','<!-- wp:heading -->\n<h2>This Week\'s Market Insights</h2>\n<!-- /wp:heading -->\n\n<!-- wp:uagb/post-carousel {\"block_id\":\"ea50c5f8\",\"categories\":\"\",\"postType\":\"investech-library\",\"postsToShow\":3,\"displayPostAuthor\":false,\"displayPostComment\":false,\"displayPostImage\":false,\"equalHeight\":true} /-->\n\n<!-- wp:buttons -->\n<div class=\"wp-block-buttons\"><!-- wp:button {\"className\":\"is-style-high-impact\"} -->\n<div class=\"wp-block-button is-style-high-impact\"><a class=\"wp-block-button__link\">Follow Insights</a></div>\n<!-- /wp:button --></div>\n<!-- /wp:buttons -->\n\n<!-- wp:separator -->\n<hr class=\"wp-block-separator\"/>\n<!-- /wp:separator -->\n\n<!-- wp:heading -->\n<h2>Featured InvesTech Indicators</h2>\n<!-- /wp:heading -->\n\n<!-- wp:uagb/post-carousel {\"inheritFromTheme\":true,\"block_id\":\"31f1f31e\",\"categories\":\"\",\"postType\":\"investech-indicators\",\"postsToShow\":1,\"displayPostAuthor\":false,\"displayPostComment\":false,\"columns\":1,\"equalHeight\":true} /-->','Model Fund Top Text','','inherit','closed','closed','','6042-revision-v1','','','2022-03-09 10:56:15','2022-03-09 16:56:15','',6042,'https://ns2020-investech.investech.com/?p=14469',0,'revision','',0);
INSERT INTO `wp_posts` VALUES (6043,1,'2021-03-09 03:56:17','2021-03-09 03:56:17','<!-- wp:paragraph -->\n<p>This is the intro text for the top of the model fund(old hotline) update</p>\n<!-- /wp:paragraph -->','Model Fund Top Text','','inherit','closed','closed','','6042-revision-v1','','','2021-03-09 03:56:17','2021-03-09 03:56:17','',6042,'https://ns2020-investech.investech.com/6042-revision-v1/',0,'revision','',0);
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INSERT INTO `wp_posts` VALUES (6056,1,'2021-03-09 22:09:30','2021-03-09 22:09:30','<!-- wp:acf/subscriber-content-teaser {\n    \"id\": \"block_6046fa3ad9b35\",\n    \"name\": \"acf\\/subscriber-content-teaser\",\n    \"data\": {\n        \"post_to_show\": [\n            \"5858\",\n            \"2497\",\n            \"5821\"\n        ],\n        \"_post_to_show\": \"field_5f2aeab7381f9\",\n        \"post_type_to_show\": \"investech-library\",\n        \"_post_type_to_show\": \"field_5f2aec3f2eccd\",\n        \"number_to_show\": \"\",\n        \"_number_to_show\": \"field_5f2aec6a2ecce\"\n    },\n    \"align\": \"\",\n    \"mode\": \"preview\"\n} /-->','Model Fund- Library Links','','inherit','closed','closed','','6044-revision-v1','','','2021-03-09 22:09:30','2021-03-09 22:09:30','',6044,'https://ns2020-investech.investech.com/6044-revision-v1/',0,'revision','',0);
INSERT INTO `wp_posts` VALUES (6057,3,'2021-03-09 23:05:07','2021-03-09 23:05:07','<!-- wp:columns -->\n<div class=\"wp-block-columns\"><!-- wp:column {\"width\":\"100%\"} -->\n<div class=\"wp-block-column\" style=\"flex-basis:100%\"><!-- wp:columns -->\n<div class=\"wp-block-columns\"><!-- wp:column {\"width\":\"100%\"} -->\n<div class=\"wp-block-column\" style=\"flex-basis:100%\"><!-- wp:columns -->\n<div class=\"wp-block-columns\"><!-- wp:column {\"width\":\"66.66%\"} -->\n<div class=\"wp-block-column\" style=\"flex-basis:66.66%\"><!-- wp:image {\"sizeSlug\":\"large\",\"className\":\"is-style-default\"} -->\n<figure class=\"wp-block-image size-large is-style-default\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2020/08/NLC-Teaser.png\" alt=\"\"/></figure>\n<!-- /wp:image --></div>\n<!-- /wp:column --></div>\n<!-- /wp:columns --></div>\n<!-- /wp:column --></div>\n<!-- /wp:columns --></div>\n<!-- /wp:column --></div>\n<!-- /wp:columns -->\n\n<!-- wp:heading -->\n<h2>InvesTech Negative Leadership Composite</h2>\n<!-- /wp:heading -->\n\n<!-- wp:visualizer/chart {\"id\":3590,\"route\":\"chartSelect\"} /-->\n\n<!-- wp:paragraph -->\n<p>The Negative Leadership Composite (NLC) has served as one of InvesTech Research\'s most reliable tools over our 40-year history for navigating bull and bear markets alike. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>The top half of our NLC, or what we call the bullish Selling Vacuum, rises as downside leadership evaporates. More often than not, the height <em>and </em>duration of this Selling Vacuum helps to indicate how strong a new bull market is - and how long it will last. For example, the instances when this index has climbed to very strong readings of +60 or +70, it confirmed the onset of a new multi-year bull market. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>The bottom (shaded) half of our NLC, also known as bearish Distribution, measures the rate of acceleration in downside leadership. This is the most vulnerable, dangerous region for the stock market... it is when bear markets can strike.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Obviously, this Negative Leadership Composite doesn\'t provide signals very often. When Distribution (shaded region) is present, it\'s time to be more cautious and carry a higher cash reserve. But when a Selling Vacuum appears (especially after 6+ months of Distribution), it\'s time to take notice and get reading to jump on a charge new bull market in stocks. </p>\n<!-- /wp:paragraph -->','Negative Leadership Composite','The Negative Leadership Composite provides a reliable gauge of conditions dominating the market at that time - either bullish or bearish. ','inherit','closed','closed','','2507-revision-v1','','','2021-03-09 23:05:07','2021-03-09 23:05:07','',2507,'https://ns2020-investech.investech.com/2507-revision-v1/',0,'revision','',0);
INSERT INTO `wp_posts` VALUES (6059,3,'2021-03-09 23:07:52','2021-03-09 23:07:52','<!-- wp:columns {\"verticalAlignment\":\"top\"} -->\n<div class=\"wp-block-columns are-vertically-aligned-top\"><!-- wp:column {\"verticalAlignment\":\"top\",\"width\":100} -->\n<div class=\"wp-block-column is-vertically-aligned-top\" style=\"flex-basis:100%\"><!-- wp:columns -->\n<div class=\"wp-block-columns\"><!-- wp:column {\"width\":\"100%\"} -->\n<div class=\"wp-block-column\" style=\"flex-basis:100%\"><!-- wp:image {\"sizeSlug\":\"large\",\"className\":\"is-style-default\"} -->\n<figure class=\"wp-block-image size-large is-style-default\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2020/08/NLC-Teaser.png\" alt=\"\"/></figure>\n<!-- /wp:image --></div>\n<!-- /wp:column --></div>\n<!-- /wp:columns --></div>\n<!-- /wp:column --></div>\n<!-- /wp:columns -->\n\n<!-- wp:heading -->\n<h2>InvesTech Negative Leadership Composite</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>The Negative Leadership Composite (NLC) has served as one of InvesTech Research\'s most reliable tools over our 40-year history for navigating bull and bear markets alike. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:visualizer/chart {\"id\":3590,\"route\":\"chartSelect\"} /-->\n\n<!-- wp:paragraph -->\n<p>The top half of our NLC, or what we call the bullish Selling Vacuum, rises as downside leadership evaporates. More often than not, the height <em>and </em>duration of this Selling Vacuum helps to indicate how strong a new bull market is - and how long it will last. For example, the instances when this index has climbed to very strong readings of +60 or +70, it confirmed the onset of a new multi-year bull market. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>The bottom (shaded) half of our NLC, also known as bearish Distribution, measures the rate of acceleration in downside leadership. This is the most vulnerable, dangerous region for the stock market... it is when bear markets can strike.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Obviously, this Negative Leadership Composite doesn\'t provide signals very often. When Distribution (shaded region) is present, it\'s time to be more cautious and carry a higher cash reserve. But when a Selling Vacuum appears (especially after 6+ months of Distribution), it\'s time to take notice and get reading to jump on a charge new bull market in stocks. </p>\n<!-- /wp:paragraph -->','Negative Leadership Composite','The Negative Leadership Composite provides a reliable gauge of conditions dominating the market at that time - either bullish or bearish. ','inherit','closed','closed','','2507-revision-v1','','','2021-03-09 23:07:52','2021-03-09 23:07:52','',2507,'https://ns2020-investech.investech.com/2507-revision-v1/',0,'revision','',0);
INSERT INTO `wp_posts` VALUES (6061,3,'2021-03-09 23:15:04','2021-03-09 23:15:04','<!-- wp:columns {\"verticalAlignment\":\"top\"} -->\n<div class=\"wp-block-columns are-vertically-aligned-top\"><!-- wp:column {\"verticalAlignment\":\"top\",\"width\":100} -->\n<div class=\"wp-block-column is-vertically-aligned-top\" style=\"flex-basis:100%\"><!-- wp:columns -->\n<div class=\"wp-block-columns\"><!-- wp:column {\"width\":\"100%\"} -->\n<div class=\"wp-block-column\" style=\"flex-basis:100%\"><!-- wp:image {\"sizeSlug\":\"large\",\"className\":\"is-style-default\"} -->\n<figure class=\"wp-block-image size-large is-style-default\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2020/08/NLC-Teaser.png\" alt=\"\"/></figure>\n<!-- /wp:image --></div>\n<!-- /wp:column --></div>\n<!-- /wp:columns --></div>\n<!-- /wp:column --></div>\n<!-- /wp:columns -->\n\n<!-- wp:heading -->\n<h2>InvesTech Negative Leadership Composite</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>The Negative Leadership Composite (NLC) has served as one of InvesTech Research\'s most reliable tools over our 40-year history for navigating bull and bear markets alike. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>The top half of our NLC, or what we call the bullish Selling Vacuum, rises as downside leadership evaporates. More often than not, the height <em>and </em>duration of this Selling Vacuum helps to indicate how strong a new bull market is - and how long it will last. For example, the instances when this index has climbed to very strong readings of +60 or +70, it confirmed the onset of a new multi-year bull market. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>The bottom (shaded) half of our NLC, also known as bearish Distribution, measures the rate of acceleration in downside leadership. This is the most vulnerable, dangerous region for the stock market... it is when bear markets can strike.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Obviously, this Negative Leadership Composite doesn\'t provide signals very often. When Distribution (shaded region) is present, it\'s time to be more cautious and carry a higher cash reserve. But when a Selling Vacuum appears (especially after 6+ months of Distribution), it\'s time to take notice and get reading to jump on a charge new bull market in stocks. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:visualizer/chart {\"id\":3590,\"route\":\"chartSelect\"} /-->','Negative Leadership Composite','The Negative Leadership Composite provides a reliable gauge of conditions dominating the market at that time - either bullish or bearish. ','inherit','closed','closed','','2507-revision-v1','','','2021-03-09 23:15:04','2021-03-09 23:15:04','',2507,'https://ns2020-investech.investech.com/2507-revision-v1/',0,'revision','',0);
INSERT INTO `wp_posts` VALUES (16680,2,'2023-02-13 17:47:18','2023-02-13 23:47:18','<!-- wp:heading {\"level\":3} -->\n<h3>Stay up to date with the latest economic trends by following us here! This new, <em>free</em> section tracks important economic indicators you should be watching.</h3>\n<!-- /wp:heading -->\n\n<!-- wp:columns -->\n<div class=\"wp-block-columns\"><!-- wp:column {\"width\":\"10%\"} -->\n<div class=\"wp-block-column\" style=\"flex-basis:10%\"><!-- wp:uagb/modal {\"block_id\":\"c85c0be1\",\"modalTrigger\":\"icon\",\"icon\":\"calendar-days\",\"buttonText\":\"\",\"buttonIcon\":\"calendar-days\",\"modalAlign\":\"center\",\"modalWidth\":1000,\"iconSize\":60,\"iconColor\":\"#00467F\",\"btnLinkColor\":\"\",\"btnBgColor\":\"#00467F\",\"imgTagHeight\":350,\"imgTagWidth\":350,\"showBtnIcon\":true,\"maxHeight\":100,\"btnBorderTopLeftRadius\":0,\"btnBorderTopRightRadius\":0,\"btnBorderBottomLeftRadius\":0,\"btnBorderBottomRightRadius\":0,\"btnBorderStyle\":\"none\"} -->\n<div class=\"wp-block-uagb-modal uagb-block-c85c0be1 uagb-modal-wrapper\" data-escpress=\"disable\" data-overlayclick=\"disable\"><div class=\"uagb-modal-trigger\"><svg xmlns=\"https://www.w3.org/2000/svg\" viewBox=\"0 0 448 512\"><path d=\"M160 32V64H288V32C288 14.33 302.3 0 320 0C337.7 0 352 14.33 352 32V64H400C426.5 64 448 85.49 448 112V160H0V112C0 85.49 21.49 64 48 64H96V32C96 14.33 110.3 0 128 0C145.7 0 160 14.33 160 32zM0 192H448V464C448 490.5 426.5 512 400 512H48C21.49 512 0 490.5 0 464V192zM64 304C64 312.8 71.16 320 80 320H112C120.8 320 128 312.8 128 304V272C128 263.2 120.8 256 112 256H80C71.16 256 64 263.2 64 272V304zM192 304C192 312.8 199.2 320 208 320H240C248.8 320 256 312.8 256 304V272C256 263.2 248.8 256 240 256H208C199.2 256 192 263.2 192 272V304zM336 256C327.2 256 320 263.2 320 272V304C320 312.8 327.2 320 336 320H368C376.8 320 384 312.8 384 304V272C384 263.2 376.8 256 368 256H336zM64 432C64 440.8 71.16 448 80 448H112C120.8 448 128 440.8 128 432V400C128 391.2 120.8 384 112 384H80C71.16 384 64 391.2 64 400V432zM208 384C199.2 384 192 391.2 192 400V432C192 440.8 199.2 448 208 448H240C248.8 448 256 440.8 256 432V400C256 391.2 248.8 384 240 384H208zM320 432C320 440.8 327.2 448 336 448H368C376.8 448 384 440.8 384 432V400C384 391.2 376.8 384 368 384H336C327.2 384 320 391.2 320 400V432z\"></path></svg></div><div class=\"uagb-effect-default uagb-modal-popup uagb-block-c85c0be1\"><div class=\"uagb-modal-popup-wrap\"><div class=\"uagb-modal-popup-content\"><!-- wp:html -->\n<p align=\"center\"><iframe src=\"https://calendar.google.com/calendar/embed?height=600&amp;wkst=1&amp;bgcolor=%23ffffff&amp;ctz=America%2FDenver&amp;src=aW52ZXN0ZWNoQGludmVzdGVjaC5jb20&amp;color=%23039BE5\" style=\"border:solid 1px #777\" width=\"800\" height=\"600\" frameborder=\"0\" scrolling=\"no\"></iframe></p>\n<!-- /wp:html -->\n\n<!-- wp:paragraph -->\n<p><strong>These release dates represent the day the information is available from their respective sources. Check InvesTech Research’s Economic Trends for an update on these releases.</strong></p>\n<!-- /wp:paragraph --></div><div class=\"uagb-modal-popup-close\"><svg xmlns=\"https://www.w3.org/2000/svg\" viewBox=\"0 0 320 512\"><path d=\"M310.6 361.4c12.5 12.5 12.5 32.75 0 45.25C304.4 412.9 296.2 416 288 416s-16.38-3.125-22.62-9.375L160 301.3L54.63 406.6C48.38 412.9 40.19 416 32 416S15.63 412.9 9.375 406.6c-12.5-12.5-12.5-32.75 0-45.25l105.4-105.4L9.375 150.6c-12.5-12.5-12.5-32.75 0-45.25s32.75-12.5 45.25 0L160 210.8l105.4-105.4c12.5-12.5 32.75-12.5 45.25 0s12.5 32.75 0 45.25l-105.4 105.4L310.6 361.4z\"></path></svg></div></div></div></div>\n<!-- /wp:uagb/modal --></div>\n<!-- /wp:column -->\n\n<!-- wp:column {\"width\":\"80%\"} -->\n<div class=\"wp-block-column\" style=\"flex-basis:80%\"><!-- wp:paragraph {\"align\":\"left\"} -->\n<p class=\"has-text-align-left\">Click the calendar icon to check release dates for data covered in our <em>Economic Trends</em>. If calendar no work, click here.</p>\n<!-- /wp:paragraph --></div>\n<!-- /wp:column --></div>\n<!-- /wp:columns -->\n\n<!-- wp:spacer {\"height\":\"50px\"} -->\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:query {\"queryId\":38,\"query\":{\"perPage\":3,\"pages\":0,\"offset\":\"0\",\"postType\":\"investech-insights\",\"order\":\"desc\",\"orderBy\":\"date\",\"author\":\"\",\"search\":\"\",\"exclude\":[],\"sticky\":\"\",\"inherit\":false,\"parents\":[]},\"className\":\"economic-trends\"} -->\n<div class=\"wp-block-query economic-trends\"><!-- wp:post-template -->\n<!-- wp:post-title {\"isLink\":true} /-->\n\n<!-- wp:post-author {\"showBio\":false,\"byline\":\"Director Of Research Services\",\"textColor\":\"accent\",\"fontSize\":\"medium\"} /-->\n\n<!-- wp:post-date {\"textColor\":\"accent\",\"fontSize\":\"small\"} /-->\n\n<!-- wp:post-featured-image {\"isLink\":true,\"width\":\"50%\",\"align\":\"right\"} /-->\n\n<!-- wp:post-excerpt {\"moreText\":\"More...\"} /-->\n\n<!-- wp:spacer {\"height\":\"25px\"} -->\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:separator -->\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"/>\n<!-- /wp:separator -->\n<!-- /wp:post-template --></div>\n<!-- /wp:query -->\n\n<!-- wp:html -->\n<p align=\"center\"><iframe src=\"https://calendar.google.com/calendar/embed?height=600&amp;wkst=1&amp;bgcolor=%23ffffff&amp;ctz=America%2FDenver&amp;src=aW52ZXN0ZWNoQGludmVzdGVjaC5jb20&amp;color=%23039BE5\" style=\"border:solid 1px #777\" width=\"800\" height=\"600\" frameborder=\"0\" scrolling=\"no\"></iframe></p>\n<!-- /wp:html -->','Economic Trends','','inherit','closed','closed','','16275-revision-v1','','','2023-02-13 17:47:18','2023-02-13 23:47:18','',16275,'https://ns2020-investech.investech.com/?p=16680',0,'revision','',0);
INSERT INTO `wp_posts` VALUES (16681,2,'2023-02-13 17:47:42','2023-02-13 23:47:42','<!-- wp:heading {\"level\":3} -->\n<h3>Stay up to date with the latest economic trends by following us here! This new, <em>free</em> section tracks important economic indicators you should be watching.</h3>\n<!-- /wp:heading -->\n\n<!-- wp:columns -->\n<div class=\"wp-block-columns\"><!-- wp:column {\"width\":\"10%\"} -->\n<div class=\"wp-block-column\" style=\"flex-basis:10%\"><!-- wp:uagb/modal {\"block_id\":\"c85c0be1\",\"modalTrigger\":\"icon\",\"icon\":\"calendar-days\",\"buttonText\":\"\",\"buttonIcon\":\"calendar-days\",\"modalWidth\":1000,\"iconSize\":60,\"iconColor\":\"#00467F\",\"btnLinkColor\":\"\",\"btnBgColor\":\"#00467F\",\"imgTagHeight\":350,\"imgTagWidth\":350,\"showBtnIcon\":true,\"maxHeight\":100,\"btnBorderTopLeftRadius\":0,\"btnBorderTopRightRadius\":0,\"btnBorderBottomLeftRadius\":0,\"btnBorderBottomRightRadius\":0,\"btnBorderStyle\":\"none\"} -->\n<div class=\"wp-block-uagb-modal uagb-block-c85c0be1 uagb-modal-wrapper\" data-escpress=\"disable\" data-overlayclick=\"disable\"><div class=\"uagb-modal-trigger\"><svg xmlns=\"https://www.w3.org/2000/svg\" viewBox=\"0 0 448 512\"><path d=\"M160 32V64H288V32C288 14.33 302.3 0 320 0C337.7 0 352 14.33 352 32V64H400C426.5 64 448 85.49 448 112V160H0V112C0 85.49 21.49 64 48 64H96V32C96 14.33 110.3 0 128 0C145.7 0 160 14.33 160 32zM0 192H448V464C448 490.5 426.5 512 400 512H48C21.49 512 0 490.5 0 464V192zM64 304C64 312.8 71.16 320 80 320H112C120.8 320 128 312.8 128 304V272C128 263.2 120.8 256 112 256H80C71.16 256 64 263.2 64 272V304zM192 304C192 312.8 199.2 320 208 320H240C248.8 320 256 312.8 256 304V272C256 263.2 248.8 256 240 256H208C199.2 256 192 263.2 192 272V304zM336 256C327.2 256 320 263.2 320 272V304C320 312.8 327.2 320 336 320H368C376.8 320 384 312.8 384 304V272C384 263.2 376.8 256 368 256H336zM64 432C64 440.8 71.16 448 80 448H112C120.8 448 128 440.8 128 432V400C128 391.2 120.8 384 112 384H80C71.16 384 64 391.2 64 400V432zM208 384C199.2 384 192 391.2 192 400V432C192 440.8 199.2 448 208 448H240C248.8 448 256 440.8 256 432V400C256 391.2 248.8 384 240 384H208zM320 432C320 440.8 327.2 448 336 448H368C376.8 448 384 440.8 384 432V400C384 391.2 376.8 384 368 384H336C327.2 384 320 391.2 320 400V432z\"></path></svg></div><div class=\"uagb-effect-default uagb-modal-popup uagb-block-c85c0be1\"><div class=\"uagb-modal-popup-wrap\"><div class=\"uagb-modal-popup-content\"><!-- wp:html -->\n<p align=\"center\"><iframe src=\"https://calendar.google.com/calendar/embed?height=600&amp;wkst=1&amp;bgcolor=%23ffffff&amp;ctz=America%2FDenver&amp;src=aW52ZXN0ZWNoQGludmVzdGVjaC5jb20&amp;color=%23039BE5\" style=\"border:solid 1px #777\" width=\"800\" height=\"600\" frameborder=\"0\" scrolling=\"no\"></iframe></p>\n<!-- /wp:html -->\n\n<!-- wp:paragraph -->\n<p><strong>These release dates represent the day the information is available from their respective sources. Check InvesTech Research’s Economic Trends for an update on these releases.</strong></p>\n<!-- /wp:paragraph --></div><div class=\"uagb-modal-popup-close\"><svg xmlns=\"https://www.w3.org/2000/svg\" viewBox=\"0 0 320 512\"><path d=\"M310.6 361.4c12.5 12.5 12.5 32.75 0 45.25C304.4 412.9 296.2 416 288 416s-16.38-3.125-22.62-9.375L160 301.3L54.63 406.6C48.38 412.9 40.19 416 32 416S15.63 412.9 9.375 406.6c-12.5-12.5-12.5-32.75 0-45.25l105.4-105.4L9.375 150.6c-12.5-12.5-12.5-32.75 0-45.25s32.75-12.5 45.25 0L160 210.8l105.4-105.4c12.5-12.5 32.75-12.5 45.25 0s12.5 32.75 0 45.25l-105.4 105.4L310.6 361.4z\"></path></svg></div></div></div></div>\n<!-- /wp:uagb/modal --></div>\n<!-- /wp:column -->\n\n<!-- wp:column {\"width\":\"80%\"} -->\n<div class=\"wp-block-column\" style=\"flex-basis:80%\"><!-- wp:paragraph {\"align\":\"left\"} -->\n<p class=\"has-text-align-left\">Click the calendar icon to check release dates for data covered in our <em>Economic Trends</em>. If calendar no work, click here.</p>\n<!-- /wp:paragraph --></div>\n<!-- /wp:column --></div>\n<!-- /wp:columns -->\n\n<!-- wp:spacer {\"height\":\"50px\"} -->\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:query {\"queryId\":38,\"query\":{\"perPage\":3,\"pages\":0,\"offset\":\"0\",\"postType\":\"investech-insights\",\"order\":\"desc\",\"orderBy\":\"date\",\"author\":\"\",\"search\":\"\",\"exclude\":[],\"sticky\":\"\",\"inherit\":false,\"parents\":[]},\"className\":\"economic-trends\"} -->\n<div class=\"wp-block-query economic-trends\"><!-- wp:post-template -->\n<!-- wp:post-title {\"isLink\":true} /-->\n\n<!-- wp:post-author {\"showBio\":false,\"byline\":\"Director Of Research Services\",\"textColor\":\"accent\",\"fontSize\":\"medium\"} /-->\n\n<!-- wp:post-date {\"textColor\":\"accent\",\"fontSize\":\"small\"} /-->\n\n<!-- wp:post-featured-image {\"isLink\":true,\"width\":\"50%\",\"align\":\"right\"} /-->\n\n<!-- wp:post-excerpt {\"moreText\":\"More...\"} /-->\n\n<!-- wp:spacer {\"height\":\"25px\"} -->\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:separator -->\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"/>\n<!-- /wp:separator -->\n<!-- /wp:post-template --></div>\n<!-- /wp:query -->\n\n<!-- wp:html -->\n<p align=\"center\"><iframe src=\"https://calendar.google.com/calendar/embed?height=600&amp;wkst=1&amp;bgcolor=%23ffffff&amp;ctz=America%2FDenver&amp;src=aW52ZXN0ZWNoQGludmVzdGVjaC5jb20&amp;color=%23039BE5\" style=\"border:solid 1px #777\" width=\"800\" height=\"600\" frameborder=\"0\" scrolling=\"no\"></iframe></p>\n<!-- /wp:html -->','Economic Trends','','inherit','closed','closed','','16275-revision-v1','','','2023-02-13 17:47:42','2023-02-13 23:47:42','',16275,'https://ns2020-investech.investech.com/?p=16681',0,'revision','',0);
INSERT INTO `wp_posts` VALUES (16679,2,'2023-02-13 17:45:23','2023-02-13 23:45:23','<!-- wp:heading {\"level\":3} -->\n<h3>Stay up to date with the latest economic trends by following us here! This new, <em>free</em> section tracks important economic indicators you should be watching.</h3>\n<!-- /wp:heading -->\n\n<!-- wp:columns -->\n<div class=\"wp-block-columns\"><!-- wp:column {\"width\":\"10%\"} -->\n<div class=\"wp-block-column\" style=\"flex-basis:10%\"><!-- wp:uagb/modal {\"block_id\":\"c85c0be1\",\"modalTrigger\":\"icon\",\"icon\":\"calendar-days\",\"buttonText\":\"\",\"buttonIcon\":\"calendar-days\",\"modalAlign\":\"center\",\"modalWidth\":1000,\"iconSize\":60,\"iconColor\":\"#00467F\",\"btnLinkColor\":\"\",\"btnBgColor\":\"#00467F\",\"imgTagHeight\":350,\"imgTagWidth\":350,\"showBtnIcon\":true,\"maxHeight\":100,\"btnBorderTopLeftRadius\":0,\"btnBorderTopRightRadius\":0,\"btnBorderBottomLeftRadius\":0,\"btnBorderBottomRightRadius\":0,\"btnBorderStyle\":\"none\"} -->\n<div class=\"wp-block-uagb-modal uagb-block-c85c0be1 uagb-modal-wrapper\" data-escpress=\"disable\" data-overlayclick=\"disable\"><div class=\"uagb-modal-trigger\"><svg xmlns=\"https://www.w3.org/2000/svg\" viewBox=\"0 0 448 512\"><path d=\"M160 32V64H288V32C288 14.33 302.3 0 320 0C337.7 0 352 14.33 352 32V64H400C426.5 64 448 85.49 448 112V160H0V112C0 85.49 21.49 64 48 64H96V32C96 14.33 110.3 0 128 0C145.7 0 160 14.33 160 32zM0 192H448V464C448 490.5 426.5 512 400 512H48C21.49 512 0 490.5 0 464V192zM64 304C64 312.8 71.16 320 80 320H112C120.8 320 128 312.8 128 304V272C128 263.2 120.8 256 112 256H80C71.16 256 64 263.2 64 272V304zM192 304C192 312.8 199.2 320 208 320H240C248.8 320 256 312.8 256 304V272C256 263.2 248.8 256 240 256H208C199.2 256 192 263.2 192 272V304zM336 256C327.2 256 320 263.2 320 272V304C320 312.8 327.2 320 336 320H368C376.8 320 384 312.8 384 304V272C384 263.2 376.8 256 368 256H336zM64 432C64 440.8 71.16 448 80 448H112C120.8 448 128 440.8 128 432V400C128 391.2 120.8 384 112 384H80C71.16 384 64 391.2 64 400V432zM208 384C199.2 384 192 391.2 192 400V432C192 440.8 199.2 448 208 448H240C248.8 448 256 440.8 256 432V400C256 391.2 248.8 384 240 384H208zM320 432C320 440.8 327.2 448 336 448H368C376.8 448 384 440.8 384 432V400C384 391.2 376.8 384 368 384H336C327.2 384 320 391.2 320 400V432z\"></path></svg></div><div class=\"uagb-effect-default uagb-modal-popup uagb-block-c85c0be1\"><div class=\"uagb-modal-popup-wrap\"><div class=\"uagb-modal-popup-content\"><!-- wp:html -->\n<p align=\"center\"><iframe src=\"https://calendar.google.com/calendar/embed?height=600&amp;wkst=1&amp;bgcolor=%23ffffff&amp;ctz=America%2FDenver&amp;src=aW52ZXN0ZWNoQGludmVzdGVjaC5jb20&amp;color=%23039BE5\" style=\"border:solid 1px #777\" width=\"800\" height=\"600\" frameborder=\"0\" scrolling=\"no\"></iframe></p>\n<!-- /wp:html -->\n\n<!-- wp:paragraph -->\n<p><strong>These release dates represent the day the information is available from their respective sources. Check InvesTech Research’s Economic Trends for an update on these releases.</strong></p>\n<!-- /wp:paragraph --></div><div class=\"uagb-modal-popup-close\"><svg xmlns=\"https://www.w3.org/2000/svg\" viewBox=\"0 0 320 512\"><path d=\"M310.6 361.4c12.5 12.5 12.5 32.75 0 45.25C304.4 412.9 296.2 416 288 416s-16.38-3.125-22.62-9.375L160 301.3L54.63 406.6C48.38 412.9 40.19 416 32 416S15.63 412.9 9.375 406.6c-12.5-12.5-12.5-32.75 0-45.25l105.4-105.4L9.375 150.6c-12.5-12.5-12.5-32.75 0-45.25s32.75-12.5 45.25 0L160 210.8l105.4-105.4c12.5-12.5 32.75-12.5 45.25 0s12.5 32.75 0 45.25l-105.4 105.4L310.6 361.4z\"></path></svg></div></div></div></div>\n<!-- /wp:uagb/modal --></div>\n<!-- /wp:column -->\n\n<!-- wp:column {\"width\":\"80%\"} -->\n<div class=\"wp-block-column\" style=\"flex-basis:80%\"><!-- wp:paragraph {\"align\":\"left\"} -->\n<p class=\"has-text-align-left\">Visit the calendar, to check release dates for data covered in our <em>Economic Trends</em>.<br>If calendar no work, click here.</p>\n<!-- /wp:paragraph --></div>\n<!-- /wp:column --></div>\n<!-- /wp:columns -->\n\n<!-- wp:spacer {\"height\":\"50px\"} -->\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:query {\"queryId\":38,\"query\":{\"perPage\":3,\"pages\":0,\"offset\":\"0\",\"postType\":\"investech-insights\",\"order\":\"desc\",\"orderBy\":\"date\",\"author\":\"\",\"search\":\"\",\"exclude\":[],\"sticky\":\"\",\"inherit\":false,\"parents\":[]},\"className\":\"economic-trends\"} -->\n<div class=\"wp-block-query economic-trends\"><!-- wp:post-template -->\n<!-- wp:post-title {\"isLink\":true} /-->\n\n<!-- wp:post-author {\"showBio\":false,\"byline\":\"Director Of Research Services\",\"textColor\":\"accent\",\"fontSize\":\"medium\"} /-->\n\n<!-- wp:post-date {\"textColor\":\"accent\",\"fontSize\":\"small\"} /-->\n\n<!-- wp:post-featured-image {\"isLink\":true,\"width\":\"50%\",\"align\":\"right\"} /-->\n\n<!-- wp:post-excerpt {\"moreText\":\"More...\"} /-->\n\n<!-- wp:spacer {\"height\":\"25px\"} -->\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:separator -->\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"/>\n<!-- /wp:separator -->\n<!-- /wp:post-template --></div>\n<!-- /wp:query -->\n\n<!-- wp:html -->\n<p align=\"center\"><iframe src=\"https://calendar.google.com/calendar/embed?height=600&amp;wkst=1&amp;bgcolor=%23ffffff&amp;ctz=America%2FDenver&amp;src=aW52ZXN0ZWNoQGludmVzdGVjaC5jb20&amp;color=%23039BE5\" style=\"border:solid 1px #777\" width=\"800\" height=\"600\" frameborder=\"0\" scrolling=\"no\"></iframe></p>\n<!-- /wp:html -->','Economic Trends','','inherit','closed','closed','','16275-revision-v1','','','2023-02-13 17:45:23','2023-02-13 23:45:23','',16275,'https://ns2020-investech.investech.com/?p=16679',0,'revision','',0);
INSERT INTO `wp_posts` VALUES (16676,2,'2023-02-13 17:43:45','2023-02-13 23:43:45','<!-- wp:heading {\"level\":3} -->\n<h3>Stay up to date with the latest economic trends by following us here! This new, <em>free</em> section tracks important economic indicators you should be watching.</h3>\n<!-- /wp:heading -->\n\n<!-- wp:columns -->\n<div class=\"wp-block-columns\"><!-- wp:column {\"width\":\"10%\"} -->\n<div class=\"wp-block-column\" style=\"flex-basis:10%\"><!-- wp:uagb/modal {\"block_id\":\"c85c0be1\",\"buttonText\":\"\",\"buttonIcon\":\"calendar-days\",\"modalAlign\":\"right\",\"modalWidth\":1000,\"btnLinkColor\":\"\",\"btnBgColor\":\"#00467F\",\"imgTagHeight\":350,\"imgTagWidth\":350,\"showBtnIcon\":true,\"maxHeight\":100,\"btnBorderTopLeftRadius\":0,\"btnBorderTopRightRadius\":0,\"btnBorderBottomLeftRadius\":0,\"btnBorderBottomRightRadius\":0,\"btnBorderStyle\":\"none\"} -->\n<div class=\"wp-block-uagb-modal uagb-block-c85c0be1 uagb-modal-wrapper\" data-escpress=\"disable\" data-overlayclick=\"disable\"><div class=\"uagb-spectra-button-wrapper wp-block-button\"><a class=\"uagb-modal-button-link wp-block-button__link uagb-modal-trigger\" href=\"#\" onclick=\"return false;\" target=\"_self\" rel=\"noopener noreferrer\"><span class=\"uagb-modal-content-wrapper\"><span class=\"uagb-inline-editing\"></span><svg xmlns=\"https://www.w3.org/2000/svg\" viewBox=\"0 0 448 512\"><path d=\"M160 32V64H288V32C288 14.33 302.3 0 320 0C337.7 0 352 14.33 352 32V64H400C426.5 64 448 85.49 448 112V160H0V112C0 85.49 21.49 64 48 64H96V32C96 14.33 110.3 0 128 0C145.7 0 160 14.33 160 32zM0 192H448V464C448 490.5 426.5 512 400 512H48C21.49 512 0 490.5 0 464V192zM64 304C64 312.8 71.16 320 80 320H112C120.8 320 128 312.8 128 304V272C128 263.2 120.8 256 112 256H80C71.16 256 64 263.2 64 272V304zM192 304C192 312.8 199.2 320 208 320H240C248.8 320 256 312.8 256 304V272C256 263.2 248.8 256 240 256H208C199.2 256 192 263.2 192 272V304zM336 256C327.2 256 320 263.2 320 272V304C320 312.8 327.2 320 336 320H368C376.8 320 384 312.8 384 304V272C384 263.2 376.8 256 368 256H336zM64 432C64 440.8 71.16 448 80 448H112C120.8 448 128 440.8 128 432V400C128 391.2 120.8 384 112 384H80C71.16 384 64 391.2 64 400V432zM208 384C199.2 384 192 391.2 192 400V432C192 440.8 199.2 448 208 448H240C248.8 448 256 440.8 256 432V400C256 391.2 248.8 384 240 384H208zM320 432C320 440.8 327.2 448 336 448H368C376.8 448 384 440.8 384 432V400C384 391.2 376.8 384 368 384H336C327.2 384 320 391.2 320 400V432z\"></path></svg></span></a></div><div class=\"uagb-effect-default uagb-modal-popup uagb-block-c85c0be1\"><div class=\"uagb-modal-popup-wrap\"><div class=\"uagb-modal-popup-content\"><!-- wp:html -->\n<p align=\"center\"><iframe src=\"https://calendar.google.com/calendar/embed?height=600&amp;wkst=1&amp;bgcolor=%23ffffff&amp;ctz=America%2FDenver&amp;src=aW52ZXN0ZWNoQGludmVzdGVjaC5jb20&amp;color=%23039BE5\" style=\"border:solid 1px #777\" width=\"800\" height=\"600\" frameborder=\"0\" scrolling=\"no\"></iframe></p>\n<!-- /wp:html -->\n\n<!-- wp:paragraph -->\n<p><strong>These release dates represent the day the information is available from their respective sources. Check InvesTech Research’s Economic Trends for an update on these releases.</strong></p>\n<!-- /wp:paragraph --></div><div class=\"uagb-modal-popup-close\"><svg xmlns=\"https://www.w3.org/2000/svg\" viewBox=\"0 0 320 512\"><path d=\"M310.6 361.4c12.5 12.5 12.5 32.75 0 45.25C304.4 412.9 296.2 416 288 416s-16.38-3.125-22.62-9.375L160 301.3L54.63 406.6C48.38 412.9 40.19 416 32 416S15.63 412.9 9.375 406.6c-12.5-12.5-12.5-32.75 0-45.25l105.4-105.4L9.375 150.6c-12.5-12.5-12.5-32.75 0-45.25s32.75-12.5 45.25 0L160 210.8l105.4-105.4c12.5-12.5 32.75-12.5 45.25 0s12.5 32.75 0 45.25l-105.4 105.4L310.6 361.4z\"></path></svg></div></div></div></div>\n<!-- /wp:uagb/modal --></div>\n<!-- /wp:column -->\n\n<!-- wp:column {\"width\":\"80%\"} -->\n<div class=\"wp-block-column\" style=\"flex-basis:80%\"><!-- wp:paragraph {\"align\":\"left\"} -->\n<p class=\"has-text-align-left\">Visit the calendar, to check release dates for data covered in our <em>Economic Trends</em>.<br>If calendar no work, click here.</p>\n<!-- /wp:paragraph --></div>\n<!-- /wp:column --></div>\n<!-- /wp:columns -->\n\n<!-- wp:spacer {\"height\":\"50px\"} -->\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:query {\"queryId\":38,\"query\":{\"perPage\":3,\"pages\":0,\"offset\":\"0\",\"postType\":\"investech-insights\",\"order\":\"desc\",\"orderBy\":\"date\",\"author\":\"\",\"search\":\"\",\"exclude\":[],\"sticky\":\"\",\"inherit\":false,\"parents\":[]},\"className\":\"economic-trends\"} -->\n<div class=\"wp-block-query economic-trends\"><!-- wp:post-template -->\n<!-- wp:post-title {\"isLink\":true} /-->\n\n<!-- wp:post-author {\"showBio\":false,\"byline\":\"Director Of Research Services\",\"textColor\":\"accent\",\"fontSize\":\"medium\"} /-->\n\n<!-- wp:post-date {\"textColor\":\"accent\",\"fontSize\":\"small\"} /-->\n\n<!-- wp:post-featured-image {\"isLink\":true,\"width\":\"50%\",\"align\":\"right\"} /-->\n\n<!-- wp:post-excerpt {\"moreText\":\"More...\"} /-->\n\n<!-- wp:spacer {\"height\":\"25px\"} -->\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:separator -->\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"/>\n<!-- /wp:separator -->\n<!-- /wp:post-template --></div>\n<!-- /wp:query -->\n\n<!-- wp:html -->\n<p align=\"center\"><iframe src=\"https://calendar.google.com/calendar/embed?height=600&amp;wkst=1&amp;bgcolor=%23ffffff&amp;ctz=America%2FDenver&amp;src=aW52ZXN0ZWNoQGludmVzdGVjaC5jb20&amp;color=%23039BE5\" style=\"border:solid 1px #777\" width=\"800\" height=\"600\" frameborder=\"0\" scrolling=\"no\"></iframe></p>\n<!-- /wp:html -->','Economic Trends','','inherit','closed','closed','','16275-revision-v1','','','2023-02-13 17:43:45','2023-02-13 23:43:45','',16275,'https://ns2020-investech.investech.com/?p=16676',0,'revision','',0);
INSERT INTO `wp_posts` VALUES (16675,2,'2023-02-13 17:43:29','2023-02-13 23:43:29','<!-- wp:heading {\"level\":3} -->\n<h3>Stay up to date with the latest economic trends by following us here! This new, <em>free</em> section tracks important economic indicators you should be watching.</h3>\n<!-- /wp:heading -->\n\n<!-- wp:columns -->\n<div class=\"wp-block-columns\"><!-- wp:column {\"width\":\"20%\"} -->\n<div class=\"wp-block-column\" style=\"flex-basis:20%\"><!-- wp:uagb/modal {\"block_id\":\"c85c0be1\",\"buttonText\":\"\",\"buttonIcon\":\"calendar-days\",\"modalAlign\":\"right\",\"modalWidth\":1000,\"btnLinkColor\":\"\",\"btnBgColor\":\"#00467F\",\"imgTagHeight\":350,\"imgTagWidth\":350,\"showBtnIcon\":true,\"maxHeight\":100,\"btnBorderTopLeftRadius\":0,\"btnBorderTopRightRadius\":0,\"btnBorderBottomLeftRadius\":0,\"btnBorderBottomRightRadius\":0,\"btnBorderStyle\":\"none\"} -->\n<div class=\"wp-block-uagb-modal uagb-block-c85c0be1 uagb-modal-wrapper\" data-escpress=\"disable\" data-overlayclick=\"disable\"><div class=\"uagb-spectra-button-wrapper wp-block-button\"><a class=\"uagb-modal-button-link wp-block-button__link uagb-modal-trigger\" href=\"#\" onclick=\"return false;\" target=\"_self\" rel=\"noopener noreferrer\"><span class=\"uagb-modal-content-wrapper\"><span class=\"uagb-inline-editing\"></span><svg xmlns=\"https://www.w3.org/2000/svg\" viewBox=\"0 0 448 512\"><path d=\"M160 32V64H288V32C288 14.33 302.3 0 320 0C337.7 0 352 14.33 352 32V64H400C426.5 64 448 85.49 448 112V160H0V112C0 85.49 21.49 64 48 64H96V32C96 14.33 110.3 0 128 0C145.7 0 160 14.33 160 32zM0 192H448V464C448 490.5 426.5 512 400 512H48C21.49 512 0 490.5 0 464V192zM64 304C64 312.8 71.16 320 80 320H112C120.8 320 128 312.8 128 304V272C128 263.2 120.8 256 112 256H80C71.16 256 64 263.2 64 272V304zM192 304C192 312.8 199.2 320 208 320H240C248.8 320 256 312.8 256 304V272C256 263.2 248.8 256 240 256H208C199.2 256 192 263.2 192 272V304zM336 256C327.2 256 320 263.2 320 272V304C320 312.8 327.2 320 336 320H368C376.8 320 384 312.8 384 304V272C384 263.2 376.8 256 368 256H336zM64 432C64 440.8 71.16 448 80 448H112C120.8 448 128 440.8 128 432V400C128 391.2 120.8 384 112 384H80C71.16 384 64 391.2 64 400V432zM208 384C199.2 384 192 391.2 192 400V432C192 440.8 199.2 448 208 448H240C248.8 448 256 440.8 256 432V400C256 391.2 248.8 384 240 384H208zM320 432C320 440.8 327.2 448 336 448H368C376.8 448 384 440.8 384 432V400C384 391.2 376.8 384 368 384H336C327.2 384 320 391.2 320 400V432z\"></path></svg></span></a></div><div class=\"uagb-effect-default uagb-modal-popup uagb-block-c85c0be1\"><div class=\"uagb-modal-popup-wrap\"><div class=\"uagb-modal-popup-content\"><!-- wp:html -->\n<p align=\"center\"><iframe src=\"https://calendar.google.com/calendar/embed?height=600&amp;wkst=1&amp;bgcolor=%23ffffff&amp;ctz=America%2FDenver&amp;src=aW52ZXN0ZWNoQGludmVzdGVjaC5jb20&amp;color=%23039BE5\" style=\"border:solid 1px #777\" width=\"800\" height=\"600\" frameborder=\"0\" scrolling=\"no\"></iframe></p>\n<!-- /wp:html -->\n\n<!-- wp:paragraph -->\n<p><strong>These release dates represent the day the information is available from their respective sources. Check InvesTech Research’s Economic Trends for an update on these releases.</strong></p>\n<!-- /wp:paragraph --></div><div class=\"uagb-modal-popup-close\"><svg xmlns=\"https://www.w3.org/2000/svg\" viewBox=\"0 0 320 512\"><path d=\"M310.6 361.4c12.5 12.5 12.5 32.75 0 45.25C304.4 412.9 296.2 416 288 416s-16.38-3.125-22.62-9.375L160 301.3L54.63 406.6C48.38 412.9 40.19 416 32 416S15.63 412.9 9.375 406.6c-12.5-12.5-12.5-32.75 0-45.25l105.4-105.4L9.375 150.6c-12.5-12.5-12.5-32.75 0-45.25s32.75-12.5 45.25 0L160 210.8l105.4-105.4c12.5-12.5 32.75-12.5 45.25 0s12.5 32.75 0 45.25l-105.4 105.4L310.6 361.4z\"></path></svg></div></div></div></div>\n<!-- /wp:uagb/modal --></div>\n<!-- /wp:column -->\n\n<!-- wp:column {\"width\":\"80%\"} -->\n<div class=\"wp-block-column\" style=\"flex-basis:80%\"><!-- wp:paragraph {\"align\":\"left\"} -->\n<p class=\"has-text-align-left\">Visit the calendar, to check release dates for data covered in our <em>Economic Trends</em>.<br>If calendar no work, click here.</p>\n<!-- /wp:paragraph --></div>\n<!-- /wp:column --></div>\n<!-- /wp:columns -->\n\n<!-- wp:spacer {\"height\":\"50px\"} -->\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:query {\"queryId\":38,\"query\":{\"perPage\":3,\"pages\":0,\"offset\":\"0\",\"postType\":\"investech-insights\",\"order\":\"desc\",\"orderBy\":\"date\",\"author\":\"\",\"search\":\"\",\"exclude\":[],\"sticky\":\"\",\"inherit\":false,\"parents\":[]},\"className\":\"economic-trends\"} -->\n<div class=\"wp-block-query economic-trends\"><!-- wp:post-template -->\n<!-- wp:post-title {\"isLink\":true} /-->\n\n<!-- wp:post-author {\"showBio\":false,\"byline\":\"Director Of Research Services\",\"textColor\":\"accent\",\"fontSize\":\"medium\"} /-->\n\n<!-- wp:post-date {\"textColor\":\"accent\",\"fontSize\":\"small\"} /-->\n\n<!-- wp:post-featured-image {\"isLink\":true,\"width\":\"50%\",\"align\":\"right\"} /-->\n\n<!-- wp:post-excerpt {\"moreText\":\"More...\"} /-->\n\n<!-- wp:spacer {\"height\":\"25px\"} -->\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:separator -->\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"/>\n<!-- /wp:separator -->\n<!-- /wp:post-template --></div>\n<!-- /wp:query -->\n\n<!-- wp:html -->\n<p align=\"center\"><iframe src=\"https://calendar.google.com/calendar/embed?height=600&amp;wkst=1&amp;bgcolor=%23ffffff&amp;ctz=America%2FDenver&amp;src=aW52ZXN0ZWNoQGludmVzdGVjaC5jb20&amp;color=%23039BE5\" style=\"border:solid 1px #777\" width=\"800\" height=\"600\" frameborder=\"0\" scrolling=\"no\"></iframe></p>\n<!-- /wp:html -->','Economic Trends','','inherit','closed','closed','','16275-revision-v1','','','2023-02-13 17:43:29','2023-02-13 23:43:29','',16275,'https://ns2020-investech.investech.com/?p=16675',0,'revision','',0);
INSERT INTO `wp_posts` VALUES (16673,2,'2023-02-13 17:39:57','2023-02-13 23:39:57','<!-- wp:heading {\"level\":3} -->\n<h3>Stay up to date with the latest economic trends by following us here! This new, <em>free</em> section tracks important economic indicators you should be watching.</h3>\n<!-- /wp:heading -->\n\n<!-- wp:columns -->\n<div class=\"wp-block-columns\"><!-- wp:column {\"width\":\"10%\"} -->\n<div class=\"wp-block-column\" style=\"flex-basis:10%\"><!-- wp:uagb/modal {\"block_id\":\"c85c0be1\",\"buttonText\":\"\",\"buttonIcon\":\"calendar-days\",\"modalAlign\":\"right\",\"modalWidth\":1000,\"btnLinkColor\":\"\",\"btnBgColor\":\"#00467F\",\"imgTagHeight\":350,\"imgTagWidth\":350,\"showBtnIcon\":true,\"maxHeight\":100,\"btnBorderTopLeftRadius\":0,\"btnBorderTopRightRadius\":0,\"btnBorderBottomLeftRadius\":0,\"btnBorderBottomRightRadius\":0,\"btnBorderStyle\":\"none\"} -->\n<div class=\"wp-block-uagb-modal uagb-block-c85c0be1 uagb-modal-wrapper\" data-escpress=\"disable\" data-overlayclick=\"disable\"><div class=\"uagb-spectra-button-wrapper wp-block-button\"><a class=\"uagb-modal-button-link wp-block-button__link uagb-modal-trigger\" href=\"#\" onclick=\"return false;\" target=\"_self\" rel=\"noopener noreferrer\"><span class=\"uagb-modal-content-wrapper\"><span class=\"uagb-inline-editing\"></span><svg xmlns=\"https://www.w3.org/2000/svg\" viewBox=\"0 0 448 512\"><path d=\"M160 32V64H288V32C288 14.33 302.3 0 320 0C337.7 0 352 14.33 352 32V64H400C426.5 64 448 85.49 448 112V160H0V112C0 85.49 21.49 64 48 64H96V32C96 14.33 110.3 0 128 0C145.7 0 160 14.33 160 32zM0 192H448V464C448 490.5 426.5 512 400 512H48C21.49 512 0 490.5 0 464V192zM64 304C64 312.8 71.16 320 80 320H112C120.8 320 128 312.8 128 304V272C128 263.2 120.8 256 112 256H80C71.16 256 64 263.2 64 272V304zM192 304C192 312.8 199.2 320 208 320H240C248.8 320 256 312.8 256 304V272C256 263.2 248.8 256 240 256H208C199.2 256 192 263.2 192 272V304zM336 256C327.2 256 320 263.2 320 272V304C320 312.8 327.2 320 336 320H368C376.8 320 384 312.8 384 304V272C384 263.2 376.8 256 368 256H336zM64 432C64 440.8 71.16 448 80 448H112C120.8 448 128 440.8 128 432V400C128 391.2 120.8 384 112 384H80C71.16 384 64 391.2 64 400V432zM208 384C199.2 384 192 391.2 192 400V432C192 440.8 199.2 448 208 448H240C248.8 448 256 440.8 256 432V400C256 391.2 248.8 384 240 384H208zM320 432C320 440.8 327.2 448 336 448H368C376.8 448 384 440.8 384 432V400C384 391.2 376.8 384 368 384H336C327.2 384 320 391.2 320 400V432z\"></path></svg></span></a></div><div class=\"uagb-effect-default uagb-modal-popup uagb-block-c85c0be1\"><div class=\"uagb-modal-popup-wrap\"><div class=\"uagb-modal-popup-content\"><!-- wp:html -->\n<p align=\"center\"><iframe src=\"https://calendar.google.com/calendar/embed?height=600&amp;wkst=1&amp;bgcolor=%23ffffff&amp;ctz=America%2FDenver&amp;src=aW52ZXN0ZWNoQGludmVzdGVjaC5jb20&amp;color=%23039BE5\" style=\"border:solid 1px #777\" width=\"800\" height=\"600\" frameborder=\"0\" scrolling=\"no\"></iframe></p>\n<!-- /wp:html -->\n\n<!-- wp:paragraph -->\n<p><strong>These release dates represent the day the information is available from their respective sources. Check InvesTech Research’s Economic Trends for an update on these releases.</strong></p>\n<!-- /wp:paragraph --></div><div class=\"uagb-modal-popup-close\"><svg xmlns=\"https://www.w3.org/2000/svg\" viewBox=\"0 0 320 512\"><path d=\"M310.6 361.4c12.5 12.5 12.5 32.75 0 45.25C304.4 412.9 296.2 416 288 416s-16.38-3.125-22.62-9.375L160 301.3L54.63 406.6C48.38 412.9 40.19 416 32 416S15.63 412.9 9.375 406.6c-12.5-12.5-12.5-32.75 0-45.25l105.4-105.4L9.375 150.6c-12.5-12.5-12.5-32.75 0-45.25s32.75-12.5 45.25 0L160 210.8l105.4-105.4c12.5-12.5 32.75-12.5 45.25 0s12.5 32.75 0 45.25l-105.4 105.4L310.6 361.4z\"></path></svg></div></div></div></div>\n<!-- /wp:uagb/modal --></div>\n<!-- /wp:column -->\n\n<!-- wp:column {\"width\":\"90%\"} -->\n<div class=\"wp-block-column\" style=\"flex-basis:90%\"><!-- wp:paragraph {\"align\":\"left\"} -->\n<p class=\"has-text-align-left\">Visit the calendar, to check release dates for data covered in our <em>Economic Trends</em>.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"fontSize\":\"small\"} -->\n<p class=\"has-small-font-size\">If calendar no work, click here.</p>\n<!-- /wp:paragraph --></div>\n<!-- /wp:column --></div>\n<!-- /wp:columns -->\n\n<!-- wp:spacer {\"height\":\"50px\"} -->\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:query {\"queryId\":38,\"query\":{\"perPage\":3,\"pages\":0,\"offset\":\"0\",\"postType\":\"investech-insights\",\"order\":\"desc\",\"orderBy\":\"date\",\"author\":\"\",\"search\":\"\",\"exclude\":[],\"sticky\":\"\",\"inherit\":false,\"parents\":[]},\"className\":\"economic-trends\"} -->\n<div class=\"wp-block-query economic-trends\"><!-- wp:post-template -->\n<!-- wp:post-title {\"isLink\":true} /-->\n\n<!-- wp:post-author {\"showBio\":false,\"byline\":\"Director Of Research Services\",\"textColor\":\"accent\",\"fontSize\":\"medium\"} /-->\n\n<!-- wp:post-date {\"textColor\":\"accent\",\"fontSize\":\"small\"} /-->\n\n<!-- wp:post-featured-image {\"isLink\":true,\"width\":\"50%\",\"align\":\"right\"} /-->\n\n<!-- wp:post-excerpt {\"moreText\":\"More...\"} /-->\n\n<!-- wp:spacer {\"height\":\"25px\"} -->\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:separator -->\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"/>\n<!-- /wp:separator -->\n<!-- /wp:post-template --></div>\n<!-- /wp:query -->\n\n<!-- wp:html -->\n<p align=\"center\"><iframe src=\"https://calendar.google.com/calendar/embed?height=600&amp;wkst=1&amp;bgcolor=%23ffffff&amp;ctz=America%2FDenver&amp;src=aW52ZXN0ZWNoQGludmVzdGVjaC5jb20&amp;color=%23039BE5\" style=\"border:solid 1px #777\" width=\"800\" height=\"600\" frameborder=\"0\" scrolling=\"no\"></iframe></p>\n<!-- /wp:html -->','Economic Trends','','inherit','closed','closed','','16275-revision-v1','','','2023-02-13 17:39:57','2023-02-13 23:39:57','',16275,'https://ns2020-investech.investech.com/?p=16673',0,'revision','',0);
INSERT INTO `wp_posts` VALUES (16678,2,'2023-02-13 17:44:40','2023-02-13 23:44:40','<!-- wp:heading {\"level\":3} -->\n<h3>Stay up to date with the latest economic trends by following us here! This new, <em>free</em> section tracks important economic indicators you should be watching.</h3>\n<!-- /wp:heading -->\n\n<!-- wp:columns -->\n<div class=\"wp-block-columns\"><!-- wp:column {\"width\":\"10%\"} -->\n<div class=\"wp-block-column\" style=\"flex-basis:10%\"><!-- wp:uagb/modal {\"block_id\":\"c85c0be1\",\"modalTrigger\":\"icon\",\"icon\":\"calendar-days\",\"buttonText\":\"\",\"buttonIcon\":\"calendar-days\",\"modalAlign\":\"right\",\"modalWidth\":1000,\"btnLinkColor\":\"\",\"btnBgColor\":\"#00467F\",\"imgTagHeight\":350,\"imgTagWidth\":350,\"showBtnIcon\":true,\"maxHeight\":100,\"btnBorderTopLeftRadius\":0,\"btnBorderTopRightRadius\":0,\"btnBorderBottomLeftRadius\":0,\"btnBorderBottomRightRadius\":0,\"btnBorderStyle\":\"none\"} -->\n<div class=\"wp-block-uagb-modal uagb-block-c85c0be1 uagb-modal-wrapper\" data-escpress=\"disable\" data-overlayclick=\"disable\"><div class=\"uagb-modal-trigger\"><svg xmlns=\"https://www.w3.org/2000/svg\" viewBox=\"0 0 448 512\"><path d=\"M160 32V64H288V32C288 14.33 302.3 0 320 0C337.7 0 352 14.33 352 32V64H400C426.5 64 448 85.49 448 112V160H0V112C0 85.49 21.49 64 48 64H96V32C96 14.33 110.3 0 128 0C145.7 0 160 14.33 160 32zM0 192H448V464C448 490.5 426.5 512 400 512H48C21.49 512 0 490.5 0 464V192zM64 304C64 312.8 71.16 320 80 320H112C120.8 320 128 312.8 128 304V272C128 263.2 120.8 256 112 256H80C71.16 256 64 263.2 64 272V304zM192 304C192 312.8 199.2 320 208 320H240C248.8 320 256 312.8 256 304V272C256 263.2 248.8 256 240 256H208C199.2 256 192 263.2 192 272V304zM336 256C327.2 256 320 263.2 320 272V304C320 312.8 327.2 320 336 320H368C376.8 320 384 312.8 384 304V272C384 263.2 376.8 256 368 256H336zM64 432C64 440.8 71.16 448 80 448H112C120.8 448 128 440.8 128 432V400C128 391.2 120.8 384 112 384H80C71.16 384 64 391.2 64 400V432zM208 384C199.2 384 192 391.2 192 400V432C192 440.8 199.2 448 208 448H240C248.8 448 256 440.8 256 432V400C256 391.2 248.8 384 240 384H208zM320 432C320 440.8 327.2 448 336 448H368C376.8 448 384 440.8 384 432V400C384 391.2 376.8 384 368 384H336C327.2 384 320 391.2 320 400V432z\"></path></svg></div><div class=\"uagb-effect-default uagb-modal-popup uagb-block-c85c0be1\"><div class=\"uagb-modal-popup-wrap\"><div class=\"uagb-modal-popup-content\"><!-- wp:html -->\n<p align=\"center\"><iframe src=\"https://calendar.google.com/calendar/embed?height=600&amp;wkst=1&amp;bgcolor=%23ffffff&amp;ctz=America%2FDenver&amp;src=aW52ZXN0ZWNoQGludmVzdGVjaC5jb20&amp;color=%23039BE5\" style=\"border:solid 1px #777\" width=\"800\" height=\"600\" frameborder=\"0\" scrolling=\"no\"></iframe></p>\n<!-- /wp:html -->\n\n<!-- wp:paragraph -->\n<p><strong>These release dates represent the day the information is available from their respective sources. Check InvesTech Research’s Economic Trends for an update on these releases.</strong></p>\n<!-- /wp:paragraph --></div><div class=\"uagb-modal-popup-close\"><svg xmlns=\"https://www.w3.org/2000/svg\" viewBox=\"0 0 320 512\"><path d=\"M310.6 361.4c12.5 12.5 12.5 32.75 0 45.25C304.4 412.9 296.2 416 288 416s-16.38-3.125-22.62-9.375L160 301.3L54.63 406.6C48.38 412.9 40.19 416 32 416S15.63 412.9 9.375 406.6c-12.5-12.5-12.5-32.75 0-45.25l105.4-105.4L9.375 150.6c-12.5-12.5-12.5-32.75 0-45.25s32.75-12.5 45.25 0L160 210.8l105.4-105.4c12.5-12.5 32.75-12.5 45.25 0s12.5 32.75 0 45.25l-105.4 105.4L310.6 361.4z\"></path></svg></div></div></div></div>\n<!-- /wp:uagb/modal --></div>\n<!-- /wp:column -->\n\n<!-- wp:column {\"width\":\"80%\"} -->\n<div class=\"wp-block-column\" style=\"flex-basis:80%\"><!-- wp:paragraph {\"align\":\"left\"} -->\n<p class=\"has-text-align-left\">Visit the calendar, to check release dates for data covered in our <em>Economic Trends</em>.<br>If calendar no work, click here.</p>\n<!-- /wp:paragraph --></div>\n<!-- /wp:column --></div>\n<!-- /wp:columns -->\n\n<!-- wp:spacer {\"height\":\"50px\"} -->\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:query {\"queryId\":38,\"query\":{\"perPage\":3,\"pages\":0,\"offset\":\"0\",\"postType\":\"investech-insights\",\"order\":\"desc\",\"orderBy\":\"date\",\"author\":\"\",\"search\":\"\",\"exclude\":[],\"sticky\":\"\",\"inherit\":false,\"parents\":[]},\"className\":\"economic-trends\"} -->\n<div class=\"wp-block-query economic-trends\"><!-- wp:post-template -->\n<!-- wp:post-title {\"isLink\":true} /-->\n\n<!-- wp:post-author {\"showBio\":false,\"byline\":\"Director Of Research Services\",\"textColor\":\"accent\",\"fontSize\":\"medium\"} /-->\n\n<!-- wp:post-date {\"textColor\":\"accent\",\"fontSize\":\"small\"} /-->\n\n<!-- wp:post-featured-image {\"isLink\":true,\"width\":\"50%\",\"align\":\"right\"} /-->\n\n<!-- wp:post-excerpt {\"moreText\":\"More...\"} /-->\n\n<!-- wp:spacer {\"height\":\"25px\"} -->\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:separator -->\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"/>\n<!-- /wp:separator -->\n<!-- /wp:post-template --></div>\n<!-- /wp:query -->\n\n<!-- wp:html -->\n<p align=\"center\"><iframe src=\"https://calendar.google.com/calendar/embed?height=600&amp;wkst=1&amp;bgcolor=%23ffffff&amp;ctz=America%2FDenver&amp;src=aW52ZXN0ZWNoQGludmVzdGVjaC5jb20&amp;color=%23039BE5\" style=\"border:solid 1px #777\" width=\"800\" height=\"600\" frameborder=\"0\" scrolling=\"no\"></iframe></p>\n<!-- /wp:html -->','Economic Trends','','inherit','closed','closed','','16275-revision-v1','','','2023-02-13 17:44:40','2023-02-13 23:44:40','',16275,'https://ns2020-investech.investech.com/?p=16678',0,'revision','',0);
INSERT INTO `wp_posts` VALUES (16674,2,'2023-02-13 17:42:52','2023-02-13 23:42:52','<!-- wp:heading {\"level\":3} -->\n<h3>Stay up to date with the latest economic trends by following us here! This new, <em>free</em> section tracks important economic indicators you should be watching.</h3>\n<!-- /wp:heading -->\n\n<!-- wp:columns -->\n<div class=\"wp-block-columns\"><!-- wp:column {\"width\":\"10%\"} -->\n<div class=\"wp-block-column\" style=\"flex-basis:10%\"><!-- wp:uagb/modal {\"block_id\":\"c85c0be1\",\"buttonText\":\"\",\"buttonIcon\":\"calendar-days\",\"modalAlign\":\"right\",\"modalWidth\":1000,\"btnLinkColor\":\"\",\"btnBgColor\":\"#00467F\",\"imgTagHeight\":350,\"imgTagWidth\":350,\"showBtnIcon\":true,\"maxHeight\":100,\"btnBorderTopLeftRadius\":0,\"btnBorderTopRightRadius\":0,\"btnBorderBottomLeftRadius\":0,\"btnBorderBottomRightRadius\":0,\"btnBorderStyle\":\"none\"} -->\n<div class=\"wp-block-uagb-modal uagb-block-c85c0be1 uagb-modal-wrapper\" data-escpress=\"disable\" data-overlayclick=\"disable\"><div class=\"uagb-spectra-button-wrapper wp-block-button\"><a class=\"uagb-modal-button-link wp-block-button__link uagb-modal-trigger\" href=\"#\" onclick=\"return false;\" target=\"_self\" rel=\"noopener noreferrer\"><span class=\"uagb-modal-content-wrapper\"><span class=\"uagb-inline-editing\"></span><svg xmlns=\"https://www.w3.org/2000/svg\" viewBox=\"0 0 448 512\"><path d=\"M160 32V64H288V32C288 14.33 302.3 0 320 0C337.7 0 352 14.33 352 32V64H400C426.5 64 448 85.49 448 112V160H0V112C0 85.49 21.49 64 48 64H96V32C96 14.33 110.3 0 128 0C145.7 0 160 14.33 160 32zM0 192H448V464C448 490.5 426.5 512 400 512H48C21.49 512 0 490.5 0 464V192zM64 304C64 312.8 71.16 320 80 320H112C120.8 320 128 312.8 128 304V272C128 263.2 120.8 256 112 256H80C71.16 256 64 263.2 64 272V304zM192 304C192 312.8 199.2 320 208 320H240C248.8 320 256 312.8 256 304V272C256 263.2 248.8 256 240 256H208C199.2 256 192 263.2 192 272V304zM336 256C327.2 256 320 263.2 320 272V304C320 312.8 327.2 320 336 320H368C376.8 320 384 312.8 384 304V272C384 263.2 376.8 256 368 256H336zM64 432C64 440.8 71.16 448 80 448H112C120.8 448 128 440.8 128 432V400C128 391.2 120.8 384 112 384H80C71.16 384 64 391.2 64 400V432zM208 384C199.2 384 192 391.2 192 400V432C192 440.8 199.2 448 208 448H240C248.8 448 256 440.8 256 432V400C256 391.2 248.8 384 240 384H208zM320 432C320 440.8 327.2 448 336 448H368C376.8 448 384 440.8 384 432V400C384 391.2 376.8 384 368 384H336C327.2 384 320 391.2 320 400V432z\"></path></svg></span></a></div><div class=\"uagb-effect-default uagb-modal-popup uagb-block-c85c0be1\"><div class=\"uagb-modal-popup-wrap\"><div class=\"uagb-modal-popup-content\"><!-- wp:html -->\n<p align=\"center\"><iframe src=\"https://calendar.google.com/calendar/embed?height=600&amp;wkst=1&amp;bgcolor=%23ffffff&amp;ctz=America%2FDenver&amp;src=aW52ZXN0ZWNoQGludmVzdGVjaC5jb20&amp;color=%23039BE5\" style=\"border:solid 1px #777\" width=\"800\" height=\"600\" frameborder=\"0\" scrolling=\"no\"></iframe></p>\n<!-- /wp:html -->\n\n<!-- wp:paragraph -->\n<p><strong>These release dates represent the day the information is available from their respective sources. Check InvesTech Research’s Economic Trends for an update on these releases.</strong></p>\n<!-- /wp:paragraph --></div><div class=\"uagb-modal-popup-close\"><svg xmlns=\"https://www.w3.org/2000/svg\" viewBox=\"0 0 320 512\"><path d=\"M310.6 361.4c12.5 12.5 12.5 32.75 0 45.25C304.4 412.9 296.2 416 288 416s-16.38-3.125-22.62-9.375L160 301.3L54.63 406.6C48.38 412.9 40.19 416 32 416S15.63 412.9 9.375 406.6c-12.5-12.5-12.5-32.75 0-45.25l105.4-105.4L9.375 150.6c-12.5-12.5-12.5-32.75 0-45.25s32.75-12.5 45.25 0L160 210.8l105.4-105.4c12.5-12.5 32.75-12.5 45.25 0s12.5 32.75 0 45.25l-105.4 105.4L310.6 361.4z\"></path></svg></div></div></div></div>\n<!-- /wp:uagb/modal --></div>\n<!-- /wp:column -->\n\n<!-- wp:column {\"width\":\"90%\"} -->\n<div class=\"wp-block-column\" style=\"flex-basis:90%\"><!-- wp:paragraph {\"align\":\"left\"} -->\n<p class=\"has-text-align-left\">Visit the calendar, to check release dates for data covered in our <em>Economic Trends</em>.<br>If calendar no work, click here.</p>\n<!-- /wp:paragraph --></div>\n<!-- /wp:column --></div>\n<!-- /wp:columns -->\n\n<!-- wp:spacer {\"height\":\"50px\"} -->\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:query {\"queryId\":38,\"query\":{\"perPage\":3,\"pages\":0,\"offset\":\"0\",\"postType\":\"investech-insights\",\"order\":\"desc\",\"orderBy\":\"date\",\"author\":\"\",\"search\":\"\",\"exclude\":[],\"sticky\":\"\",\"inherit\":false,\"parents\":[]},\"className\":\"economic-trends\"} -->\n<div class=\"wp-block-query economic-trends\"><!-- wp:post-template -->\n<!-- wp:post-title {\"isLink\":true} /-->\n\n<!-- wp:post-author {\"showBio\":false,\"byline\":\"Director Of Research Services\",\"textColor\":\"accent\",\"fontSize\":\"medium\"} /-->\n\n<!-- wp:post-date {\"textColor\":\"accent\",\"fontSize\":\"small\"} /-->\n\n<!-- wp:post-featured-image {\"isLink\":true,\"width\":\"50%\",\"align\":\"right\"} /-->\n\n<!-- wp:post-excerpt {\"moreText\":\"More...\"} /-->\n\n<!-- wp:spacer {\"height\":\"25px\"} -->\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:separator -->\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"/>\n<!-- /wp:separator -->\n<!-- /wp:post-template --></div>\n<!-- /wp:query -->\n\n<!-- wp:html -->\n<p align=\"center\"><iframe src=\"https://calendar.google.com/calendar/embed?height=600&amp;wkst=1&amp;bgcolor=%23ffffff&amp;ctz=America%2FDenver&amp;src=aW52ZXN0ZWNoQGludmVzdGVjaC5jb20&amp;color=%23039BE5\" style=\"border:solid 1px #777\" width=\"800\" height=\"600\" frameborder=\"0\" scrolling=\"no\"></iframe></p>\n<!-- /wp:html -->','Economic Trends','','inherit','closed','closed','','16275-revision-v1','','','2023-02-13 17:42:52','2023-02-13 23:42:52','',16275,'https://ns2020-investech.investech.com/?p=16674',0,'revision','',0);
INSERT INTO `wp_posts` VALUES (16672,2,'2023-02-13 17:39:47','2023-02-13 23:39:47','<!-- wp:heading {\"level\":3} -->\n<h3>Stay up to date with the latest economic trends by following us here! This new, <em>free</em> section tracks important economic indicators you should be watching.</h3>\n<!-- /wp:heading -->\n\n<!-- wp:columns -->\n<div class=\"wp-block-columns\"><!-- wp:column {\"width\":\"10%\"} -->\n<div class=\"wp-block-column\" style=\"flex-basis:10%\"><!-- wp:uagb/modal {\"block_id\":\"c85c0be1\",\"buttonText\":\"\",\"buttonIcon\":\"calendar-days\",\"modalAlign\":\"right\",\"modalWidth\":1000,\"btnLinkColor\":\"\",\"btnBgColor\":\"#00467F\",\"imgTagHeight\":350,\"imgTagWidth\":350,\"showBtnIcon\":true,\"maxHeight\":100,\"btnBorderTopLeftRadius\":0,\"btnBorderTopRightRadius\":0,\"btnBorderBottomLeftRadius\":0,\"btnBorderBottomRightRadius\":0,\"btnBorderStyle\":\"none\"} -->\n<div class=\"wp-block-uagb-modal uagb-block-c85c0be1 uagb-modal-wrapper\" data-escpress=\"disable\" data-overlayclick=\"disable\"><div class=\"uagb-spectra-button-wrapper wp-block-button\"><a class=\"uagb-modal-button-link wp-block-button__link uagb-modal-trigger\" href=\"#\" onclick=\"return false;\" target=\"_self\" rel=\"noopener noreferrer\"><span class=\"uagb-modal-content-wrapper\"><span class=\"uagb-inline-editing\"></span><svg xmlns=\"https://www.w3.org/2000/svg\" viewBox=\"0 0 448 512\"><path d=\"M160 32V64H288V32C288 14.33 302.3 0 320 0C337.7 0 352 14.33 352 32V64H400C426.5 64 448 85.49 448 112V160H0V112C0 85.49 21.49 64 48 64H96V32C96 14.33 110.3 0 128 0C145.7 0 160 14.33 160 32zM0 192H448V464C448 490.5 426.5 512 400 512H48C21.49 512 0 490.5 0 464V192zM64 304C64 312.8 71.16 320 80 320H112C120.8 320 128 312.8 128 304V272C128 263.2 120.8 256 112 256H80C71.16 256 64 263.2 64 272V304zM192 304C192 312.8 199.2 320 208 320H240C248.8 320 256 312.8 256 304V272C256 263.2 248.8 256 240 256H208C199.2 256 192 263.2 192 272V304zM336 256C327.2 256 320 263.2 320 272V304C320 312.8 327.2 320 336 320H368C376.8 320 384 312.8 384 304V272C384 263.2 376.8 256 368 256H336zM64 432C64 440.8 71.16 448 80 448H112C120.8 448 128 440.8 128 432V400C128 391.2 120.8 384 112 384H80C71.16 384 64 391.2 64 400V432zM208 384C199.2 384 192 391.2 192 400V432C192 440.8 199.2 448 208 448H240C248.8 448 256 440.8 256 432V400C256 391.2 248.8 384 240 384H208zM320 432C320 440.8 327.2 448 336 448H368C376.8 448 384 440.8 384 432V400C384 391.2 376.8 384 368 384H336C327.2 384 320 391.2 320 400V432z\"></path></svg></span></a></div><div class=\"uagb-effect-default uagb-modal-popup uagb-block-c85c0be1\"><div class=\"uagb-modal-popup-wrap\"><div class=\"uagb-modal-popup-content\"><!-- wp:html -->\n<p align=\"center\"><iframe src=\"https://calendar.google.com/calendar/embed?height=600&amp;wkst=1&amp;bgcolor=%23ffffff&amp;ctz=America%2FDenver&amp;src=aW52ZXN0ZWNoQGludmVzdGVjaC5jb20&amp;color=%23039BE5\" style=\"border:solid 1px #777\" width=\"800\" height=\"600\" frameborder=\"0\" scrolling=\"no\"></iframe></p>\n<!-- /wp:html -->\n\n<!-- wp:paragraph -->\n<p><strong>These release dates represent the day the information is available from their respective sources. Check InvesTech Research’s Economic Trends for an update on these releases.</strong></p>\n<!-- /wp:paragraph --></div><div class=\"uagb-modal-popup-close\"><svg xmlns=\"https://www.w3.org/2000/svg\" viewBox=\"0 0 320 512\"><path d=\"M310.6 361.4c12.5 12.5 12.5 32.75 0 45.25C304.4 412.9 296.2 416 288 416s-16.38-3.125-22.62-9.375L160 301.3L54.63 406.6C48.38 412.9 40.19 416 32 416S15.63 412.9 9.375 406.6c-12.5-12.5-12.5-32.75 0-45.25l105.4-105.4L9.375 150.6c-12.5-12.5-12.5-32.75 0-45.25s32.75-12.5 45.25 0L160 210.8l105.4-105.4c12.5-12.5 32.75-12.5 45.25 0s12.5 32.75 0 45.25l-105.4 105.4L310.6 361.4z\"></path></svg></div></div></div></div>\n<!-- /wp:uagb/modal --></div>\n<!-- /wp:column -->\n\n<!-- wp:column {\"width\":\"90%\"} -->\n<div class=\"wp-block-column\" style=\"flex-basis:90%\"><!-- wp:paragraph {\"align\":\"left\"} -->\n<p class=\"has-text-align-left\">Visit the calendar, to check release dates for data covered in our <em>Economic Trends</em>.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">If calendar no work, click here.</p>\n<!-- /wp:paragraph --></div>\n<!-- /wp:column --></div>\n<!-- /wp:columns -->\n\n<!-- wp:spacer {\"height\":\"50px\"} -->\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:query {\"queryId\":38,\"query\":{\"perPage\":3,\"pages\":0,\"offset\":\"0\",\"postType\":\"investech-insights\",\"order\":\"desc\",\"orderBy\":\"date\",\"author\":\"\",\"search\":\"\",\"exclude\":[],\"sticky\":\"\",\"inherit\":false,\"parents\":[]},\"className\":\"economic-trends\"} -->\n<div class=\"wp-block-query economic-trends\"><!-- wp:post-template -->\n<!-- wp:post-title {\"isLink\":true} /-->\n\n<!-- wp:post-author {\"showBio\":false,\"byline\":\"Director Of Research Services\",\"textColor\":\"accent\",\"fontSize\":\"medium\"} /-->\n\n<!-- wp:post-date {\"textColor\":\"accent\",\"fontSize\":\"small\"} /-->\n\n<!-- wp:post-featured-image {\"isLink\":true,\"width\":\"50%\",\"align\":\"right\"} /-->\n\n<!-- wp:post-excerpt {\"moreText\":\"More...\"} /-->\n\n<!-- wp:spacer {\"height\":\"25px\"} -->\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:separator -->\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"/>\n<!-- /wp:separator -->\n<!-- /wp:post-template --></div>\n<!-- /wp:query -->\n\n<!-- wp:html -->\n<p align=\"center\"><iframe src=\"https://calendar.google.com/calendar/embed?height=600&amp;wkst=1&amp;bgcolor=%23ffffff&amp;ctz=America%2FDenver&amp;src=aW52ZXN0ZWNoQGludmVzdGVjaC5jb20&amp;color=%23039BE5\" style=\"border:solid 1px #777\" width=\"800\" height=\"600\" frameborder=\"0\" scrolling=\"no\"></iframe></p>\n<!-- /wp:html -->','Economic Trends','','inherit','closed','closed','','16275-revision-v1','','','2023-02-13 17:39:47','2023-02-13 23:39:47','',16275,'https://ns2020-investech.investech.com/?p=16672',0,'revision','',0);
INSERT INTO `wp_posts` VALUES (16668,2,'2023-02-13 17:37:14','2023-02-13 23:37:14','<!-- wp:heading {\"level\":3} -->\n<h3>Stay up to date with the latest economic trends by following us here! This new, <em>free</em> section tracks important economic indicators you should be watching.</h3>\n<!-- /wp:heading -->\n\n<!-- wp:columns -->\n<div class=\"wp-block-columns\"><!-- wp:column {\"width\":\"80%\"} -->\n<div class=\"wp-block-column\" style=\"flex-basis:80%\"><!-- wp:paragraph {\"align\":\"right\"} -->\n<p class=\"has-text-align-right\">Visit the following calendar, to check release dates for data covered in our <em>Economic Trends</em>.</p>\n<!-- /wp:paragraph --></div>\n<!-- /wp:column -->\n\n<!-- wp:column {\"width\":\"20%\"} -->\n<div class=\"wp-block-column\" style=\"flex-basis:20%\"><!-- wp:uagb/modal {\"block_id\":\"c85c0be1\",\"buttonText\":\"\",\"buttonIcon\":\"calendar-days\",\"modalAlign\":\"right\",\"modalWidth\":1000,\"btnLinkColor\":\"\",\"btnBgColor\":\"#00467F\",\"imgTagHeight\":350,\"imgTagWidth\":350,\"showBtnIcon\":true,\"maxHeight\":100,\"btnBorderTopLeftRadius\":0,\"btnBorderTopRightRadius\":0,\"btnBorderBottomLeftRadius\":0,\"btnBorderBottomRightRadius\":0,\"btnBorderStyle\":\"none\"} -->\n<div class=\"wp-block-uagb-modal uagb-block-c85c0be1 uagb-modal-wrapper\" data-escpress=\"disable\" data-overlayclick=\"disable\"><div class=\"uagb-spectra-button-wrapper wp-block-button\"><a class=\"uagb-modal-button-link wp-block-button__link uagb-modal-trigger\" href=\"#\" onclick=\"return false;\" target=\"_self\" rel=\"noopener noreferrer\"><span class=\"uagb-modal-content-wrapper\"><span class=\"uagb-inline-editing\"></span><svg xmlns=\"https://www.w3.org/2000/svg\" viewBox=\"0 0 448 512\"><path d=\"M160 32V64H288V32C288 14.33 302.3 0 320 0C337.7 0 352 14.33 352 32V64H400C426.5 64 448 85.49 448 112V160H0V112C0 85.49 21.49 64 48 64H96V32C96 14.33 110.3 0 128 0C145.7 0 160 14.33 160 32zM0 192H448V464C448 490.5 426.5 512 400 512H48C21.49 512 0 490.5 0 464V192zM64 304C64 312.8 71.16 320 80 320H112C120.8 320 128 312.8 128 304V272C128 263.2 120.8 256 112 256H80C71.16 256 64 263.2 64 272V304zM192 304C192 312.8 199.2 320 208 320H240C248.8 320 256 312.8 256 304V272C256 263.2 248.8 256 240 256H208C199.2 256 192 263.2 192 272V304zM336 256C327.2 256 320 263.2 320 272V304C320 312.8 327.2 320 336 320H368C376.8 320 384 312.8 384 304V272C384 263.2 376.8 256 368 256H336zM64 432C64 440.8 71.16 448 80 448H112C120.8 448 128 440.8 128 432V400C128 391.2 120.8 384 112 384H80C71.16 384 64 391.2 64 400V432zM208 384C199.2 384 192 391.2 192 400V432C192 440.8 199.2 448 208 448H240C248.8 448 256 440.8 256 432V400C256 391.2 248.8 384 240 384H208zM320 432C320 440.8 327.2 448 336 448H368C376.8 448 384 440.8 384 432V400C384 391.2 376.8 384 368 384H336C327.2 384 320 391.2 320 400V432z\"></path></svg></span></a></div><div class=\"uagb-effect-default uagb-modal-popup uagb-block-c85c0be1\"><div class=\"uagb-modal-popup-wrap\"><div class=\"uagb-modal-popup-content\"><!-- wp:html -->\n<p align=\"center\"><iframe src=\"https://calendar.google.com/calendar/embed?height=600&amp;wkst=1&amp;bgcolor=%23ffffff&amp;ctz=America%2FDenver&amp;src=aW52ZXN0ZWNoQGludmVzdGVjaC5jb20&amp;color=%23039BE5\" style=\"border:solid 1px #777\" width=\"800\" height=\"600\" frameborder=\"0\" scrolling=\"no\"></iframe></p>\n<!-- /wp:html -->\n\n<!-- wp:paragraph -->\n<p><strong>These release dates represent the day the information is available from their respective sources. Check InvesTech Research’s Economic Trends for an update on these releases.</strong></p>\n<!-- /wp:paragraph --></div><div class=\"uagb-modal-popup-close\"><svg xmlns=\"https://www.w3.org/2000/svg\" viewBox=\"0 0 320 512\"><path d=\"M310.6 361.4c12.5 12.5 12.5 32.75 0 45.25C304.4 412.9 296.2 416 288 416s-16.38-3.125-22.62-9.375L160 301.3L54.63 406.6C48.38 412.9 40.19 416 32 416S15.63 412.9 9.375 406.6c-12.5-12.5-12.5-32.75 0-45.25l105.4-105.4L9.375 150.6c-12.5-12.5-12.5-32.75 0-45.25s32.75-12.5 45.25 0L160 210.8l105.4-105.4c12.5-12.5 32.75-12.5 45.25 0s12.5 32.75 0 45.25l-105.4 105.4L310.6 361.4z\"></path></svg></div></div></div></div>\n<!-- /wp:uagb/modal --></div>\n<!-- /wp:column --></div>\n<!-- /wp:columns -->\n\n<!-- wp:spacer {\"height\":\"25px\"} -->\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:query {\"queryId\":38,\"query\":{\"perPage\":3,\"pages\":0,\"offset\":\"0\",\"postType\":\"investech-insights\",\"order\":\"desc\",\"orderBy\":\"date\",\"author\":\"\",\"search\":\"\",\"exclude\":[],\"sticky\":\"\",\"inherit\":false,\"parents\":[]},\"className\":\"economic-trends\"} -->\n<div class=\"wp-block-query economic-trends\"><!-- wp:post-template -->\n<!-- wp:post-title {\"isLink\":true} /-->\n\n<!-- wp:post-author {\"showBio\":false,\"byline\":\"Director Of Research Services\",\"textColor\":\"accent\",\"fontSize\":\"medium\"} /-->\n\n<!-- wp:post-date {\"textColor\":\"accent\",\"fontSize\":\"small\"} /-->\n\n<!-- wp:post-featured-image {\"isLink\":true,\"width\":\"50%\",\"align\":\"right\"} /-->\n\n<!-- wp:post-excerpt {\"moreText\":\"More...\"} /-->\n\n<!-- wp:spacer {\"height\":\"25px\"} -->\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:separator -->\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"/>\n<!-- /wp:separator -->\n<!-- /wp:post-template --></div>\n<!-- /wp:query -->\n\n<!-- wp:html -->\n<p align=\"center\"><iframe src=\"https://calendar.google.com/calendar/embed?height=600&amp;wkst=1&amp;bgcolor=%23ffffff&amp;ctz=America%2FDenver&amp;src=aW52ZXN0ZWNoQGludmVzdGVjaC5jb20&amp;color=%23039BE5\" style=\"border:solid 1px #777\" width=\"800\" height=\"600\" frameborder=\"0\" scrolling=\"no\"></iframe></p>\n<!-- /wp:html -->','Economic Trends','','inherit','closed','closed','','16275-revision-v1','','','2023-02-13 17:37:14','2023-02-13 23:37:14','',16275,'https://ns2020-investech.investech.com/?p=16668',0,'revision','',0);
INSERT INTO `wp_posts` VALUES (16669,2,'2023-02-13 17:38:07','2023-02-13 23:38:07','<!-- wp:heading {\"level\":3} -->\n<h3>Stay up to date with the latest economic trends by following us here! This new, <em>free</em> section tracks important economic indicators you should be watching.</h3>\n<!-- /wp:heading -->\n\n<!-- wp:columns -->\n<div class=\"wp-block-columns\"><!-- wp:column {\"width\":\"10%\"} -->\n<div class=\"wp-block-column\" style=\"flex-basis:10%\"><!-- wp:uagb/modal {\"block_id\":\"c85c0be1\",\"buttonText\":\"\",\"buttonIcon\":\"calendar-days\",\"modalAlign\":\"right\",\"modalWidth\":1000,\"btnLinkColor\":\"\",\"btnBgColor\":\"#00467F\",\"imgTagHeight\":350,\"imgTagWidth\":350,\"showBtnIcon\":true,\"maxHeight\":100,\"btnBorderTopLeftRadius\":0,\"btnBorderTopRightRadius\":0,\"btnBorderBottomLeftRadius\":0,\"btnBorderBottomRightRadius\":0,\"btnBorderStyle\":\"none\"} -->\n<div class=\"wp-block-uagb-modal uagb-block-c85c0be1 uagb-modal-wrapper\" data-escpress=\"disable\" data-overlayclick=\"disable\"><div class=\"uagb-spectra-button-wrapper wp-block-button\"><a class=\"uagb-modal-button-link wp-block-button__link uagb-modal-trigger\" href=\"#\" onclick=\"return false;\" target=\"_self\" rel=\"noopener noreferrer\"><span class=\"uagb-modal-content-wrapper\"><span class=\"uagb-inline-editing\"></span><svg xmlns=\"https://www.w3.org/2000/svg\" viewBox=\"0 0 448 512\"><path d=\"M160 32V64H288V32C288 14.33 302.3 0 320 0C337.7 0 352 14.33 352 32V64H400C426.5 64 448 85.49 448 112V160H0V112C0 85.49 21.49 64 48 64H96V32C96 14.33 110.3 0 128 0C145.7 0 160 14.33 160 32zM0 192H448V464C448 490.5 426.5 512 400 512H48C21.49 512 0 490.5 0 464V192zM64 304C64 312.8 71.16 320 80 320H112C120.8 320 128 312.8 128 304V272C128 263.2 120.8 256 112 256H80C71.16 256 64 263.2 64 272V304zM192 304C192 312.8 199.2 320 208 320H240C248.8 320 256 312.8 256 304V272C256 263.2 248.8 256 240 256H208C199.2 256 192 263.2 192 272V304zM336 256C327.2 256 320 263.2 320 272V304C320 312.8 327.2 320 336 320H368C376.8 320 384 312.8 384 304V272C384 263.2 376.8 256 368 256H336zM64 432C64 440.8 71.16 448 80 448H112C120.8 448 128 440.8 128 432V400C128 391.2 120.8 384 112 384H80C71.16 384 64 391.2 64 400V432zM208 384C199.2 384 192 391.2 192 400V432C192 440.8 199.2 448 208 448H240C248.8 448 256 440.8 256 432V400C256 391.2 248.8 384 240 384H208zM320 432C320 440.8 327.2 448 336 448H368C376.8 448 384 440.8 384 432V400C384 391.2 376.8 384 368 384H336C327.2 384 320 391.2 320 400V432z\"></path></svg></span></a></div><div class=\"uagb-effect-default uagb-modal-popup uagb-block-c85c0be1\"><div class=\"uagb-modal-popup-wrap\"><div class=\"uagb-modal-popup-content\"><!-- wp:html -->\n<p align=\"center\"><iframe src=\"https://calendar.google.com/calendar/embed?height=600&amp;wkst=1&amp;bgcolor=%23ffffff&amp;ctz=America%2FDenver&amp;src=aW52ZXN0ZWNoQGludmVzdGVjaC5jb20&amp;color=%23039BE5\" style=\"border:solid 1px #777\" width=\"800\" height=\"600\" frameborder=\"0\" scrolling=\"no\"></iframe></p>\n<!-- /wp:html -->\n\n<!-- wp:paragraph -->\n<p><strong>These release dates represent the day the information is available from their respective sources. Check InvesTech Research’s Economic Trends for an update on these releases.</strong></p>\n<!-- /wp:paragraph --></div><div class=\"uagb-modal-popup-close\"><svg xmlns=\"https://www.w3.org/2000/svg\" viewBox=\"0 0 320 512\"><path d=\"M310.6 361.4c12.5 12.5 12.5 32.75 0 45.25C304.4 412.9 296.2 416 288 416s-16.38-3.125-22.62-9.375L160 301.3L54.63 406.6C48.38 412.9 40.19 416 32 416S15.63 412.9 9.375 406.6c-12.5-12.5-12.5-32.75 0-45.25l105.4-105.4L9.375 150.6c-12.5-12.5-12.5-32.75 0-45.25s32.75-12.5 45.25 0L160 210.8l105.4-105.4c12.5-12.5 32.75-12.5 45.25 0s12.5 32.75 0 45.25l-105.4 105.4L310.6 361.4z\"></path></svg></div></div></div></div>\n<!-- /wp:uagb/modal --></div>\n<!-- /wp:column -->\n\n<!-- wp:column {\"width\":\"90%\"} -->\n<div class=\"wp-block-column\" style=\"flex-basis:90%\"><!-- wp:paragraph {\"align\":\"right\"} -->\n<p class=\"has-text-align-right\">Visit the following calendar, to check release dates for data covered in our <em>Economic Trends</em>.</p>\n<!-- /wp:paragraph --></div>\n<!-- /wp:column --></div>\n<!-- /wp:columns -->\n\n<!-- wp:spacer {\"height\":\"25px\"} -->\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:query {\"queryId\":38,\"query\":{\"perPage\":3,\"pages\":0,\"offset\":\"0\",\"postType\":\"investech-insights\",\"order\":\"desc\",\"orderBy\":\"date\",\"author\":\"\",\"search\":\"\",\"exclude\":[],\"sticky\":\"\",\"inherit\":false,\"parents\":[]},\"className\":\"economic-trends\"} -->\n<div class=\"wp-block-query economic-trends\"><!-- wp:post-template -->\n<!-- wp:post-title {\"isLink\":true} /-->\n\n<!-- wp:post-author {\"showBio\":false,\"byline\":\"Director Of Research Services\",\"textColor\":\"accent\",\"fontSize\":\"medium\"} /-->\n\n<!-- wp:post-date {\"textColor\":\"accent\",\"fontSize\":\"small\"} /-->\n\n<!-- wp:post-featured-image {\"isLink\":true,\"width\":\"50%\",\"align\":\"right\"} /-->\n\n<!-- wp:post-excerpt {\"moreText\":\"More...\"} /-->\n\n<!-- wp:spacer {\"height\":\"25px\"} -->\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:separator -->\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"/>\n<!-- /wp:separator -->\n<!-- /wp:post-template --></div>\n<!-- /wp:query -->\n\n<!-- wp:html -->\n<p align=\"center\"><iframe src=\"https://calendar.google.com/calendar/embed?height=600&amp;wkst=1&amp;bgcolor=%23ffffff&amp;ctz=America%2FDenver&amp;src=aW52ZXN0ZWNoQGludmVzdGVjaC5jb20&amp;color=%23039BE5\" style=\"border:solid 1px #777\" width=\"800\" height=\"600\" frameborder=\"0\" scrolling=\"no\"></iframe></p>\n<!-- /wp:html -->','Economic Trends','','inherit','closed','closed','','16275-revision-v1','','','2023-02-13 17:38:07','2023-02-13 23:38:07','',16275,'https://ns2020-investech.investech.com/?p=16669',0,'revision','',0);
INSERT INTO `wp_posts` VALUES (16666,2,'2023-02-13 17:32:43','2023-02-13 23:32:43','<!-- wp:heading {\"level\":3} -->\n<h3>Stay up to date with the latest economic trends by following us here! This new, <em>free</em> section tracks important economic indicators you should be watching.</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"align\":\"right\"} -->\n<p class=\"has-text-align-right\">Visit the following calendar, to check release dates for data covered in our <em>Economic Trends</em>.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:uagb/modal {\"block_id\":\"82703457\",\"buttonText\":\"\",\"buttonIcon\":\"calendar-days\",\"modalAlign\":\"right\",\"modalWidth\":1000,\"btnLinkColor\":\"\",\"btnBgColor\":\"#00467F\",\"imgTagHeight\":350,\"imgTagWidth\":350,\"showBtnIcon\":true,\"maxHeight\":100,\"btnBorderTopLeftRadius\":0,\"btnBorderTopRightRadius\":0,\"btnBorderBottomLeftRadius\":0,\"btnBorderBottomRightRadius\":0,\"btnBorderStyle\":\"none\"} -->\n<div class=\"wp-block-uagb-modal uagb-block-82703457 uagb-modal-wrapper\" data-escpress=\"disable\" data-overlayclick=\"disable\"><div class=\"uagb-spectra-button-wrapper wp-block-button\"><a class=\"uagb-modal-button-link wp-block-button__link uagb-modal-trigger\" href=\"#\" onclick=\"return false;\" target=\"_self\" rel=\"noopener noreferrer\"><span class=\"uagb-modal-content-wrapper\"><span class=\"uagb-inline-editing\"></span><svg xmlns=\"https://www.w3.org/2000/svg\" viewBox=\"0 0 448 512\"><path d=\"M160 32V64H288V32C288 14.33 302.3 0 320 0C337.7 0 352 14.33 352 32V64H400C426.5 64 448 85.49 448 112V160H0V112C0 85.49 21.49 64 48 64H96V32C96 14.33 110.3 0 128 0C145.7 0 160 14.33 160 32zM0 192H448V464C448 490.5 426.5 512 400 512H48C21.49 512 0 490.5 0 464V192zM64 304C64 312.8 71.16 320 80 320H112C120.8 320 128 312.8 128 304V272C128 263.2 120.8 256 112 256H80C71.16 256 64 263.2 64 272V304zM192 304C192 312.8 199.2 320 208 320H240C248.8 320 256 312.8 256 304V272C256 263.2 248.8 256 240 256H208C199.2 256 192 263.2 192 272V304zM336 256C327.2 256 320 263.2 320 272V304C320 312.8 327.2 320 336 320H368C376.8 320 384 312.8 384 304V272C384 263.2 376.8 256 368 256H336zM64 432C64 440.8 71.16 448 80 448H112C120.8 448 128 440.8 128 432V400C128 391.2 120.8 384 112 384H80C71.16 384 64 391.2 64 400V432zM208 384C199.2 384 192 391.2 192 400V432C192 440.8 199.2 448 208 448H240C248.8 448 256 440.8 256 432V400C256 391.2 248.8 384 240 384H208zM320 432C320 440.8 327.2 448 336 448H368C376.8 448 384 440.8 384 432V400C384 391.2 376.8 384 368 384H336C327.2 384 320 391.2 320 400V432z\"></path></svg></span></a></div><div class=\"uagb-effect-default uagb-modal-popup uagb-block-82703457\"><div class=\"uagb-modal-popup-wrap\"><div class=\"uagb-modal-popup-content\"><!-- wp:html -->\n<p align=\"center\"><iframe src=\"https://calendar.google.com/calendar/embed?height=600&amp;wkst=1&amp;bgcolor=%23ffffff&amp;ctz=America%2FDenver&amp;src=aW52ZXN0ZWNoQGludmVzdGVjaC5jb20&amp;color=%23039BE5\" style=\"border:solid 1px #777\" width=\"800\" height=\"600\" frameborder=\"0\" scrolling=\"no\"></iframe></p>\n<!-- /wp:html -->\n\n<!-- wp:paragraph -->\n<p><strong>These release dates represent the day the information is available from their respective sources. Check InvesTech Research’s Economic Trends for an update on these releases.</strong></p>\n<!-- /wp:paragraph --></div><div class=\"uagb-modal-popup-close\"><svg xmlns=\"https://www.w3.org/2000/svg\" viewBox=\"0 0 320 512\"><path d=\"M310.6 361.4c12.5 12.5 12.5 32.75 0 45.25C304.4 412.9 296.2 416 288 416s-16.38-3.125-22.62-9.375L160 301.3L54.63 406.6C48.38 412.9 40.19 416 32 416S15.63 412.9 9.375 406.6c-12.5-12.5-12.5-32.75 0-45.25l105.4-105.4L9.375 150.6c-12.5-12.5-12.5-32.75 0-45.25s32.75-12.5 45.25 0L160 210.8l105.4-105.4c12.5-12.5 32.75-12.5 45.25 0s12.5 32.75 0 45.25l-105.4 105.4L310.6 361.4z\"></path></svg></div></div></div></div>\n<!-- /wp:uagb/modal -->\n\n<!-- wp:spacer {\"height\":\"25px\"} -->\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:query {\"queryId\":38,\"query\":{\"perPage\":3,\"pages\":0,\"offset\":\"0\",\"postType\":\"investech-insights\",\"order\":\"desc\",\"orderBy\":\"date\",\"author\":\"\",\"search\":\"\",\"exclude\":[],\"sticky\":\"\",\"inherit\":false,\"parents\":[]},\"className\":\"economic-trends\"} -->\n<div class=\"wp-block-query economic-trends\"><!-- wp:post-template -->\n<!-- wp:post-title {\"isLink\":true} /-->\n\n<!-- wp:post-author {\"showBio\":false,\"byline\":\"Director Of Research Services\",\"textColor\":\"accent\",\"fontSize\":\"medium\"} /-->\n\n<!-- wp:post-date {\"textColor\":\"accent\",\"fontSize\":\"small\"} /-->\n\n<!-- wp:post-featured-image {\"isLink\":true,\"width\":\"50%\",\"align\":\"right\"} /-->\n\n<!-- wp:post-excerpt {\"moreText\":\"More...\"} /-->\n\n<!-- wp:spacer {\"height\":\"25px\"} -->\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:separator -->\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"/>\n<!-- /wp:separator -->\n<!-- /wp:post-template --></div>\n<!-- /wp:query -->\n\n<!-- wp:html -->\n<p align=\"center\"><iframe src=\"https://calendar.google.com/calendar/embed?height=600&amp;wkst=1&amp;bgcolor=%23ffffff&amp;ctz=America%2FDenver&amp;src=aW52ZXN0ZWNoQGludmVzdGVjaC5jb20&amp;color=%23039BE5\" style=\"border:solid 1px #777\" width=\"800\" height=\"600\" frameborder=\"0\" scrolling=\"no\"></iframe></p>\n<!-- /wp:html -->','Economic Trends','','inherit','closed','closed','','16275-revision-v1','','','2023-02-13 17:32:43','2023-02-13 23:32:43','',16275,'https://ns2020-investech.investech.com/?p=16666',0,'revision','',0);
INSERT INTO `wp_posts` VALUES (16804,2,'2023-02-20 10:38:48','2023-02-20 16:38:48','<!-- wp:heading {\"level\":3} -->\n<h3>Stay up to date with the latest economic trends by following us here! This new, <em>free</em> section tracks important economic indicators you should be watching.</h3>\n<!-- /wp:heading -->\n\n<!-- wp:buttons -->\n<div class=\"wp-block-buttons\"><!-- wp:button {\"className\":\"is-style-high-impact\"} -->\n<div class=\"wp-block-button is-style-high-impact\"><a class=\"wp-block-button__link wp-element-button\" href=\"https://calendar.google.com/calendar/u/0/embed?height=600&amp;wkst=1&amp;bgcolor=%23ffffff&amp;ctz=America/Denver&amp;src=aW52ZXN0ZWNoQGludmVzdGVjaC5jb20&amp;color=%23039BE5\" target=\"_blank\" rel=\"noreferrer noopener\">Economic Trends</a></div>\n<!-- /wp:button --></div>\n<!-- /wp:buttons -->\n\n<!-- wp:paragraph {\"fontSize\":\"small\"} -->\n<p class=\"has-small-font-size\">If you are having trouble opening the calendar from the button, please <a href=\"https://calendar.google.com/calendar/embed?height=600&amp;wkst=1&amp;bgcolor=%23ffffff&amp;ctz=America%2FDenver&amp;src=aW52ZXN0ZWNoQGludmVzdGVjaC5jb20&amp;color=%23039BE5\" target=\"_blank\" rel=\"noreferrer noopener\">Click Here</a></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:buttons -->\n<div class=\"wp-block-buttons\"></div>\n<!-- /wp:buttons -->\n\n<!-- wp:separator -->\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"/>\n<!-- /wp:separator -->\n\n<!-- wp:spacer {\"height\":\"50px\"} -->\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:query {\"queryId\":38,\"query\":{\"perPage\":3,\"pages\":0,\"offset\":\"0\",\"postType\":\"investech-insights\",\"order\":\"desc\",\"orderBy\":\"date\",\"author\":\"\",\"search\":\"\",\"exclude\":[],\"sticky\":\"\",\"inherit\":false,\"parents\":[]},\"className\":\"economic-trends\"} -->\n<div class=\"wp-block-query economic-trends\"><!-- wp:post-template -->\n<!-- wp:post-title {\"isLink\":true} /-->\n\n<!-- wp:post-author {\"showBio\":false,\"byline\":\"Director Of Research Services\",\"textColor\":\"accent\",\"fontSize\":\"medium\"} /-->\n\n<!-- wp:post-date {\"textColor\":\"accent\",\"fontSize\":\"small\"} /-->\n\n<!-- wp:post-featured-image {\"isLink\":true,\"width\":\"50%\",\"align\":\"right\"} /-->\n\n<!-- wp:post-excerpt {\"moreText\":\"More...\"} /-->\n\n<!-- wp:spacer {\"height\":\"25px\"} -->\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:separator -->\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"/>\n<!-- /wp:separator -->\n<!-- /wp:post-template --></div>\n<!-- /wp:query -->','Economic Trends','','inherit','closed','closed','','16275-revision-v1','','','2023-02-20 10:38:48','2023-02-20 16:38:48','',16275,'https://ns2020-investech.investech.com/?p=16804',0,'revision','',0);
INSERT INTO `wp_posts` VALUES (16664,2,'2023-02-13 17:32:06','2023-02-13 23:32:06','<!-- wp:heading {\"level\":3} -->\n<h3>Stay up to date with the latest economic trends by following us here! 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INSERT INTO `wp_posts` VALUES (16702,3,'2023-02-14 12:08:31','2023-02-14 18:08:31','<!-- wp:spacer {\"height\":\"46px\"} -->\n<div style=\"height:46px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:uagb/inline-notice {\"block_id\":\"d4b6864d\",\"noticeContent\":\"Stay up to date with the latest economic trends! This new\\u003cem\\u003e \\u003c/em\\u003efeature tracks important economic indicators you should be watching.  \\u003cbr\\u003eEconomic Trends are available from our menu or by following us \\u003cstrong\\u003e\\u003ca href=\\u0022https://www.investech.com/economic-trends/\\u0022\\u003ehere\\u003c/a\\u003e!\\u003c/strong\\u003e\\u003cbr\\u003e\\u003cbr\\u003e\\u003cstrong\\u003eThis new service is FREE, so you are welcome to share with friends and family!\\u003c/strong\\u003e\",\"titleColor\":\"#F5F4F0\",\"noticeColor\":\"#008585\",\"noticeAlignment\":\"center\",\"titleLeftPadding\":15,\"titleRightPadding\":15,\"titleTopPadding\":15,\"titleBottomPadding\":15,\"contentLeftPadding\":15,\"contentRightPadding\":15,\"contentTopPadding\":15,\"contentBottomPadding\":15} -->\n<div class=\"wp-block-uagb-inline-notice uagb-inline_notice__align-center uagb-block-d4b6864d\"><h4 class=\"uagb-notice-title\">New to InvesTech Research - <em>Economic Trends</em>!</h4><div class=\"uagb-notice-text\">Stay up to date with the latest economic trends! This new<em> </em>feature tracks important economic indicators you should be watching.  <br>Economic Trends are available from our menu or by following us <strong><a href=\"https://www.investech.com/economic-trends/\">here</a>!</strong><br><br><strong>This new service is FREE, so you are welcome to share with friends and family!</strong></div></div>\n<!-- /wp:uagb/inline-notice -->\n\n<!-- wp:spacer {\"height\":\"44px\"} -->\n<div style=\"height:44px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:group {\"align\":\"wide\",\"className\":\"wall-to-wall neutral-warm pad-2-0\"} -->\n<div class=\"wp-block-group alignwide wall-to-wall neutral-warm pad-2-0\"><!-- wp:media-text {\"mediaId\":14420,\"mediaLink\":\"https://ns2020-investech.investech.com/?attachment_id=14420\",\"mediaType\":\"image\",\"mediaWidth\":30} -->\n<div class=\"wp-block-media-text alignwide is-stacked-on-mobile\" style=\"grid-template-columns:30% auto\"><figure class=\"wp-block-media-text__media\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2022/03/BARRONS-logo.png\" alt=\"\" class=\"wp-image-14420 size-full\"/></figure><div class=\"wp-block-media-text__content\"><!-- wp:heading {\"className\":\"h2-serif\"} -->\n<h2 class=\"h2-serif\"><strong>\"Preparing for a Bear Market\"</strong></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\"><em>Barron\'s </em>recently interviewed Jim Stack, president of InvesTech Research, in a feature article about the best strategy and portfolio positioning for today\'s high-risk market.  </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">Read the <a rel=\"noreferrer noopener\" href=\"https://webreprints.djreprints.com/58891.pdf\" target=\"_blank\"><strong>full article</strong></a> to see what steps investors should be taking to navigate this market safely.  </p>\n<!-- /wp:paragraph --></div></div>\n<!-- /wp:media-text --></div>\n<!-- /wp:group -->\n\n<!-- wp:heading -->\n<h2 id=\"Subscriber-Services\">Subscriber Resources &amp; Tools</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>The following subscriber resources are included with your subscription to InvesTech Research.  This arsenal of tools will keep you up-to-date with our market outlook, monitor our indicators in real-time,  follow news &amp; data releases, and keep tabs on our portfolio recommendations. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:group {\"className\":\"toolboxed\"} -->\n<div class=\"wp-block-group toolboxed\"><!-- wp:columns {\"verticalAlignment\":\"top\"} -->\n<div class=\"wp-block-columns are-vertically-aligned-top\"><!-- wp:column {\"verticalAlignment\":\"top\"} -->\n<div class=\"wp-block-column is-vertically-aligned-top\"><!-- wp:image {\"id\":4934,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"https://www.investech.com/wp-content/uploads/2020/12/pub-icon.svg\" alt=\"Publications\" class=\"wp-image-4934\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"publications\">Publications</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>The <strong><em>monthly </em></strong><em>InvesTech Research</em> newsletter contains both monetary and technical analysis and unique research.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:buttons -->\n<div class=\"wp-block-buttons\"><!-- wp:button {\"className\":\"is-style-default\"} -->\n<div class=\"wp-block-button is-style-default\"><a class=\"wp-block-button__link wp-element-button\" href=\"/publications\">Read Publications</a></div>\n<!-- /wp:button --></div>\n<!-- /wp:buttons --></div>\n<!-- /wp:column -->\n\n<!-- wp:column {\"verticalAlignment\":\"top\"} -->\n<div class=\"wp-block-column is-vertically-aligned-top\"><!-- wp:image {\"id\":7871,\"width\":100,\"height\":100,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large is-resized\"><img src=\"https://www.investech.com/wp-content/uploads/2021/05/compass-328cc1.svg\" alt=\"\" class=\"wp-image-7871\" width=\"100\" height=\"100\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"market-insights\">Market Insights</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Keep<strong><em> </em></strong>up with <strong><em>weekly </em></strong>economic news and data releases and how these may affect your investing.  </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:buttons -->\n<div class=\"wp-block-buttons\"><!-- wp:button -->\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"/library-category/market-insights/\">Follow Insights</a></div>\n<!-- /wp:button --></div>\n<!-- /wp:buttons --></div>\n<!-- /wp:column -->\n\n<!-- wp:column {\"verticalAlignment\":\"top\"} -->\n<div class=\"wp-block-column is-vertically-aligned-top\"><!-- wp:image {\"id\":5761,\"sizeSlug\":\"full\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-full\"><img src=\"https://www.investech.com/wp-content/uploads/2021/02/calendar.svg\" alt=\"\" class=\"wp-image-5761\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"weekly-hotline\">Weekly Hotline</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Updated <strong><em>each</em></strong> Friday to provide a summary of the week\'s important data releases, technical updates, and any changes to the Model Fund Portfolio.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:buttons -->\n<div class=\"wp-block-buttons\"><!-- wp:button -->\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"/weekly-hotline\">Weekly Hotline</a></div>\n<!-- /wp:button --></div>\n<!-- /wp:buttons --></div>\n<!-- /wp:column --></div>\n<!-- /wp:columns -->\n\n<!-- wp:columns {\"verticalAlignment\":\"top\"} -->\n<div class=\"wp-block-columns are-vertically-aligned-top\"><!-- wp:column {\"verticalAlignment\":\"top\"} -->\n<div class=\"wp-block-column is-vertically-aligned-top\"><!-- wp:image {\"id\":5490,\"height\":75,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large is-resized\"><img src=\"https://www.investech.com/wp-content/uploads/2021/02/mutual-fund-port.svg\" alt=\"\" class=\"wp-image-5490\" height=\"75\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"model-fund-portfolio\">Model Fund Portfolio</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>View the <strong><em>current </em></strong>investment allocation in our Model Fund Portfolio and access the latest trades as they happen.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:buttons -->\n<div class=\"wp-block-buttons\"><!-- wp:button -->\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"/model-fund\">View Portfolio</a></div>\n<!-- /wp:button --></div>\n<!-- /wp:buttons --></div>\n<!-- /wp:column -->\n\n<!-- wp:column {\"verticalAlignment\":\"top\"} -->\n<div class=\"wp-block-column is-vertically-aligned-top\"><!-- wp:image {\"id\":5759,\"sizeSlug\":\"full\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-full\"><img src=\"https://www.investech.com/wp-content/uploads/2021/02/knight.svg\" alt=\"\" class=\"wp-image-5759\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"investech-indicators\">InvesTech Indicators</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Follow InvesTech\'s proprietary technical indicators <strong>daily</strong> to watch for important breakouts or warning flags.  </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:buttons -->\n<div class=\"wp-block-buttons\"><!-- wp:button -->\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"/investech-indicators\">Track Indicators</a></div>\n<!-- /wp:button --></div>\n<!-- /wp:buttons --></div>\n<!-- /wp:column -->\n\n<!-- wp:column {\"verticalAlignment\":\"top\"} -->\n<div class=\"wp-block-column is-vertically-aligned-top\"><!-- wp:image {\"id\":4931,\"sizeSlug\":\"full\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-full\"><img src=\"https://www.investech.com/wp-content/uploads/2020/12/fin-data-icon.svg\" alt=\"\" class=\"wp-image-4931\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"daily-data\">Daily Data</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p> <strong><em>Daily </em></strong>access to a wide range of stock market metrics, including market indexes, breadth/volume data, and short-term indicators.  </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:buttons -->\n<div class=\"wp-block-buttons\"><!-- wp:button -->\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"/daily-data\">Get Updates</a></div>\n<!-- /wp:button --></div>\n<!-- /wp:buttons --></div>\n<!-- /wp:column --></div>\n<!-- /wp:columns --></div>\n<!-- /wp:group -->\n\n<!-- wp:paragraph {\"align\":\"center\"} -->\n<p class=\"has-text-align-center\"><strong>We’re here to assist you.</strong><br>Call our office at <strong><a href=\"tel:4068627777\">406-862-7777</a></strong> (Monday-Friday, 8:30 AM - 5:00PM Mountain Time).</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:group {\"className\":\"wall-to-wall neutral-warm pad-2-0\"} -->\n<div class=\"wp-block-group wall-to-wall neutral-warm pad-2-0\"><!-- wp:heading -->\n<h2 id=\"make-the-most-of-your-subscriber-access-to-investech-research-and-tools\">Make the most of your subscriber access to InvesTech Research and Tools</h2>\n<!-- /wp:heading -->\n\n<!-- wp:columns -->\n<div class=\"wp-block-columns\"><!-- wp:column {\"width\":\"66.66%\"} -->\n<div class=\"wp-block-column\" style=\"flex-basis:66.66%\"><!-- wp:paragraph -->\n<p>InvesTech Research capabilities permit analysis of the Federal Reserve, economy, and stock market that is virtually unparalleled on or off Wall Street. This research and analysis is made available to subscribers through the <em>InvesTech Research</em> newsletter<em>.</em> Each issue of <em>InvesTech Research </em>attempts to answer not just where the market is heading, but why – and also focuses on investment strategy and portfolio allocation, including specific exchange-traded fund (ETF) and mutual fund recommendations.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>We have created a step-by-step guide to using InvesTech’s “safety-first” strategy to enable you to get the most out of your subscription.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Read our <a rel=\"noreferrer noopener\" href=\"https://ns2020-investech.investech.com/wp-content/uploads/pdf_files_wp/Profit-Guide.pdf\" target=\"_blank\">InvesTech Personal Profit Guide (PDF).</a></p>\n<!-- /wp:paragraph --></div>\n<!-- /wp:column -->\n\n<!-- wp:column {\"width\":\"33.33%\"} -->\n<div class=\"wp-block-column\" style=\"flex-basis:33.33%\"><!-- wp:paragraph -->\n<p><strong>Share the financial research and insight you trust.</strong> Refer a friend and receive a $20 credit towards your next subscription renewal when they subscribe.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:buttons -->\n<div class=\"wp-block-buttons\"><!-- wp:button {\"className\":\"is-style-high-impact\"} -->\n<div class=\"wp-block-button is-style-high-impact\"><a class=\"wp-block-button__link wp-element-button\" href=\"https://ns2020-investech.investech.com/refer-a-friend/\">Refer a Friend</a></div>\n<!-- /wp:button --></div>\n<!-- /wp:buttons --></div>\n<!-- /wp:column --></div>\n<!-- /wp:columns --></div>\n<!-- /wp:group -->\n\n<!-- wp:heading -->\n<h2 id=\"market-insights\">Market Insights</h2>\n<!-- /wp:heading -->\n\n<!-- wp:acf/subscriber-content-teaser {\"name\":\"acf/subscriber-content-teaser\",\"data\":{\"post_to_show\":[\"13325\",\"12657\",\"12651\"],\"_post_to_show\":\"field_5f2aeab7381f9\",\"post_type_to_show\":\"investech-library\",\"_post_type_to_show\":\"field_5f2aec3f2eccd\",\"number_to_show\":\"3\",\"_number_to_show\":\"field_5f2aec6a2ecce\"},\"mode\":\"edit\"} /-->\n\n<!-- wp:block {\"ref\":12264} /-->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:spacer -->\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:spacer -->\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->','Logged In - Subscriber Resources & Tools','','inherit','closed','closed','','6503-revision-v1','','','2023-02-14 12:08:31','2023-02-14 18:08:31','',6503,'https://ns2020-investech.investech.com/?p=16702',0,'revision','',0);
INSERT INTO `wp_posts` VALUES (16657,3,'2023-02-10 16:43:03','2023-02-10 22:43:03','<!-- wp:spacer {\"height\":\"46px\"} -->\n<div style=\"height:46px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:uagb/inline-notice {\"block_id\":\"39a67307\",\"noticeContent\":\"Stay up to date with the latest economic trends! This new\\u003cem\\u003e \\u003c/em\\u003efeature tracks important economic indicators you should be watching and offers an economic calendar to keep track of future releases.  \\u003cbr\\u003eEconomic Trends are available from our menu or by following us \\u003cstrong\\u003e\\u003ca href=\\u0022https://www.investech.com/economic-trends/\\u0022\\u003ehere\\u003c/a\\u003e!\\u003c/strong\\u003e\\u003cbr\\u003e\\u003cbr\\u003e\\u003cstrong\\u003eThis new service is FREE, so you are welcome to share with friends and family!\\u003c/strong\\u003e\",\"titleColor\":\"#F5F4F0\",\"noticeColor\":\"#008585\",\"noticeAlignment\":\"center\",\"titleLeftPadding\":15,\"titleRightPadding\":15,\"titleTopPadding\":15,\"titleBottomPadding\":15,\"contentLeftPadding\":15,\"contentRightPadding\":15,\"contentTopPadding\":15,\"contentBottomPadding\":15} -->\n<div class=\"wp-block-uagb-inline-notice uagb-inline_notice__align-center uagb-block-39a67307\"><h4 class=\"uagb-notice-title\">New to InvesTech Research - <em>Economic Trends</em>!</h4><div class=\"uagb-notice-text\">Stay up to date with the latest economic trends! This new<em> </em>feature tracks important economic indicators you should be watching and offers an economic calendar to keep track of future releases.  <br>Economic Trends are available from our menu or by following us <strong><a href=\"https://www.investech.com/economic-trends/\">here</a>!</strong><br><br><strong>This new service is FREE, so you are welcome to share with friends and family!</strong></div></div>\n<!-- /wp:uagb/inline-notice -->\n\n<!-- wp:spacer {\"height\":\"44px\"} -->\n<div style=\"height:44px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:group {\"align\":\"wide\",\"className\":\"wall-to-wall neutral-warm pad-2-0\"} -->\n<div class=\"wp-block-group alignwide wall-to-wall neutral-warm pad-2-0\"><!-- wp:media-text {\"mediaId\":14420,\"mediaLink\":\"https://ns2020-investech.investech.com/?attachment_id=14420\",\"mediaType\":\"image\",\"mediaWidth\":30} -->\n<div class=\"wp-block-media-text alignwide is-stacked-on-mobile\" style=\"grid-template-columns:30% auto\"><figure class=\"wp-block-media-text__media\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2022/03/BARRONS-logo.png\" alt=\"\" class=\"wp-image-14420 size-full\"/></figure><div class=\"wp-block-media-text__content\"><!-- wp:heading {\"className\":\"h2-serif\"} -->\n<h2 class=\"h2-serif\"><strong>\"Preparing for a Bear Market\"</strong></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\"><em>Barron\'s </em>recently interviewed Jim Stack, president of InvesTech Research, in a feature article about the best strategy and portfolio positioning for today\'s high-risk market.  </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">Read the <a rel=\"noreferrer noopener\" href=\"https://webreprints.djreprints.com/58891.pdf\" target=\"_blank\"><strong>full article</strong></a> to see what steps investors should be taking to navigate this market safely.  </p>\n<!-- /wp:paragraph --></div></div>\n<!-- /wp:media-text --></div>\n<!-- /wp:group -->\n\n<!-- wp:heading -->\n<h2 id=\"Subscriber-Services\">Subscriber Resources &amp; Tools</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>The following subscriber resources are included with your subscription to InvesTech Research.  This arsenal of tools will keep you up-to-date with our market outlook, monitor our indicators in real-time,  follow news &amp; data releases, and keep tabs on our portfolio recommendations. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:group {\"className\":\"toolboxed\"} -->\n<div class=\"wp-block-group toolboxed\"><!-- wp:columns {\"verticalAlignment\":\"top\"} -->\n<div class=\"wp-block-columns are-vertically-aligned-top\"><!-- wp:column {\"verticalAlignment\":\"top\"} -->\n<div class=\"wp-block-column is-vertically-aligned-top\"><!-- wp:image {\"id\":4934,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"https://www.investech.com/wp-content/uploads/2020/12/pub-icon.svg\" alt=\"Publications\" class=\"wp-image-4934\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"publications\">Publications</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>The <strong><em>monthly </em></strong><em>InvesTech Research</em> newsletter contains both monetary and technical analysis and unique research.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:buttons -->\n<div class=\"wp-block-buttons\"><!-- wp:button {\"className\":\"is-style-default\"} -->\n<div class=\"wp-block-button is-style-default\"><a class=\"wp-block-button__link wp-element-button\" href=\"/publications\">Read Publications</a></div>\n<!-- /wp:button --></div>\n<!-- /wp:buttons --></div>\n<!-- /wp:column -->\n\n<!-- wp:column {\"verticalAlignment\":\"top\"} -->\n<div class=\"wp-block-column is-vertically-aligned-top\"><!-- wp:image {\"id\":7871,\"width\":100,\"height\":100,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large is-resized\"><img src=\"https://www.investech.com/wp-content/uploads/2021/05/compass-328cc1.svg\" alt=\"\" class=\"wp-image-7871\" width=\"100\" height=\"100\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"market-insights\">Market Insights</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Keep<strong><em> </em></strong>up with <strong><em>weekly </em></strong>economic news and data releases and how these may affect your investing.  </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:buttons -->\n<div class=\"wp-block-buttons\"><!-- wp:button -->\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"/library-category/market-insights/\">Follow Insights</a></div>\n<!-- /wp:button --></div>\n<!-- /wp:buttons --></div>\n<!-- /wp:column -->\n\n<!-- wp:column {\"verticalAlignment\":\"top\"} -->\n<div class=\"wp-block-column is-vertically-aligned-top\"><!-- wp:image {\"id\":5761,\"sizeSlug\":\"full\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-full\"><img src=\"https://www.investech.com/wp-content/uploads/2021/02/calendar.svg\" alt=\"\" class=\"wp-image-5761\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"weekly-hotline\">Weekly Hotline</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Updated <strong><em>each</em></strong> Friday to provide a summary of the week\'s important data releases, technical updates, and any changes to the Model Fund Portfolio.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:buttons -->\n<div class=\"wp-block-buttons\"><!-- wp:button -->\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"/weekly-hotline\">Weekly Hotline</a></div>\n<!-- /wp:button --></div>\n<!-- /wp:buttons --></div>\n<!-- /wp:column --></div>\n<!-- /wp:columns -->\n\n<!-- wp:columns {\"verticalAlignment\":\"top\"} -->\n<div class=\"wp-block-columns are-vertically-aligned-top\"><!-- wp:column {\"verticalAlignment\":\"top\"} -->\n<div class=\"wp-block-column is-vertically-aligned-top\"><!-- wp:image {\"id\":5490,\"height\":75,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large is-resized\"><img src=\"https://www.investech.com/wp-content/uploads/2021/02/mutual-fund-port.svg\" alt=\"\" class=\"wp-image-5490\" height=\"75\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"model-fund-portfolio\">Model Fund Portfolio</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>View the <strong><em>current </em></strong>investment allocation in our Model Fund Portfolio and access the latest trades as they happen.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:buttons -->\n<div class=\"wp-block-buttons\"><!-- wp:button -->\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"/model-fund\">View Portfolio</a></div>\n<!-- /wp:button --></div>\n<!-- /wp:buttons --></div>\n<!-- /wp:column -->\n\n<!-- wp:column {\"verticalAlignment\":\"top\"} -->\n<div class=\"wp-block-column is-vertically-aligned-top\"><!-- wp:image {\"id\":5759,\"sizeSlug\":\"full\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-full\"><img src=\"https://www.investech.com/wp-content/uploads/2021/02/knight.svg\" alt=\"\" class=\"wp-image-5759\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"investech-indicators\">InvesTech Indicators</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Follow InvesTech\'s proprietary technical indicators <strong>daily</strong> to watch for important breakouts or warning flags.  </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:buttons -->\n<div class=\"wp-block-buttons\"><!-- wp:button -->\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"/investech-indicators\">Track Indicators</a></div>\n<!-- /wp:button --></div>\n<!-- /wp:buttons --></div>\n<!-- /wp:column -->\n\n<!-- wp:column {\"verticalAlignment\":\"top\"} -->\n<div class=\"wp-block-column is-vertically-aligned-top\"><!-- wp:image {\"id\":4931,\"sizeSlug\":\"full\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-full\"><img src=\"https://www.investech.com/wp-content/uploads/2020/12/fin-data-icon.svg\" alt=\"\" class=\"wp-image-4931\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"daily-data\">Daily Data</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p> <strong><em>Daily </em></strong>access to a wide range of stock market metrics, including market indexes, breadth/volume data, and short-term indicators.  </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:buttons -->\n<div class=\"wp-block-buttons\"><!-- wp:button -->\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"/daily-data\">Get Updates</a></div>\n<!-- /wp:button --></div>\n<!-- /wp:buttons --></div>\n<!-- /wp:column --></div>\n<!-- /wp:columns --></div>\n<!-- /wp:group -->\n\n<!-- wp:paragraph {\"align\":\"center\"} -->\n<p class=\"has-text-align-center\"><strong>We’re here to assist you.</strong><br>Call our office at <strong><a href=\"tel:4068627777\">406-862-7777</a></strong> (Monday-Friday, 8:30 AM - 5:00PM Mountain Time).</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:group {\"className\":\"wall-to-wall neutral-warm pad-2-0\"} -->\n<div class=\"wp-block-group wall-to-wall neutral-warm pad-2-0\"><!-- wp:heading -->\n<h2 id=\"make-the-most-of-your-subscriber-access-to-investech-research-and-tools\">Make the most of your subscriber access to InvesTech Research and Tools</h2>\n<!-- /wp:heading -->\n\n<!-- wp:columns -->\n<div class=\"wp-block-columns\"><!-- wp:column {\"width\":\"66.66%\"} -->\n<div class=\"wp-block-column\" style=\"flex-basis:66.66%\"><!-- wp:paragraph -->\n<p>InvesTech Research capabilities permit analysis of the Federal Reserve, economy, and stock market that is virtually unparalleled on or off Wall Street. This research and analysis is made available to subscribers through the <em>InvesTech Research</em> newsletter<em>.</em> Each issue of <em>InvesTech Research </em>attempts to answer not just where the market is heading, but why – and also focuses on investment strategy and portfolio allocation, including specific exchange-traded fund (ETF) and mutual fund recommendations.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>We have created a step-by-step guide to using InvesTech’s “safety-first” strategy to enable you to get the most out of your subscription.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Read our <a rel=\"noreferrer noopener\" href=\"https://ns2020-investech.investech.com/wp-content/uploads/pdf_files_wp/Profit-Guide.pdf\" target=\"_blank\">InvesTech Personal Profit Guide (PDF).</a></p>\n<!-- /wp:paragraph --></div>\n<!-- /wp:column -->\n\n<!-- wp:column {\"width\":\"33.33%\"} -->\n<div class=\"wp-block-column\" style=\"flex-basis:33.33%\"><!-- wp:paragraph -->\n<p><strong>Share the financial research and insight you trust.</strong> Refer a friend and receive a $20 credit towards your next subscription renewal when they subscribe.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:buttons -->\n<div class=\"wp-block-buttons\"><!-- wp:button {\"className\":\"is-style-high-impact\"} -->\n<div class=\"wp-block-button is-style-high-impact\"><a class=\"wp-block-button__link wp-element-button\" href=\"https://ns2020-investech.investech.com/refer-a-friend/\">Refer a Friend</a></div>\n<!-- /wp:button --></div>\n<!-- /wp:buttons --></div>\n<!-- /wp:column --></div>\n<!-- /wp:columns --></div>\n<!-- /wp:group -->\n\n<!-- wp:heading -->\n<h2 id=\"market-insights\">Market Insights</h2>\n<!-- /wp:heading -->\n\n<!-- wp:acf/subscriber-content-teaser {\"name\":\"acf/subscriber-content-teaser\",\"data\":{\"post_to_show\":[\"13325\",\"12657\",\"12651\"],\"_post_to_show\":\"field_5f2aeab7381f9\",\"post_type_to_show\":\"investech-library\",\"_post_type_to_show\":\"field_5f2aec3f2eccd\",\"number_to_show\":\"3\",\"_number_to_show\":\"field_5f2aec6a2ecce\"},\"mode\":\"edit\"} /-->\n\n<!-- wp:block {\"ref\":12264} /-->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:spacer -->\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:spacer -->\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->','Logged In - Subscriber Resources & Tools','','inherit','closed','closed','','6503-revision-v1','','','2023-02-10 16:43:03','2023-02-10 22:43:03','',6503,'https://ns2020-investech.investech.com/?p=16657',0,'revision','',0);
INSERT INTO `wp_posts` VALUES (16656,3,'2023-02-10 16:42:09','2023-02-10 22:42:09','<!-- wp:spacer {\"height\":\"46px\"} -->\n<div style=\"height:46px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:uagb/inline-notice {\"block_id\":\"39a67307\",\"noticeContent\":\"Stay up to date with the latest economic trends! This new\\u003cem\\u003e \\u003c/em\\u003efeature tracks important economic indicators you should be watching and offers an economic calendar to keep track of future releases.  \\u003cbr\\u003eEconomic Trends are available from our menu or by following us \\u003cstrong\\u003e\\u003ca href=\\u0022https://www.investech.com/economic-trends/\\u0022\\u003ehere\\u003c/a\\u003e!\\u003c/strong\\u003e\\u003cbr\\u003e\\u003cbr\\u003eThis new service is FREE, so you are welcome to share with friends and family!\",\"titleColor\":\"#F5F4F0\",\"noticeColor\":\"#008585\",\"noticeAlignment\":\"center\",\"titleLeftPadding\":15,\"titleRightPadding\":15,\"titleTopPadding\":15,\"titleBottomPadding\":15,\"contentLeftPadding\":15,\"contentRightPadding\":15,\"contentTopPadding\":15,\"contentBottomPadding\":15} -->\n<div class=\"wp-block-uagb-inline-notice uagb-inline_notice__align-center uagb-block-39a67307\"><h4 class=\"uagb-notice-title\">New to InvesTech Research - <em>Economic Trends</em>!</h4><div class=\"uagb-notice-text\">Stay up to date with the latest economic trends! This new<em> </em>feature tracks important economic indicators you should be watching and offers an economic calendar to keep track of future releases.  <br>Economic Trends are available from our menu or by following us <strong><a href=\"https://www.investech.com/economic-trends/\">here</a>!</strong><br><br>This new service is FREE, so you are welcome to share with friends and family!</div></div>\n<!-- /wp:uagb/inline-notice -->\n\n<!-- wp:spacer {\"height\":\"44px\"} -->\n<div style=\"height:44px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:group {\"align\":\"wide\",\"className\":\"wall-to-wall neutral-warm pad-2-0\"} -->\n<div class=\"wp-block-group alignwide wall-to-wall neutral-warm pad-2-0\"><!-- wp:media-text {\"mediaId\":14420,\"mediaLink\":\"https://ns2020-investech.investech.com/?attachment_id=14420\",\"mediaType\":\"image\",\"mediaWidth\":30} -->\n<div class=\"wp-block-media-text alignwide is-stacked-on-mobile\" style=\"grid-template-columns:30% auto\"><figure class=\"wp-block-media-text__media\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2022/03/BARRONS-logo.png\" alt=\"\" class=\"wp-image-14420 size-full\"/></figure><div class=\"wp-block-media-text__content\"><!-- wp:heading {\"className\":\"h2-serif\"} -->\n<h2 class=\"h2-serif\"><strong>\"Preparing for a Bear Market\"</strong></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\"><em>Barron\'s </em>recently interviewed Jim Stack, president of InvesTech Research, in a feature article about the best strategy and portfolio positioning for today\'s high-risk market.  </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">Read the <a rel=\"noreferrer noopener\" href=\"https://webreprints.djreprints.com/58891.pdf\" target=\"_blank\"><strong>full article</strong></a> to see what steps investors should be taking to navigate this market safely.  </p>\n<!-- /wp:paragraph --></div></div>\n<!-- /wp:media-text --></div>\n<!-- /wp:group -->\n\n<!-- wp:heading -->\n<h2 id=\"Subscriber-Services\">Subscriber Resources &amp; Tools</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>The following subscriber resources are included with your subscription to InvesTech Research.  This arsenal of tools will keep you up-to-date with our market outlook, monitor our indicators in real-time,  follow news &amp; data releases, and keep tabs on our portfolio recommendations. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:group {\"className\":\"toolboxed\"} -->\n<div class=\"wp-block-group toolboxed\"><!-- wp:columns {\"verticalAlignment\":\"top\"} -->\n<div class=\"wp-block-columns are-vertically-aligned-top\"><!-- wp:column {\"verticalAlignment\":\"top\"} -->\n<div class=\"wp-block-column is-vertically-aligned-top\"><!-- wp:image {\"id\":4934,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"https://www.investech.com/wp-content/uploads/2020/12/pub-icon.svg\" alt=\"Publications\" class=\"wp-image-4934\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"publications\">Publications</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>The <strong><em>monthly </em></strong><em>InvesTech Research</em> newsletter contains both monetary and technical analysis and unique research.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:buttons -->\n<div class=\"wp-block-buttons\"><!-- wp:button {\"className\":\"is-style-default\"} -->\n<div class=\"wp-block-button is-style-default\"><a class=\"wp-block-button__link wp-element-button\" href=\"/publications\">Read Publications</a></div>\n<!-- /wp:button --></div>\n<!-- /wp:buttons --></div>\n<!-- /wp:column -->\n\n<!-- wp:column {\"verticalAlignment\":\"top\"} -->\n<div class=\"wp-block-column is-vertically-aligned-top\"><!-- wp:image {\"id\":7871,\"width\":100,\"height\":100,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large is-resized\"><img src=\"https://www.investech.com/wp-content/uploads/2021/05/compass-328cc1.svg\" alt=\"\" class=\"wp-image-7871\" width=\"100\" height=\"100\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"market-insights\">Market Insights</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Keep<strong><em> </em></strong>up with <strong><em>weekly </em></strong>economic news and data releases and how these may affect your investing.  </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:buttons -->\n<div class=\"wp-block-buttons\"><!-- wp:button -->\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"/library-category/market-insights/\">Follow Insights</a></div>\n<!-- /wp:button --></div>\n<!-- /wp:buttons --></div>\n<!-- /wp:column -->\n\n<!-- wp:column {\"verticalAlignment\":\"top\"} -->\n<div class=\"wp-block-column is-vertically-aligned-top\"><!-- wp:image {\"id\":5761,\"sizeSlug\":\"full\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-full\"><img src=\"https://www.investech.com/wp-content/uploads/2021/02/calendar.svg\" alt=\"\" class=\"wp-image-5761\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"weekly-hotline\">Weekly Hotline</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Updated <strong><em>each</em></strong> Friday to provide a summary of the week\'s important data releases, technical updates, and any changes to the Model Fund Portfolio.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:buttons -->\n<div class=\"wp-block-buttons\"><!-- wp:button -->\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"/weekly-hotline\">Weekly Hotline</a></div>\n<!-- /wp:button --></div>\n<!-- /wp:buttons --></div>\n<!-- /wp:column --></div>\n<!-- /wp:columns -->\n\n<!-- wp:columns {\"verticalAlignment\":\"top\"} -->\n<div class=\"wp-block-columns are-vertically-aligned-top\"><!-- wp:column {\"verticalAlignment\":\"top\"} -->\n<div class=\"wp-block-column is-vertically-aligned-top\"><!-- wp:image {\"id\":5490,\"height\":75,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large is-resized\"><img src=\"https://www.investech.com/wp-content/uploads/2021/02/mutual-fund-port.svg\" alt=\"\" class=\"wp-image-5490\" height=\"75\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"model-fund-portfolio\">Model Fund Portfolio</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>View the <strong><em>current </em></strong>investment allocation in our Model Fund Portfolio and access the latest trades as they happen.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:buttons -->\n<div class=\"wp-block-buttons\"><!-- wp:button -->\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"/model-fund\">View Portfolio</a></div>\n<!-- /wp:button --></div>\n<!-- /wp:buttons --></div>\n<!-- /wp:column -->\n\n<!-- wp:column {\"verticalAlignment\":\"top\"} -->\n<div class=\"wp-block-column is-vertically-aligned-top\"><!-- wp:image {\"id\":5759,\"sizeSlug\":\"full\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-full\"><img src=\"https://www.investech.com/wp-content/uploads/2021/02/knight.svg\" alt=\"\" class=\"wp-image-5759\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"investech-indicators\">InvesTech Indicators</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Follow InvesTech\'s proprietary technical indicators <strong>daily</strong> to watch for important breakouts or warning flags.  </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:buttons -->\n<div class=\"wp-block-buttons\"><!-- wp:button -->\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"/investech-indicators\">Track Indicators</a></div>\n<!-- /wp:button --></div>\n<!-- /wp:buttons --></div>\n<!-- /wp:column -->\n\n<!-- wp:column {\"verticalAlignment\":\"top\"} -->\n<div class=\"wp-block-column is-vertically-aligned-top\"><!-- wp:image {\"id\":4931,\"sizeSlug\":\"full\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-full\"><img src=\"https://www.investech.com/wp-content/uploads/2020/12/fin-data-icon.svg\" alt=\"\" class=\"wp-image-4931\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"daily-data\">Daily Data</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p> <strong><em>Daily </em></strong>access to a wide range of stock market metrics, including market indexes, breadth/volume data, and short-term indicators.  </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:buttons -->\n<div class=\"wp-block-buttons\"><!-- wp:button -->\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"/daily-data\">Get Updates</a></div>\n<!-- /wp:button --></div>\n<!-- /wp:buttons --></div>\n<!-- /wp:column --></div>\n<!-- /wp:columns --></div>\n<!-- /wp:group -->\n\n<!-- wp:paragraph {\"align\":\"center\"} -->\n<p class=\"has-text-align-center\"><strong>We’re here to assist you.</strong><br>Call our office at <strong><a href=\"tel:4068627777\">406-862-7777</a></strong> (Monday-Friday, 8:30 AM - 5:00PM Mountain Time).</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:group {\"className\":\"wall-to-wall neutral-warm pad-2-0\"} -->\n<div class=\"wp-block-group wall-to-wall neutral-warm pad-2-0\"><!-- wp:heading -->\n<h2 id=\"make-the-most-of-your-subscriber-access-to-investech-research-and-tools\">Make the most of your subscriber access to InvesTech Research and Tools</h2>\n<!-- /wp:heading -->\n\n<!-- wp:columns -->\n<div class=\"wp-block-columns\"><!-- wp:column {\"width\":\"66.66%\"} -->\n<div class=\"wp-block-column\" style=\"flex-basis:66.66%\"><!-- wp:paragraph -->\n<p>InvesTech Research capabilities permit analysis of the Federal Reserve, economy, and stock market that is virtually unparalleled on or off Wall Street. This research and analysis is made available to subscribers through the <em>InvesTech Research</em> newsletter<em>.</em> Each issue of <em>InvesTech Research </em>attempts to answer not just where the market is heading, but why – and also focuses on investment strategy and portfolio allocation, including specific exchange-traded fund (ETF) and mutual fund recommendations.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>We have created a step-by-step guide to using InvesTech’s “safety-first” strategy to enable you to get the most out of your subscription.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Read our <a rel=\"noreferrer noopener\" href=\"https://ns2020-investech.investech.com/wp-content/uploads/pdf_files_wp/Profit-Guide.pdf\" target=\"_blank\">InvesTech Personal Profit Guide (PDF).</a></p>\n<!-- /wp:paragraph --></div>\n<!-- /wp:column -->\n\n<!-- wp:column {\"width\":\"33.33%\"} -->\n<div class=\"wp-block-column\" style=\"flex-basis:33.33%\"><!-- wp:paragraph -->\n<p><strong>Share the financial research and insight you trust.</strong> Refer a friend and receive a $20 credit towards your next subscription renewal when they subscribe.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:buttons -->\n<div class=\"wp-block-buttons\"><!-- wp:button {\"className\":\"is-style-high-impact\"} -->\n<div class=\"wp-block-button is-style-high-impact\"><a class=\"wp-block-button__link wp-element-button\" href=\"https://ns2020-investech.investech.com/refer-a-friend/\">Refer a Friend</a></div>\n<!-- /wp:button --></div>\n<!-- /wp:buttons --></div>\n<!-- /wp:column --></div>\n<!-- /wp:columns --></div>\n<!-- /wp:group -->\n\n<!-- wp:heading -->\n<h2 id=\"market-insights\">Market Insights</h2>\n<!-- /wp:heading -->\n\n<!-- wp:acf/subscriber-content-teaser {\"name\":\"acf/subscriber-content-teaser\",\"data\":{\"post_to_show\":[\"13325\",\"12657\",\"12651\"],\"_post_to_show\":\"field_5f2aeab7381f9\",\"post_type_to_show\":\"investech-library\",\"_post_type_to_show\":\"field_5f2aec3f2eccd\",\"number_to_show\":\"3\",\"_number_to_show\":\"field_5f2aec6a2ecce\"},\"mode\":\"edit\"} /-->\n\n<!-- wp:block {\"ref\":12264} /-->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:spacer -->\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:spacer -->\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->','Logged In - Subscriber Resources & Tools','','inherit','closed','closed','','6503-revision-v1','','','2023-02-10 16:42:09','2023-02-10 22:42:09','',6503,'https://ns2020-investech.investech.com/?p=16656',0,'revision','',0);
INSERT INTO `wp_posts` VALUES (16655,3,'2023-02-10 16:34:49','2023-02-10 22:34:49','<!-- wp:spacer {\"height\":\"46px\"} -->\n<div style=\"height:46px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:uagb/inline-notice {\"block_id\":\"262cc995\",\"noticeContent\":\"Stay up to date with the latest economic trends! This new\\u003cem\\u003e \\u003c/em\\u003efeature tracks important economic indicators you should be watching and offers an economic calendar to keep track of future releases.  \\u003cbr\\u003eEconomic Trends are available from our menu or by following us \\u003cstrong\\u003ehere!\\u003c/strong\\u003e\\u003cbr\\u003eThis new service is FREE, so you are welcome to share with friends and family!\",\"titleColor\":\"#F5F4F0\",\"noticeColor\":\"#008585\",\"noticeAlignment\":\"center\",\"titleLeftPadding\":15,\"titleRightPadding\":15,\"titleTopPadding\":15,\"titleBottomPadding\":15,\"contentLeftPadding\":15,\"contentRightPadding\":15,\"contentTopPadding\":15,\"contentBottomPadding\":15} -->\n<div class=\"wp-block-uagb-inline-notice uagb-inline_notice__align-center uagb-block-262cc995\"><h4 class=\"uagb-notice-title\">New to InvesTech Research - <em>Economic Trends</em>!</h4><div class=\"uagb-notice-text\">Stay up to date with the latest economic trends! This new<em> </em>feature tracks important economic indicators you should be watching and offers an economic calendar to keep track of future releases.  <br>Economic Trends are available from our menu or by following us <strong>here!</strong><br>This new service is FREE, so you are welcome to share with friends and family!</div></div>\n<!-- /wp:uagb/inline-notice -->\n\n<!-- wp:spacer {\"height\":\"44px\"} -->\n<div style=\"height:44px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:group {\"align\":\"wide\",\"className\":\"wall-to-wall neutral-warm pad-2-0\"} -->\n<div class=\"wp-block-group alignwide wall-to-wall neutral-warm pad-2-0\"><!-- wp:media-text {\"mediaId\":14420,\"mediaLink\":\"https://ns2020-investech.investech.com/?attachment_id=14420\",\"mediaType\":\"image\",\"mediaWidth\":30} -->\n<div class=\"wp-block-media-text alignwide is-stacked-on-mobile\" style=\"grid-template-columns:30% auto\"><figure class=\"wp-block-media-text__media\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2022/03/BARRONS-logo.png\" alt=\"\" class=\"wp-image-14420 size-full\"/></figure><div class=\"wp-block-media-text__content\"><!-- wp:heading {\"className\":\"h2-serif\"} -->\n<h2 class=\"h2-serif\"><strong>\"Preparing for a Bear Market\"</strong></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\"><em>Barron\'s </em>recently interviewed Jim Stack, president of InvesTech Research, in a feature article about the best strategy and portfolio positioning for today\'s high-risk market.  </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">Read the <a rel=\"noreferrer noopener\" href=\"https://webreprints.djreprints.com/58891.pdf\" target=\"_blank\"><strong>full article</strong></a> to see what steps investors should be taking to navigate this market safely.  </p>\n<!-- /wp:paragraph --></div></div>\n<!-- /wp:media-text --></div>\n<!-- /wp:group -->\n\n<!-- wp:heading -->\n<h2 id=\"Subscriber-Services\">Subscriber Resources &amp; Tools</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>The following subscriber resources are included with your subscription to InvesTech Research.  This arsenal of tools will keep you up-to-date with our market outlook, monitor our indicators in real-time,  follow news &amp; data releases, and keep tabs on our portfolio recommendations. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:group {\"className\":\"toolboxed\"} -->\n<div class=\"wp-block-group toolboxed\"><!-- wp:columns {\"verticalAlignment\":\"top\"} -->\n<div class=\"wp-block-columns are-vertically-aligned-top\"><!-- wp:column {\"verticalAlignment\":\"top\"} -->\n<div class=\"wp-block-column is-vertically-aligned-top\"><!-- wp:image {\"id\":4934,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"https://www.investech.com/wp-content/uploads/2020/12/pub-icon.svg\" alt=\"Publications\" class=\"wp-image-4934\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"publications\">Publications</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>The <strong><em>monthly </em></strong><em>InvesTech 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Insights</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Keep<strong><em> </em></strong>up with <strong><em>weekly </em></strong>economic news and data releases and how these may affect your investing.  </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:buttons -->\n<div class=\"wp-block-buttons\"><!-- wp:button -->\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"/library-category/market-insights/\">Follow Insights</a></div>\n<!-- /wp:button --></div>\n<!-- /wp:buttons --></div>\n<!-- /wp:column -->\n\n<!-- wp:column {\"verticalAlignment\":\"top\"} -->\n<div class=\"wp-block-column is-vertically-aligned-top\"><!-- wp:image {\"id\":5761,\"sizeSlug\":\"full\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-full\"><img src=\"https://www.investech.com/wp-content/uploads/2021/02/calendar.svg\" alt=\"\" class=\"wp-image-5761\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"weekly-hotline\">Weekly Hotline</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Updated <strong><em>each</em></strong> Friday to provide a summary of the week\'s important data releases, technical updates, and any changes to the Model Fund Portfolio.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:buttons -->\n<div class=\"wp-block-buttons\"><!-- wp:button -->\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"/weekly-hotline\">Weekly Hotline</a></div>\n<!-- /wp:button --></div>\n<!-- /wp:buttons --></div>\n<!-- /wp:column --></div>\n<!-- /wp:columns -->\n\n<!-- wp:columns {\"verticalAlignment\":\"top\"} -->\n<div class=\"wp-block-columns are-vertically-aligned-top\"><!-- wp:column {\"verticalAlignment\":\"top\"} -->\n<div class=\"wp-block-column is-vertically-aligned-top\"><!-- wp:image {\"id\":5490,\"height\":75,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large is-resized\"><img 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(Monday-Friday, 8:30 AM - 5:00PM Mountain Time).</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:group {\"className\":\"wall-to-wall neutral-warm pad-2-0\"} -->\n<div class=\"wp-block-group wall-to-wall neutral-warm pad-2-0\"><!-- wp:heading -->\n<h2 id=\"make-the-most-of-your-subscriber-access-to-investech-research-and-tools\">Make the most of your subscriber access to InvesTech Research and Tools</h2>\n<!-- /wp:heading -->\n\n<!-- wp:columns -->\n<div class=\"wp-block-columns\"><!-- wp:column {\"width\":\"66.66%\"} -->\n<div class=\"wp-block-column\" style=\"flex-basis:66.66%\"><!-- wp:paragraph -->\n<p>InvesTech Research capabilities permit analysis of the Federal Reserve, economy, and stock market that is virtually unparalleled on or off Wall Street. 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INSERT INTO `wp_posts` VALUES (17105,2,'2023-03-02 16:27:17','2023-03-02 22:27:17','<!-- wp:group {\"className\":\"wall-to-wall\"} -->\n<div class=\"wp-block-group wall-to-wall\"><!-- wp:heading -->\n<h2>InvesTech Research Career Opportunities</h2>\n<!-- /wp:heading -->\n\n<!-- wp:columns -->\n<div class=\"wp-block-columns\"><!-- wp:column -->\n<div class=\"wp-block-column\"><!-- wp:paragraph {\"align\":\"left\"} -->\n<p class=\"has-text-align-left\">Our team is comprised of dedicated professionals who thrive in a high-energy, team-oriented work environment and culture of excellence. We are proud of InvesTech’s unsurpassed monetary and technical research, and analytical ability to identify some of the highest risk periods in Wall Street’s history including the 2005 Housing Bubble, the 2000 Tech Bubble and the 1987 Crash. We provide insightful economic and stock market analysis to a subscriber base that encompasses both the novice and seasoned investor, as well as respected media. And we are committed to guide our readers as they strive to achieve their long-term investment and retirement goals.</p>\n<!-- /wp:paragraph --></div>\n<!-- /wp:column -->\n\n<!-- wp:column -->\n<div class=\"wp-block-column\"><!-- wp:image {\"id\":9220,\"sizeSlug\":\"large\",\"linkDestination\":\"none\",\"className\":\"is-style-default\"} -->\n<figure class=\"wp-block-image size-large is-style-default\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/07/InvesTech_Research_Building-1024x493.jpg\" alt=\"\" class=\"wp-image-9220\"/></figure>\n<!-- /wp:image --></div>\n<!-- /wp:column --></div>\n<!-- /wp:columns -->\n\n<!-- wp:paragraph -->\n<p>Located far from Wall Street in beautiful northwest Montana, InvesTech has earned a 40-year reputation and recognition as one of America’s premier financial research firms with subscribers in all 50 states and 43 countries abroad. We focus our energy on providing financial research and analysis that can’t be found anywhere else.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:buttons {\"layout\":{\"type\":\"flex\",\"justifyContent\":\"center\",\"orientation\":\"horizontal\"}} -->\n<div class=\"wp-block-buttons\"><!-- wp:button -->\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https://ns2020-investech.investech.com/in-the-news/\" target=\"_blank\" rel=\"noreferrer noopener\">Recognition</a></div>\n<!-- /wp:button --></div>\n<!-- /wp:buttons -->\n\n<!-- wp:paragraph -->\n<p>One of InvesTech’s greatest strengths has been hiring “the best of the best” by attracting, motivating, challenging, and rewarding talented professionals who do superior work – both in analytical research as well as client services. 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If you have exceptional skills and experience in the financial industry and feel you meet our high standard of excellence, then please don’t hesitate to reach out to us.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:buttons {\"layout\":{\"type\":\"flex\",\"justifyContent\":\"center\",\"orientation\":\"horizontal\"}} -->\n<div class=\"wp-block-buttons\"><!-- wp:button {\"className\":\"is-style-default\"} -->\n<div class=\"wp-block-button is-style-default\"><a class=\"wp-block-button__link wp-element-button\" href=\"mailto:careers@investech.com\">Confidential E-Mail</a></div>\n<!-- /wp:button --></div>\n<!-- /wp:buttons --></div>\n<!-- /wp:group -->\n\n<!-- wp:heading -->\n<h2>Benefits &amp; Perks</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>We believe our firm and community are a truly exceptional place to work and live. 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INSERT INTO `wp_posts` VALUES (16652,3,'2023-02-09 10:21:39','2023-02-09 16:21:39','<!-- wp:group {\"className\":\"wall-to-wall neutral-warm\"} -->\n<div class=\"wp-block-group wall-to-wall neutral-warm\"><!-- wp:heading -->\n<h2>InvesTech Research Career Opportunities</h2>\n<!-- /wp:heading -->\n\n<!-- wp:columns -->\n<div class=\"wp-block-columns\"><!-- wp:column -->\n<div class=\"wp-block-column\"><!-- wp:paragraph {\"align\":\"left\"} -->\n<p class=\"has-text-align-left\">Our team is comprised of dedicated professionals who thrive in a high-energy, team-oriented work environment and culture of excellence. We are proud of InvesTech’s unsurpassed monetary and technical research, and analytical ability to identify some of the highest risk periods in Wall Street’s history including the 2005 Housing Bubble, the 2000 Tech Bubble and the 1987 Crash. We provide insightful economic and stock market analysis to a subscriber base that encompasses both the novice and seasoned investor, as well as respected media. And we are committed to guide our readers as they strive to achieve their long-term investment and retirement goals.</p>\n<!-- /wp:paragraph --></div>\n<!-- /wp:column -->\n\n<!-- wp:column -->\n<div class=\"wp-block-column\"><!-- wp:image {\"id\":9220,\"sizeSlug\":\"large\",\"linkDestination\":\"none\",\"className\":\"is-style-default\"} -->\n<figure class=\"wp-block-image size-large is-style-default\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/07/InvesTech_Research_Building-1024x493.jpg\" alt=\"\" class=\"wp-image-9220\"/></figure>\n<!-- /wp:image --></div>\n<!-- /wp:column --></div>\n<!-- /wp:columns -->\n\n<!-- wp:paragraph -->\n<p>Located far from Wall Street in beautiful northwest Montana, InvesTech has earned a 40-year reputation and recognition as one of America’s premier financial research firms with subscribers in all 50 states and 43 countries abroad. 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INSERT INTO `wp_posts` VALUES (16654,3,'2023-02-10 16:28:13','2023-02-10 22:28:13','<!-- wp:spacer {\"height\":\"46px\"} -->\n<div style=\"height:46px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:uagb/inline-notice {\"block_id\":\"ebe79c84\",\"noticeContent\":\"Stay up to date with the latest economic trends! This new\\u003cem\\u003e \\u003c/em\\u003efeature tracks important economic indicators you should be watching and offers an economic calendar to keep track of future releases.  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Economic Trends are available from our menu or by following us <strong>here!</strong><br>This new service is FREE, so you are welcome to share with friends and family!</div></div>\n<!-- /wp:uagb/inline-notice -->\n\n<!-- wp:spacer {\"height\":\"44px\"} -->\n<div style=\"height:44px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:group {\"align\":\"wide\",\"className\":\"wall-to-wall neutral-warm pad-2-0\"} -->\n<div class=\"wp-block-group alignwide wall-to-wall neutral-warm pad-2-0\"><!-- wp:media-text {\"mediaId\":14420,\"mediaLink\":\"https://ns2020-investech.investech.com/?attachment_id=14420\",\"mediaType\":\"image\",\"mediaWidth\":30} -->\n<div class=\"wp-block-media-text alignwide is-stacked-on-mobile\" style=\"grid-template-columns:30% auto\"><figure class=\"wp-block-media-text__media\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2022/03/BARRONS-logo.png\" alt=\"\" class=\"wp-image-14420 size-full\"/></figure><div class=\"wp-block-media-text__content\"><!-- wp:heading {\"className\":\"h2-serif\"} -->\n<h2 class=\"h2-serif\"><strong>\"Preparing for a Bear Market\"</strong></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\"><em>Barron\'s </em>recently interviewed Jim Stack, president of InvesTech Research, in a feature article about the best strategy and portfolio positioning for today\'s high-risk market.  </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">Read the <a rel=\"noreferrer noopener\" href=\"https://webreprints.djreprints.com/58891.pdf\" target=\"_blank\"><strong>full article</strong></a> to see what steps investors should be taking to navigate this market safely.  </p>\n<!-- /wp:paragraph --></div></div>\n<!-- /wp:media-text --></div>\n<!-- /wp:group -->\n\n<!-- wp:heading -->\n<h2 id=\"Subscriber-Services\">Subscriber Resources &amp; Tools</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>The following subscriber resources are included with your subscription to InvesTech Research.  This arsenal of tools will keep you up-to-date with our market outlook, monitor our indicators in real-time,  follow news &amp; data releases, and keep tabs on our portfolio recommendations. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:group {\"className\":\"toolboxed\"} -->\n<div class=\"wp-block-group toolboxed\"><!-- wp:columns {\"verticalAlignment\":\"top\"} -->\n<div class=\"wp-block-columns are-vertically-aligned-top\"><!-- wp:column {\"verticalAlignment\":\"top\"} -->\n<div class=\"wp-block-column is-vertically-aligned-top\"><!-- wp:image {\"id\":4934,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"https://www.investech.com/wp-content/uploads/2020/12/pub-icon.svg\" alt=\"Publications\" class=\"wp-image-4934\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"publications\">Publications</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>The <strong><em>monthly </em></strong><em>InvesTech Research</em> newsletter contains both monetary and technical analysis and unique research.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:buttons -->\n<div class=\"wp-block-buttons\"><!-- wp:button {\"className\":\"is-style-default\"} -->\n<div class=\"wp-block-button is-style-default\"><a class=\"wp-block-button__link wp-element-button\" href=\"/publications\">Read Publications</a></div>\n<!-- /wp:button --></div>\n<!-- /wp:buttons --></div>\n<!-- /wp:column -->\n\n<!-- wp:column {\"verticalAlignment\":\"top\"} -->\n<div class=\"wp-block-column is-vertically-aligned-top\"><!-- wp:image {\"id\":7871,\"width\":100,\"height\":100,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large is-resized\"><img src=\"https://www.investech.com/wp-content/uploads/2021/05/compass-328cc1.svg\" alt=\"\" class=\"wp-image-7871\" width=\"100\" height=\"100\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"market-insights\">Market Insights</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Keep<strong><em> </em></strong>up with <strong><em>weekly </em></strong>economic news and data releases and how these may affect your investing.  </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:buttons -->\n<div class=\"wp-block-buttons\"><!-- wp:button -->\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"/library-category/market-insights/\">Follow Insights</a></div>\n<!-- /wp:button --></div>\n<!-- /wp:buttons --></div>\n<!-- /wp:column -->\n\n<!-- wp:column {\"verticalAlignment\":\"top\"} -->\n<div class=\"wp-block-column is-vertically-aligned-top\"><!-- wp:image {\"id\":5761,\"sizeSlug\":\"full\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-full\"><img src=\"https://www.investech.com/wp-content/uploads/2021/02/calendar.svg\" alt=\"\" class=\"wp-image-5761\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"weekly-hotline\">Weekly Hotline</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Updated <strong><em>each</em></strong> Friday to provide a summary of the week\'s important data releases, technical updates, and any changes to the Model Fund Portfolio.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:buttons -->\n<div class=\"wp-block-buttons\"><!-- wp:button -->\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"/weekly-hotline\">Weekly Hotline</a></div>\n<!-- /wp:button --></div>\n<!-- /wp:buttons --></div>\n<!-- /wp:column --></div>\n<!-- /wp:columns -->\n\n<!-- wp:columns {\"verticalAlignment\":\"top\"} -->\n<div class=\"wp-block-columns are-vertically-aligned-top\"><!-- wp:column {\"verticalAlignment\":\"top\"} -->\n<div class=\"wp-block-column is-vertically-aligned-top\"><!-- wp:image {\"id\":5490,\"height\":75,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large is-resized\"><img src=\"https://www.investech.com/wp-content/uploads/2021/02/mutual-fund-port.svg\" alt=\"\" class=\"wp-image-5490\" height=\"75\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"model-fund-portfolio\">Model Fund Portfolio</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>View the <strong><em>current </em></strong>investment allocation in our Model Fund Portfolio and access the latest trades as they happen.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:buttons -->\n<div class=\"wp-block-buttons\"><!-- wp:button -->\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"/model-fund\">View Portfolio</a></div>\n<!-- /wp:button --></div>\n<!-- /wp:buttons --></div>\n<!-- /wp:column -->\n\n<!-- wp:column {\"verticalAlignment\":\"top\"} -->\n<div class=\"wp-block-column is-vertically-aligned-top\"><!-- wp:image {\"id\":5759,\"sizeSlug\":\"full\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-full\"><img src=\"https://www.investech.com/wp-content/uploads/2021/02/knight.svg\" alt=\"\" class=\"wp-image-5759\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"investech-indicators\">InvesTech Indicators</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Follow InvesTech\'s proprietary technical indicators <strong>daily</strong> to watch for important breakouts or warning flags.  </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:buttons -->\n<div class=\"wp-block-buttons\"><!-- wp:button -->\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"/investech-indicators\">Track Indicators</a></div>\n<!-- /wp:button --></div>\n<!-- /wp:buttons --></div>\n<!-- /wp:column -->\n\n<!-- wp:column {\"verticalAlignment\":\"top\"} -->\n<div class=\"wp-block-column is-vertically-aligned-top\"><!-- wp:image {\"id\":4931,\"sizeSlug\":\"full\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-full\"><img src=\"https://www.investech.com/wp-content/uploads/2020/12/fin-data-icon.svg\" alt=\"\" class=\"wp-image-4931\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"daily-data\">Daily Data</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p> <strong><em>Daily </em></strong>access to a wide range of stock market metrics, including market indexes, breadth/volume data, and short-term indicators.  </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:buttons -->\n<div class=\"wp-block-buttons\"><!-- wp:button -->\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"/daily-data\">Get Updates</a></div>\n<!-- /wp:button --></div>\n<!-- /wp:buttons --></div>\n<!-- /wp:column --></div>\n<!-- /wp:columns --></div>\n<!-- /wp:group -->\n\n<!-- wp:paragraph {\"align\":\"center\"} -->\n<p class=\"has-text-align-center\"><strong>We’re here to assist you.</strong><br>Call our office at <strong><a href=\"tel:4068627777\">406-862-7777</a></strong> (Monday-Friday, 8:30 AM - 5:00PM Mountain Time).</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:group {\"className\":\"wall-to-wall neutral-warm pad-2-0\"} -->\n<div class=\"wp-block-group wall-to-wall neutral-warm pad-2-0\"><!-- wp:heading -->\n<h2 id=\"make-the-most-of-your-subscriber-access-to-investech-research-and-tools\">Make the most of your subscriber access to InvesTech Research and Tools</h2>\n<!-- /wp:heading -->\n\n<!-- wp:columns -->\n<div class=\"wp-block-columns\"><!-- wp:column {\"width\":\"66.66%\"} -->\n<div class=\"wp-block-column\" style=\"flex-basis:66.66%\"><!-- wp:paragraph -->\n<p>InvesTech Research capabilities permit analysis of the Federal Reserve, economy, and stock market that is virtually unparalleled on or off Wall Street. This research and analysis is made available to subscribers through the <em>InvesTech Research</em> newsletter<em>.</em> Each issue of <em>InvesTech Research </em>attempts to answer not just where the market is heading, but why – and also focuses on investment strategy and portfolio allocation, including specific exchange-traded fund (ETF) and mutual fund recommendations.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>We have created a step-by-step guide to using InvesTech’s “safety-first” strategy to enable you to get the most out of your subscription.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Read our <a rel=\"noreferrer noopener\" href=\"https://ns2020-investech.investech.com/wp-content/uploads/pdf_files_wp/Profit-Guide.pdf\" target=\"_blank\">InvesTech Personal Profit Guide (PDF).</a></p>\n<!-- /wp:paragraph --></div>\n<!-- /wp:column -->\n\n<!-- wp:column {\"width\":\"33.33%\"} -->\n<div class=\"wp-block-column\" style=\"flex-basis:33.33%\"><!-- wp:paragraph -->\n<p><strong>Share the financial research and insight you trust.</strong> Refer a friend and receive a $20 credit towards your next subscription renewal when they subscribe.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:buttons -->\n<div class=\"wp-block-buttons\"><!-- wp:button {\"className\":\"is-style-high-impact\"} -->\n<div class=\"wp-block-button is-style-high-impact\"><a class=\"wp-block-button__link wp-element-button\" href=\"https://ns2020-investech.investech.com/refer-a-friend/\">Refer a Friend</a></div>\n<!-- /wp:button --></div>\n<!-- /wp:buttons --></div>\n<!-- /wp:column --></div>\n<!-- /wp:columns --></div>\n<!-- /wp:group -->\n\n<!-- wp:heading -->\n<h2 id=\"market-insights\">Market Insights</h2>\n<!-- /wp:heading -->\n\n<!-- wp:acf/subscriber-content-teaser {\"name\":\"acf/subscriber-content-teaser\",\"data\":{\"post_to_show\":[\"13325\",\"12657\",\"12651\"],\"_post_to_show\":\"field_5f2aeab7381f9\",\"post_type_to_show\":\"investech-library\",\"_post_type_to_show\":\"field_5f2aec3f2eccd\",\"number_to_show\":\"3\",\"_number_to_show\":\"field_5f2aec6a2ecce\"},\"mode\":\"edit\"} /-->\n\n<!-- wp:block {\"ref\":12264} /-->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:spacer -->\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:spacer -->\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->','Logged In - Subscriber Resources & Tools','','inherit','closed','closed','','6503-revision-v1','','','2023-02-10 16:28:13','2023-02-10 22:28:13','',6503,'https://ns2020-investech.investech.com/?p=16654',0,'revision','',0);
INSERT INTO `wp_posts` VALUES (6132,1,'2021-03-15 19:21:09','2021-03-15 19:21:09','<!-- wp:heading -->\n<h2>Special Note for New Subscribers</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p><strong>The InvesTech Model Portfolio is designed for individual investors who want to follow our allocation and sector recommendations for the equity/fund portion of their portfolio.</strong>  The following information will assist you in getting started with InvesTech. It involves the decisions that must be made by an investor who wishes to bring their portfolio allocation more into alignment with InvesTech’s strategy:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Determine your invested allocation</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Determine your current invested allocation by totaling the amounts you have invested in equities (individual stocks, stock mutual funds, ETFs, and international stocks/funds). Divide this by your total equity portfolio size. This is your percent invested allocation.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Refer to the InvesTech invested recommendation and allocations</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Refer to the InvesTech “percent” invested recommendation and allocations listed in the Model Fund Portfolio. If you are holding a portfolio that is similar in composition, sector weighting, and percent invested allocation to what we are currently recommending in the Model Fund Portfolio, it is unnecessary to make any changes at this time. Just wait for InvesTech’s next recommendation, generally made on the Friday Financial Hotline, to either add new positions or take profits… and act accordingly with your own holdings.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Adjust your portfolio</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Adjust your portfolio, if necessary. Purchases after our initial recommendations must be made at your discretion; however, if your portfolio mix is dramatically different from our current recommendations and sector weightings, you may wish to consider changes to more closely align the portfolio with our model. For example, check your mutual funds for their weightings in each sector. If the combination of your stocks, ETFs, and mutual funds give your portfolio significantly more or less exposure to a particular sector or category (such as international or small-cap) than we recommend, then you may wish to adjust your holdings to bring them more in line with our recommendations.<br></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>An exception would be if we warn on the Hotline or in the newsletter against new purchases in a particular area. This usually means that we believe sector leadership is changing or most of the profits on a position have already been achieved and new investment would not be advisable. In that case, it is better to wait in the safety of a money market fund for our next recommendation. Depending on market conditions, we may advise bringing your portfolio in line with our recommendations by phasing into the market. Please review the Model Fund Portfolio published in the current issue for more information.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>Strategy</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p><strong>Remember, InvesTech’s strategy is not a short-term market timing system, but a long-term “risk allocation” strategy based on highly sophisticated indicators.</strong> Our objective is NOT to try to forecast stock movements in advance, but to correctly assess the market environment. When market indicators point to a strong, low-risk buying opportunity, we will recommend an aggressively invested position and growth oriented sectors. Conversely, we will inform you when our indicators show risk has risen to an unacceptable level so that you can take steps to protect your portfolio. This risk-averse strategy will help you to preserve capital in times of market vulnerability so that you will be ready and able to take advantage of the next low-risk buying opportunity when it arrives.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:spacer {\"height\":90} -->\n<div style=\"height:90px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:separator -->\n<hr class=\"wp-block-separator\"/>\n<!-- /wp:separator -->\n\n<!-- wp:paragraph {\"fontSize\":\"small\"} -->\n<p class=\"has-small-font-size\">IMPORTANT DISCLOSURE INFORMATION: Past performance may not be indicative of future results. Different types of investments involve varying degrees of risk. Therefore, it should not be assumed that future performance of any specific investment or investment strategy (including the investments and/or investment strategy recommended and/or undertaken by InvesTech) will be profitable, equal any historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Please see additional IMPORTANT DISCLOSURE INFORMATION at www.investech.com.</p>\n<!-- /wp:paragraph -->','Note for New Subscribers','The InvesTech Model Portfolio is designed for individual investors who want to follow our allocation and sector recommendations for the equity/fund portion of their portfolio.  Bring your portfolio in line with InvesTech\'s with these steps...','inherit','closed','closed','','5858-revision-v1','','','2021-03-15 19:21:09','2021-03-15 19:21:09','',5858,'https://ns2020-investech.investech.com/?p=6132',0,'revision','',0);
INSERT INTO `wp_posts` VALUES (6133,1,'2021-03-16 02:39:26','2021-03-16 02:39:26','<!-- wp:heading -->\n<h2>Is Wall Street in a \'New Paradigm Era\'... or merely an \'Old Bubble\' carried to New Extremes?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Santayana, an early 20th Century philosopher, once said, “Those who do not learn from the past, are doomed to repeat it.” And Sir Isaac Newton, who lost the equivalent of over $1,000,000 investing in the South Sea bubble of 1720,  remarked, “I can measure the motions of bodies, but I cannot measure human folly.” However to this day, analysts cannot agree as to what constitutes a bubble… or how to recognize a bubble before the inevitable washout and aftermath.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>It is widely perceived that the U.S. economy and stock market have embarked on a “New Paradigm Era” in which old rules no longer apply and traditional barriers have been broken. Yet as Federal Reserve Chairman Alan Greenspan warned Congress on February 26th 1997, “Regrettably, history is strewn with visions of such ‘new eras’ that, in the end, have proven to be a mirage.” This is an insight into one such likely mirage…</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>What Constitutes A Bubble?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:quote {\"align\":\"left\"} -->\n<blockquote class=\"wp-block-quote has-text-align-left\"><p>That the free enterprise economy is given to recurrent episodes of speculation will be agreed… This process, once it is recognized, is clearly evident, and especially so after the fact. So also, if more subjectively, are the basic attitudes of the participants. These take two forms. There are those who are persuaded that some new price-enhancing circumstance is in control, and they expect the market to stay up and go up, perhaps indefinitely… Then there are those, superficially more astute and generally fewer in number, who perceive or believe themselves to perceive the speculative mood of the moment. They are in to ride the upward wave; their particular genius, they are convinced, will allow them to get out before the speculation runs its course… For built into this situation is the eventual and inevitable fall. Built in also is the circumstance that it cannot come gently or gradually. When it comes it bears the grim face of disaster. That is because both of the groups of participants in the speculative situation are programmed for sudden efforts at escape. Something, it matters little –although it will always be debated– triggers the ultimate reversal.<br></p><cite><strong>A Short History of Financial Euphoria<br></strong>John Kenneth Galbraith</cite></blockquote>\n<!-- /wp:quote -->\n\n<!-- wp:paragraph -->\n<p>Historically, bubbles have always been a part of the lessons of investing. There was the Japanese stock market and real estate bubble which popped in 1989. In domestic real estate, there was the not so “recession-proof” California, as well as the price deflation or washouts of condominiums in Hawaii… residences in the Northeast… commercial office space in the oil belt… and numerous other regions in the 1980’s. Many investors may also remember $850 gold… $50 silver… $37 oil… numismatics… baseball cards… and the list goes on.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>In the stock market, bubbles are usually limited to individual sectors which ride high on excessively exuberant expectations – only to plunge back to earth later. Yet history has left several notable eras which were recognized as “bubbles” only in the eventual and inevitable devastation. Seasoned investors may remember the “Nifty Fifty” era… the “Go-Go Fund” era… or even the “Investment Trust” era of the 1920’s.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>A Short History of Financial Euphoria</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>In essence, a bubble is created when objectivity, reasoning, and valuation give way to greed and the desire for profits. In “A Short History of Financial Euphoria,” author Galbraith describes the common seeds of past manias that inevitably give way to disastrous consequences:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>1) The basic premise that investing involves a trade-off between risk/reward is lost as investors are “captured by the wondrous satisfaction from accruing wealth. The very increase in values thus captures the thoughts and minds of those being rewarded.”<br>2) The belief that “some new price-enhancing circumstance is in control” – that there is “something new in the world” that justifies a permanently higher level of valuation.<br>3) The illusion that, except for temporary setbacks, “values are going up permanently and indefinitely.”<br>4) The “condemnation at those who express doubt or dissent. … because of defective imagination or other mental inadequacy they are unable to grasp the new and rewarding circumstances.”</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Healthy Bull Market to Dangerous Bubble</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Yet only in the aftermath, is a “bubble” identified as a bubble. While in progress, it can only be recognized by its symptoms which are common with speculative eras of the past. At what point does a healthy bull market turn into a bubble ripe for the popping? Here are a few differences:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"align\":\"center\",\"id\":5946,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/marketbubble-1024x308.jpg\" alt=\"Table detailing the characteristics of a healthy bull market and the characteristics when it swings to a dangerous bubble.\" class=\"wp-image-5946\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:heading -->\n<h2>Time For A Reality Check...</h2>\n<!-- /wp:heading -->\n\n<!-- wp:image {\"align\":\"right\",\"id\":5953,\"width\":356,\"height\":351,\"sizeSlug\":\"medium\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignright size-medium is-resized\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/overvaluation-extremes-300x296.jpg\" alt=\"Overvalutaion dot chart showing the extremes present at historic market tops.\" class=\"wp-image-5953\" width=\"356\" height=\"351\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>Wall Street consensus is that the U.S. has entered a “new era” of tame inflation, low interest rates, and rising productivity that will carry economic prosperity well into the new millennium. If so, say pundits, then today’s extreme valuation levels in the stock market are justified. Just how extreme is stock overvaluation? The figure below shows the S&amp;P 500 Price-to-Dividend Ratio on the vertical scale, and the S&amp;P Industrials Price-to-Book Value Ratio on the horizontal scale. Simply, the higher on the chart, or the farther to the right a year appears, the more overvalued it is. Clearly, when compared to overvaluation at some of the most historic market tops such as 1929, 1968, 1972, and 1987… today (1998) is off-the-chart!</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Consensus on Wall Street is also that today’s investor is smarter, better informed, more patient, and longer-term oriented than in the past. Consequently, it is believed that today’s mutual fund holder will never panic in a bear market. However, not all agree with this consensus:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:spacer {\"height\":37} -->\n<div style=\"height:37px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:quote {\"className\":\"is-style-default\"} -->\n<blockquote class=\"wp-block-quote is-style-default\"><p><strong>Investors may overreact to a downturn, SEC warns</strong><br>Inexperienced investors who have known only the bull market of the last decade could react ‘precipitously’ to a downturn and ‘at great cost to themselves and our markets’, Mr. Arthur Levitt, chairman of the Securities and Exchange Commission<br>warned yesterday.</p><cite>London Financial Times – Feb 26, 1997</cite></blockquote>\n<!-- /wp:quote -->\n\n<!-- wp:paragraph -->\n<p>And Federal Reserve officials also appear nervous as evidenced by this Congressional Testimony in early 1997:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:quote {\"className\":\"is-style-default\"} -->\n<blockquote class=\"wp-block-quote is-style-default\"><p>History demonstrates that participants in financial markets are susceptible to waves of optimism… Excessive optimism sows the seeds of its own reversal in the form of imbalances that tend to grow over time. When unwarranted expectations ultimately are not realized, the unwinding of these financial excesses can act to amplify a downturn</p><cite>Federal Reserve Chairman Alan Greenspan<br>– Feb 26, 1997</cite></blockquote>\n<!-- /wp:quote -->\n\n<!-- wp:paragraph -->\n<p>Meanwhile, the cold fact remains that the assets in equity mutual funds now total $3,164 Billion, as compared to $226 Billion in October 1990 at the start of this bull market. Quite simply, 93% of the money in stock mutual funds has not experienced a bear market or even a -15% correction in blue chip averages!</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Perhaps more ominously, an overwhelming majority of fund investors believe they never will experience such a decline. This late 1996 Lou Harris poll reveals that 85% expect the next 10 years to be as spectacular or better than the past decade. 78% are not expecting a mild bear market of -20%. And almost half think that minor -10% corrections are a thing of the past:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"align\":\"center\",\"id\":5954,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/surveyfundinvestors-1024x224.jpg\" alt=\"survey of fund investors expectations and the actual risk since 1900.\" class=\"wp-image-5954\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p><strong>Just how far out of touch are these investor expectations with reality?</strong> Compare the “actual risk” for all the years of this century (above right). A -10% correction has occurred in 65 years, or once every 1.5yrs on average – yet 7 years have lapsed since the last. A -20% decline has triggered every 2.5yrs – again, over 7 years since the last. A -30% bear hits every 4.6yrs – last seen during the ’87 Crash. And a major bear, with -40% losses, strikes about every 8.7yrs… last felt by investors 23 years ago!</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:spacer {\"height\":51} -->\n<div style=\"height:51px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:image {\"align\":\"right\",\"id\":5959,\"width\":300,\"sizeSlug\":\"medium\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignright size-medium is-resized\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/dow10000-300x221.jpg\" alt=\"Newspaper clipping of When and How the Dow may hit 20,000 by 2007.\" class=\"wp-image-5959\" width=\"300\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>Is it a contest to see who can forecast the highest level for the stock market? No… more likely it’s just a not-so-mild case of “irrational exuberance” feared by the Federal Reserve.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"maroon\"} -->\n<p class=\"has-maroon-color has-text-color\"><strong><em>Reality Check: Bull or Bubble?</em></strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:spacer {\"height\":10} -->\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:columns -->\n<div class=\"wp-block-columns\"><!-- wp:column -->\n<div class=\"wp-block-column\"><!-- wp:image {\"align\":\"left\",\"id\":5960,\"width\":300,\"sizeSlug\":\"medium\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignleft size-medium is-resized\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/schwabassets-124x300.jpg\" alt=\"Bar chart of assets held in Charles Schwab customer accounts increasing year by year.\" class=\"wp-image-5960\" width=\"300\"/></figure></div>\n<!-- /wp:image --></div>\n<!-- /wp:column -->\n\n<!-- wp:column -->\n<div class=\"wp-block-column\"><!-- wp:spacer {\"height\":92} -->\n<div style=\"height:92px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:paragraph -->\n<p>Public investment funds placed with the nation’s largest discount brokerage firm have risen over 19-fold in less than a decade.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"maroon\"} -->\n<p class=\"has-maroon-color has-text-color\"><strong><em>Reality Check: Bull or Bubble?</em></strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:spacer {\"height\":71} -->\n<div style=\"height:71px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:image {\"align\":\"center\",\"id\":5963,\"sizeSlug\":\"medium\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-medium\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/mutualfunds-234x300.jpg\" alt=\"Bar chart of mutual funds increasing year over year.\" class=\"wp-image-5963\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>Since 1981, the number of mutual funds have multiplied at a rate far above any historical experience… far above the “Go-Go Fund” era of the 1960’s… and far above the “Investment Trust” era of the 1920’s.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"maroon\"} -->\n<p class=\"has-maroon-color has-text-color\"><strong><em>Reality Check: Bull or Bubble?</em></strong></p>\n<!-- /wp:paragraph --></div>\n<!-- /wp:column --></div>\n<!-- /wp:columns -->\n\n<!-- wp:spacer {\"height\":51} -->\n<div style=\"height:51px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:image {\"align\":\"left\",\"id\":5967,\"sizeSlug\":\"medium\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignleft size-medium\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/investmentsclubs-294x300.jpg\" alt=\"Bar chart of investment clubs surpassing the Go-Go Fund era.  \" class=\"wp-image-5967\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>The number of investment clubs has increased over 5-fold in the current bull market. Today, more than 1 in 3 adults own mutual funds – a 66% increase in four years. That easily surpasses the “Go-Go Fund” era in which 1 in 4 adults owned stocks when the washout began in 1969.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"maroon\"} -->\n<p class=\"has-maroon-color has-text-color\"><strong><em>Reality Check: Bull or Bubble?</em></strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:spacer {\"height\":51} -->\n<div style=\"height:51px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:image {\"align\":\"right\",\"id\":5972,\"sizeSlug\":\"medium\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignright size-medium\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/nyse-seat-216x300.jpg\" alt=\"Bar chart of cost of seat on NYSE soaring in 1998.\" class=\"wp-image-5972\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>Market historians note that stock market bubbles have been accompanied by a “bubble” in the price of a seat on the New York Stock Exchange. In March 1998, a seat sold for a cool $2.0 million – far above the peak prior to the 1987 Crash. Also note the 1929 and 1966-69 peaks… which will become relevant in the next section of this report.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"maroon\"} -->\n<p class=\"has-maroon-color has-text-color\"><strong><em>Reality Check: Bull or Bubble?</em></strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:spacer {\"height\":51} -->\n<div style=\"height:51px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:image {\"align\":\"left\",\"id\":5973,\"width\":382,\"height\":378,\"sizeSlug\":\"medium\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignleft size-medium is-resized\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/nasdaq-pe-ratio-300x297.jpg\" alt=\"NASDAQ P/E Ratio up to 81.2 in 1998.\" class=\"wp-image-5973\" width=\"382\" height=\"378\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Safety in diversification? Certainly not in small-caps. The cumulative P/E ratio of all domestic NASDAQ stocks has been hitting unprecedented, frothy levels. It would require a decline of over -75% to take the NASDAQ P/E ratio back to where it started this bull market in October 1990.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"maroon\"} -->\n<p class=\"has-maroon-color has-text-color\"><strong><em>Reality Check: Bull or Bubble?</em></strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:spacer {\"height\":51} -->\n<div style=\"height:51px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:image {\"align\":\"right\",\"id\":5978,\"width\":387,\"height\":334,\"sizeSlug\":\"medium\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignright size-medium is-resized\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/mergers-300x258.jpg\" alt=\"Mergers &amp; Acquisitions line chart also increasing in late 90s.\" class=\"wp-image-5978\" width=\"387\" height=\"334\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>Mergers and acquisitions? Since 1996, there’s been no “deal” too big, too expensive, or too leveraged for Wall Street to piece together.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"maroon\"} -->\n<p class=\"has-maroon-color has-text-color\"><strong><em>Reality Check: Bull or Bubble?</em></strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:spacer {\"height\":51} -->\n<div style=\"height:51px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:image {\"align\":\"left\",\"id\":5979,\"width\":392,\"height\":316,\"sizeSlug\":\"medium\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignleft size-medium is-resized\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/margin-debt66-300x242.jpg\" alt=\"Margin debt graph soaring to record levels in the late 90s.\" class=\"wp-image-5979\" width=\"392\" height=\"316\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>Margin debt (money borrowed to purchase stocks) has soared to record levels – even relative to the size of the economy. Note how far it is above the dangerous peaks in 1987, 1972, and 1968… just prior to the three biggest bear markets of the past half century. And of course, this doesn’t include the second mortgages, refinancings, or record credit card debt that has been used to divert funds into the stock market.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"maroon\"} -->\n<p class=\"has-maroon-color has-text-color\"><strong><em>Reality Check: Bull or Bubble?</em></strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:spacer {\"height\":51} -->\n<div style=\"height:51px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>The Inevitable Questions:</h3>\n<!-- /wp:heading -->\n\n<!-- wp:list -->\n<ul><li><strong>What has driven stocks to such overvalued extremes?</strong></li><li><strong>Why do the SEC and our Federal Reserve seem so worried?</strong></li><li><strong>Why are investor expectations so out-of-touch with reality?</strong></li><li><strong>What has created so many symptoms of a dangerous “bubble”?</strong></li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading -->\n<h2>TODAY: The Not So “New Paradigm Bubble”</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Many reasons, excuses, and theories have been postulated for Wall Street’s exuberance today. They range from advances in technology, to increases in productivity, to changing demographics (aging baby-boomers). Yet these all miss the mark in explaining how Wall Street arrived at DJIA 9000 from DJIA 800 in 1982. In 1981 when President Reagan took office, interest rates were above 13%, gold had recently hit $850/oz, the DJIA was at the same level as in 1966, and real estate was considered by all to be the safest, best long-term investment. What happened? What changed public opinion so dramatically?</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p><strong>The answer is “disinflation”. </strong>As inflation receded over the past 16 years, so did the fear or expectations of inflation. Gold lost its luster. Real estate washouts in the oil belt, California, and the Northeast removed its “safe haven” perception. And as interest rates slipped year after year, thrifty CD and money market fund savers were pushed to seek other alternatives… the stock market. A “Disinflation Era” is not new… and neither is the dangerous bubble which it can create. Let’s examine historical precedent:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"align\":\"right\",\"id\":5988,\"sizeSlug\":\"medium\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignright size-medium\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/90s-inflation-rate-300x298.jpg\" alt=\"5 year inflation rate graph over the djia increasing.\" class=\"wp-image-5988\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p><strong>THE INVESTMENT TRUST ’20s</strong><br><strong>Start:</strong> August 1921 – as the high inflation of World War I receded.<br><strong>Stocks:</strong> DJIA up 6-fold in 8 years.<br><strong>THE GO-GO FUND ’60s</strong><br><strong>Start:</strong> June 1949 – as the high inflation of World War II (and the Korean War) receded.<br><strong>Stocks:</strong> DJIA up 6-fold in 17 years (with subsequent tops in 1968 and 1973).<br><strong>THE MUTUAL FUND MANIA ’90s</strong><br><strong>Start:</strong> August 1982 – as the high inflation of the Vietnam War and the 1970s receded.<br><strong>Stocks:</strong> DJIA up 11-fold in 16 years.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Here are the ominous parallels and sequence of events in these “Disinflation Eras”:</h3>\n<!-- /wp:heading -->\n\n<!-- wp:image {\"align\":\"center\",\"id\":5989,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/1-correctionless-market-1024x167.jpg\" alt=\"Correctionless market contains an image with headlines from 1929, 1966, and today.\" class=\"wp-image-5989\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:image {\"align\":\"center\",\"id\":5990,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/2-mutual-fund-mania-1024x577.jpg\" alt=\"Mutual Fund Mania with headlines from 1929, 1966, and today.\" class=\"wp-image-5990\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:image {\"align\":\"center\",\"id\":5991,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/3-extreme-overvaluation-1024x235.jpg\" alt=\"Extreme overvaluation with headlines.\" class=\"wp-image-5991\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:image {\"align\":\"center\",\"id\":5992,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/4-old-rules-1024x442.jpg\" alt=\"Old Rules no longer apply headlines\" class=\"wp-image-5992\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:image {\"align\":\"center\",\"id\":5993,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/5-unparalleled-stability-1024x266.jpg\" alt=\"Unparalleled stability headlines\" class=\"wp-image-5993\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:image {\"align\":\"center\",\"id\":5994,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/6-supply-demand-1024x314.jpg\" alt=\"Supply and demand imbalance headlines\" class=\"wp-image-5994\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:image {\"align\":\"center\",\"id\":5995,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/7-riskless-attitude-1024x258.jpg\" alt=\"Riskless attitude headlines\" class=\"wp-image-5995\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:image {\"align\":\"center\",\"id\":5996,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/8-perpetual-prosperity-1024x442.jpg\" alt=\"Perpetual economic prosperity headlines\" class=\"wp-image-5996\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:image {\"align\":\"center\",\"id\":5997,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/9-new-era-hype-1024x452.jpg\" alt=\"New era hype headlines\" class=\"wp-image-5997\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:image {\"align\":\"center\",\"id\":5998,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/10-11-1024x567.jpg\" alt=\"Federal Reserve Censure and scolding the federal reserve headlines\" class=\"wp-image-5998\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:image {\"align\":\"center\",\"id\":5999,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/washout-1024x269.jpg\" alt=\"Inevitable washout headlines\" class=\"wp-image-5999\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:heading -->\n<h2>What the Future Holds...</h2>\n<!-- /wp:heading -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>A stock market bubble can be prevented, but it can’t be corrected…</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Painful recessions and periodic bear markets can usually prevent the valuation extremes and sentiment excesses that create a dangerous bubble. Yet tragically, this simple, historic fact must be relearned every time. For example, after the Japanese stock market and real estate collapse, the former head of the Bank of Japan lamented:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:quote -->\n<blockquote class=\"wp-block-quote\"><p>Looking back, we now feel that we should have applied the brakes on the excessive boom much earlier… However, back in those days, as [consumer] prices were not rising, it was difficult to obtain people’s understanding for a policy aimed at achieving sustainable economic growth by monetary tightening.</p><cite>Yasushi Mieno, Former Governor, Bank of Japan</cite></blockquote>\n<!-- /wp:quote -->\n\n<!-- wp:paragraph -->\n<p>The historical truth that bubbles can be prevented but not corrected even appears obvious to those involved in creating the current bubble, as evidenced by this 1996 quote from the former Federal Reserve Vice-Chairman:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:quote -->\n<blockquote class=\"wp-block-quote\"><p>It’s very hard to surgically prick a balloon. You may let out a lot more air than you bargained for.</p><cite>Alan Blinder, Former Vice Chairman, Federal Reserve</cite></blockquote>\n<!-- /wp:quote -->\n\n<!-- wp:paragraph -->\n<p>And in an article from 30 years ago, the current Federal Reserve Chairman wrote this critique of the 1929 Crash:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:quote -->\n<blockquote class=\"wp-block-quote\"><p>The excess credit which the Fed pumped into the economy spilled over into the stock market – triggering a fantastic speculative boom. Belatedly, Federal Reserve officials attempted to sop up the excess reserves and finally succeeded in braking the boom. But it was too late: by 1929 the speculative imbalances had become so overwhelming that the attempt precipitated a sharp retrenching and a consequent demoralizing of business confidence.</p><cite>Alan Greenspan, “Gold and Economic Freedom”, 1966</cite></blockquote>\n<!-- /wp:quote -->\n\n<!-- wp:paragraph -->\n<p>Yet the mere presence of a bubble, even with all the overvaluation and extremes, rarely pops itself. It may continue to inflate, transparent to those inside the bubble, until some external event causes the initial pinhole. As John Galbraith noted about past bubbles, “Something, it matters little –although it will always be debated–  triggers the ultimate reversal.”</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>From whence could the pin or trigger come?…</h3>\n<!-- /wp:heading -->\n\n<!-- wp:image {\"align\":\"right\",\"id\":6002,\"sizeSlug\":\"medium\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignright size-medium\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/global-disc-rates-289x300.jpg\" alt=\"Global discount rates graph dropping\" class=\"wp-image-6002\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>Global economic and financial turmoil offer a number of potential sources. Recessions in Germany and Japan have driven interest rates down to 1/3 of levels in 1991-92 (or 1/12 in the case of Japan). However, the frenzied effort to jumpstart foreign economies has instead pushed excess liquidity into the U.S. financial markets.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"align\":\"left\",\"id\":6003,\"sizeSlug\":\"medium\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignleft size-medium\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/net-foreign-purchases-300x211.jpg\" alt=\"Net foreign purchases of U.S. Treasury Bonds and Notes\" class=\"wp-image-6003\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>As a result, purchasing of U.S. Treasuries by foreign investors and central banks has soared to unprecedented levels. The short-term benefits have funded our trade deficit, supported the Dollar, and sloshed liquidity into Wall Street. The obvious danger is what might happen now that this trend shows signs of reversing.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"align\":\"right\",\"id\":6004,\"sizeSlug\":\"medium\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignright size-medium\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/global-derivatives-207x300.jpg\" alt=\"Global derivatives market bar chart increasing\" class=\"wp-image-6004\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>Another potential trigger resides in the global derivatives market. It’s assumed by today’s young gun-slinging money managers that such leveraged derivatives are as liquid as cash – even in a falling market or financial crisis. However, note that the face value of these global derivatives now totals over $41 trillion… 6 times larger than in the last U.S. recession… and 17 times larger than when liquidity disappeared during the 1987 Crash. That $41 trillion has never experienced a true global recession or liquidity crisis. What happens if speculators all want out at the same time?</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"align\":\"left\",\"id\":6005,\"sizeSlug\":\"medium\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignleft size-medium\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/household-credit-300x292.jpg\" alt=\"Household credit as a percentage of disposable personal income\" class=\"wp-image-6005\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>Liquidity could also prove a problem for today’s consumers. Household debt (even as a percentage of income) continues to rise to record levels. Personal bankruptcies are also at record levels – even in this 8th year of economic expansion. With consumer spending accounting for 2/3’s of GDP growth, how long can households keep heading the wrong way down a oneway street?</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"align\":\"right\",\"id\":6006,\"width\":374,\"height\":182,\"sizeSlug\":\"medium\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignright size-medium is-resized\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/ici-liquid-300x146.jpg\" alt=\"ICI liquid asset ratio decreasing to 5.1%\" class=\"wp-image-6006\" width=\"374\" height=\"182\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>If illiquidity is the trigger, mutual funds are sitting on the target. Cash reserves, tracked by ICI, have been reduced to the lowest levels of this 16-year disinflation bull. Meanwhile, nervous fund families, including Fidelity and Vanguard, have requested permission from the SEC to borrow from money market funds to meet redemptions if necessary. Some are even “investing” cash reserves in stock index futures. Is it confidence, ignorance, or recklessness that leads mutual funds down the same path as in the Go-Go Fund 1960’s, or as the Investment Trusts of the late 1920’s?</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Threat of a Crash…</h3>\n<!-- /wp:heading -->\n\n<!-- wp:list -->\n<ul><li>l This 7.8 years without a -15% correction in the DJIA is virtually double the previous record. Among the 5 longest such periods… are the 1929 Crash and 1987 Crash. Coincidence?</li><li>l This 16th year without the DJIA dropping under the previous year’s low is double the previous record of 8 years… which ended in the 1929 Crash. Coincidence?</li><li>l Intraday volatility (daily high-to-low) is averaging over 2% (~180 DJIA points) for 1997-98. Among the 3 previous records… again, 1929 and 1987. Coincidence?</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p>Historical precedent paints a foreboding picture. A “crash” is always a possibility in a correctionless, overvalued stock market. And none have been as correctionless or as overvalued as this one. Wall Street confidence relies heavily on the Federal Reserve and its ability to control or halt a meltdown scenario. Media has publicized the “un”official Plunge Protection Team, comprised of the Federal Reserve, Treasury, SEC, and CFTC – all of whom are “thinking carefully about how they would respond to the unthinkable” on Wall Street. Only time will tell if such confidence is misplaced…</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:quote -->\n<blockquote class=\"wp-block-quote\"><p><strong>Plunge Protection Team<br></strong>White House Group Shapes Plans to Ensure<br>Any Market Free Fall Is Contained</p><cite>The Washington Post</cite></blockquote>\n<!-- /wp:quote -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Weighing the Dangers…</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Today’s parallels with history, and repeated warnings from the SEC and the Federal Reserve carry ominous overtones. A correctionless bull market, record overvaluation, plus public exuberance all add up to unprecedented risk – for the stock market, as well as the U.S. economy. By July 1998, stock market capitalization (in relation to GDP) has reached over twice the peak before the last recession or prior to the 1987 stock market crash. Simply stated, even a mild bear market of -25% from today’s lofty levels, would wipe out $2.8 trillion – with more economic impact than any bear market of the past 60 years!</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"align\":\"right\",\"id\":6010,\"width\":358,\"height\":344,\"sizeSlug\":\"medium\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignright size-medium is-resized\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/stock-market-capitalization-300x288.jpg\" alt=\"\" class=\"wp-image-6010\" width=\"358\" height=\"344\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>To Alan Greenspan, who wrote so astutely of the lessons of 1929, the threat must  weigh heavily. The anecdotal evidence is overwhelming that Wall Street is in some type of bubble – a mania where valuations and expectations have disconnected from reality. If that is indeed the case, then what lies ahead is inevitable. And the downside risk is grossly underestimated by today’s investor. With valuations based on the broad S&amp;P 500 Index (but downside risk expressed in more familiar DJIA point terms), the table below shows how far today’s stock market could tumble before hitting 70-year average valuations. NOTE: This is only to average valuation levels since 1928, not the extreme lows that are typical in most bear markets!</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"align\":\"left\",\"id\":6012,\"width\":380,\"height\":166,\"sizeSlug\":\"medium\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignleft size-medium is-resized\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/valuation-risk-300x130.jpg\" alt=\"\" class=\"wp-image-6012\" width=\"380\" height=\"166\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>In one sense, it doesn’t matter whether today’s bubble unwinds in a deflationary crisis as in 1929, or in a series of protracted bear markets as in the late 60’s. The consequences for the average investor were the same. Those who blindly followed a buy-&amp;-hold strategy were devastated, both financially and psychologically. Meanwhile, those investors who recognized the dangers and took evasive action weathered the fallout – or even profited handsomely in the years that followed.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>It also matters little, if it is a bubble, what circumstance or event is blamed for “pricking” the overinflated balloon. Inevitably, the fact remains that much of the fault must lie with Wall Street itself. If not for the sirens and aggressive marketing in an overextended, overheated, overvalued bull market, then the excesses and speculation couldn’t reach such extremes. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>The purpose of this special report is not to frighten or build the case for a crash. Our sole objective is to educate. It is a dangerous, perhaps even financially fatal assumption to think the next 5 years will be a repeat of the recent past. But historical precedent cannot be ignored. The 1980’s and 90’s are not the first era where investors have been pushed away from inflation hedges, real estate, bonds, and cash. And, as revealed inside, it would not be the first such bubble created by these disinflation forces. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Only time, and 20/20 hindsight, will reveal if today’s “new era” is a mirage – merely  an old era carried to new levels of excess. Unfortunately, the symptoms are present and warning flags are flying high. <strong>Yet even if Wall Street is in a bubble destined to deflate, one must also remember that the devastation which followed the late 20’s and late 60’s created tremendous profit opportunities for those astute investors who understood and perceived what was happening. The historical perspective and evidence presented in this report serve as a vital step in that direction.</strong></p>\n<!-- /wp:paragraph -->','The New Paradigm... Era -or- Bubble?','A critical look at the unprecedented events that unfolded on Wall Street during the high-tech bubble of the late 1990s. Was it a New Era? Or was history repeating itself? What were the danger signs every investor should have known?','inherit','closed','closed','','2497-revision-v1','','','2021-03-16 02:39:26','2021-03-16 02:39:26','',2497,'https://ns2020-investech.investech.com/?p=6133',0,'revision','',0);
INSERT INTO `wp_posts` VALUES (6134,1,'2021-03-16 02:40:03','2021-03-16 02:40:03','<!-- wp:heading -->\n<h2>Is Wall Street in a \'New Paradigm Era\'... or merely an \'Old Bubble\' carried to New Extremes?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Santayana, an early 20th Century philosopher, once said, “Those who do not learn from the past, are doomed to repeat it.” And Sir Isaac Newton, who lost the equivalent of over $1,000,000 investing in the South Sea bubble of 1720,  remarked, “I can measure the motions of bodies, but I cannot measure human folly.” However to this day, analysts cannot agree as to what constitutes a bubble… or how to recognize a bubble before the inevitable washout and aftermath.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>It is widely perceived that the U.S. economy and stock market have embarked on a “New Paradigm Era” in which old rules no longer apply and traditional barriers have been broken. Yet as Federal Reserve Chairman Alan Greenspan warned Congress on February 26th 1997, “Regrettably, history is strewn with visions of such ‘new eras’ that, in the end, have proven to be a mirage.” This is an insight into one such likely mirage…</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>What Constitutes A Bubble?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:quote {\"align\":\"left\"} -->\n<blockquote class=\"wp-block-quote has-text-align-left\"><p>That the free enterprise economy is given to recurrent episodes of speculation will be agreed… This process, once it is recognized, is clearly evident, and especially so after the fact. So also, if more subjectively, are the basic attitudes of the participants. These take two forms. There are those who are persuaded that some new price-enhancing circumstance is in control, and they expect the market to stay up and go up, perhaps indefinitely… Then there are those, superficially more astute and generally fewer in number, who perceive or believe themselves to perceive the speculative mood of the moment. They are in to ride the upward wave; their particular genius, they are convinced, will allow them to get out before the speculation runs its course… For built into this situation is the eventual and inevitable fall. Built in also is the circumstance that it cannot come gently or gradually. When it comes it bears the grim face of disaster. That is because both of the groups of participants in the speculative situation are programmed for sudden efforts at escape. Something, it matters little –although it will always be debated– triggers the ultimate reversal.<br></p><cite><strong>A Short History of Financial Euphoria<br></strong>John Kenneth Galbraith</cite></blockquote>\n<!-- /wp:quote -->\n\n<!-- wp:paragraph -->\n<p>Historically, bubbles have always been a part of the lessons of investing. There was the Japanese stock market and real estate bubble which popped in 1989. In domestic real estate, there was the not so “recession-proof” California, as well as the price deflation or washouts of condominiums in Hawaii… residences in the Northeast… commercial office space in the oil belt… and numerous other regions in the 1980’s. Many investors may also remember $850 gold… $50 silver… $37 oil… numismatics… baseball cards… and the list goes on.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>In the stock market, bubbles are usually limited to individual sectors which ride high on excessively exuberant expectations – only to plunge back to earth later. Yet history has left several notable eras which were recognized as “bubbles” only in the eventual and inevitable devastation. Seasoned investors may remember the “Nifty Fifty” era… the “Go-Go Fund” era… or even the “Investment Trust” era of the 1920’s.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>A Short History of Financial Euphoria</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>In essence, a bubble is created when objectivity, reasoning, and valuation give way to greed and the desire for profits. In “A Short History of Financial Euphoria,” author Galbraith describes the common seeds of past manias that inevitably give way to disastrous consequences:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>1) The basic premise that investing involves a trade-off between risk/reward is lost as investors are “captured by the wondrous satisfaction from accruing wealth. The very increase in values thus captures the thoughts and minds of those being rewarded.”<br>2) The belief that “some new price-enhancing circumstance is in control” – that there is “something new in the world” that justifies a permanently higher level of valuation.<br>3) The illusion that, except for temporary setbacks, “values are going up permanently and indefinitely.”<br>4) The “condemnation at those who express doubt or dissent. … because of defective imagination or other mental inadequacy they are unable to grasp the new and rewarding circumstances.”</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Healthy Bull Market to Dangerous Bubble</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Yet only in the aftermath, is a “bubble” identified as a bubble. While in progress, it can only be recognized by its symptoms which are common with speculative eras of the past. At what point does a healthy bull market turn into a bubble ripe for the popping? Here are a few differences:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"align\":\"center\",\"id\":5946,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/marketbubble-1024x308.jpg\" alt=\"Table detailing the characteristics of a healthy bull market and the characteristics when it swings to a dangerous bubble.\" class=\"wp-image-5946\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:heading -->\n<h2>Time For A Reality Check...</h2>\n<!-- /wp:heading -->\n\n<!-- wp:image {\"align\":\"right\",\"id\":5953,\"width\":356,\"height\":351,\"sizeSlug\":\"medium\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignright size-medium is-resized\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/overvaluation-extremes-300x296.jpg\" alt=\"Overvalutaion dot chart showing the extremes present at historic market tops.\" class=\"wp-image-5953\" width=\"356\" height=\"351\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>Wall Street consensus is that the U.S. has entered a “new era” of tame inflation, low interest rates, and rising productivity that will carry economic prosperity well into the new millennium. If so, say pundits, then today’s extreme valuation levels in the stock market are justified. Just how extreme is stock overvaluation? The figure below shows the S&amp;P 500 Price-to-Dividend Ratio on the vertical scale, and the S&amp;P Industrials Price-to-Book Value Ratio on the horizontal scale. Simply, the higher on the chart, or the farther to the right a year appears, the more overvalued it is. Clearly, when compared to overvaluation at some of the most historic market tops such as 1929, 1968, 1972, and 1987… today (1998) is off-the-chart!</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Consensus on Wall Street is also that today’s investor is smarter, better informed, more patient, and longer-term oriented than in the past. Consequently, it is believed that today’s mutual fund holder will never panic in a bear market. However, not all agree with this consensus:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:spacer {\"height\":37} -->\n<div style=\"height:37px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:quote {\"className\":\"is-style-default\"} -->\n<blockquote class=\"wp-block-quote is-style-default\"><p><strong>Investors may overreact to a downturn, SEC warns</strong><br>Inexperienced investors who have known only the bull market of the last decade could react ‘precipitously’ to a downturn and ‘at great cost to themselves and our markets’, Mr. Arthur Levitt, chairman of the Securities and Exchange Commission<br>warned yesterday.</p><cite>London Financial Times – Feb 26, 1997</cite></blockquote>\n<!-- /wp:quote -->\n\n<!-- wp:paragraph -->\n<p>And Federal Reserve officials also appear nervous as evidenced by this Congressional Testimony in early 1997:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:quote {\"className\":\"is-style-default\"} -->\n<blockquote class=\"wp-block-quote is-style-default\"><p>History demonstrates that participants in financial markets are susceptible to waves of optimism… Excessive optimism sows the seeds of its own reversal in the form of imbalances that tend to grow over time. When unwarranted expectations ultimately are not realized, the unwinding of these financial excesses can act to amplify a downturn</p><cite>Federal Reserve Chairman Alan Greenspan<br>– Feb 26, 1997</cite></blockquote>\n<!-- /wp:quote -->\n\n<!-- wp:paragraph -->\n<p>Meanwhile, the cold fact remains that the assets in equity mutual funds now total $3,164 Billion, as compared to $226 Billion in October 1990 at the start of this bull market. Quite simply, 93% of the money in stock mutual funds has not experienced a bear market or even a -15% correction in blue chip averages!</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Perhaps more ominously, an overwhelming majority of fund investors believe they never will experience such a decline. This late 1996 Lou Harris poll reveals that 85% expect the next 10 years to be as spectacular or better than the past decade. 78% are not expecting a mild bear market of -20%. And almost half think that minor -10% corrections are a thing of the past:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"align\":\"center\",\"id\":5954,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/surveyfundinvestors-1024x224.jpg\" alt=\"survey of fund investors expectations and the actual risk since 1900.\" class=\"wp-image-5954\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p><strong>Just how far out of touch are these investor expectations with reality?</strong> Compare the “actual risk” for all the years of this century (above right). A -10% correction has occurred in 65 years, or once every 1.5yrs on average – yet 7 years have lapsed since the last. A -20% decline has triggered every 2.5yrs – again, over 7 years since the last. A -30% bear hits every 4.6yrs – last seen during the ’87 Crash. And a major bear, with -40% losses, strikes about every 8.7yrs… last felt by investors 23 years ago!</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:spacer {\"height\":51} -->\n<div style=\"height:51px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:image {\"align\":\"right\",\"id\":5959,\"width\":300,\"sizeSlug\":\"medium\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignright size-medium is-resized\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/dow10000-300x221.jpg\" alt=\"Newspaper clipping of When and How the Dow may hit 20,000 by 2007.\" class=\"wp-image-5959\" width=\"300\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>Is it a contest to see who can forecast the highest level for the stock market? No… more likely it’s just a not-so-mild case of “irrational exuberance” feared by the Federal Reserve.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"maroon\"} -->\n<p class=\"has-maroon-color has-text-color\"><strong><em>Reality Check: Bull or Bubble?</em></strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:spacer {\"height\":10} -->\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:columns -->\n<div class=\"wp-block-columns\"><!-- wp:column -->\n<div class=\"wp-block-column\"><!-- wp:image {\"align\":\"left\",\"id\":5960,\"width\":300,\"sizeSlug\":\"medium\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignleft size-medium is-resized\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/schwabassets-124x300.jpg\" alt=\"Bar chart of assets held in Charles Schwab customer accounts increasing year by year.\" class=\"wp-image-5960\" width=\"300\"/></figure></div>\n<!-- /wp:image --></div>\n<!-- /wp:column -->\n\n<!-- wp:column -->\n<div class=\"wp-block-column\"><!-- wp:spacer {\"height\":92} -->\n<div style=\"height:92px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:paragraph -->\n<p>Public investment funds placed with the nation’s largest discount brokerage firm have risen over 19-fold in less than a decade.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"maroon\"} -->\n<p class=\"has-maroon-color has-text-color\"><strong><em>Reality Check: Bull or Bubble?</em></strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:spacer {\"height\":71} -->\n<div style=\"height:71px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:image {\"align\":\"center\",\"id\":5963,\"sizeSlug\":\"medium\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-medium\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/mutualfunds-234x300.jpg\" alt=\"Bar chart of mutual funds increasing year over year.\" class=\"wp-image-5963\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>Since 1981, the number of mutual funds have multiplied at a rate far above any historical experience… far above the “Go-Go Fund” era of the 1960’s… and far above the “Investment Trust” era of the 1920’s.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"maroon\"} -->\n<p class=\"has-maroon-color has-text-color\"><strong><em>Reality Check: Bull or Bubble?</em></strong></p>\n<!-- /wp:paragraph --></div>\n<!-- /wp:column --></div>\n<!-- /wp:columns -->\n\n<!-- wp:spacer {\"height\":51} -->\n<div style=\"height:51px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:image {\"align\":\"left\",\"id\":5967,\"sizeSlug\":\"medium\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignleft size-medium\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/investmentsclubs-294x300.jpg\" alt=\"Bar chart of investment clubs surpassing the Go-Go Fund era.  \" class=\"wp-image-5967\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>The number of investment clubs has increased over 5-fold in the current bull market. Today, more than 1 in 3 adults own mutual funds – a 66% increase in four years. That easily surpasses the “Go-Go Fund” era in which 1 in 4 adults owned stocks when the washout began in 1969.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"maroon\"} -->\n<p class=\"has-maroon-color has-text-color\"><strong><em>Reality Check: Bull or Bubble?</em></strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:spacer {\"height\":51} -->\n<div style=\"height:51px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:image {\"align\":\"right\",\"id\":5972,\"sizeSlug\":\"medium\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignright size-medium\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/nyse-seat-216x300.jpg\" alt=\"Bar chart of cost of seat on NYSE soaring in 1998.\" class=\"wp-image-5972\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>Market historians note that stock market bubbles have been accompanied by a “bubble” in the price of a seat on the New York Stock Exchange. In March 1998, a seat sold for a cool $2.0 million – far above the peak prior to the 1987 Crash. Also note the 1929 and 1966-69 peaks… which will become relevant in the next section of this report.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"maroon\"} -->\n<p class=\"has-maroon-color has-text-color\"><strong><em>Reality Check: Bull or Bubble?</em></strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:spacer {\"height\":51} -->\n<div style=\"height:51px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:image {\"align\":\"left\",\"id\":5973,\"width\":382,\"height\":378,\"sizeSlug\":\"medium\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignleft size-medium is-resized\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/nasdaq-pe-ratio-300x297.jpg\" alt=\"NASDAQ P/E Ratio up to 81.2 in 1998.\" class=\"wp-image-5973\" width=\"382\" height=\"378\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Safety in diversification? Certainly not in small-caps. The cumulative P/E ratio of all domestic NASDAQ stocks has been hitting unprecedented, frothy levels. It would require a decline of over -75% to take the NASDAQ P/E ratio back to where it started this bull market in October 1990.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"maroon\"} -->\n<p class=\"has-maroon-color has-text-color\"><strong><em>Reality Check: Bull or Bubble?</em></strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:spacer {\"height\":51} -->\n<div style=\"height:51px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:image {\"align\":\"right\",\"id\":5978,\"width\":387,\"height\":334,\"sizeSlug\":\"medium\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignright size-medium is-resized\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/mergers-300x258.jpg\" alt=\"Mergers &amp; Acquisitions line chart also increasing in late 90s.\" class=\"wp-image-5978\" width=\"387\" height=\"334\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>Mergers and acquisitions? Since 1996, there’s been no “deal” too big, too expensive, or too leveraged for Wall Street to piece together.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"maroon\"} -->\n<p class=\"has-maroon-color has-text-color\"><strong><em>Reality Check: Bull or Bubble?</em></strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:spacer {\"height\":51} -->\n<div style=\"height:51px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:image {\"align\":\"left\",\"id\":5979,\"width\":392,\"height\":316,\"sizeSlug\":\"medium\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignleft size-medium is-resized\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/margin-debt66-300x242.jpg\" alt=\"Margin debt graph soaring to record levels in the late 90s.\" class=\"wp-image-5979\" width=\"392\" height=\"316\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>Margin debt (money borrowed to purchase stocks) has soared to record levels – even relative to the size of the economy. Note how far it is above the dangerous peaks in 1987, 1972, and 1968… just prior to the three biggest bear markets of the past half century. And of course, this doesn’t include the second mortgages, refinancings, or record credit card debt that has been used to divert funds into the stock market.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"maroon\"} -->\n<p class=\"has-maroon-color has-text-color\"><strong><em>Reality Check: Bull or Bubble?</em></strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:spacer {\"height\":51} -->\n<div style=\"height:51px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>The Inevitable Questions:</h3>\n<!-- /wp:heading -->\n\n<!-- wp:list -->\n<ul><li><strong>What has driven stocks to such overvalued extremes?</strong></li><li><strong>Why do the SEC and our Federal Reserve seem so worried?</strong></li><li><strong>Why are investor expectations so out-of-touch with reality?</strong></li><li><strong>What has created so many symptoms of a dangerous “bubble”?</strong></li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading -->\n<h2>TODAY: The Not So “New Paradigm Bubble”</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Many reasons, excuses, and theories have been postulated for Wall Street’s exuberance today. They range from advances in technology, to increases in productivity, to changing demographics (aging baby-boomers). Yet these all miss the mark in explaining how Wall Street arrived at DJIA 9000 from DJIA 800 in 1982. In 1981 when President Reagan took office, interest rates were above 13%, gold had recently hit $850/oz, the DJIA was at the same level as in 1966, and real estate was considered by all to be the safest, best long-term investment. What happened? What changed public opinion so dramatically?</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p><strong>The answer is “disinflation”. </strong>As inflation receded over the past 16 years, so did the fear or expectations of inflation. Gold lost its luster. Real estate washouts in the oil belt, California, and the Northeast removed its “safe haven” perception. And as interest rates slipped year after year, thrifty CD and money market fund savers were pushed to seek other alternatives… the stock market. A “Disinflation Era” is not new… and neither is the dangerous bubble which it can create. Let’s examine historical precedent:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"align\":\"right\",\"id\":5988,\"sizeSlug\":\"medium\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignright size-medium\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/90s-inflation-rate-300x298.jpg\" alt=\"5 year inflation rate graph over the djia increasing.\" class=\"wp-image-5988\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p><strong>THE INVESTMENT TRUST ’20s</strong><br><strong>Start:</strong> August 1921 – as the high inflation of World War I receded.<br><strong>Stocks:</strong> DJIA up 6-fold in 8 years.<br><strong>THE GO-GO FUND ’60s</strong><br><strong>Start:</strong> June 1949 – as the high inflation of World War II (and the Korean War) receded.<br><strong>Stocks:</strong> DJIA up 6-fold in 17 years (with subsequent tops in 1968 and 1973).<br><strong>THE MUTUAL FUND MANIA ’90s</strong><br><strong>Start:</strong> August 1982 – as the high inflation of the Vietnam War and the 1970s receded.<br><strong>Stocks:</strong> DJIA up 11-fold in 16 years.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Here are the ominous parallels and sequence of events in these “Disinflation Eras”:</h3>\n<!-- /wp:heading -->\n\n<!-- wp:image {\"align\":\"center\",\"id\":5989,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/1-correctionless-market-1024x167.jpg\" alt=\"Correctionless market contains an image with headlines from 1929, 1966, and today.\" class=\"wp-image-5989\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:image {\"align\":\"center\",\"id\":5990,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/2-mutual-fund-mania-1024x577.jpg\" alt=\"Mutual Fund Mania with headlines from 1929, 1966, and today.\" class=\"wp-image-5990\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:image {\"align\":\"center\",\"id\":5991,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/3-extreme-overvaluation-1024x235.jpg\" alt=\"Extreme overvaluation with headlines.\" class=\"wp-image-5991\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:image {\"align\":\"center\",\"id\":5992,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/4-old-rules-1024x442.jpg\" alt=\"Old Rules no longer apply headlines\" class=\"wp-image-5992\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:image {\"align\":\"center\",\"id\":5993,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/5-unparalleled-stability-1024x266.jpg\" alt=\"Unparalleled stability headlines\" class=\"wp-image-5993\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:image {\"align\":\"center\",\"id\":5994,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/6-supply-demand-1024x314.jpg\" alt=\"Supply and demand imbalance headlines\" class=\"wp-image-5994\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:image {\"align\":\"center\",\"id\":5995,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/7-riskless-attitude-1024x258.jpg\" alt=\"Riskless attitude headlines\" class=\"wp-image-5995\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:image {\"align\":\"center\",\"id\":5996,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/8-perpetual-prosperity-1024x442.jpg\" alt=\"Perpetual economic prosperity headlines\" class=\"wp-image-5996\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:image {\"align\":\"center\",\"id\":5997,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/9-new-era-hype-1024x452.jpg\" alt=\"New era hype headlines\" class=\"wp-image-5997\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:image {\"align\":\"center\",\"id\":5998,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/10-11-1024x567.jpg\" alt=\"Federal Reserve Censure and scolding the federal reserve headlines\" class=\"wp-image-5998\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:image {\"align\":\"center\",\"id\":5999,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/washout-1024x269.jpg\" alt=\"Inevitable washout headlines\" class=\"wp-image-5999\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:heading -->\n<h2>What the Future Holds...</h2>\n<!-- /wp:heading -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>A stock market bubble can be prevented, but it can’t be corrected…</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Painful recessions and periodic bear markets can usually prevent the valuation extremes and sentiment excesses that create a dangerous bubble. Yet tragically, this simple, historic fact must be relearned every time. For example, after the Japanese stock market and real estate collapse, the former head of the Bank of Japan lamented:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:quote -->\n<blockquote class=\"wp-block-quote\"><p>Looking back, we now feel that we should have applied the brakes on the excessive boom much earlier… However, back in those days, as [consumer] prices were not rising, it was difficult to obtain people’s understanding for a policy aimed at achieving sustainable economic growth by monetary tightening.</p><cite>Yasushi Mieno, Former Governor, Bank of Japan</cite></blockquote>\n<!-- /wp:quote -->\n\n<!-- wp:paragraph -->\n<p>The historical truth that bubbles can be prevented but not corrected even appears obvious to those involved in creating the current bubble, as evidenced by this 1996 quote from the former Federal Reserve Vice-Chairman:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:quote -->\n<blockquote class=\"wp-block-quote\"><p>It’s very hard to surgically prick a balloon. You may let out a lot more air than you bargained for.</p><cite>Alan Blinder, Former Vice Chairman, Federal Reserve</cite></blockquote>\n<!-- /wp:quote -->\n\n<!-- wp:paragraph -->\n<p>And in an article from 30 years ago, the current Federal Reserve Chairman wrote this critique of the 1929 Crash:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:quote -->\n<blockquote class=\"wp-block-quote\"><p>The excess credit which the Fed pumped into the economy spilled over into the stock market – triggering a fantastic speculative boom. Belatedly, Federal Reserve officials attempted to sop up the excess reserves and finally succeeded in braking the boom. But it was too late: by 1929 the speculative imbalances had become so overwhelming that the attempt precipitated a sharp retrenching and a consequent demoralizing of business confidence.</p><cite>Alan Greenspan, “Gold and Economic Freedom”, 1966</cite></blockquote>\n<!-- /wp:quote -->\n\n<!-- wp:paragraph -->\n<p>Yet the mere presence of a bubble, even with all the overvaluation and extremes, rarely pops itself. It may continue to inflate, transparent to those inside the bubble, until some external event causes the initial pinhole. As John Galbraith noted about past bubbles, “Something, it matters little –although it will always be debated–  triggers the ultimate reversal.”</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>From whence could the pin or trigger come?…</h3>\n<!-- /wp:heading -->\n\n<!-- wp:image {\"align\":\"right\",\"id\":6002,\"sizeSlug\":\"medium\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignright size-medium\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/global-disc-rates-289x300.jpg\" alt=\"Global discount rates graph dropping\" class=\"wp-image-6002\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>Global economic and financial turmoil offer a number of potential sources. Recessions in Germany and Japan have driven interest rates down to 1/3 of levels in 1991-92 (or 1/12 in the case of Japan). However, the frenzied effort to jumpstart foreign economies has instead pushed excess liquidity into the U.S. financial markets.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"align\":\"left\",\"id\":6003,\"sizeSlug\":\"medium\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignleft size-medium\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/net-foreign-purchases-300x211.jpg\" alt=\"Net foreign purchases of U.S. Treasury Bonds and Notes\" class=\"wp-image-6003\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>As a result, purchasing of U.S. Treasuries by foreign investors and central banks has soared to unprecedented levels. The short-term benefits have funded our trade deficit, supported the Dollar, and sloshed liquidity into Wall Street. The obvious danger is what might happen now that this trend shows signs of reversing.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"align\":\"right\",\"id\":6004,\"sizeSlug\":\"medium\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignright size-medium\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/global-derivatives-207x300.jpg\" alt=\"Global derivatives market bar chart increasing\" class=\"wp-image-6004\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>Another potential trigger resides in the global derivatives market. It’s assumed by today’s young gun-slinging money managers that such leveraged derivatives are as liquid as cash – even in a falling market or financial crisis. However, note that the face value of these global derivatives now totals over $41 trillion… 6 times larger than in the last U.S. recession… and 17 times larger than when liquidity disappeared during the 1987 Crash. That $41 trillion has never experienced a true global recession or liquidity crisis. What happens if speculators all want out at the same time?</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"align\":\"left\",\"id\":6005,\"sizeSlug\":\"medium\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignleft size-medium\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/household-credit-300x292.jpg\" alt=\"Household credit as a percentage of disposable personal income\" class=\"wp-image-6005\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>Liquidity could also prove a problem for today’s consumers. Household debt (even as a percentage of income) continues to rise to record levels. Personal bankruptcies are also at record levels – even in this 8th year of economic expansion. With consumer spending accounting for 2/3’s of GDP growth, how long can households keep heading the wrong way down a oneway street?</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"align\":\"right\",\"id\":6006,\"width\":374,\"height\":182,\"sizeSlug\":\"medium\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignright size-medium is-resized\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/ici-liquid-300x146.jpg\" alt=\"ICI liquid asset ratio decreasing to 5.1%\" class=\"wp-image-6006\" width=\"374\" height=\"182\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>If illiquidity is the trigger, mutual funds are sitting on the target. Cash reserves, tracked by ICI, have been reduced to the lowest levels of this 16-year disinflation bull. Meanwhile, nervous fund families, including Fidelity and Vanguard, have requested permission from the SEC to borrow from money market funds to meet redemptions if necessary. Some are even “investing” cash reserves in stock index futures. Is it confidence, ignorance, or recklessness that leads mutual funds down the same path as in the Go-Go Fund 1960’s, or as the Investment Trusts of the late 1920’s?</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Threat of a Crash…</h3>\n<!-- /wp:heading -->\n\n<!-- wp:list -->\n<ul><li>l This 7.8 years without a -15% correction in the DJIA is virtually double the previous record. Among the 5 longest such periods… are the 1929 Crash and 1987 Crash. Coincidence?</li><li>l This 16th year without the DJIA dropping under the previous year’s low is double the previous record of 8 years… which ended in the 1929 Crash. Coincidence?</li><li>l Intraday volatility (daily high-to-low) is averaging over 2% (~180 DJIA points) for 1997-98. Among the 3 previous records… again, 1929 and 1987. Coincidence?</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p>Historical precedent paints a foreboding picture. A “crash” is always a possibility in a correctionless, overvalued stock market. And none have been as correctionless or as overvalued as this one. Wall Street confidence relies heavily on the Federal Reserve and its ability to control or halt a meltdown scenario. Media has publicized the “un”official Plunge Protection Team, comprised of the Federal Reserve, Treasury, SEC, and CFTC – all of whom are “thinking carefully about how they would respond to the unthinkable” on Wall Street. Only time will tell if such confidence is misplaced…</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:quote -->\n<blockquote class=\"wp-block-quote\"><p><strong>Plunge Protection Team<br></strong>White House Group Shapes Plans to Ensure<br>Any Market Free Fall Is Contained</p><cite>The Washington Post</cite></blockquote>\n<!-- /wp:quote -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Weighing the Dangers…</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Today’s parallels with history, and repeated warnings from the SEC and the Federal Reserve carry ominous overtones. A correctionless bull market, record overvaluation, plus public exuberance all add up to unprecedented risk – for the stock market, as well as the U.S. economy. By July 1998, stock market capitalization (in relation to GDP) has reached over twice the peak before the last recession or prior to the 1987 stock market crash. Simply stated, even a mild bear market of -25% from today’s lofty levels, would wipe out $2.8 trillion – with more economic impact than any bear market of the past 60 years!</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"align\":\"right\",\"id\":6010,\"width\":358,\"height\":344,\"sizeSlug\":\"medium\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignright size-medium is-resized\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/stock-market-capitalization-300x288.jpg\" alt=\"\" class=\"wp-image-6010\" width=\"358\" height=\"344\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>To Alan Greenspan, who wrote so astutely of the lessons of 1929, the threat must  weigh heavily. The anecdotal evidence is overwhelming that Wall Street is in some type of bubble – a mania where valuations and expectations have disconnected from reality. If that is indeed the case, then what lies ahead is inevitable. And the downside risk is grossly underestimated by today’s investor. With valuations based on the broad S&amp;P 500 Index (but downside risk expressed in more familiar DJIA point terms), the table below shows how far today’s stock market could tumble before hitting 70-year average valuations. NOTE: This is only to average valuation levels since 1928, not the extreme lows that are typical in most bear markets!</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"align\":\"left\",\"id\":6012,\"width\":380,\"height\":166,\"sizeSlug\":\"medium\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignleft size-medium is-resized\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/valuation-risk-300x130.jpg\" alt=\"\" class=\"wp-image-6012\" width=\"380\" height=\"166\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>In one sense, it doesn’t matter whether today’s bubble unwinds in a deflationary crisis as in 1929, or in a series of protracted bear markets as in the late 60’s. The consequences for the average investor were the same. Those who blindly followed a buy-&amp;-hold strategy were devastated, both financially and psychologically. Meanwhile, those investors who recognized the dangers and took evasive action weathered the fallout – or even profited handsomely in the years that followed.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>It also matters little, if it is a bubble, what circumstance or event is blamed for “pricking” the overinflated balloon. Inevitably, the fact remains that much of the fault must lie with Wall Street itself. If not for the sirens and aggressive marketing in an overextended, overheated, overvalued bull market, then the excesses and speculation couldn’t reach such extremes. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>The purpose of this special report is not to frighten or build the case for a crash. Our sole objective is to educate. It is a dangerous, perhaps even financially fatal assumption to think the next 5 years will be a repeat of the recent past. But historical precedent cannot be ignored. The 1980’s and 90’s are not the first era where investors have been pushed away from inflation hedges, real estate, bonds, and cash. And, as revealed inside, it would not be the first such bubble created by these disinflation forces. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Only time, and 20/20 hindsight, will reveal if today’s “new era” is a mirage – merely  an old era carried to new levels of excess. Unfortunately, the symptoms are present and warning flags are flying high. <strong>Yet even if Wall Street is in a bubble destined to deflate, one must also remember that the devastation which followed the late 20’s and late 60’s created tremendous profit opportunities for those astute investors who understood and perceived what was happening. The historical perspective and evidence presented in this report serve as a vital step in that direction.</strong></p>\n<!-- /wp:paragraph -->','The New Paradigm... Era -or- Bubble?','A critical look at the unprecedented events that unfolded on Wall Street during the high-tech bubble of the late 1990s. Was it a New Era? Or was history repeating itself? What were the danger signs every investor should have known?','inherit','closed','closed','','2497-revision-v1','','','2021-03-16 02:40:03','2021-03-16 02:40:03','',2497,'https://ns2020-investech.investech.com/?p=6134',0,'revision','',0);
INSERT INTO `wp_posts` VALUES (6135,3,'2021-03-16 15:36:17','2021-03-16 15:36:17','<!-- wp:heading -->\n<h2>March 12, 2021:  The InvesTech Gorilla Index has displayed continued weakness relative to the S&amp;P 500 in recent weeks...</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>As a result, we are making the following change to the Model Fund Portfolio to further protect against the risks posed by the mega-cap momentum stocks:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p><strong>·&nbsp;&nbsp;Replace the current 6% position in Consumer Discretionary Select Sector SPDR ETF (symbol: XLY) with a 6% position in the Invesco S&amp;P 500 Equal Weight Consumer Discretionary ETF (symbol: RCD).</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Moving to an equal-weighted fund in the Consumer Discretionary space will help to address the concentration and valuation risk in Amazon and Tesla, which account for nearly 40% of the XLY ETF.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>The passage of the $1.9 trillion COVID-19 relief bill and further relaxing of COVID-19 restrictions led to gains in the S&amp;P 500 this week.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Economically-speaking, this week’s reports showed that attitudes are improving as they relate to the economy. Consumer Sentiment from the University of Michigan rose to the highest level in a year, while NFIB Small Business Optimism improved for the first time in five months.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>The technical environment remains stable, but with key areas to watch. The Gorilla Index has been our primary focus, as it continued to break down early this week. While our Gorilla Index has yet to register a warning flag, continued underperformance by these mega-cap darlings warrants watching closely.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p><strong>Strategy:&nbsp;</strong>The move to an equal-weighted Consumer Discretionary fund will help to further fortify our defenses by reducing our exposure to concentration and valuation risks. The Model Fund Portfolio remains moderately defensive with an 80% invested allocation.</p>\n<!-- /wp:paragraph -->','Model Fund Portfolio Update:  March 12, 2021','','publish','closed','closed','','portfolio-update-march-12-2021','','','2021-10-22 16:44:00','2021-10-22 22:44:00','',0,'https://ns2020-investech.investech.com/?post_type=investech-hotline&#038;p=6135',0,'investech-modelfund','',0);
INSERT INTO `wp_posts` VALUES (6136,3,'2021-03-16 15:36:17','2021-03-16 15:36:17','<!-- wp:paragraph -->\n<p><strong>The InvesTech Gorilla Index has displayed continued weakness relative to the S&amp;P 500 in recent weeks. As a result, we are making the following change to the Model Fund Portfolio to further protect against the risks posed by the mega-cap momentum stocks:</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p><strong>·  Replace the current 6% position in Consumer Discretionary Select Sector SPDR ETF (symbol: XLY) with a 6% position in the Invesco S&amp;P 500 Equal Weight Consumer Discretionary ETF (symbol: RCD).</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p><strong>Moving to an equal-weighted fund in the Consumer Discretionary space will help to address the concentration and valuation risk in Amazon and Tesla, which account for nearly 40% of the XLY ETF.</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>The passage of the $1.9 trillion COVID-19 relief bill and further relaxing of COVID-19 restrictions led to gains in the S&amp;P 500 this week.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Economically-speaking, this week’s reports showed that attitudes are improving as they relate to the economy. Consumer Sentiment from the University of Michigan rose to the highest level in a year, while NFIB Small Business Optimism improved for the first time in five months.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>The technical environment remains stable, but with key areas to watch. The Gorilla Index has been our primary focus, as it continued to break down early this week. While our Gorilla Index has yet to register a warning flag, continued underperformance by these mega-cap darlings warrants watching closely.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p><strong>Strategy: </strong>The move to an equal-weighted Consumer Discretionary fund will help to further fortify our defenses by reducing our exposure to concentration and valuation risks. The Model Fund Portfolio remains moderately defensive with an 80% invested allocation.</p>\n<!-- /wp:paragraph -->','Portfolio Update:  March 12, 2021','','inherit','closed','closed','','6135-revision-v1','','','2021-03-16 15:36:17','2021-03-16 15:36:17','',6135,'https://ns2020-investech.investech.com/?p=6136',0,'revision','',0);
INSERT INTO `wp_posts` VALUES (6141,3,'2021-03-16 15:44:59','2021-03-16 15:44:59','<!-- wp:paragraph -->\n<p>The InvesTech Gorilla Index has displayed continued weakness relative to the S&amp;P 500 in recent weeks. As a result, we are making the following change to the Model Fund Portfolio to further protect against the risks posed by the mega-cap momentum stocks:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p><strong>·&nbsp;&nbsp;Replace the current 6% position in Consumer Discretionary Select Sector SPDR ETF (symbol: XLY) with a 6% position in the Invesco S&amp;P 500 Equal Weight Consumer Discretionary ETF (symbol: RCD).</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Moving to an equal-weighted fund in the Consumer Discretionary space will help to address the concentration and valuation risk in Amazon and Tesla, which account for nearly 40% of the XLY ETF.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>The passage of the $1.9 trillion COVID-19 relief bill and further relaxing of COVID-19 restrictions led to gains in the S&amp;P 500 this week.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Economically-speaking, this week’s reports showed that attitudes are improving as they relate to the economy. Consumer Sentiment from the University of Michigan rose to the highest level in a year, while NFIB Small Business Optimism improved for the first time in five months.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>The technical environment remains stable, but with key areas to watch. The Gorilla Index has been our primary focus, as it continued to break down early this week. While our Gorilla Index has yet to register a warning flag, continued underperformance by these mega-cap darlings warrants watching closely.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p><strong>Strategy:&nbsp;</strong>The move to an equal-weighted Consumer Discretionary fund will help to further fortify our defenses by reducing our exposure to concentration and valuation risks. The Model Fund Portfolio remains moderately defensive with an 80% invested allocation.</p>\n<!-- /wp:paragraph -->','Portfolio Update:  March 12, 2021','','inherit','closed','closed','','6135-revision-v1','','','2021-03-16 15:44:59','2021-03-16 15:44:59','',6135,'https://ns2020-investech.investech.com/?p=6141',0,'revision','',0);
INSERT INTO `wp_posts` VALUES (6143,1,'2021-03-16 17:59:30','2021-03-16 17:59:30','<!-- wp:heading -->\n<h2>Strategy and Performance</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>As an investor in today’s volatile markets, you naturally have questions about our strategy and the historical performance of our Model Portfolio. Over the past 40 years, InvesTech has earned a widely respected reputation for our objective analysis and safety-first investment philosophy. While profits are important, we know that earning profits is only half the picture. Preserving one’s portfolio (and profits) through a severe bear market like 2000-02 or 2007-09 can make the difference between a comfortable retirement or financial disaster.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:columns -->\n<div class=\"wp-block-columns\"><!-- wp:column -->\n<div class=\"wp-block-column\"><!-- wp:paragraph -->\n<p>InvesTech\'s time-proven strategy involves measuring market risk – and taking maximum advantage of those investment opportunities when risk is the lowest. Our objective is to contain losses in a bear market to less than half of the decline of the broad market averages and to capture at least 80% of the upside during bull markets. Historically, we have been successful in achieving this goal which not only outperforms market averages over the long-term, but also significantly reduces volatility.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>Hulbert Ranking</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>The final issue of the Hulbert Financial Digest, published in February 2016, included the ranking of top mutual fund newsletters and showed that InvesTech Research was #1 in long-term performance –both for risk adjusted and unadjusted performance– with an annualized gain of 8.7% per year… almost double the Wilshire 5000\'s annual return over the same period.</p>\n<!-- /wp:paragraph --></div>\n<!-- /wp:column --></div>\n<!-- /wp:columns -->\n\n<!-- wp:image {\"align\":\"center\",\"id\":4522,\"width\":768,\"height\":394,\"sizeSlug\":\"large\"} -->\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large is-resized\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2020/11/Hulbert-1024x525.png\" alt=\"Clipping from Hulbert Financial Digest ranking InvesTech against other top mutual fund newsletters.\" class=\"wp-image-4522\" width=\"768\" height=\"394\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:heading -->\n<h2><strong>InvesTech’s Performance (2000 – current)</strong></h2>\n<!-- /wp:heading -->\n\n<!-- wp:image {\"align\":\"right\",\"id\":5840,\"width\":403,\"height\":512,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignright size-large is-resized\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/itperfgraph-806x1024.jpg\" alt=\"\" class=\"wp-image-5840\" width=\"403\" height=\"512\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>Back-to-back devastating bear markets in 2000-02 and 2007-09 have left most investors questioning the viability of a buy-and-hold strategy. At InvesTech we do not follow a buy-and-hold investment philosophy. Instead, we adjust equity exposure according to our assessment of market risk. This judgment is made based on InvesTech\'s time-tested proprietary technical indicators, historical analysis, and current economic and political forces.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Our safety-first investment philosophy led investors safely through the bear market of 2000-02. During this period, our defensive holdings and high-cash position protected subscribers from devastating bear market losses and kept our Model Portfolio essentially intact. In the 2007-09 bear market we achieved our objective of limiting losses to less than half the decline of the market averages (graph at right). In April 2009, just weeks after the official bear market low, we once again began increasing our invested allocation in anticipation of a new bull market. Since January 2000, the InvesTech Model Portfolio has gained 440.6%, while the S&amp;P 500 is up only 283.9% (including dividends). During the period January 1, 2000 through September 30, 2020, annualized performance of the InvesTech Model Portfolio was +8.4% compared to the S&amp;P 500 Total Return Index gain of +6.6%.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>During the Bubble Years (1996-1999)</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>InvesTech’s technical indicators were among the first to confirm the U.S. stock market had embarked on a dangerous valuation bubble. That placed our safety-first philosophy in direct conflict with the mania on Wall Street. We made a very difficult decision during this period to step aside from the bubble. While we did not track our Model Portfolio performance prior to 2000, Hulbert Financial Digest data showed our total return for 1996 closely approximated that of a money market fund.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>In defense of our high-cash position, we do not come across bubbles every day on Wall Street. This one, along with 1929, had been the only two clearly definable bubbles of the century. While we have developed new technical tools that will, hopefully, allow us to take part in and profit from similar situations in the future, we will never abandon the principles of our safety-first philosophy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>Performance Prior to the Bubble (pre-1996)</h2>\n<!-- /wp:heading -->\n\n<!-- wp:columns -->\n<div class=\"wp-block-columns\"><!-- wp:column {\"width\":\"66.66%\"} -->\n<div class=\"wp-block-column\" style=\"flex-basis:66.66%\"><!-- wp:paragraph -->\n<p>In 1996, InvesTech was recognized as one of only six financial advisory newsletters to have beaten the market on a risk-adjusted basis since inception in the early 1980s. And an October 1995 Forbes article described InvesTech’s long-term portfolio performance as “more or less impervious to declines.”</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>The reason is simple: InvesTech has an established reputation for maximizing safety-first profits. But reducing risk from major bear markets can be even more important, as shown in 1987 when InvesTech received widespread recognition from USA Today, The Washington Post, and Los Angeles Times for moving to a 100% cash position just prior to the October Crash.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>As an experienced investor, you must decide what performance means to you. Someone who is willing to wait 10 years or more to recover after losing two-thirds of their portfolio in a generational bear market, may not agree with our safety-first approach. On the other hand, if you have a deep respect for market risk and the impact that a devastating bear market can have on your portfolio or emotional well-being, then InvesTech Research offers what you are looking for… a risk-averse strategy and the ability to identify and take advantage of the best profit opportunities when they appear.</p>\n<!-- /wp:paragraph --></div>\n<!-- /wp:column -->\n\n<!-- wp:column {\"width\":\"33.33%\"} -->\n<div class=\"wp-block-column\" style=\"flex-basis:33.33%\"><!-- wp:image {\"id\":5838,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/perf-table-533x1024.jpg\" alt=\"\" class=\"wp-image-5838\"/></figure>\n<!-- /wp:image --></div>\n<!-- /wp:column --></div>\n<!-- /wp:columns -->\n\n<!-- wp:separator {\"className\":\"is-style-dots\"} -->\n<hr class=\"wp-block-separator is-style-dots\"/>\n<!-- /wp:separator -->\n\n<!-- wp:paragraph -->\n<p>Also available to read in PDF format.  Download the PDF.</p>\n<!-- /wp:paragraph -->','Model Fund Portfolio Performance','As an investor in today’s volatile markets, you naturally have questions about our strategy and the historical performance of our Model Portfolio. ','inherit','closed','closed','','5821-revision-v1','','','2021-03-16 17:59:30','2021-03-16 17:59:30','',5821,'https://ns2020-investech.investech.com/?p=6143',0,'revision','',0);
INSERT INTO `wp_posts` VALUES (6148,1,'2021-03-17 03:37:13','2021-03-17 03:37:13','<!-- wp:columns {\"verticalAlignment\":\"center\"} -->\n<div class=\"wp-block-columns are-vertically-aligned-center\"><!-- wp:column {\"verticalAlignment\":\"center\",\"width\":\"33.33%\"} -->\n<div class=\"wp-block-column is-vertically-aligned-center\" style=\"flex-basis:33.33%\"><!-- wp:heading -->\n<h2>Subscriber Resources and Tools</h2>\n<!-- /wp:heading --></div>\n<!-- /wp:column -->\n\n<!-- wp:column {\"verticalAlignment\":\"center\",\"width\":\"66.66%\"} -->\n<div class=\"wp-block-column is-vertically-aligned-center\" style=\"flex-basis:66.66%\"><!-- wp:paragraph -->\n<p>InvesTech financial resources and proprietary tools provide up-to-date information on our market outlook, changes in key market indicators, as well as Model Fund recommendations.</p>\n<!-- /wp:paragraph --></div>\n<!-- /wp:column --></div>\n<!-- /wp:columns -->\n\n<!-- wp:group {\"className\":\"toolboxed\"} -->\n<div class=\"wp-block-group toolboxed\"><div class=\"wp-block-group__inner-container\"><!-- wp:columns {\"verticalAlignment\":\"top\"} -->\n<div class=\"wp-block-columns are-vertically-aligned-top\"><!-- wp:column {\"verticalAlignment\":\"top\"} -->\n<div class=\"wp-block-column is-vertically-aligned-top\"><!-- wp:image {\"id\":4934,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2020/12/pub-icon.svg\" alt=\"Publications\" class=\"wp-image-4934\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Publications</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>The latest InvesTech Market Newsletter and Interim Bulletins.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:buttons -->\n<div class=\"wp-block-buttons\"><!-- wp:button {\"className\":\"is-style-default\"} -->\n<div class=\"wp-block-button is-style-default\"><a class=\"wp-block-button__link\">Read Publications</a></div>\n<!-- /wp:button --></div>\n<!-- /wp:buttons --></div>\n<!-- /wp:column -->\n\n<!-- wp:column {\"verticalAlignment\":\"top\"} -->\n<div class=\"wp-block-column is-vertically-aligned-top\"><!-- wp:image {\"id\":5759,\"height\":75,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large is-resized\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/02/knight.svg\" alt=\"\" class=\"wp-image-5759\" height=\"75\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Investech Indicators</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Stay ahead of the curve with our proprietary market indicators.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:buttons -->\n<div class=\"wp-block-buttons\"><!-- wp:button -->\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link\">Track Indicators</a></div>\n<!-- /wp:button --></div>\n<!-- /wp:buttons --></div>\n<!-- /wp:column -->\n\n<!-- wp:column {\"verticalAlignment\":\"top\"} -->\n<div class=\"wp-block-column is-vertically-aligned-top\"><!-- wp:image {\"id\":5490,\"height\":75,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large is-resized\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/02/mutual-fund-port.svg\" alt=\"\" class=\"wp-image-5490\" height=\"75\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Model Fund Portfolio</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Track our Model Fund Portfolio and analysis.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:buttons -->\n<div class=\"wp-block-buttons\"><!-- wp:button -->\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link\">View the Portfolio</a></div>\n<!-- /wp:button --></div>\n<!-- /wp:buttons --></div>\n<!-- /wp:column --></div>\n<!-- /wp:columns -->\n\n<!-- wp:columns {\"verticalAlignment\":\"top\"} -->\n<div class=\"wp-block-columns are-vertically-aligned-top\"><!-- wp:column {\"verticalAlignment\":\"top\"} -->\n<div class=\"wp-block-column is-vertically-aligned-top\"><!-- wp:image {\"id\":4931,\"height\":75,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large is-resized\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2020/12/fin-data-icon.svg\" alt=\"\" class=\"wp-image-4931\" height=\"75\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Daily Data</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Access a wide range of stock market metrics and short term indicators.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:buttons -->\n<div class=\"wp-block-buttons\"><!-- wp:button -->\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link\">Get Updates</a></div>\n<!-- /wp:button --></div>\n<!-- /wp:buttons --></div>\n<!-- /wp:column -->\n\n<!-- wp:column {\"verticalAlignment\":\"top\"} -->\n<div class=\"wp-block-column is-vertically-aligned-top\"><!-- wp:image {\"id\":5760,\"height\":75,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large is-resized\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/02/library-1.svg\" alt=\"\" class=\"wp-image-5760\" height=\"75\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Subscriber Library</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Curated archive from past publications.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:buttons -->\n<div class=\"wp-block-buttons\"><!-- wp:button -->\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link\">Explore Archives</a></div>\n<!-- /wp:button --></div>\n<!-- /wp:buttons --></div>\n<!-- /wp:column -->\n\n<!-- wp:column {\"verticalAlignment\":\"top\"} -->\n<div class=\"wp-block-column is-vertically-aligned-top\"><!-- wp:image {\"id\":5761,\"height\":75,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large is-resized\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/02/calendar.svg\" alt=\"\" class=\"wp-image-5761\" height=\"75\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Publication Calendar</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Our calendar is updated in December; Issues are published twice monthly.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:buttons -->\n<div class=\"wp-block-buttons\"><!-- wp:button -->\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link\">View Calendar</a></div>\n<!-- /wp:button --></div>\n<!-- /wp:buttons --></div>\n<!-- /wp:column --></div>\n<!-- /wp:columns --></div></div>\n<!-- /wp:group -->\n\n<!-- wp:paragraph {\"align\":\"center\"} -->\n<p class=\"has-text-align-center\"><strong>We’re here to assist you.</strong><br>Call to our office at 406-862-7777 (Monday-Friday, 8:30am-5pm Mountain Time).</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:block {\"ref\":5238} /-->\n\n<!-- wp:group {\"className\":\"wall-to-wall neutral-warm\"} -->\n<div class=\"wp-block-group wall-to-wall neutral-warm\"><div class=\"wp-block-group__inner-container\"><!-- wp:block {\"ref\":5343} /-->\n\n<!-- wp:columns {\"verticalAlignment\":\"center\"} -->\n<div class=\"wp-block-columns are-vertically-aligned-center\"><!-- wp:column {\"verticalAlignment\":\"center\",\"width\":\"66.66%\"} -->\n<div class=\"wp-block-column is-vertically-aligned-center\" style=\"flex-basis:66.66%\"><!-- wp:heading -->\n<h2>Make the most of your subscriber access to<br>InvesTech Research and Tools</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>InvesTech Research capabilities permit analysis of the Federal Reserve, economy, and stock market that is virtually unparalleled on or off Wall Street. This research and analysis is made available to subscribers through the InvesTech Research Market Newsletter, as well as the InvesTech Interim Bulletin. Each issue of InvesTech attempts to answer not just where the market is heading, but why – and also focuses on investment strategy and portfolio allocation, including specific exchange-traded fund (ETF) and mutual fund recommendations.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>We have created a step-by-step guide to using InvesTech’s “safety-first” strategy to enable you to get the most out of your subscription.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Learn more in our <a href=\"https://ns2020-investech.investech.com/subscriber-library/investechs-personal-profit-guide/\">InvesTech Personal Profit Guide.</a></p>\n<!-- /wp:paragraph --></div>\n<!-- /wp:column -->\n\n<!-- wp:column {\"verticalAlignment\":\"center\",\"width\":\"33.33%\"} -->\n<div class=\"wp-block-column is-vertically-aligned-center\" style=\"flex-basis:33.33%\"><!-- wp:paragraph -->\n<p><strong>Share the financial research and insight you trust.</strong> Refer a friend and add two additional issues FREE to your subscription term when they subscribe.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:buttons -->\n<div class=\"wp-block-buttons\"><!-- wp:button {\"className\":\"is-style-high-impact\"} -->\n<div class=\"wp-block-button is-style-high-impact\"><a class=\"wp-block-button__link\">Share with a Friend</a></div>\n<!-- /wp:button --></div>\n<!-- /wp:buttons --></div>\n<!-- /wp:column --></div>\n<!-- /wp:columns -->\n\n<!-- wp:block {\"ref\":5343} /--></div></div>\n<!-- /wp:group -->\n\n<!-- wp:block {\"ref\":5546} /-->\n\n<!-- wp:block {\"ref\":5238} /-->\n\n<!-- wp:heading -->\n<h2>Explore the Subscriber Library</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Curated articles from our publication archive.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:acf/subscriber-content-teaser {\n    \"id\": \"block_604bb05a5584e\",\n    \"name\": \"acf\\/subscriber-content-teaser\",\n    \"data\": {\n        \"post_to_show\": \"\",\n        \"_post_to_show\": \"field_5f2aeab7381f9\",\n        \"post_type_to_show\": \"investech-library\",\n        \"_post_type_to_show\": \"field_5f2aec3f2eccd\",\n        \"number_to_show\": \"3\",\n        \"_number_to_show\": \"field_5f2aec6a2ecce\"\n    },\n    \"align\": \"\",\n    \"mode\": \"edit\"\n} /-->\n\n<!-- wp:group {\"className\":\"wall-to-wall neutral-warm\"} -->\n<div class=\"wp-block-group wall-to-wall neutral-warm\"><div class=\"wp-block-group__inner-container\"><!-- wp:block {\"ref\":5343} /-->\n\n<!-- wp:columns -->\n<div class=\"wp-block-columns\"><!-- wp:column -->\n<div class=\"wp-block-column\"><!-- wp:heading -->\n<h2>About InvesTech Research</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Dedicated to bringing sophisticated analysis of the stock market to the average investor, InvesTech Research began national circulation of its Narket Newsletter in December 1982. Today, InvesTech publishes the InvesTech Research Market Newsletter, and the Interim Bulletin, which has earned widespread recognition for its time-proven risk allocation strategy, as well as its in-depth analysis of the Federal Reserve. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p><a href=\"https://ns2020-investech.investech.com/james-stack-team/\">Learn more about us here.</a></p>\n<!-- /wp:paragraph --></div>\n<!-- /wp:column -->\n\n<!-- wp:column -->\n<div class=\"wp-block-column\"><!-- wp:image {\"id\":2230,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2020/07/Webcam-1-1024x576.jpg\" alt=\"\" class=\"wp-image-2230\"/><figcaption>Looking north from our office, we have an incredible view of Big Mountain, which stands just west of Glacier National Park and is part of the Flathead National Forest. View our live webcam, weather and daylight permitting. If the clouds have rolled in, then you can also browse some of our favorite photos taken on nicer days.</figcaption></figure>\n<!-- /wp:image --></div>\n<!-- /wp:column --></div>\n<!-- /wp:columns -->\n\n<!-- wp:block {\"ref\":5343} /--></div></div>\n<!-- /wp:group -->','Home','','inherit','closed','closed','','4-revision-v1','','','2021-03-17 03:37:13','2021-03-17 03:37:13','',4,'https://ns2020-investech.investech.com/?p=6148',0,'revision','',0);
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INSERT INTO `wp_posts` VALUES (17108,2,'2023-03-02 16:28:42','2023-03-02 22:28:42','<!-- wp:group {\"className\":\"wall-to-wall\"} -->\n<div class=\"wp-block-group wall-to-wall\"><!-- wp:heading -->\n<h2>InvesTech Research Career Opportunities</h2>\n<!-- /wp:heading -->\n\n<!-- wp:columns -->\n<div class=\"wp-block-columns\"><!-- wp:column -->\n<div class=\"wp-block-column\"><!-- wp:paragraph {\"align\":\"left\"} -->\n<p class=\"has-text-align-left\">Our team is comprised of dedicated professionals who thrive in a high-energy, team-oriented work environment and culture of excellence. We are proud of InvesTech’s unsurpassed monetary and technical research, and analytical ability to identify some of the highest risk periods in Wall Street’s history including the 2005 Housing Bubble, the 2000 Tech Bubble and the 1987 Crash. We provide insightful economic and stock market analysis to a subscriber base that encompasses both the novice and seasoned investor, as well as respected media. 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INSERT INTO `wp_posts` VALUES (17107,2,'2023-03-02 16:28:16','2023-03-02 22:28:16','<!-- wp:group {\"className\":\"wall-to-wall\"} -->\n<div class=\"wp-block-group wall-to-wall\"><!-- wp:heading -->\n<h2>InvesTech Research Career Opportunities</h2>\n<!-- /wp:heading -->\n\n<!-- wp:columns -->\n<div class=\"wp-block-columns\"><!-- wp:column -->\n<div class=\"wp-block-column\"><!-- wp:paragraph {\"align\":\"left\"} -->\n<p class=\"has-text-align-left\">Our team is comprised of dedicated professionals who thrive in a high-energy, team-oriented work environment and culture of excellence. We are proud of InvesTech’s unsurpassed monetary and technical research, and analytical ability to identify some of the highest risk periods in Wall Street’s history including the 2005 Housing Bubble, the 2000 Tech Bubble and the 1987 Crash. We provide insightful economic and stock market analysis to a subscriber base that encompasses both the novice and seasoned investor, as well as respected media. 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