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INSERT INTO `wp_posts` VALUES (17103,2,'2023-03-02 16:06:21','2023-03-02 22:06:21','<!-- wp:heading {\"level\":3} -->\n<h3 id=\"committed-to-helping-investors-increase-profits-and-reduce-risk\">Committed to Helping Investors Increase Profits and Reduce Risk</h3>\n<!-- /wp:heading -->\n\n<!-- wp:media-text {\"mediaId\":10736,\"mediaLink\":\"https://ns2020-investech.investech.com/philosophy/philosophy-2/\",\"mediaType\":\"image\"} -->\n<div class=\"wp-block-media-text alignwide is-stacked-on-mobile\"><figure class=\"wp-block-media-text__media\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/08/Philosophy.png\" alt=\"\" class=\"wp-image-10736 size-full\"/></figure><div class=\"wp-block-media-text__content\"><!-- wp:paragraph -->\n<p>Dedicated to bringing sophisticated analysis of the stock market to the average investor, InvesTech Research began national circulation of its market letter in December 1982. Today, InvesTech\'s monthly publication, <em>InvesTech Research</em> newsletter, has earned widespread recognition for its time-proven risk allocation strategy, as well as in-depth analysis of the Federal Reserve. From its unique blending of monetary and technical analysis to sector and asset allocation recommendations, InvesTech presents unbiased advice and a valuable perspective.</p>\n<!-- /wp:paragraph --></div></div>\n<!-- /wp:media-text -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"insights-that-stand-the-test-of-time\">Insights That Stand the Test of Time</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>InvesTech maintains over 120 years of financial and historical market data, and has proven to be remarkably accurate at assessing market risk and advising subscribers when to be most bullish and when to be more cautious.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"id\":12092,\"width\":1024,\"height\":681,\"sizeSlug\":\"large\",\"linkDestination\":\"none\",\"className\":\"image-zoom\"} -->\n<figure class=\"wp-block-image size-large is-resized image-zoom\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2020/06/blue-mtn-shutterstock_35371720-1024x681.jpg\" alt=\"\" class=\"wp-image-12092\" width=\"1024\" height=\"681\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"your-guide-to-safety-first-profits\">Your Guide to “Safety-First” Profits</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>InvesTech earned widespread recognition as one of only a handful of research services to warn of imminent danger prior to Black Monday on October 19, 1987. In 1991 InvesTech published its <em>\"TORO… TORO…\"</em> issue, just<strong> 10 days before</strong> the January stock market blast-off. And during the late 1990s, InvesTech consistently cautioned investors about the dangers of the speculative bubble gripping Wall Street. InvesTech’s <strong>safety-first investment philosophy</strong> led investors safely through the bear market of 2000-02, plus limited losses to half of the market decline in the 2007-2009. In March 2009, just 4 days after the bear market bottom, InvesTech boldly advised investors that they were <em>“heading toward a buying opportunity of a lifetime!”</em></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>This distinctive approach to market analysis has led to InvesTech being frequently quoted in Barron\'s, Business Week, Forbes, Money Magazine, Worth, U.S. News &amp; World Report, USA Today, and The Wall Street Journal (visit <a href=\"https://ns2020-investech.investech.com/in-the-news/\">In The News</a> to read specific articles). In 1996 Mark Hulbert (editor of the Hulbert Financial Digest) recognized InvesTech \"as one of only 6 newsletters that have beaten the market on a risk-adjusted basis since inception over 10 years ago.\" </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":1,\"textColor\":\"maroon\"} -->\n<h1 class=\"has-maroon-color has-text-color\" id=\"investech-research-throughout-the-years\">NEEDED - INVESTECH RESEARCH THROUGHOUT THE YEARS</h1>\n<!-- /wp:heading -->\n\n<!-- wp:shortcode -->\n[smartslider3 slider=\"3\"]\n<!-- /wp:shortcode -->\n\n<!-- wp:group {\"className\":\"wall-to-wall neutral-warm\"} -->\n<div class=\"wp-block-group wall-to-wall neutral-warm\"><!-- wp:group {\"className\":\"max-wrap-80\"} -->\n<div class=\"wp-block-group max-wrap-80\"><!-- wp:group -->\n<div class=\"wp-block-group\"><!-- wp:paragraph {\"className\":\"red-caps growth icon\"} -->\n<p class=\"red-caps growth icon\"><strong>From the Desk of Jim Stack</strong></p>\n<!-- /wp:paragraph --></div>\n<!-- /wp:group -->\n\n<!-- wp:heading {\"textAlign\":\"left\"} -->\n<h2 class=\"has-text-align-left\" id=\"Philosophy\">A Philosophy Based on Experience</h2>\n<!-- /wp:heading -->\n\n<!-- wp:image {\"align\":\"left\",\"id\":9139,\"width\":336,\"height\":507,\"sizeSlug\":\"large\",\"linkDestination\":\"none\",\"className\":\"push-left\"} -->\n<figure class=\"wp-block-image alignleft size-large is-resized push-left\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/07/JBS-new-web.jpg\" alt=\"\" class=\"wp-image-9139\" width=\"336\" height=\"507\"/><figcaption class=\"wp-element-caption\"><strong>James Stack</strong><br>Founder and President, InvesTech Research</figcaption></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph {\"align\":\"left\"} -->\n<p class=\"has-text-align-left\">Over the years, at least three doctrines have influenced and created my personal investment philosophy. These carry a heavy weight in all my investment decisions.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4,\"className\":\"unclear\"} -->\n<h4 class=\"unclear\" id=\"my-indoctrination-into-the-stock-market-or-baptism-by-fire-as-i-remember-it\">My indoctrination into the stock market, or \"baptism by fire\" as I remember it:</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>It came during 1973-74 as I watched my own portfolio lose over -50%, the Nasdaq Index lose -60%, and even the stock of my bluest-of-blue chip employer (IBM) drop -58%. I also remember the despair as retirees were forced to cancel or reverse their retirement plans simply because their portfolios had lost too much. I have unending respect for those little \"blips\" on historical wall charts. They represent real bear markets, with big losses. And believe me, they\'re a lot tougher to recoup than the stories portrayed by mutual funds, asset allocators, and the media.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4,\"className\":\"unclear\"} -->\n<h4 class=\"unclear\" id=\"1-educational-and-professional-background-based-on-logic-and-reason\">1. Educational and professional background based on logic and reason</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>With an engineering degree and experience as a Project Manager with IBM Research, my approach to the markets could only be analytical, rather than emotional. That can be a valuable asset in an aging bull market fueled by greed and emotion… or in a bear market seized by panic.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4} -->\n<h4 id=\"2-historical-knowledge-founded-on-years-of-research\">2. Historical knowledge founded on years of research</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>I know from research that the \"correct\" decisions on Wall Street invariably require you to move against the crowd… and at times, against every emotional fiber in your body. It was this historical tempering that permitted InvesTech to identify the start of the huge 1991-2000 bull market (our issue titled <em>\"TORO! TORO!\"</em> was published on January 4, 1991) and propelled us to advise subscribers in March 2009, just 4 days after the bear market bottom, that they were \"heading toward a buying opportunity of a lifetime.\" Conversely, it is that same tempering that forced us to step aside early, and avoid the Wall Street bubble as it popped in March 2000… devastating the average investor.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4} -->\n<h4 id=\"3-our-consideration-and-respect-for-our-subscribers\">3. Our consideration and respect for our subscribers</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Surveys show the median age of our subscriber base is 57 years. That means most are in, or within a dozen years of, retirement. It\'s not enough for one to ride down a major bear market with a loss of -45%, and feel \"good\" because the S&amp;P 500 lost -50% or more. In that respect, we are not part of the Wall Street crowd or consensus.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Our goal is not merely to maximize return, but to maximize risk-adjusted-return... or provide the best possible gains for the amount of market risk taken. Our long-term track record, especially during the 1987 Crash, and 2000-02 and 2007-09 Bear Markets, has proven an ability to do just that.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>In our ongoing commitment to our subscribers, the staff at InvesTech Research is consistently looking for new tools and models to measure risk and determine when and when not to be an aggressive investor in the stock market. We will always try to improve our investment returns. However, you will never see us sacrifice our objective, safety-first strategy for the sake of a quick profit or the comfort of merely being a part of the crowd.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Sincerely,</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"id\":6180,\"width\":325,\"height\":44,\"sizeSlug\":\"large\",\"linkDestination\":\"none\",\"className\":\"multiply\"} -->\n<figure class=\"wp-block-image size-large is-resized multiply\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/JBS.png\" alt=\"\" class=\"wp-image-6180\" width=\"325\" height=\"44\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>James B. Stack<br>President</p>\n<!-- /wp:paragraph --></div>\n<!-- /wp:group --></div>\n<!-- /wp:group -->\n\n<!-- wp:heading {\"level\":1,\"textColor\":\"maroon\"} -->\n<h1 class=\"has-maroon-color has-text-color\">NEEDED - INVESTECH RESOURCES SLIDER</h1>\n<!-- /wp:heading -->','About Us','','inherit','closed','closed','','777-revision-v1','','','2023-03-02 16:06:21','2023-03-02 22:06:21','',777,'https://ns2020-investech.investech.com/?p=17103',0,'revision','',0);
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INSERT INTO `wp_posts` VALUES (16933,2,'2023-02-28 12:01:59','2023-02-28 18:01:59','<!-- wp:paragraph -->\n<p>Text of text body.</p>\n<!-- /wp:paragraph -->','B.P., San Juan Capistrano, CA','\"You have the discipline of a seasoned technician, but you also have the insight of a brilliant theoretician. That is a very rare combination. You have made use a lot of money, but you have saved us even more.\"','draft','closed','closed','','title-goes-here','','','2023-04-26 09:10:29','2023-04-26 15:10:29','',0,'https://ns2020-investech.investech.com/?p=16933',0,'post','',0);
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INSERT INTO `wp_posts` VALUES (16934,2,'2023-02-28 12:01:59','2023-02-28 18:01:59','<!-- wp:pullquote -->\n<figure class=\"wp-block-pullquote\"><blockquote><p>You have made us a lot of money, but you have saved us even more.</p><cite>\"You have the discipline of a seasoned technician, but you also have the insight of a brilliant theoretician. That is a very rare combination. You have made us a lot of money, but you have saved us even more.\"</cite></blockquote></figure>\n<!-- /wp:pullquote -->','Title Goes Here','','inherit','closed','closed','','16933-revision-v1','','','2023-02-28 12:01:59','2023-02-28 18:01:59','',16933,'https://ns2020-investech.investech.com/?p=16934',0,'revision','',0);
INSERT INTO `wp_posts` VALUES (16961,2,'2023-02-28 12:40:27','2023-02-28 18:40:27','<!-- wp:query {\"queryId\":44,\"query\":{\"perPage\":\"1\",\"pages\":0,\"offset\":0,\"postType\":\"post\",\"order\":\"desc\",\"orderBy\":\"date\",\"author\":\"\",\"search\":\"\",\"exclude\":[],\"sticky\":\"\",\"inherit\":false,\"taxQuery\":{\"category\":[129]}},\"displayLayout\":{\"type\":\"list\",\"columns\":2}} -->\n<div class=\"wp-block-query\"><!-- wp:post-template -->\n<!-- wp:post-title /-->\n\n<!-- wp:post-excerpt /-->\n<!-- /wp:post-template -->\n\n<!-- wp:query-pagination {\"align\":\"center\"} -->\n<!-- wp:query-pagination-previous /-->\n\n<!-- wp:query-pagination-next /-->\n<!-- /wp:query-pagination -->\n\n<!-- wp:query-no-results -->\n<!-- wp:paragraph {\"placeholder\":\"Add text or blocks that will display when a query returns no results.\"} -->\n<p></p>\n<!-- /wp:paragraph -->\n<!-- /wp:query-no-results --></div>\n<!-- /wp:query -->','Test - Ap','','inherit','closed','closed','','16127-revision-v1','','','2023-02-28 12:40:27','2023-02-28 18:40:27','',16127,'https://ns2020-investech.investech.com/?p=16961',0,'revision','',0);
INSERT INTO `wp_posts` VALUES (16903,2,'2023-02-28 11:36:22','2023-02-28 17:36:22','<!-- wp:heading {\"level\":3} -->\n<h3 id=\"committed-to-helping-investors-increase-profits-and-reduce-risk\">Committed to Helping Investors Increase Profits and Reduce Risk</h3>\n<!-- /wp:heading -->\n\n<!-- wp:media-text {\"mediaId\":10736,\"mediaLink\":\"https://ns2020-investech.investech.com/philosophy/philosophy-2/\",\"mediaType\":\"image\"} -->\n<div class=\"wp-block-media-text alignwide is-stacked-on-mobile\"><figure class=\"wp-block-media-text__media\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/08/Philosophy.png\" alt=\"\" class=\"wp-image-10736 size-full\"/></figure><div class=\"wp-block-media-text__content\"><!-- wp:paragraph -->\n<p>Dedicated to bringing sophisticated analysis of the stock market to the average investor, InvesTech Research began national circulation of its market letter in December 1982. Today, InvesTech\'s monthly publication, <em>InvesTech Research</em> newsletter, has earned widespread recognition for its time-proven risk allocation strategy, as well as in-depth analysis of the Federal Reserve. From its unique blending of monetary and technical analysis to sector and asset allocation recommendations, InvesTech presents unbiased advice and a valuable perspective.</p>\n<!-- /wp:paragraph --></div></div>\n<!-- /wp:media-text -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"insights-that-stand-the-test-of-time\">Insights That Stand the Test of Time</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>InvesTech maintains over 120 years of financial and historical market data, and has proven to be remarkably accurate at assessing market risk and advising subscribers when to be most bullish and when to be more cautious.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"id\":12092,\"width\":1024,\"height\":681,\"sizeSlug\":\"large\",\"linkDestination\":\"none\",\"className\":\"image-zoom\"} -->\n<figure class=\"wp-block-image size-large is-resized image-zoom\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2020/06/blue-mtn-shutterstock_35371720-1024x681.jpg\" alt=\"\" class=\"wp-image-12092\" width=\"1024\" height=\"681\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"your-guide-to-safety-first-profits\">Your Guide to “Safety-First” Profits</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>InvesTech earned widespread recognition as one of only a handful of research services to warn of imminent danger prior to Black Monday on October 19, 1987. In 1991 InvesTech published its <em>\"TORO… TORO…\"</em> issue, just<strong> 10 days before</strong> the January stock market blast-off. And during the late 1990s, InvesTech consistently cautioned investors about the dangers of the speculative bubble gripping Wall Street. InvesTech’s <strong>safety-first investment philosophy</strong> led investors safely through the bear market of 2000-02, plus limited losses to half of the market decline in the 2007-2009. In March 2009, just 4 days after the bear market bottom, InvesTech boldly advised investors that they were <em>“heading toward a buying opportunity of a lifetime!”</em></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>This distinctive approach to market analysis has led to InvesTech being frequently quoted in Barron\'s, Business Week, Forbes, Money Magazine, Worth, U.S. News &amp; World Report, USA Today, and The Wall Street Journal (visit <a href=\"https://ns2020-investech.investech.com/in-the-news/\">In The News</a> to read specific articles). In 1996 Mark Hulbert (editor of the Hulbert Financial Digest) recognized InvesTech \"as one of only 6 newsletters that have beaten the market on a risk-adjusted basis since inception over 10 years ago.\" </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"investech-research-throughout-the-years\">InvesTech Research Throughout the Years</h3>\n<!-- /wp:heading -->\n\n<!-- wp:block {\"ref\":13094} /-->\n\n<!-- wp:group {\"className\":\"wall-to-wall neutral-warm\"} -->\n<div class=\"wp-block-group wall-to-wall neutral-warm\"><!-- wp:group {\"className\":\"max-wrap-80\"} -->\n<div class=\"wp-block-group max-wrap-80\"><!-- wp:group -->\n<div class=\"wp-block-group\"><!-- wp:paragraph {\"className\":\"red-caps growth icon\"} -->\n<p class=\"red-caps growth icon\"><strong>From the Desk of Jim Stack</strong></p>\n<!-- /wp:paragraph --></div>\n<!-- /wp:group -->\n\n<!-- wp:heading {\"textAlign\":\"left\"} -->\n<h2 class=\"has-text-align-left\" id=\"Philosophy\">A Philosophy Based on Experience</h2>\n<!-- /wp:heading -->\n\n<!-- wp:image {\"align\":\"left\",\"id\":9139,\"width\":336,\"height\":507,\"sizeSlug\":\"large\",\"linkDestination\":\"none\",\"className\":\"push-left\"} -->\n<figure class=\"wp-block-image alignleft size-large is-resized push-left\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/07/JBS-new-web.jpg\" alt=\"\" class=\"wp-image-9139\" width=\"336\" height=\"507\"/><figcaption class=\"wp-element-caption\"><strong>James Stack</strong><br>Founder and President, InvesTech Research</figcaption></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph {\"align\":\"left\"} -->\n<p class=\"has-text-align-left\">Over the years, at least three doctrines have influenced and created my personal investment philosophy. These carry a heavy weight in all my investment decisions.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4,\"className\":\"unclear\"} -->\n<h4 class=\"unclear\" id=\"my-indoctrination-into-the-stock-market-or-baptism-by-fire-as-i-remember-it\">My indoctrination into the stock market, or \"baptism by fire\" as I remember it:</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>It came during 1973-74 as I watched my own portfolio lose over -50%, the Nasdaq Index lose -60%, and even the stock of my bluest-of-blue chip employer (IBM) drop -58%. I also remember the despair as retirees were forced to cancel or reverse their retirement plans simply because their portfolios had lost too much. I have unending respect for those little \"blips\" on historical wall charts. They represent real bear markets, with big losses. And believe me, they\'re a lot tougher to recoup than the stories portrayed by mutual funds, asset allocators, and the media.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4,\"className\":\"unclear\"} -->\n<h4 class=\"unclear\" id=\"1-educational-and-professional-background-based-on-logic-and-reason\">1. Educational and professional background based on logic and reason</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>With an engineering degree and experience as a Project Manager with IBM Research, my approach to the markets could only be analytical, rather than emotional. That can be a valuable asset in an aging bull market fueled by greed and emotion… or in a bear market seized by panic.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4} -->\n<h4 id=\"2-historical-knowledge-founded-on-years-of-research\">2. Historical knowledge founded on years of research</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>I know from research that the \"correct\" decisions on Wall Street invariably require you to move against the crowd… and at times, against every emotional fiber in your body. It was this historical tempering that permitted InvesTech to identify the start of the huge 1991-2000 bull market (our issue titled <em>\"TORO! TORO!\"</em> was published on January 4, 1991) and propelled us to advise subscribers in March 2009, just 4 days after the bear market bottom, that they were \"heading toward a buying opportunity of a lifetime.\" Conversely, it is that same tempering that forced us to step aside early, and avoid the Wall Street bubble as it popped in March 2000… devastating the average investor.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4} -->\n<h4 id=\"3-our-consideration-and-respect-for-our-subscribers\">3. Our consideration and respect for our subscribers</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Surveys show the median age of our subscriber base is 57 years. That means most are in, or within a dozen years of, retirement. It\'s not enough for one to ride down a major bear market with a loss of -45%, and feel \"good\" because the S&amp;P 500 lost -50% or more. In that respect, we are not part of the Wall Street crowd or consensus.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Our goal is not merely to maximize return, but to maximize risk-adjusted-return... or provide the best possible gains for the amount of market risk taken. Our long-term track record, especially during the 1987 Crash, and 2000-02 and 2007-09 Bear Markets, has proven an ability to do just that.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>In our ongoing commitment to our subscribers, the staff at InvesTech Research is consistently looking for new tools and models to measure risk and determine when and when not to be an aggressive investor in the stock market. We will always try to improve our investment returns. However, you will never see us sacrifice our objective, safety-first strategy for the sake of a quick profit or the comfort of merely being a part of the crowd.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Sincerely,</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"id\":6180,\"width\":325,\"height\":44,\"sizeSlug\":\"large\",\"linkDestination\":\"none\",\"className\":\"multiply\"} -->\n<figure class=\"wp-block-image size-large is-resized multiply\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/JBS.png\" alt=\"\" class=\"wp-image-6180\" width=\"325\" height=\"44\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>James B. Stack<br>President</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:spacer {\"height\":\"25px\"} -->\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer --></div>\n<!-- /wp:group --></div>\n<!-- /wp:group -->\n\n<!-- wp:columns {\"className\":\"wall-to-wall benefit-ss\"} -->\n<div class=\"wp-block-columns wall-to-wall benefit-ss\"><!-- wp:column {\"width\":\"\"} -->\n<div class=\"wp-block-column\"><!-- wp:uagb/testimonial {\"test_item_count\":6,\"classMigrate\":true,\"test_block\":[{\"description\":\"\\u003cspan class=\\u0022has-inline-color has-gold-color\\u0022\\u003eINVESTECH INDICATORS\\u003c/span\\u003e\\u003cbr\\u003e\\u003cbr\\u003e\\u003cspan class=\\u0022has-inline-color has-white-color\\u0022\\u003eFollow InvesTech\'s Indicators on a daily basis - easily explained for both seasoned professionals and non-technical investors.\\u003c/span\\u003e\\u003cbr\\u003e\\u003cbr\\u003eInvesTech utilizes a wide range of indicators to gain insight into the monetary and economic environments, as well as technical factors such as breadth, leadership, momentum, and sentiment. These indicators are useful for determining the amount of potential risk and reward in the market, as well as the likelihood of a bear market rearing its ugly head in the near future.\",\"name\":\"\",\"company\":\"\\u003ca href=\\u0022https://ns2020-investech.investech.com/product/subscriptions/\\u0022\\u003eBecome A Subscriber\\u003c/a\\u003e\",\"image\":{\"id\":5509,\"title\":\"primary-knight\",\"filename\":\"primary-knight.svg\",\"url\":\"https://ns2020-investech.investech.com/wp-content/uploads/2021/02/primary-knight.svg\",\"link\":\"https://ns2020-investech.investech.com/primary-knight/\",\"alt\":\"InvesTech Indicators icon\",\"author\":\"16\",\"description\":\"\",\"caption\":\"\",\"name\":\"primary-knight\",\"status\":\"inherit\",\"uploadedTo\":0,\"date\":\"2021-02-06T17:25:40.000Z\",\"modified\":\"2021-02-06T19:10:26.000Z\",\"menuOrder\":0,\"mime\":\"image/svg+xml\",\"type\":\"image\",\"subtype\":\"svg+xml\",\"icon\":\"https://ns2020-investech.investech.com/wp-includes/images/media/default.png\",\"dateFormatted\":\"February 6, 2021\",\"nonces\":{\"update\":\"73e02967b5\",\"delete\":\"98c27fe2cf\",\"edit\":\"6a613f5b43\"},\"editLink\":\"https://ns2020-investech.investech.com/wp-admin/post.php?post=5509\\u0026action=edit\",\"meta\":false,\"authorName\":\"Emily Rapport\",\"authorLink\":\"https://ns2020-investech.investech.com/wp-admin/user-edit.php?user_id=16\",\"filesizeInBytes\":3342,\"filesizeHumanReadable\":\"3 KB\",\"context\":\"\",\"compat\":{\"item\":\"\",\"meta\":\"\"},\"acf_errors\":false}},{\"description\":\"\\u003cspan class=\\u0022has-inline-color has-gold-color\\u0022\\u003eMARKET INSIGHTS\\u003c/span\\u003e\\u003cbr\\u003e\\u003cbr\\u003e\\u003cspan class=\\u0022has-inline-color has-white-color\\u0022\\u003eStay up-to-date on recent data releases, how you should be investing, and what you should be watching for going forward.\\u003cbr\\u003e\\u003c/span\\u003e\\u003cbr\\u003eInvesTech\'s Market Insights will keep you current on the most recent data releases, new research we have performed, and how this information affects your investing.\",\"name\":\"\",\"company\":\"\\u003ca href=\\u0022https://ns2020-investech.investech.com/product/subscriptions/\\u0022\\u003eBecome A Subscriber\\u003c/a\\u003e\",\"image\":{\"id\":7862,\"title\":\"compass-00467F\",\"filename\":\"compass-00467F.svg\",\"url\":\"https://ns2020-investech.investech.com/wp-content/uploads/2021/05/compass-00467F.svg\",\"link\":\"https://ns2020-investech.investech.com/compass-00467f/\",\"alt\":\"\",\"author\":\"3\",\"description\":\"\",\"caption\":\"\",\"name\":\"compass-00467f\",\"status\":\"inherit\",\"uploadedTo\":0,\"date\":\"2021-05-24T19:00:59.000Z\",\"modified\":\"2021-05-24T19:00:59.000Z\",\"menuOrder\":0,\"mime\":\"image/svg+xml\",\"type\":\"image\",\"subtype\":\"svg+xml\",\"icon\":\"https://ns2020-investech.investech.com/wp-includes/images/media/default.png\",\"dateFormatted\":\"May 24, 2021\",\"nonces\":{\"update\":\"20a6c53444\",\"delete\":\"025e132095\",\"edit\":\"efd034cc79\"},\"editLink\":\"https://ns2020-investech.investech.com/wp-admin/post.php?post=7862\\u0026action=edit\",\"meta\":false,\"authorName\":\"Christina Maloney\",\"authorLink\":\"https://ns2020-investech.investech.com/wp-admin/user-edit.php?user_id=3\",\"filesizeInBytes\":1142,\"filesizeHumanReadable\":\"1 KB\",\"context\":\"\",\"compat\":{\"item\":\"\",\"meta\":\"\"},\"acf_errors\":false}},{\"description\":\"\\u003cspan class=\\u0022has-inline-color has-gold-color\\u0022\\u003eMODEL FUND PORTFOLIO\\u003c/span\\u003e\\u003cbr\\u003e\\u003cbr\\u003e\\u003cspan class=\\u0022has-inline-color has-white-color\\u0022\\u003eAlign your investments to our Model Fund Portfolio.\\u003c/span\\u003e\\u003cbr\\u003e\\u003cbr\\u003eThe InvesTech Model Fund Portfolio is designed for individual investors who want to follow our allocation and sector recommendations for the equity portion of their portfolio. Subscribers who follow the Model Fund Portfolio can track the trades we\'re making in real-time as we implement our \\u0022safety-first\\u0022 strategy.\",\"name\":\"\",\"company\":\"\\u003ca href=\\u0022https://ns2020-investech.investech.com/product/subscriptions/\\u0022\\u003eBecome A Subscriber\\u003c/a\\u003e\",\"image\":{\"id\":5523,\"title\":\"finance-chart\",\"filename\":\"finance-chart.svg\",\"url\":\"https://ns2020-investech.investech.com/wp-content/uploads/2021/02/finance-chart.svg\",\"link\":\"https://ns2020-investech.investech.com/finance-chart/\",\"alt\":\"Model Fund Icon\",\"author\":\"16\",\"description\":\"\",\"caption\":\"\",\"name\":\"finance-chart\",\"status\":\"inherit\",\"uploadedTo\":0,\"date\":\"2021-02-06T18:46:54.000Z\",\"modified\":\"2021-02-06T19:10:35.000Z\",\"menuOrder\":0,\"mime\":\"image/svg+xml\",\"type\":\"image\",\"subtype\":\"svg+xml\",\"icon\":\"https://ns2020-investech.investech.com/wp-includes/images/media/default.png\",\"dateFormatted\":\"February 6, 2021\",\"nonces\":{\"update\":\"7facd2a39c\",\"delete\":\"2d4ccf4702\",\"edit\":\"76943807ae\"},\"editLink\":\"https://ns2020-investech.investech.com/wp-admin/post.php?post=5523\\u0026action=edit\",\"meta\":false,\"authorName\":\"Emily Rapport\",\"authorLink\":\"https://ns2020-investech.investech.com/wp-admin/user-edit.php?user_id=16\",\"filesizeInBytes\":4451,\"filesizeHumanReadable\":\"4 KB\",\"context\":\"\",\"compat\":{\"item\":\"\",\"meta\":\"\"},\"acf_errors\":false}},{\"description\":\"\\u003cspan class=\\u0022has-inline-color has-gold-color\\u0022\\u003eDAILY DATA\\u003c/span\\u003e\\u003cbr\\u003e\\u003cbr\\u003e\\u003cspan class=\\u0022has-inline-color has-white-color\\u0022\\u003eFinancial Market data at your fingertips.\\u003c/span\\u003e\\u003cbr\\u003e\\u003cbr\\u003eThe InvesTech Daily Data page contains a wide-range of financial market data for subscribers to monitor the market on a day-to-day basis, while also keeping a pulse on some of our most critical indicators.\",\"name\":\"\",\"company\":\"\\u003ca href=\\u0022https://ns2020-investech.investech.com/product/subscriptions/\\u0022\\u003eBecome A Subscriber\\u003c/a\\u003e\",\"image\":{\"id\":5530,\"title\":\"daily-data\",\"filename\":\"daily-data.svg\",\"url\":\"https://ns2020-investech.investech.com/wp-content/uploads/2021/02/daily-data.svg\",\"link\":\"https://ns2020-investech.investech.com/daily-data-3/\",\"alt\":\"daily data icon\",\"author\":\"16\",\"description\":\"\",\"caption\":\"\",\"name\":\"daily-data-3\",\"status\":\"inherit\",\"uploadedTo\":0,\"date\":\"2021-02-06T19:11:46.000Z\",\"modified\":\"2021-02-06T19:11:56.000Z\",\"menuOrder\":0,\"mime\":\"image/svg+xml\",\"type\":\"image\",\"subtype\":\"svg+xml\",\"icon\":\"https://ns2020-investech.investech.com/wp-includes/images/media/default.png\",\"dateFormatted\":\"February 6, 2021\",\"nonces\":{\"update\":\"6819d2d3c3\",\"delete\":\"66f3039e75\",\"edit\":\"c1f43e7ce9\"},\"editLink\":\"https://ns2020-investech.investech.com/wp-admin/post.php?post=5530\\u0026action=edit\",\"meta\":false,\"authorName\":\"Emily Rapport\",\"authorLink\":\"https://ns2020-investech.investech.com/wp-admin/user-edit.php?user_id=16\",\"filesizeInBytes\":3988,\"filesizeHumanReadable\":\"4 KB\",\"context\":\"\",\"compat\":{\"item\":\"\",\"meta\":\"\"},\"acf_errors\":false}},{\"description\":\"\\u003cmark style=\\u0022background-color:rgba(0, 0, 0, 0)\\u0022 class=\\u0022has-inline-color has-gold-color\\u0022\\u003eINVESTECH ISSUES\\u003c/mark\\u003e\\u003cbr\\u003e\\u003cbr\\u003e\\u003cmark style=\\u0022background-color:rgba(0, 0, 0, 0)\\u0022 class=\\u0022has-inline-color has-white-color\\u0022\\u003eKiplinger\'s Personal Financial magazine named InvesTech Research the \\u0022Best Stock Market Letter\\u0022 available to investors.\\u003c/mark\\u003e\\u003cbr\\u003e\\u003cbr\\u003eWith InvesTech Research newsletter, you\'ll find financial news and analysis prepared to stand alone against the crowd, backed by over 120 years of market data. We help you to recognize and seize low-risk profit opportunities, and shield investment capital during treacherous times.\",\"name\":\"\",\"company\":\"\\u003ca href=\\u0022https://ns2020-investech.investech.com/product/subscriptions/\\u0022\\u003eBecome A Subscriber\\u003c/a\\u003e\",\"image\":{\"id\":5539,\"title\":\"award-pubs\",\"filename\":\"award-pubs.svg\",\"url\":\"https://ns2020-investech.investech.com/wp-content/uploads/2021/02/award-pubs.svg\",\"link\":\"https://ns2020-investech.investech.com/award-pubs/\",\"alt\":\"\",\"author\":\"16\",\"description\":\"\",\"caption\":\"\",\"name\":\"award-pubs\",\"status\":\"inherit\",\"uploadedTo\":0,\"date\":\"2021-02-06T19:50:19.000Z\",\"modified\":\"2021-02-06T19:50:19.000Z\",\"menuOrder\":0,\"mime\":\"image/svg+xml\",\"type\":\"image\",\"subtype\":\"svg+xml\",\"icon\":\"https://ns2020-investech.investech.com/wp-includes/images/media/default.png\",\"dateFormatted\":\"February 6, 2021\",\"nonces\":{\"update\":\"59dd815fde\",\"delete\":\"a7aa5d3127\",\"edit\":\"df027c7be2\"},\"editLink\":\"https://ns2020-investech.investech.com/wp-admin/post.php?post=5539\\u0026action=edit\",\"meta\":false,\"authorName\":\"Emily Rapport\",\"authorLink\":\"https://ns2020-investech.investech.com/wp-admin/user-edit.php?user_id=16\",\"filesizeInBytes\":4894,\"filesizeHumanReadable\":\"5 KB\",\"context\":\"\",\"compat\":{\"item\":\"\",\"meta\":\"\"},\"acf_errors\":false}},{\"description\":\"\\u003cmark style=\\u0022background-color:rgba(0, 0, 0, 0)\\u0022 class=\\u0022has-inline-color has-gold-color\\u0022\\u003eSUBSCRIBER LIBRARY\\u003c/mark\\u003e\\u003cbr\\u003e\\u003cbr\\u003e\\u003cmark style=\\u0022background-color:rgba(0, 0, 0, 0)\\u0022 class=\\u0022has-inline-color has-white-color\\u0022\\u003eCurated Articles and Special Reports.\\u003c/mark\\u003e\\u003cbr\\u003e\\u003cbr\\u003eExplore our library of Special Reports that feature the best research from past issues of the InvesTech Research newsletter. These studies were chosen for their insight into important stock market topics of a timeless nature and with strong historical relevance. Learn more about past market cycles, bubbles, and important strategies for long-term investment success.\",\"name\":\"\",\"company\":\"\\u003ca href=\\u0022https://ns2020-investech.investech.com/product/subscriptions\\u0022\\u003eBecome A Subscriber\\u003c/a\\u003e\",\"image\":{\"id\":5544,\"title\":\"library\",\"filename\":\"library.svg\",\"url\":\"https://ns2020-investech.investech.com/wp-content/uploads/2021/02/library.svg\",\"link\":\"https://ns2020-investech.investech.com/library-2/\",\"alt\":\"\",\"author\":\"16\",\"description\":\"\",\"caption\":\"\",\"name\":\"library-2\",\"status\":\"inherit\",\"uploadedTo\":0,\"date\":\"2021-02-06T20:02:45.000Z\",\"modified\":\"2021-02-06T20:02:45.000Z\",\"menuOrder\":0,\"mime\":\"image/svg+xml\",\"type\":\"image\",\"subtype\":\"svg+xml\",\"icon\":\"https://ns2020-investech.investech.com/wp-includes/images/media/default.png\",\"dateFormatted\":\"February 6, 2021\",\"nonces\":{\"update\":\"346510f770\",\"delete\":\"0c2e3fcaf0\",\"edit\":\"f5b3b340e9\"},\"editLink\":\"https://ns2020-investech.investech.com/wp-admin/post.php?post=5544\\u0026action=edit\",\"meta\":false,\"authorName\":\"Emily Rapport\",\"authorLink\":\"https://ns2020-investech.investech.com/wp-admin/user-edit.php?user_id=16\",\"filesizeInBytes\":6056,\"filesizeHumanReadable\":\"6 KB\",\"context\":\"\",\"compat\":{\"item\":\"\",\"meta\":\"\"},\"acf_errors\":false}}],\"headingAlign\":\"left\",\"descColor\":\"#ffffff\",\"companyColor\":\"#ffffff\",\"authorColor\":\"#ffffff\",\"iconimgStyle\":\"normal\",\"imagePosition\":\"right\",\"imageAlignment\":\"middle\",\"nameSpace\":10,\"descSpace\":35,\"block_id\":\"03d975fa\",\"imgHrPadding\":25,\"iconImage\":{\"url\":\"\",\"alt\":\"InfoBox placeholder img\"},\"imageWidth\":200,\"autoplay\":false,\"arrowSize\":40,\"arrowColor\":\"#f2cb05\",\"rowGap\":0,\"contentPadding\":10,\"backgroundType\":\"color\",\"backgroundImage\":{\"id\":6501,\"title\":\"mountain-arrow-default\",\"filename\":\"mountain-arrow-default.svg\",\"url\":\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/mountain-arrow-default.svg\",\"link\":\"https://ns2020-investech.investech.com/about-us/mountain-arrow-default/\",\"alt\":\"\",\"author\":\"16\",\"description\":\"\",\"caption\":\"\",\"name\":\"mountain-arrow-default\",\"status\":\"inherit\",\"uploadedTo\":777,\"date\":\"2021-03-29T19:15:19.000Z\",\"modified\":\"2021-03-29T19:15:19.000Z\",\"menuOrder\":0,\"mime\":\"image/svg+xml\",\"type\":\"image\",\"subtype\":\"svg+xml\",\"icon\":\"https://ns2020-investech.investech.com/wp-includes/images/media/default.png\",\"dateFormatted\":\"March 29, 2021\",\"nonces\":{\"update\":\"7148fe1cbd\",\"delete\":\"92bd3c624d\",\"edit\":\"defb79732a\"},\"editLink\":\"https://ns2020-investech.investech.com/wp-admin/post.php?post=6501\\u0026action=edit\",\"meta\":false,\"authorName\":\"Emily Rapport\",\"authorLink\":\"https://ns2020-investech.investech.com/wp-admin/user-edit.php?user_id=16\",\"uploadedToTitle\":\"About Us\",\"uploadedToLink\":\"https://ns2020-investech.investech.com/wp-admin/post.php?post=777\\u0026action=edit\",\"filesizeInBytes\":5766,\"filesizeHumanReadable\":\"6 KB\",\"context\":\"\",\"compat\":{\"item\":\"\",\"meta\":\"\"},\"acf_errors\":false},\"backgroundOpacity\":50,\"stack\":\"mobile\",\"paddingTop\":10,\"paddingBottom\":10,\"paddingLeft\":10,\"paddingRight\":10,\"imgpaddingTop\":10,\"imgpaddingRight\":25,\"imgpaddingBottom\":10,\"imgpaddingLeft\":25,\"overallBorderStyle\":\"none\",\"className\":\"investech-benefits\"} -->\n<div class=\"wp-block-uagb-testimonial investech-benefits uagb-slick-carousel uagb-tm__arrow-outside uagb-block-03d975fa\"><div class=\"is-carousel uagb-tm__columns-1 uagb-tm__items\"><div class=\"uagb-testimonial__wrap  uagb-tm__imgicon-style-normal uagb-tm__image-position-right uagb-tm__image-aligned-middle uagb-tm-stacked-mobile uagb-tm-reverse-order-mobile uagb-tm__bg-type-color \"><div class=\"uagb-tm__content\"><div class=\"uagb-tm__overlay\"></div><div class=\"uagb-tm__text-wrap\"><div class=\"uagb-tm__desc\"><span class=\"has-inline-color has-gold-color\">INVESTECH INDICATORS</span><br><br><span class=\"has-inline-color has-white-color\">Follow InvesTech\'s Indicators on a daily basis - easily explained for both seasoned professionals and non-technical investors.</span><br><br>InvesTech utilizes a wide range of indicators to gain insight into the monetary and economic environments, as well as technical factors such as breadth, leadership, momentum, and sentiment. These indicators are useful for determining the amount of potential risk and reward in the market, as well as the likelihood of a bear market rearing its ugly head in the near future.</div><div class=\"uagb-tm__meta-inner\"><div class=\"uagb-testimonial-details\"><span class=\"uagb-tm__author-name\"></span><span class=\"uagb-tm__company\"><a href=\"https://ns2020-investech.investech.com/product/subscriptions/\">Become A Subscriber</a></span></div></div></div><div class=\"uagb-tm__image-content\"><div class=\"uagb-tm__image\"><img class=\"uagb-tm-img-src\" src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/02/primary-knight.svg\" alt=\"InvesTech Indicators icon\" width=\"200\" loading=\"lazy\"/></div></div></div></div><div class=\"uagb-testimonial__wrap  uagb-tm__imgicon-style-normal uagb-tm__image-position-right uagb-tm__image-aligned-middle uagb-tm-stacked-mobile uagb-tm-reverse-order-mobile uagb-tm__bg-type-color \"><div class=\"uagb-tm__content\"><div class=\"uagb-tm__overlay\"></div><div class=\"uagb-tm__text-wrap\"><div class=\"uagb-tm__desc\"><span class=\"has-inline-color has-gold-color\">MARKET INSIGHTS</span><br><br><span class=\"has-inline-color has-white-color\">Stay up-to-date on recent data releases, how you should be investing, and what you should be watching for going forward.<br></span><br>InvesTech\'s Market Insights will keep you current on the most recent data releases, new research we have performed, and how this information affects your investing.</div><div class=\"uagb-tm__meta-inner\"><div class=\"uagb-testimonial-details\"><span class=\"uagb-tm__author-name\"></span><span class=\"uagb-tm__company\"><a href=\"https://ns2020-investech.investech.com/product/subscriptions/\">Become A Subscriber</a></span></div></div></div><div class=\"uagb-tm__image-content\"><div class=\"uagb-tm__image\"><img class=\"uagb-tm-img-src\" src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/05/compass-00467F.svg\" alt=\"\" width=\"200\" loading=\"lazy\"/></div></div></div></div><div class=\"uagb-testimonial__wrap  uagb-tm__imgicon-style-normal uagb-tm__image-position-right uagb-tm__image-aligned-middle uagb-tm-stacked-mobile uagb-tm-reverse-order-mobile uagb-tm__bg-type-color \"><div class=\"uagb-tm__content\"><div class=\"uagb-tm__overlay\"></div><div class=\"uagb-tm__text-wrap\"><div class=\"uagb-tm__desc\"><span class=\"has-inline-color has-gold-color\">MODEL FUND PORTFOLIO</span><br><br><span class=\"has-inline-color has-white-color\">Align your investments to our Model Fund Portfolio.</span><br><br>The InvesTech Model Fund Portfolio is designed for individual investors who want to follow our allocation and sector recommendations for the equity portion of their portfolio. Subscribers who follow the Model Fund Portfolio can track the trades we\'re making in real-time as we implement our \"safety-first\" strategy.</div><div class=\"uagb-tm__meta-inner\"><div class=\"uagb-testimonial-details\"><span class=\"uagb-tm__author-name\"></span><span class=\"uagb-tm__company\"><a href=\"https://ns2020-investech.investech.com/product/subscriptions/\">Become A Subscriber</a></span></div></div></div><div class=\"uagb-tm__image-content\"><div class=\"uagb-tm__image\"><img class=\"uagb-tm-img-src\" src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/02/finance-chart.svg\" alt=\"Model Fund Icon\" width=\"200\" loading=\"lazy\"/></div></div></div></div><div class=\"uagb-testimonial__wrap  uagb-tm__imgicon-style-normal uagb-tm__image-position-right uagb-tm__image-aligned-middle uagb-tm-stacked-mobile uagb-tm-reverse-order-mobile uagb-tm__bg-type-color \"><div class=\"uagb-tm__content\"><div class=\"uagb-tm__overlay\"></div><div class=\"uagb-tm__text-wrap\"><div class=\"uagb-tm__desc\"><span class=\"has-inline-color has-gold-color\">DAILY DATA</span><br><br><span class=\"has-inline-color has-white-color\">Financial Market data at your fingertips.</span><br><br>The InvesTech Daily Data page contains a wide-range of financial market data for subscribers to monitor the market on a day-to-day basis, while also keeping a pulse on some of our most critical indicators.</div><div class=\"uagb-tm__meta-inner\"><div class=\"uagb-testimonial-details\"><span class=\"uagb-tm__author-name\"></span><span class=\"uagb-tm__company\"><a href=\"https://ns2020-investech.investech.com/product/subscriptions/\">Become A Subscriber</a></span></div></div></div><div class=\"uagb-tm__image-content\"><div class=\"uagb-tm__image\"><img class=\"uagb-tm-img-src\" src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/02/daily-data.svg\" alt=\"daily data icon\" width=\"200\" loading=\"lazy\"/></div></div></div></div><div class=\"uagb-testimonial__wrap  uagb-tm__imgicon-style-normal uagb-tm__image-position-right uagb-tm__image-aligned-middle uagb-tm-stacked-mobile uagb-tm-reverse-order-mobile uagb-tm__bg-type-color \"><div class=\"uagb-tm__content\"><div class=\"uagb-tm__overlay\"></div><div class=\"uagb-tm__text-wrap\"><div class=\"uagb-tm__desc\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-gold-color\">INVESTECH ISSUES</mark><br><br><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-white-color\">Kiplinger\'s Personal Financial magazine named InvesTech Research the \"Best Stock Market Letter\" available to investors.</mark><br><br>With InvesTech Research newsletter, you\'ll find financial news and analysis prepared to stand alone against the crowd, backed by over 120 years of market data. We help you to recognize and seize low-risk profit opportunities, and shield investment capital during treacherous times.</div><div class=\"uagb-tm__meta-inner\"><div class=\"uagb-testimonial-details\"><span class=\"uagb-tm__author-name\"></span><span class=\"uagb-tm__company\"><a href=\"https://ns2020-investech.investech.com/product/subscriptions/\">Become A Subscriber</a></span></div></div></div><div class=\"uagb-tm__image-content\"><div class=\"uagb-tm__image\"><img class=\"uagb-tm-img-src\" src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/02/award-pubs.svg\" alt=\"\" width=\"200\" loading=\"lazy\"/></div></div></div></div><div class=\"uagb-testimonial__wrap  uagb-tm__imgicon-style-normal uagb-tm__image-position-right uagb-tm__image-aligned-middle uagb-tm-stacked-mobile uagb-tm-reverse-order-mobile uagb-tm__bg-type-color \"><div class=\"uagb-tm__content\"><div class=\"uagb-tm__overlay\"></div><div class=\"uagb-tm__text-wrap\"><div class=\"uagb-tm__desc\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-gold-color\">SUBSCRIBER LIBRARY</mark><br><br><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-white-color\">Curated Articles and Special Reports.</mark><br><br>Explore our library of Special Reports that feature the best research from past issues of the InvesTech Research newsletter. These studies were chosen for their insight into important stock market topics of a timeless nature and with strong historical relevance. 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INSERT INTO `wp_posts` VALUES (5253,3,'2021-01-29 21:48:32','2021-01-29 21:48:32','<!-- wp:spacer {\"height\":8} -->\n<div style=\"height:8px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:heading -->\n<h2>Holland, 1636</h2>\n<!-- /wp:heading -->\n\n<!-- wp:columns -->\n<div class=\"wp-block-columns\"><!-- wp:column {\"width\":\"60%\"} -->\n<div class=\"wp-block-column\" style=\"flex-basis:60%\"><!-- wp:quote -->\n<blockquote class=\"wp-block-quote\"><p>One would suppose that there must have been some great virtue in this flower to have made it so valuable in the eyes of so prudent a people as the Dutch; but it has neither the beauty nor the perfume of the rose – hardly the beauty of the ‘sweet, sweet-pea;’ neither is it as enduring as either…\"</p><p>\"At last, however, the more prudent began to see that this folly could not last for ever… It was seen that somebody must lose fearfully in the end. As this conviction spread, prices fell, and never rose again. Confidence was destroyed, and a universal panic seized upon the dealers.\"</p><cite>– Tulipomania, Holland, 1636, excerpted from Extraordinary Popular Delusions &amp; the Madness of Crowds, written by Charles Mackay 1841</cite></blockquote>\n<!-- /wp:quote --></div>\n<!-- /wp:column -->\n\n<!-- wp:column -->\n<div class=\"wp-block-column\"><!-- wp:image {\"id\":4887,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2020/12/Jan_Brueghel_the_Younger_Satire_Tulip_Mania_1640-1024x655.jpg\" alt=\"Painting, A Satire of Tulip Mania by Jan Brueghel, c. 1640\" class=\"wp-image-4887\"/><figcaption>A Satire of Tulip Mania by Jan Brueghel the Younger (ca. 1640) depicts speculators as brainless monkeys in contemporary upper-class dress.</figcaption></figure>\n<!-- /wp:image --></div>\n<!-- /wp:column --></div>\n<!-- /wp:columns -->\n\n<!-- wp:heading -->\n<h2>Fast forward to 2017: Cryptocurrency Markets</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>The quotes above referring to the Tulipomania of the 1600s may seem bizarre and distant to many. However, we see striking similarities between the investor psychology that once surrounded those antiquated tulip bulbs and that which is driving the current mania in cryptocurrencies, particularly Bitcoin:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:columns -->\n<div class=\"wp-block-columns\"><!-- wp:column -->\n<div class=\"wp-block-column\"><!-- wp:quote -->\n<blockquote class=\"wp-block-quote\"><p><strong><em>Wealth Managers Are Being Inundated With Calls About Bitcoin</em></strong></p><cite>Bloomberg - 11/21/17</cite></blockquote>\n<!-- /wp:quote -->\n\n<!-- wp:quote -->\n<blockquote class=\"wp-block-quote\"><p><strong><em>Someone in 2010 bought 2 pizzas with 10,000 bitcoins – which today would be worth $100 million</em></strong></p><cite>Business Insider - 11/28/17</cite></blockquote>\n<!-- /wp:quote -->\n\n<!-- wp:quote -->\n<blockquote class=\"wp-block-quote\"><p><strong><em>Owning bitcoin is so much damn fun</em></strong></p><cite>Yahoo! Finance - 11/30/17</cite></blockquote>\n<!-- /wp:quote --></div>\n<!-- /wp:column -->\n\n<!-- wp:column -->\n<div class=\"wp-block-column\"><!-- wp:quote -->\n<blockquote class=\"wp-block-quote\"><p><strong><em>Bitcoin swings from bull to bear and back in a day</em></strong> </p><cite>Financial Times - 11/30/17</cite></blockquote>\n<!-- /wp:quote -->\n\n<!-- wp:quote -->\n<blockquote class=\"wp-block-quote\"><p><strong><em>Bitcoin’s Wildest Ride: Up 40% in 40 Hours</em></strong> </p><cite>Wall Street Journal - 12/7/17</cite></blockquote>\n<!-- /wp:quote -->\n\n<!-- wp:quote -->\n<blockquote class=\"wp-block-quote\"><p><strong><em>Bitcoin Futures Debut With 26% Rally, Trigger CBOE Trading Halts</em></strong></p><cite>Bloomberg, 12/11/17</cite></blockquote>\n<!-- /wp:quote -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph --></div>\n<!-- /wp:column --></div>\n<!-- /wp:columns -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Bitcoin and the Lure of Decentralization</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Bitcoin is the most widely-recognized and largest cryptocurrency by market capitalization. Specifically, a cryptocurrency is a digital currency which has no central issuing or regulating authority, but instead uses a decentralized system of computers to record transactions and manage the issuance of new units. The digital asset relies on cryptography to prevent counterfeiting and fraudulent transactions. While over 1,000 unique cryptocurrencies exist today, they all share a common purpose: to enable and serve decentralized applications – a way to create a self-supporting service that no single entity operates or regulates.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Way of the future? It’s complicated…</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Cryptocurrencies may sound like the way of the future, but they are incredibly complex and difficult to understand. To illustrate, let’s take a high-level look at a theoretical transaction paid for in Bitcoin, as depicted by the flow chart at the top of page 2. Once the transaction is proposed, independent entities (called “miners”) compete on the open network to time stamp and verify the transaction by performing computationally difficult calculations. The reward for winning the elaborate race to verify and add the transaction to the public digital ledger (the blockchain) is a fraction of the transaction’s value, plus a processing fee, both denominated in Bitcoin. The integrity of the ledger is upheld by the economic self-interest of the miners – pure, unadulterated capitalism.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Bitcoin vs. Internet Bubble</h3>\n<!-- /wp:heading -->\n\n<!-- wp:image {\"align\":\"right\",\"id\":4739,\"width\":352,\"height\":416,\"sizeSlug\":\"large\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignright size-large is-resized\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2020/12/bitcoin-1.png\" alt=\"Bitcoin vs. the Internet Bubble chart via Yahoo! Finance\" class=\"wp-image-4739\" width=\"352\" height=\"416\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>Although Bitcoin has been in existence since 2009, its ascension to mainstream relevance is far more recent. Originally beloved by a very small group of passionate believers, Bitcoin saw relatively steady price appreciation in its early years while remaining virtually unknown to the general public. Over time, public enthusiasm surrounding Bitcoin has crescendoed, with the price of the digital currency rising exponentially, attracting hordes of amateur “investors” and speculators. As a result, the price of one Bitcoin has exploded by an absurd +3960% since the beginning of 2016! The ride has been volatile, including five drawdowns of at least -25% (daily close) during that period. Bitcoin’s meteoric rise dwarfs even the gains seen in the Internet Index at the peak of the notorious Tech Bubble. ➞</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Love at First Bit?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Why has the world seemingly become enamored with the concept of cryptocurrencies? The following are some of the advantages being widely touted by Bitcoin advocates:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li><strong>Freedom </strong>– It is possible to send and receive Bitcoin payments anywhere in the world at any time, without scrutiny. Users don’t have to worry about third party delays or approvals, banking holidays, transfer limits, or any other laws due to lack of central authority.</li><li><strong>Anonymity </strong>– Anyone, of any age, from anywhere in the world, with access to the Internet can transact with Bitcoins without providing any paperwork or proof of identification. Since personal information is not being tied to transactions, the risk of identity theft is eliminated.</li><li><strong>Low Fees </strong>– Transaction fees for processing Bitcoin payments are relatively low. Additionally, digital currency exchanges (e.g., Coinbase) can help merchants process transactions by converting Bitcoins into fiat currency for a fee that is generally lower than most credit card processing fees.</li><li><strong>Less Risk for Merchants </strong>– Because Bitcoin transactions cannot be reversed and do not carry any personal information with them, merchants are protected from potential losses that could occur from credit card fraud.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p>Despite the increasing hype and number of new Bitcoin advocates, doubters and skeptics abound – and you can count us among them. An asset’s value does not go parabolic (as seen on the previous page) without carrying extreme risk. In addition, there are numerous pitfalls and uncertainties associated with cryptocurrencies:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li><strong>Price Volatility </strong>– It is impossible for Bitcoin to be a good store of value and a legitimate tool for transacting business when prices change so rapidly. Imagine trying to buy a car with Bitcoin when its value is gyrating by hundreds, or even thousands of dollars over a short period of time.</li><li><strong>Intangible </strong>– Many skeptics take issue with the fact that a Bitcoin is represented by a unique string of numbers stored on a hard drive – there is no physical coin.</li><li><strong>Moral Dilemma</strong> – The anonymity provided by Bitcoin is a double-edged sword, as it makes the digital currency inherently ideal for black market dealings.</li><li><strong>Regulation </strong>– The IRS has begun taxing digital currency gains and payments. Furthermore, there is the potential that certain countries could attempt to ban cryptocurrencies altogether, particularly if terrorist activities are funded by Bitcoin.</li><li><strong>Cybersecurity and Fraud </strong>– Digital currency assets can be stolen by hackers. Additionally, as the demand for cryptocurrencies has grown, scammers and poseurs have created their own bogus digital assets.</li><li><strong>Scalability</strong> – Major digital currency exchanges (e.g., Coinbase) have had difficulty handling traffic, which causes scalability and liquidity issues.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading -->\n<h2>Our Perspective</h2>\n<!-- /wp:heading -->\n\n<!-- wp:image {\"align\":\"left\",\"id\":4742,\"width\":462,\"height\":260,\"sizeSlug\":\"large\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignleft size-large is-resized\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2020/12/bitcoin-3-kings-cartoon.jpg\" alt=\"Cartoon depicting three wise men, one offering bitcoin...\" class=\"wp-image-4742\" width=\"462\" height=\"260\"/></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>Throughout history, there have been numerous examples of revolutionary ideas or innovations that turned into dangerous bubbles due to feverish speculation and Wall Street hype ─ regardless of the good intentions of the underlying concept. In our opinion, cryptocurrencies like Bitcoin are among them. Any dispute regarding the practical applications of Bitcoin matters not to the crazed speculators driving today’s rampant price gains.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Many will argue that cryptocurrencies are isolated from other aspects of the economy and financial markets. However, we are concerned that the potential impact of a violent collapse in cryptocurrency prices could be bigger and more far-reaching than anticipated. And we are not alone:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:columns -->\n<div class=\"wp-block-columns\"><!-- wp:column -->\n<div class=\"wp-block-column\"><!-- wp:quote -->\n<blockquote class=\"wp-block-quote\"><p><strong>Why Bitcoin’s Bubble Matters</strong>  <span style=\"font-size: inherit;\">If there’s a price crash in the cryptocurrency, it could hit the tech sector–and more</span></p><cite>Wall Street Journal - 10/8/17</cite></blockquote>\n<!-- /wp:quote --></div>\n<!-- /wp:column -->\n\n<!-- wp:column -->\n<div class=\"wp-block-column\"><!-- wp:quote -->\n<blockquote class=\"wp-block-quote\"><p><span style=\"font-size: inherit;\"><strong>Deutsche Bank Economist Says a Bitcoin Crash Would Endanger Global Markets</strong></span> </p><cite>Fortune - 12/10/17</cite></blockquote>\n<!-- /wp:quote --></div>\n<!-- /wp:column --></div>\n<!-- /wp:columns -->\n\n<!-- wp:paragraph -->\n<p>Whether speculation is in tulip bulbs, real estate, stocks, sub-prime mortgages, or cryptocurrencies, the pattern is usually the same. For investors, emotions run the gamut from greed, to defiance, to fear at any hint of a disruption in the system. Unless you have a voracious appetite for risk and a high tolerance for loss, today’s cryptocurrency bubble is best left to the speculators.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:separator {\"className\":\"is-style-dots\"} -->\n<hr class=\"wp-block-separator is-style-dots\"/>\n<!-- /wp:separator -->\n\n<!-- wp:buttons -->\n<div class=\"wp-block-buttons\"><!-- wp:button -->\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link\"></a></div>\n<!-- /wp:button --></div>\n<!-- /wp:buttons -->\n\n<!-- wp:paragraph -->\n<p>First published in our December 15, 2017 issue.  Also available to read in PDF format. <a href=\"https://ns2020-investech.investech.com/wp-content/uploads/2020/12/Bitcoin.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Download the PDF</a>.</p>\n<!-- /wp:paragraph -->','Bitcoin - Tiptoe, through the Tulips...','Remember Holland in the early 1600\'s? \"Tulip Mania,\" a speculative craze for tulips, may seem bizarre and distant in the 21st Century. However, we see striking similarities between the investor psychology that once surrounded those antiquated tulip bulbs and that which is driving the current mania in cryptocurrencies, particularly Bitcoin.','inherit','closed','closed','','2418-revision-v1','','','2021-01-29 21:48:32','2021-01-29 21:48:32','',2418,'https://ns2020-investech.investech.com/2418-revision-v1/',0,'revision','',0);
INSERT INTO `wp_posts` VALUES (5255,3,'2021-01-29 21:53:04','2021-01-29 21:53:04','<!-- wp:paragraph -->\n<p>Managing risk in the final stages of a market cycle is vitally important for preserving capital and generating superior long-term investment returns. With a safety-first investment strategy, the first line of defense for protecting assets is to selectively take profits off the table and hold the proceeds in cash. Adjusting stock and sector weightings toward more resilient areas of the market can also fortify a portfolio. When bear market warning flags begin to wave, adding a bear fund can further reduce exposure to downside market movements and lower portfolio volatility.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>Bear Fund Fundamentals</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>A bear fund is a mutual fund or exchange-traded fund (ETF) designed to increase in value as the market drops. Conversely, the fund will lose value when the market rises. The original bear market mutual funds have been around since the mid-1990s, and several bear fund ETFs following the same principles were incepted just over a decade ago, prior to the last bear market. At InvesTech Research, the primary reason for using a bear fund is as an “insurance policy” to offset potential losses in core holdings of the portfolio during market declines. Our recommendation to add a bear fund to the Model Fund Portfolio has raised some questions from our subscribers. The most frequently asked questions –some simple, some more complex– are addressed below.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Why use a bear fund instead of selling positions and raising cash?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Increasing cash in the portfolio is an important part of a defensive strategy, but there are several reasons for maintaining select long positions and partially offsetting them with the “insurance policy” of a bear market fund:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li><strong>Diversification</strong>: Bear fund insurance allows you to hold onto more stocks in a portfolio, thus maintaining greater diversification while counteracting the impact of a stock or sector that doesn’t perform as anticipated.</li><li><strong>Lower portfolio volatility</strong>: Market volatility usually increases as risks rise. A strategy that manages risk is inherently less volatile, and by “neutralizing” a portion of the portfolio, volatility is reduced.</li><li><strong>Dividends</strong>: Dividend payments continue for the positions that are maintained in a portfolio.</li><li><strong>Reduce capital gains tax</strong>: In taxable accounts, selling stocks can create sizeable realized gains. Limiting sales can lessen the tax bite.</li><li><strong>Prepare for the next bull market</strong>: When risks begin to resolve and the time is right to increase market allocation, new additions for the portfolio must be properly vetted prior to purchase. In the meantime, exposure can be quickly increased by removing the bear fund, which “de-neutralizes” a portion of the portfolio to participate in the market recovery without delay.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>What do we mean by a “net” long position?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:image {\"align\":\"right\",\"id\":4803,\"sizeSlug\":\"full\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignright size-full\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2020/12/ModelPortfolioBarChart.png\" alt=\"InvesTech Model Fund Portfolio Chart\" class=\"wp-image-4803\"/><figcaption>InvesTech Model Fund Portfolio Chart</figcaption></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>The “net” long position in the Model Fund Portfolio is currently 55%. But how does this all add up?</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>As illustrated in the chart at right, current holdings include 63% long funds (blue), 8% short bear fund (red), and 29% cash (yellow). The bear fund effectively “neutralizes” or offsets the impact of an equivalent position of long holdings (shaded blue area). In other words, if the long position moves down, the bear fund moves up and the return on that combination should be negligible for the day. Therefore, the net long position, or overall exposure to the equity market, is the 63% long position minus the 8% short position which is equal to a 55% “net” long position.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Why is the ProShares Short S&amp;P 500 ETF (SH) a good choice for the Model Fund Portfolio?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>We recommended SH for a number of reasons. Our portfolio holdings are based on S&amp;P 500 sectors, so it’s appropriate to select an inverse index fund correlated to this broad market Index. ProShares Short S&amp;P 500 was incepted in 2006 and has a solid track record through the last bear market. It is the largest and most liquid inverse S&amp;P 500 fund, currently holding over $1.6B in assets. We also like some of the advantages ETFs have over mutual funds such as lower expense ratios and the ability to trade throughout the day.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Finally, this fund is passively managed to inversely correlate to the Index’s daily returns. Actively managed funds typically focus on profiting from shorting individual stocks, frequently use resource holdings, and may concentrate on attempts to time the market. Performance can vary depending on the manager’s ability to pick the right stocks to short. Thus, for a safety-first strategy, a more predictable passive fund is the best choice for our purposes.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"align\":\"center\",\"id\":4801,\"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/2020/12/bear_market_funds2.png\" alt=\"Bear Market Funds\" class=\"wp-image-4801\"/><figcaption><strong>Bear Market Alternatives</strong></figcaption></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>We’ve assembled a list of some of the larger funds that have longer track records, including both ETFs and mutual funds. Before purchasing any on the list above, you should perform your own due diligence to determine the suitability for your portfolio. Reasons for providing these additional choices include:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>Some retirement accounts are limited to mutual fund investments only.</li><li>When using a passively managed fund, it’s best to choose one based on an index that most closely matches your portfolio holdings.</li><li>If you are willing to accept the added risk that comes with an actively managed fund, you may want to consider one of the total return alternatives.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>If a passive bear fund offsets the market on a daily basis, what happens over a longer period of time?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:image {\"align\":\"right\",\"id\":4802,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignright size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2020/12/SH_SP500_07_10.png\" alt=\"S&amp;P 500 and SH after the stock market peak in October 2007\" class=\"wp-image-4802\"/><figcaption>S&amp;P 500 and SH after the stock market peak in October 2007</figcaption></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>Due to the compounding of daily returns, performance over periods longer than one day will likely differ from the inverse of the target index. To demonstrate, let’s look at an exaggerated example of how compounding affects returns.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Assume that both ProShares Short S&amp;P 500 (SH) and the S&amp;P 500 start with a value of $100. On Day 1, the S&amp;P 500 loses 10% causing SH to gain 10%. The S&amp;P 500, therefore, ends Day 1 with a price of $90, while SH has grown to $110. If on Day 2 the S&amp;P 500 loses 10% again, its price drops to $81 and SH increases to $121. While achieving perfect correlation on a daily basis, after two days the S&amp;P 500 is down 19% and SH is up 21%.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>If the stock market continues to decline after purchasing a bear fund, gains can be much more than you might expect due to progressively larger dollar changes based on the increasing value of the investment. On the other hand, if the stock market rises persistently after a bear fund is purchased, the daily percentage changes result in progressively smaller dollar changes as the value of the investment decreases. Hence, investors lose less than they might expect when the fund’s return over the course of the rally is calculated.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>This point is illustrated in the graphs at right, which show the S&amp;P 500 and SH after the stock market peak in October 2007. Clearly, bear funds can serve as valuable “insurance” in a declining market, even if the position is held past the market bottom. <strong>One important note:</strong> bear fund performance in trendless, volatile markets is less predictable than in markets persistently trending up or down. In fact, due to compounding effects, an inverse index fund may even decline as the market remains flat.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Why don’t you use a leveraged bear fund?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>A leveraged bear fund is designed to go up two or three times as much as its benchmark goes down on a daily basis. “More” might sound better to the average investor; however, trying to time bear markets or corrections rarely works, and one can easily get burned with leveraged funds if the market doesn\'t move as anticipated and the compounding effect is magnified. With this in mind, we’d avoid the leveraged bear market funds due to the increased volatility and risk.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>Summary: A Safety-first Approach</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Bear market funds should be used to neutralize portfolio risk and help you sleep at night – not as a tool for speculative short-term trading. With a safety-first investment strategy, an inverse index fund can serve as an effective, low cost insurance offering an efficient way to offset rising market risk and reduce portfolio volatility. When considering a bear fund, the following guidelines should be helpful:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>Use bear funds as an insurance to offset a portion of your portfolio investments.</li><li>Stay with the passively managed bear funds that inversely correlate with the broader indexes.</li><li>Choose the larger more liquid funds with longer track records.</li><li>Gradually implement a bear fund position as a bear market becomes more likely.</li><li>Do not use leveraged funds.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p>If bear funds are not an option for your portfolio, the alternative is to reduce your long positions to reach the target “net” allocation and hold the balance in cash.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>This report is also available to read in PDF format.&nbsp;<a href=\"https://ns2020-investech.investech.com/wp-content/uploads/2020/12/Bitcoin.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Download the PDF</a>.  </p>\n<!-- /wp:paragraph -->','The \"Bare Necessities\" About Bear Funds','','inherit','closed','closed','','2457-revision-v1','','','2021-01-29 21:53:04','2021-01-29 21:53:04','',2457,'https://ns2020-investech.investech.com/2457-revision-v1/',0,'revision','',0);
INSERT INTO `wp_posts` VALUES (5256,3,'2021-01-29 21:54:08','2021-01-29 21:54:08','<!-- wp:paragraph -->\n<p>Managing risk in the final stages of a market cycle is vitally important for preserving capital and generating superior long-term investment returns. With a safety-first investment strategy, the first line of defense for protecting assets is to selectively take profits off the table and hold the proceeds in cash. Adjusting stock and sector weightings toward more resilient areas of the market can also fortify a portfolio. When bear market warning flags begin to wave, adding a bear fund can further reduce exposure to downside market movements and lower portfolio volatility.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>Bear Fund Fundamentals</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>A bear fund is a mutual fund or exchange-traded fund (ETF) designed to increase in value as the market drops. Conversely, the fund will lose value when the market rises. The original bear market mutual funds have been around since the mid-1990s, and several bear fund ETFs following the same principles were incepted just over a decade ago, prior to the last bear market. At InvesTech Research, the primary reason for using a bear fund is as an “insurance policy” to offset potential losses in core holdings of the portfolio during market declines. Our recommendation to add a bear fund to the Model Fund Portfolio has raised some questions from our subscribers. The most frequently asked questions –some simple, some more complex– are addressed below.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Why use a bear fund instead of selling positions and raising cash?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Increasing cash in the portfolio is an important part of a defensive strategy, but there are several reasons for maintaining select long positions and partially offsetting them with the “insurance policy” of a bear market fund:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li><strong>Diversification</strong>: Bear fund insurance allows you to hold onto more stocks in a portfolio, thus maintaining greater diversification while counteracting the impact of a stock or sector that doesn’t perform as anticipated.</li><li><strong>Lower portfolio volatility</strong>: Market volatility usually increases as risks rise. A strategy that manages risk is inherently less volatile, and by “neutralizing” a portion of the portfolio, volatility is reduced.</li><li><strong>Dividends</strong>: Dividend payments continue for the positions that are maintained in a portfolio.</li><li><strong>Reduce capital gains tax</strong>: In taxable accounts, selling stocks can create sizeable realized gains. Limiting sales can lessen the tax bite.</li><li><strong>Prepare for the next bull market</strong>: When risks begin to resolve and the time is right to increase market allocation, new additions for the portfolio must be properly vetted prior to purchase. In the meantime, exposure can be quickly increased by removing the bear fund, which “de-neutralizes” a portion of the portfolio to participate in the market recovery without delay.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>What do we mean by a “net” long position?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:image {\"align\":\"right\",\"id\":4803,\"sizeSlug\":\"full\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignright size-full\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2020/12/ModelPortfolioBarChart.png\" alt=\"InvesTech Model Fund Portfolio Chart\" class=\"wp-image-4803\"/><figcaption>InvesTech Model Fund Portfolio Chart</figcaption></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>The “net” long position in the Model Fund Portfolio is currently 55%. But how does this all add up?</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>As illustrated in the chart at right, current holdings include 63% long funds (blue), 8% short bear fund (red), and 29% cash (yellow). The bear fund effectively “neutralizes” or offsets the impact of an equivalent position of long holdings (shaded blue area). In other words, if the long position moves down, the bear fund moves up and the return on that combination should be negligible for the day. Therefore, the net long position, or overall exposure to the equity market, is the 63% long position minus the 8% short position which is equal to a 55% “net” long position.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Why is the ProShares Short S&amp;P 500 ETF (SH) a good choice for the Model Fund Portfolio?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>We recommended SH for a number of reasons. Our portfolio holdings are based on S&amp;P 500 sectors, so it’s appropriate to select an inverse index fund correlated to this broad market Index. ProShares Short S&amp;P 500 was incepted in 2006 and has a solid track record through the last bear market. It is the largest and most liquid inverse S&amp;P 500 fund, currently holding over $1.6B in assets. We also like some of the advantages ETFs have over mutual funds such as lower expense ratios and the ability to trade throughout the day.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Finally, this fund is passively managed to inversely correlate to the Index’s daily returns. Actively managed funds typically focus on profiting from shorting individual stocks, frequently use resource holdings, and may concentrate on attempts to time the market. Performance can vary depending on the manager’s ability to pick the right stocks to short. Thus, for a safety-first strategy, a more predictable passive fund is the best choice for our purposes.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"align\":\"center\",\"id\":4801,\"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/2020/12/bear_market_funds2.png\" alt=\"Bear Market Funds\" class=\"wp-image-4801\"/><figcaption><strong>Bear Market Alternatives</strong></figcaption></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>We’ve assembled a list of some of the larger funds that have longer track records, including both ETFs and mutual funds. Before purchasing any on the list above, you should perform your own due diligence to determine the suitability for your portfolio. Reasons for providing these additional choices include:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>Some retirement accounts are limited to mutual fund investments only.</li><li>When using a passively managed fund, it’s best to choose one based on an index that most closely matches your portfolio holdings.</li><li>If you are willing to accept the added risk that comes with an actively managed fund, you may want to consider one of the total return alternatives.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>If a passive bear fund offsets the market on a daily basis, what happens over a longer period of time?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Due to the compounding of daily returns, performance over periods longer than one day will likely differ from the inverse of the target index. To demonstrate, let’s look at an exaggerated example of how compounding affects returns.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"align\":\"right\",\"id\":4802,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignright size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2020/12/SH_SP500_07_10.png\" alt=\"S&amp;P 500 and SH after the stock market peak in October 2007\" class=\"wp-image-4802\"/><figcaption>S&amp;P 500 and SH after the stock market peak in October 2007</figcaption></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>Assume that both ProShares Short S&amp;P 500 (SH) and the S&amp;P 500 start with a value of $100. On Day 1, the S&amp;P 500 loses 10% causing SH to gain 10%. The S&amp;P 500, therefore, ends Day 1 with a price of $90, while SH has grown to $110. If on Day 2 the S&amp;P 500 loses 10% again, its price drops to $81 and SH increases to $121. While achieving perfect correlation on a daily basis, after two days the S&amp;P 500 is down 19% and SH is up 21%.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>If the stock market continues to decline after purchasing a bear fund, gains can be much more than you might expect due to progressively larger dollar changes based on the increasing value of the investment. On the other hand, if the stock market rises persistently after a bear fund is purchased, the daily percentage changes result in progressively smaller dollar changes as the value of the investment decreases. Hence, investors lose less than they might expect when the fund’s return over the course of the rally is calculated.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>This point is illustrated in the graphs at right, which show the S&amp;P 500 and SH after the stock market peak in October 2007. Clearly, bear funds can serve as valuable “insurance” in a declining market, even if the position is held past the market bottom. <strong>One important note:</strong> bear fund performance in trendless, volatile markets is less predictable than in markets persistently trending up or down. In fact, due to compounding effects, an inverse index fund may even decline as the market remains flat.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Why don’t you use a leveraged bear fund?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>A leveraged bear fund is designed to go up two or three times as much as its benchmark goes down on a daily basis. “More” might sound better to the average investor; however, trying to time bear markets or corrections rarely works, and one can easily get burned with leveraged funds if the market doesn\'t move as anticipated and the compounding effect is magnified. With this in mind, we’d avoid the leveraged bear market funds due to the increased volatility and risk.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>Summary: A Safety-first Approach</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Bear market funds should be used to neutralize portfolio risk and help you sleep at night – not as a tool for speculative short-term trading. With a safety-first investment strategy, an inverse index fund can serve as an effective, low cost insurance offering an efficient way to offset rising market risk and reduce portfolio volatility. When considering a bear fund, the following guidelines should be helpful:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>Use bear funds as an insurance to offset a portion of your portfolio investments.</li><li>Stay with the passively managed bear funds that inversely correlate with the broader indexes.</li><li>Choose the larger more liquid funds with longer track records.</li><li>Gradually implement a bear fund position as a bear market becomes more likely.</li><li>Do not use leveraged funds.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p>If bear funds are not an option for your portfolio, the alternative is to reduce your long positions to reach the target “net” allocation and hold the balance in cash.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>This report is also available to read in PDF format.&nbsp;<a href=\"https://ns2020-investech.investech.com/wp-content/uploads/2020/12/Bitcoin.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Download the PDF</a>.  </p>\n<!-- /wp:paragraph -->','The \"Bare Necessities\" About Bear Funds','','inherit','closed','closed','','2457-revision-v1','','','2021-01-29 21:54:08','2021-01-29 21:54:08','',2457,'https://ns2020-investech.investech.com/2457-revision-v1/',0,'revision','',0);
INSERT INTO `wp_posts` VALUES (5257,3,'2021-01-29 21:55:13','2021-01-29 21:55:13','<!-- wp:paragraph -->\n<p>Managing risk in the final stages of a market cycle is vitally important for preserving capital and generating superior long-term investment returns. With a safety-first investment strategy, the first line of defense for protecting assets is to selectively take profits off the table and hold the proceeds in cash. Adjusting stock and sector weightings toward more resilient areas of the market can also fortify a portfolio. When bear market warning flags begin to wave, adding a bear fund can further reduce exposure to downside market movements and lower portfolio volatility.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>Bear Fund Fundamentals</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>A bear fund is a mutual fund or exchange-traded fund (ETF) designed to increase in value as the market drops. Conversely, the fund will lose value when the market rises. The original bear market mutual funds have been around since the mid-1990s, and several bear fund ETFs following the same principles were incepted just over a decade ago, prior to the last bear market. At InvesTech Research, the primary reason for using a bear fund is as an “insurance policy” to offset potential losses in core holdings of the portfolio during market declines. Our recommendation to add a bear fund to the Model Fund Portfolio has raised some questions from our subscribers. The most frequently asked questions –some simple, some more complex– are addressed below.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Why use a bear fund instead of selling positions and raising cash?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Increasing cash in the portfolio is an important part of a defensive strategy, but there are several reasons for maintaining select long positions and partially offsetting them with the “insurance policy” of a bear market fund:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li><strong>Diversification</strong>: Bear fund insurance allows you to hold onto more stocks in a portfolio, thus maintaining greater diversification while counteracting the impact of a stock or sector that doesn’t perform as anticipated.</li><li><strong>Lower portfolio volatility</strong>: Market volatility usually increases as risks rise. A strategy that manages risk is inherently less volatile, and by “neutralizing” a portion of the portfolio, volatility is reduced.</li><li><strong>Dividends</strong>: Dividend payments continue for the positions that are maintained in a portfolio.</li><li><strong>Reduce capital gains tax</strong>: In taxable accounts, selling stocks can create sizeable realized gains. Limiting sales can lessen the tax bite.</li><li><strong>Prepare for the next bull market</strong>: When risks begin to resolve and the time is right to increase market allocation, new additions for the portfolio must be properly vetted prior to purchase. In the meantime, exposure can be quickly increased by removing the bear fund, which “de-neutralizes” a portion of the portfolio to participate in the market recovery without delay.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>What do we mean by a “net” long position?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:image {\"align\":\"right\",\"id\":4803,\"sizeSlug\":\"full\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignright size-full\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2020/12/ModelPortfolioBarChart.png\" alt=\"InvesTech Model Fund Portfolio Allocation\" class=\"wp-image-4803\"/><figcaption>InvesTech Model Fund Portfolio Allocation</figcaption></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>The “net” long position in the Model Fund Portfolio is currently 55%. But how does this all add up?</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>As illustrated in the chart at right, current holdings include 63% long funds (blue), 8% short bear fund (red), and 29% cash (yellow). The bear fund effectively “neutralizes” or offsets the impact of an equivalent position of long holdings (shaded blue area). In other words, if the long position moves down, the bear fund moves up and the return on that combination should be negligible for the day. Therefore, the net long position, or overall exposure to the equity market, is the 63% long position minus the 8% short position which is equal to a 55% “net” long position.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Why is the ProShares Short S&amp;P 500 ETF (SH) a good choice for the Model Fund Portfolio?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>We recommended SH for a number of reasons. Our portfolio holdings are based on S&amp;P 500 sectors, so it’s appropriate to select an inverse index fund correlated to this broad market Index. ProShares Short S&amp;P 500 was incepted in 2006 and has a solid track record through the last bear market. It is the largest and most liquid inverse S&amp;P 500 fund, currently holding over $1.6B in assets. We also like some of the advantages ETFs have over mutual funds such as lower expense ratios and the ability to trade throughout the day.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Finally, this fund is passively managed to inversely correlate to the Index’s daily returns. Actively managed funds typically focus on profiting from shorting individual stocks, frequently use resource holdings, and may concentrate on attempts to time the market. Performance can vary depending on the manager’s ability to pick the right stocks to short. Thus, for a safety-first strategy, a more predictable passive fund is the best choice for our purposes.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"align\":\"center\",\"id\":4801,\"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/2020/12/bear_market_funds2.png\" alt=\"Bear Market Alternative Funds\" class=\"wp-image-4801\"/><figcaption><strong>Bear Market Alternatives</strong></figcaption></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>We’ve assembled a list of some of the larger funds that have longer track records, including both ETFs and mutual funds. Before purchasing any on the list above, you should perform your own due diligence to determine the suitability for your portfolio. Reasons for providing these additional choices include:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>Some retirement accounts are limited to mutual fund investments only.</li><li>When using a passively managed fund, it’s best to choose one based on an index that most closely matches your portfolio holdings.</li><li>If you are willing to accept the added risk that comes with an actively managed fund, you may want to consider one of the total return alternatives.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>If a passive bear fund offsets the market on a daily basis, what happens over a longer period of time?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Due to the compounding of daily returns, performance over periods longer than one day will likely differ from the inverse of the target index. To demonstrate, let’s look at an exaggerated example of how compounding affects returns.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"align\":\"right\",\"id\":4802,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignright size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2020/12/SH_SP500_07_10.png\" alt=\"S&amp;P 500 and SH after the stock market peak in October 2007\" class=\"wp-image-4802\"/><figcaption>S&amp;P 500 and SH after the stock market peak in October 2007</figcaption></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>Assume that both ProShares Short S&amp;P 500 (SH) and the S&amp;P 500 start with a value of $100. On Day 1, the S&amp;P 500 loses 10% causing SH to gain 10%. The S&amp;P 500, therefore, ends Day 1 with a price of $90, while SH has grown to $110. If on Day 2 the S&amp;P 500 loses 10% again, its price drops to $81 and SH increases to $121. While achieving perfect correlation on a daily basis, after two days the S&amp;P 500 is down 19% and SH is up 21%.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>If the stock market continues to decline after purchasing a bear fund, gains can be much more than you might expect due to progressively larger dollar changes based on the increasing value of the investment. On the other hand, if the stock market rises persistently after a bear fund is purchased, the daily percentage changes result in progressively smaller dollar changes as the value of the investment decreases. Hence, investors lose less than they might expect when the fund’s return over the course of the rally is calculated.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>This point is illustrated in the graphs at right, which show the S&amp;P 500 and SH after the stock market peak in October 2007. Clearly, bear funds can serve as valuable “insurance” in a declining market, even if the position is held past the market bottom. <strong>One important note:</strong> bear fund performance in trendless, volatile markets is less predictable than in markets persistently trending up or down. In fact, due to compounding effects, an inverse index fund may even decline as the market remains flat.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Why don’t you use a leveraged bear fund?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>A leveraged bear fund is designed to go up two or three times as much as its benchmark goes down on a daily basis. “More” might sound better to the average investor; however, trying to time bear markets or corrections rarely works, and one can easily get burned with leveraged funds if the market doesn\'t move as anticipated and the compounding effect is magnified. With this in mind, we’d avoid the leveraged bear market funds due to the increased volatility and risk.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>Summary: A Safety-first Approach</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Bear market funds should be used to neutralize portfolio risk and help you sleep at night – not as a tool for speculative short-term trading. With a safety-first investment strategy, an inverse index fund can serve as an effective, low cost insurance offering an efficient way to offset rising market risk and reduce portfolio volatility. When considering a bear fund, the following guidelines should be helpful:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>Use bear funds as an insurance to offset a portion of your portfolio investments.</li><li>Stay with the passively managed bear funds that inversely correlate with the broader indexes.</li><li>Choose the larger more liquid funds with longer track records.</li><li>Gradually implement a bear fund position as a bear market becomes more likely.</li><li>Do not use leveraged funds.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p>If bear funds are not an option for your portfolio, the alternative is to reduce your long positions to reach the target “net” allocation and hold the balance in cash.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>This report is also available to read in PDF format.&nbsp;<a href=\"https://ns2020-investech.investech.com/wp-content/uploads/2020/12/Bitcoin.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Download the PDF</a>.  </p>\n<!-- /wp:paragraph -->','The \"Bare Necessities\" About Bear Funds','','inherit','closed','closed','','2457-revision-v1','','','2021-01-29 21:55:13','2021-01-29 21:55:13','',2457,'https://ns2020-investech.investech.com/2457-revision-v1/',0,'revision','',0);
INSERT INTO `wp_posts` VALUES (5260,3,'2021-01-29 22:10:53','2021-01-29 22:10:53','<!-- wp:paragraph -->\n<p>Managing risk in the final stages of a market cycle is vitally important for preserving capital and generating superior long-term investment returns. With a safety-first investment strategy, the first line of defense for protecting assets is to selectively take profits off the table and hold the proceeds in cash. Adjusting stock and sector weightings toward more resilient areas of the market can also fortify a portfolio. When bear market warning flags begin to wave, adding a bear fund can further reduce exposure to downside market movements and lower portfolio volatility.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>Bear Fund Fundamentals</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>A bear fund is a mutual fund or exchange-traded fund (ETF) designed to increase in value as the market drops. Conversely, the fund will lose value when the market rises. The original bear market mutual funds have been around since the mid-1990s, and several bear fund ETFs following the same principles were incepted just over a decade ago, prior to the last bear market. At InvesTech Research, the primary reason for using a bear fund is as an “insurance policy” to offset potential losses in core holdings of the portfolio during market declines. Our recommendation to add a bear fund to the Model Fund Portfolio has raised some questions from our subscribers. The most frequently asked questions –some simple, some more complex– are addressed below.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Why use a bear fund instead of selling positions and raising cash?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Increasing cash in the portfolio is an important part of a defensive strategy, but there are several reasons for maintaining select long positions and partially offsetting them with the “insurance policy” of a bear market fund:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li><strong>Diversification</strong>: Bear fund insurance allows you to hold onto more stocks in a portfolio, thus maintaining greater diversification while counteracting the impact of a stock or sector that doesn’t perform as anticipated.</li><li><strong>Lower portfolio volatility</strong>: Market volatility usually increases as risks rise. A strategy that manages risk is inherently less volatile, and by “neutralizing” a portion of the portfolio, volatility is reduced.</li><li><strong>Dividends</strong>: Dividend payments continue for the positions that are maintained in a portfolio.</li><li><strong>Reduce capital gains tax</strong>: In taxable accounts, selling stocks can create sizeable realized gains. Limiting sales can lessen the tax bite.</li><li><strong>Prepare for the next bull market</strong>: When risks begin to resolve and the time is right to increase market allocation, new additions for the portfolio must be properly vetted prior to purchase. In the meantime, exposure can be quickly increased by removing the bear fund, which “de-neutralizes” a portion of the portfolio to participate in the market recovery without delay.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>What do we mean by a “net” long position?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:image {\"align\":\"right\",\"id\":4803,\"sizeSlug\":\"full\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignright size-full\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2020/12/ModelPortfolioBarChart.png\" alt=\"InvesTech Model Fund Portfolio Allocation\" class=\"wp-image-4803\"/><figcaption>InvesTech Model Fund Portfolio Allocation</figcaption></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>The “net” long position in the Model Fund Portfolio is currently 55%. But how does this all add up?</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>As illustrated in the chart at right, current holdings include 63% long funds (blue), 8% short bear fund (red), and 29% cash (yellow). The bear fund effectively “neutralizes” or offsets the impact of an equivalent position of long holdings (shaded blue area). In other words, if the long position moves down, the bear fund moves up and the return on that combination should be negligible for the day. Therefore, the net long position, or overall exposure to the equity market, is the 63% long position minus the 8% short position which is equal to a 55% “net” long position.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Why is the ProShares Short S&amp;P 500 ETF (SH) a good choice for the Model Fund Portfolio?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>We recommended SH for a number of reasons. Our portfolio holdings are based on S&amp;P 500 sectors, so it’s appropriate to select an inverse index fund correlated to this broad market Index. ProShares Short S&amp;P 500 was incepted in 2006 and has a solid track record through the last bear market. It is the largest and most liquid inverse S&amp;P 500 fund, currently holding over $1.6B in assets. We also like some of the advantages ETFs have over mutual funds such as lower expense ratios and the ability to trade throughout the day.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Finally, this fund is passively managed to inversely correlate to the Index’s daily returns. Actively managed funds typically focus on profiting from shorting individual stocks, frequently use resource holdings, and may concentrate on attempts to time the market. Performance can vary depending on the manager’s ability to pick the right stocks to short. Thus, for a safety-first strategy, a more predictable passive fund is the best choice for our purposes.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"align\":\"center\",\"id\":4801,\"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/2020/12/bear_market_funds2.png\" alt=\"Bear Market Alternative Funds\" class=\"wp-image-4801\"/><figcaption><strong>Bear Market Alternatives</strong></figcaption></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>We’ve assembled a list of some of the larger funds that have longer track records, including both ETFs and mutual funds. Before purchasing any on the list above, you should perform your own due diligence to determine the suitability for your portfolio. Reasons for providing these additional choices include:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>Some retirement accounts are limited to mutual fund investments only.</li><li>When using a passively managed fund, it’s best to choose one based on an index that most closely matches your portfolio holdings.</li><li>If you are willing to accept the added risk that comes with an actively managed fund, you may want to consider one of the total return alternatives.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>If a passive bear fund offsets the market on a daily basis, what happens over a longer period of time?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Due to the compounding of daily returns, performance over periods longer than one day will likely differ from the inverse of the target index. To demonstrate, let’s look at an exaggerated example of how compounding affects returns.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"align\":\"right\",\"id\":4802,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignright size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2020/12/SH_SP500_07_10.png\" alt=\"S&amp;P 500 and SH after the stock market peak in October 2007\" class=\"wp-image-4802\"/><figcaption>S&amp;P 500 and SH after the stock market peak in October 2007</figcaption></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>Assume that both ProShares Short S&amp;P 500 (SH) and the S&amp;P 500 start with a value of $100. On Day 1, the S&amp;P 500 loses 10% causing SH to gain 10%. The S&amp;P 500, therefore, ends Day 1 with a price of $90, while SH has grown to $110. If on Day 2 the S&amp;P 500 loses 10% again, its price drops to $81 and SH increases to $121. While achieving perfect correlation on a daily basis, after two days the S&amp;P 500 is down 19% and SH is up 21%.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>If the stock market continues to decline after purchasing a bear fund, gains can be much more than you might expect due to progressively larger dollar changes based on the increasing value of the investment. On the other hand, if the stock market rises persistently after a bear fund is purchased, the daily percentage changes result in progressively smaller dollar changes as the value of the investment decreases. Hence, investors lose less than they might expect when the fund’s return over the course of the rally is calculated.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>This point is illustrated in the graphs at right, which show the S&amp;P 500 and SH after the stock market peak in October 2007. Clearly, bear funds can serve as valuable “insurance” in a declining market, even if the position is held past the market bottom. <strong>One important note:</strong> bear fund performance in trendless, volatile markets is less predictable than in markets persistently trending up or down. In fact, due to compounding effects, an inverse index fund may even decline as the market remains flat.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Why don’t you use a leveraged bear fund?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>A leveraged bear fund is designed to go up two or three times as much as its benchmark goes down on a daily basis. “More” might sound better to the average investor; however, trying to time bear markets or corrections rarely works, and one can easily get burned with leveraged funds if the market doesn\'t move as anticipated and the compounding effect is magnified. With this in mind, we’d avoid the leveraged bear market funds due to the increased volatility and risk.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>Summary: A Safety-first Approach</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Bear market funds should be used to neutralize portfolio risk and help you sleep at night – not as a tool for speculative short-term trading. With a safety-first investment strategy, an inverse index fund can serve as an effective, low cost insurance offering an efficient way to offset rising market risk and reduce portfolio volatility. When considering a bear fund, the following guidelines should be helpful:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>Use bear funds as an insurance to offset a portion of your portfolio investments.</li><li>Stay with the passively managed bear funds that inversely correlate with the broader indexes.</li><li>Choose the larger more liquid funds with longer track records.</li><li>Gradually implement a bear fund position as a bear market becomes more likely.</li><li>Do not use leveraged funds.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p>If bear funds are not an option for your portfolio, the alternative is to reduce your long positions to reach the target “net” allocation and hold the balance in cash.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>This report is also available to read in PDF format.&nbsp;<a href=\"https://ns2020-investech.investech.com/wp-content/uploads/2020/12/Bitcoin.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Download the PDF</a>.  </p>\n<!-- /wp:paragraph -->','The \"Bare Necessities\" About Bear Funds','Ta Da','inherit','closed','closed','','2457-revision-v1','','','2021-01-29 22:10:53','2021-01-29 22:10:53','',2457,'https://ns2020-investech.investech.com/2457-revision-v1/',0,'revision','',0);
INSERT INTO `wp_posts` VALUES (5262,3,'2021-01-29 22:18:02','2021-01-29 22:18:02','<!-- wp:paragraph -->\n<p>Managing risk in the final stages of a market cycle is vitally important for preserving capital and generating superior long-term investment returns. With a safety-first investment strategy, the first line of defense for protecting assets is to selectively take profits off the table and hold the proceeds in cash. Adjusting stock and sector weightings toward more resilient areas of the market can also fortify a portfolio. When bear market warning flags begin to wave, adding a bear fund can further reduce exposure to downside market movements and lower portfolio volatility.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>Bear Fund Fundamentals</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>A bear fund is a mutual fund or exchange-traded fund (ETF) designed to increase in value as the market drops. Conversely, the fund will lose value when the market rises. The original bear market mutual funds have been around since the mid-1990s, and several bear fund ETFs following the same principles were incepted just over a decade ago, prior to the last bear market. At InvesTech Research, the primary reason for using a bear fund is as an “insurance policy” to offset potential losses in core holdings of the portfolio during market declines. Our recommendation to add a bear fund to the Model Fund Portfolio has raised some questions from our subscribers. The most frequently asked questions –some simple, some more complex– are addressed below.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Why use a bear fund instead of selling positions and raising cash?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Increasing cash in the portfolio is an important part of a defensive strategy, but there are several reasons for maintaining select long positions and partially offsetting them with the “insurance policy” of a bear market fund:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li><strong>Diversification</strong>: Bear fund insurance allows you to hold onto more stocks in a portfolio, thus maintaining greater diversification while counteracting the impact of a stock or sector that doesn’t perform as anticipated.</li><li><strong>Lower portfolio volatility</strong>: Market volatility usually increases as risks rise. A strategy that manages risk is inherently less volatile, and by “neutralizing” a portion of the portfolio, volatility is reduced.</li><li><strong>Dividends</strong>: Dividend payments continue for the positions that are maintained in a portfolio.</li><li><strong>Reduce capital gains tax</strong>: In taxable accounts, selling stocks can create sizeable realized gains. Limiting sales can lessen the tax bite.</li><li><strong>Prepare for the next bull market</strong>: When risks begin to resolve and the time is right to increase market allocation, new additions for the portfolio must be properly vetted prior to purchase. In the meantime, exposure can be quickly increased by removing the bear fund, which “de-neutralizes” a portion of the portfolio to participate in the market recovery without delay.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>What do we mean by a “net” long position?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:image {\"align\":\"right\",\"id\":4803,\"sizeSlug\":\"full\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignright size-full\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2020/12/ModelPortfolioBarChart.png\" alt=\"InvesTech Model Fund Portfolio Allocation\" class=\"wp-image-4803\"/><figcaption>InvesTech Model Fund Portfolio Allocation</figcaption></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>The “net” long position in the Model Fund Portfolio is currently 55%. But how does this all add up?</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>As illustrated in the chart at right, current holdings include 63% long funds (blue), 8% short bear fund (red), and 29% cash (yellow). The bear fund effectively “neutralizes” or offsets the impact of an equivalent position of long holdings (shaded blue area). In other words, if the long position moves down, the bear fund moves up and the return on that combination should be negligible for the day. Therefore, the net long position, or overall exposure to the equity market, is the 63% long position minus the 8% short position which is equal to a 55% “net” long position.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Why is the ProShares Short S&amp;P 500 ETF (SH) a good choice for the Model Fund Portfolio?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>We recommended SH for a number of reasons. Our portfolio holdings are based on S&amp;P 500 sectors, so it’s appropriate to select an inverse index fund correlated to this broad market Index. ProShares Short S&amp;P 500 was incepted in 2006 and has a solid track record through the last bear market. It is the largest and most liquid inverse S&amp;P 500 fund, currently holding over $1.6B in assets. We also like some of the advantages ETFs have over mutual funds such as lower expense ratios and the ability to trade throughout the day.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Finally, this fund is passively managed to inversely correlate to the Index’s daily returns. Actively managed funds typically focus on profiting from shorting individual stocks, frequently use resource holdings, and may concentrate on attempts to time the market. Performance can vary depending on the manager’s ability to pick the right stocks to short. Thus, for a safety-first strategy, a more predictable passive fund is the best choice for our purposes.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"align\":\"center\",\"id\":4801,\"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/2020/12/bear_market_funds2.png\" alt=\"Bear Market Alternative Funds\" class=\"wp-image-4801\"/><figcaption><strong>Bear Market Alternatives</strong></figcaption></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>We’ve assembled a list of some of the larger funds that have longer track records, including both ETFs and mutual funds. Before purchasing any on the list above, you should perform your own due diligence to determine the suitability for your portfolio. Reasons for providing these additional choices include:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>Some retirement accounts are limited to mutual fund investments only.</li><li>When using a passively managed fund, it’s best to choose one based on an index that most closely matches your portfolio holdings.</li><li>If you are willing to accept the added risk that comes with an actively managed fund, you may want to consider one of the total return alternatives.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>If a passive bear fund offsets the market on a daily basis, what happens over a longer period of time?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Due to the compounding of daily returns, performance over periods longer than one day will likely differ from the inverse of the target index. To demonstrate, let’s look at an exaggerated example of how compounding affects returns.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"align\":\"right\",\"id\":4802,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignright size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2020/12/SH_SP500_07_10.png\" alt=\"S&amp;P 500 and SH after the stock market peak in October 2007\" class=\"wp-image-4802\"/><figcaption>S&amp;P 500 and SH after the stock market peak in October 2007</figcaption></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>Assume that both ProShares Short S&amp;P 500 (SH) and the S&amp;P 500 start with a value of $100. On Day 1, the S&amp;P 500 loses 10% causing SH to gain 10%. The S&amp;P 500, therefore, ends Day 1 with a price of $90, while SH has grown to $110. If on Day 2 the S&amp;P 500 loses 10% again, its price drops to $81 and SH increases to $121. While achieving perfect correlation on a daily basis, after two days the S&amp;P 500 is down 19% and SH is up 21%.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>If the stock market continues to decline after purchasing a bear fund, gains can be much more than you might expect due to progressively larger dollar changes based on the increasing value of the investment. On the other hand, if the stock market rises persistently after a bear fund is purchased, the daily percentage changes result in progressively smaller dollar changes as the value of the investment decreases. Hence, investors lose less than they might expect when the fund’s return over the course of the rally is calculated.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>This point is illustrated in the graphs at right, which show the S&amp;P 500 and SH after the stock market peak in October 2007. Clearly, bear funds can serve as valuable “insurance” in a declining market, even if the position is held past the market bottom. <strong>One important note:</strong> bear fund performance in trendless, volatile markets is less predictable than in markets persistently trending up or down. In fact, due to compounding effects, an inverse index fund may even decline as the market remains flat.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Why don’t you use a leveraged bear fund?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>A leveraged bear fund is designed to go up two or three times as much as its benchmark goes down on a daily basis. “More” might sound better to the average investor; however, trying to time bear markets or corrections rarely works, and one can easily get burned with leveraged funds if the market doesn\'t move as anticipated and the compounding effect is magnified. With this in mind, we’d avoid the leveraged bear market funds due to the increased volatility and risk.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>Summary: A Safety-first Approach</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Bear market funds should be used to neutralize portfolio risk and help you sleep at night – not as a tool for speculative short-term trading. With a safety-first investment strategy, an inverse index fund can serve as an effective, low cost insurance offering an efficient way to offset rising market risk and reduce portfolio volatility. When considering a bear fund, the following guidelines should be helpful:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>Use bear funds as an insurance to offset a portion of your portfolio investments.</li><li>Stay with the passively managed bear funds that inversely correlate with the broader indexes.</li><li>Choose the larger more liquid funds with longer track records.</li><li>Gradually implement a bear fund position as a bear market becomes more likely.</li><li>Do not use leveraged funds.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p>If bear funds are not an option for your portfolio, the alternative is to reduce your long positions to reach the target “net” allocation and hold the balance in cash.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>This report is also available to read in PDF format.&nbsp;<a href=\"https://ns2020-investech.investech.com/wp-content/uploads/2020/12/Bitcoin.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Download the PDF</a>.  </p>\n<!-- /wp:paragraph -->','The \"Bare Necessities\" About Bear Funds','Managing risk in the final stages of a market cycle is vitally important for preserving capital and generating superior long-term investment returns. ','inherit','closed','closed','','2457-revision-v1','','','2021-01-29 22:18:02','2021-01-29 22:18:02','',2457,'https://ns2020-investech.investech.com/2457-revision-v1/',0,'revision','',0);
INSERT INTO `wp_posts` VALUES (5264,3,'2021-01-29 22:25:49','2021-01-29 22:25:49','<!-- wp:paragraph -->\n<p>Just as relevant today as in the Tech Bubble of the 1990s, this issue (originally published in March 1999) is particularly enlightening in view of today\'s infatuation with passive and index investing. Instead of falling off a cliff, these lemmings fell into the largest bear market since the 1930s!</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\"></a></div>\n<!-- /wp:button --></div>\n<!-- /wp:buttons -->','Index Funds: The Lemming Principle','Just as relevant today as in the Tech Bubble of the 1990s, this issue (originally published in March 1999) is particularly enlightening in view of today\'s infatuation with passive and index investing. Instead of falling off a cliff, these lemmings fell into the largest bear market since the 1930s!','inherit','closed','closed','','2470-revision-v1','','','2021-01-29 22:25:49','2021-01-29 22:25:49','',2470,'https://ns2020-investech.investech.com/2470-revision-v1/',0,'revision','',0);
INSERT INTO `wp_posts` VALUES (5266,3,'2021-01-29 23:06:05','2021-01-29 23:06:05','<!-- wp:paragraph -->\n<p>Just as relevant today as in the Tech Bubble of the 1990s, this issue (originally published in March 1999) is particularly enlightening in view of today\'s infatuation with passive and index investing. Instead of falling off a cliff, these lemmings fell into the largest bear market since the 1930s!</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\"></a></div>\n<!-- /wp:button --></div>\n<!-- /wp:buttons -->\n\n<!-- wp:pdfemb/pdf-embedder-viewer {\"pdfID\":2435,\"url\":\"https://ns2020-investech.investech.com/wp-content/uploads/2020/08/InvesTech-V99I04-Indexing.pdf\"} -->\n<p class=\"wp-block-pdfemb-pdf-embedder-viewer\"></p>\n<!-- /wp:pdfemb/pdf-embedder-viewer -->','Index Funds: The Lemming Principle','Just as relevant today as in the Tech Bubble of the 1990s, this issue (originally published in March 1999) is particularly enlightening in view of today\'s infatuation with passive and index investing. Instead of falling off a cliff, these lemmings fell into the largest bear market since the 1930s!','inherit','closed','closed','','2470-revision-v1','','','2021-01-29 23:06:05','2021-01-29 23:06:05','',2470,'https://ns2020-investech.investech.com/2470-revision-v1/',0,'revision','',0);
INSERT INTO `wp_posts` VALUES (5268,3,'2021-01-29 23:10:47','2021-01-29 23:10:47','<!-- wp:paragraph -->\n<p>Just as relevant today as in the Tech Bubble of the 1990s, this issue (originally published in March 1999) is particularly enlightening in view of today\'s infatuation with passive and index investing. Instead of falling off a cliff, these lemmings fell into the largest bear market since the 1930s!</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\"></a></div>\n<!-- /wp:button --></div>\n<!-- /wp:buttons -->\n\n<!-- wp:pdfemb/pdf-embedder-viewer {\"pdfID\":2435,\"url\":\"https://ns2020-investech.investech.com/wp-content/uploads/2020/08/InvesTech-V99I04-Indexing.pdf\"} -->\n<p class=\"wp-block-pdfemb-pdf-embedder-viewer\"></p>\n<!-- /wp:pdfemb/pdf-embedder-viewer -->\n\n<!-- wp:paragraph -->\n<p>This report is also available to read in PDF format. <a href=\"https://ns2020-investech.investech.com/wp-content/uploads/2020/08/InvesTech-V99I04-Indexing.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Download the PDF</a>.</p>\n<!-- /wp:paragraph -->','Index Funds: The Lemming Principle','Just as relevant today as in the Tech Bubble of the 1990s, this issue (originally published in March 1999) is particularly enlightening in view of today\'s infatuation with passive and index investing. Instead of falling off a cliff, these lemmings fell into the largest bear market since the 1930s!','inherit','closed','closed','','2470-revision-v1','','','2021-01-29 23:10:47','2021-01-29 23:10:47','',2470,'https://ns2020-investech.investech.com/2470-revision-v1/',0,'revision','',0);
INSERT INTO `wp_posts` VALUES (5270,3,'2021-01-29 23:16:09','2021-01-29 23:16:09','<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>Securities-Backed Loans… Just the Tip of the Iceberg?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:quote -->\n<blockquote class=\"wp-block-quote\"><p>Aging bull markets are naturally predisposed to excesses –particularly in debt and leverage– and once again nontraditional loans are taking center stage.</p></blockquote>\n<!-- /wp:quote -->\n\n<!-- wp:image {\"id\":4898,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2020/12/iceberg.jpg\" alt=\"\" class=\"wp-image-4898\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:quote -->\n<blockquote class=\"wp-block-quote\"><p><strong>Markets are relaxing merrily on a powerful time bomb</strong><br>Stock and bond market leverage is everywhere. Some of it is transparent, such as NYSE margin debt which was $539 billion as of the June report. But the hottest form of stock and bond market leverage is opaque, offered by financial firms that usually don’t disclose the totals: securities-based loans (SBLs) – or “shadow margin” because no one knows how much of it there is.</p><cite><em>Business Insider – 7/30/17</em></cite></blockquote>\n<!-- /wp:quote -->\n\n<!-- wp:paragraph {\"align\":\"right\"} -->\n<p class=\"has-text-align-right\"></p>\n<!-- /wp:paragraph -->\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></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%\"></div>\n<!-- /wp:column --></div>\n<!-- /wp:columns -->\n\n<!-- wp:paragraph -->\n<p>It’s been over 12 years since we warned about the highly questionable mortgage lending practices that mushroomed during the Housing Bubble. Now it appears that innovative lending is back in vogue. Securities-backed loans (SBLs) are among Wall Street’s hottest new products in this bull market, and they’ve been growing faster than Jack’s beanstalk over the past few years:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li><strong>Borrowing With Stock Soars as Market Rises</strong>  – <em>Wall Street Journal, 7/28/17</em></li><li><strong>Fidelity taps Goldman Sachs to expand lending services through RIAs</strong><em> – Investment News, 7/27/17</em></li><li><strong>Goldman Sachs is launching a digital platform for the rich to borrow as much as $25 million</strong> <em>– Reuters, 7/27/17</em></li><li><strong>Wall Street Sharks Entice Customers With Securities-Backed Loans </strong><em>– Seeking Alpha, 8/13/17</em></li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p>SBLs are often referred to as “shadow margin” because they’re not tracked in the margin debt figures, nor are they tracked by either the SEC or the brokerage regulator FINRA. Nobody knows how extensive such loans are, but based on anecdotal evidence they total at least $100 billion and we believe the figure could be much larger.</p>\n<!-- /wp:paragraph -->\n\n<!-- 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 {\"id\":4901,\"width\":650,\"height\":318,\"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/MorganStanley-1024x502.png\" alt=\"\" class=\"wp-image-4901\" width=\"650\" height=\"318\"/><figcaption><strong>Morgan Stanley</strong></figcaption></figure>\n<!-- /wp:image --></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>According to a July 2017 Wall Street Journal article, Bank of America’s wealth unit had $40 billion in outstanding securities-backed loans at the end of 2016, up 140% from 2010. Morgan Stanley had $30 billion in these loans, more than double the amount in 2013. And, not to be left behind, Goldman Sachs is teaming up with Fidelity and other brokerages to broaden the availability of credit via its new digital lending program, “GS Select.”</p>\n<!-- /wp:paragraph --></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 {\"level\":3} -->\n<h3>What are securities-backed loans (SBLs), and why are they popular?</h3>\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 simple terms, SBLs are loans that are marketed to investors as an easy and inexpensive way to access extra cash by borrowing against the securities in one’s investment portfolio without having to liquidate those holdings. Funds can be used for any purpose except buying more stock or repaying a margin loan. For instance, these loans might be used for buying real estate, investing in a business, funding education, or for personal use like taking a trip or paying for a wedding.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Fixed loans can run the gamut from $25,000 to $25 million or more, depending on the lender and the amount of collateral. A typical SBL agreement permits an investor to borrow from 50% to 95% of the value of the assets in his or her non-retirement investment account, based on the size of the portfolio and the types and mix of securities held. These lending arrangements can be set up as a fixed loan, but more often they’re established as a revolving SBL line of credit (SBLOC). It’s not uncommon for a firm to require that account assets have a market value of at least $100,000 to qualify for an SBLOC.</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\":4902,\"width\":229,\"height\":194,\"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/WellsFargo.png\" alt=\"\" class=\"wp-image-4902\" width=\"229\" height=\"194\"/><figcaption><strong>Wells Fargo</strong></figcaption></figure>\n<!-- /wp:image --></div>\n<!-- /wp:column --></div>\n<!-- /wp:columns -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>The sales pitch is irresistible!</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Looking at the promotional materials shown in this report from broker websites touting SBLs, who wouldn’t want to avail themselves of this offering? According to the ads, you’ve worked hard to grow your investments over the years; now you can capitalize on those assets to finance your dreams without drawing down your portfolio.</p>\n<!-- /wp:paragraph -->\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:list -->\n<ul><li>With an SBLOC, the cash is readily available (up to the credit limits) any time you need it.</li><li>Other than securities related transactions, there are no restrictions on how you use the loan.</li><li>An SBLOC lets you keep your investment account intact, allowing it to continue to grow.</li><li>By borrowing to meet your cash needs, you can avoid selling securities and triggering capital gains taxes.</li><li>Because SBLs are backed by portfolio assets, interest rates can be much lower than traditional loans.</li><li>Once an SBLOC is in place, it can be used repeatedly and you’re only required to make monthly interest payments – there is no maturity date.</li><li>There are usually no fees to establish the loan or credit line and funds are available quickly. Goldman Sachs’ digital platform promotes a 24-hour turnaround.</li><li>Typically, no personal financial statements, tax returns, or other documents are required.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p></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\":4903,\"width\":357,\"height\":262,\"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/UBS-1024x751.png\" alt=\"\" class=\"wp-image-4903\" width=\"357\" height=\"262\"/><figcaption><strong>UBS</strong></figcaption></figure>\n<!-- /wp:image --></div>\n<!-- /wp:column --></div>\n<!-- /wp:columns -->\n\n<!-- wp:columns -->\n<div class=\"wp-block-columns\"><!-- wp:column {\"width\":\"33.33%\"} -->\n<div class=\"wp-block-column\" style=\"flex-basis:33.33%\"><!-- wp:image {\"id\":4904,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2020/12/GoldmanSachs-1024x698.png\" alt=\"\" class=\"wp-image-4904\"/><figcaption><strong>Goldman Sachs</strong></figcaption></figure>\n<!-- /wp:image --></div>\n<!-- /wp:column -->\n\n<!-- wp:column {\"width\":\"66.66%\"} -->\n<div class=\"wp-block-column\" style=\"flex-basis:66.66%\"><!-- wp:heading {\"level\":3} -->\n<h3>What’s in it for the brokers?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>SBLs and lines of credit have become lucrative new sources of income for brokerages, helping to replace revenue lost due to recent cuts in commission rates. In addition, brokers retain portfolio assets, along with their associated fees, as customers can access cash without making withdrawals. In some cases, establishing these loans may factor into a broker’s compensation, and marketing these credit options creates “sticky” clients as it’s hard to transfer assets to another broker with a securities-backed loan outstanding. Even if a client doesn’t use the line of credit immediately, the longer it’s in place, the more likely it is that he or she will eventually tap it.</p>\n<!-- /wp:paragraph --></div>\n<!-- /wp:column --></div>\n<!-- /wp:columns -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>So, where’s the risk?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>With SBLs, as with all financial obligations, it’s vitally important to read the fine print or risks section before committing. Careful attention to this step reveals that brokerages and banks get all the benefits of secured, full-recourse loans, while customers take all the risk. This may seem acceptable in a healthy bull market, but it can be catastrophic to the pledged portfolio in a downturn.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>The following are some of the risks that investors may face if they borrow against an investment account. It’s these risks that prompted the SEC and FINRA to issue a special Investor Alert in 2015 regarding this type of lending:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>If the value of the securities declines below a minimum level, you may be subject to a collateral “maintenance call” with little or no advanced warning, giving you minimal time to pay the loan or deposit more cash or securities in the account. Note that if this occurs, there are no extensions, and a broker can change its collateral maintenance requirement at any time without notifying you.</li><li>If you are unable to meet a maintenance call, the broker can liquidate part, or all, of your portfolio holdings at their discretion. You do not pick the stocks to sell. In a bear market, that could mean selling core holdings at a market bottom or alternatively realizing significant tax gains on long-held securities.</li><li>In a major downturn, you could be forced to forfeit all your pledged assets – in this case, the stocks, funds, and bonds in your portfolio. This is a major drawback to asset-backed loans…</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"align\":\"center\"} -->\n<p class=\"has-text-align-center\"><strong>Why Goldman Sachs Seized a Client’s 217-Foot Yacht</strong> <em>- Wall Street Journal, 8/10/17</em></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>In the worst-case scenario, you might lose more funds than are held in the collateral account, and as a full-recourse loan, you would be liable for any deficiency.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:list -->\n<ul><li>For SBLOCs, the interest rate on your loan is generally a floating rate that can change daily. With interest rates rising, the cost of your SBLOC could increase significantly.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p>The proliferation of SBLs and SBLOCs obviously increases the risks in this late-stage bull market. While history shows that excessive debt accumulation does not trigger a stock market peak, it can accelerate and intensify losses when the leverage starts to unwind in a bear market. Today’s levels of these securities-backed loans are small relative to overall consumer and business debt, but they can be dangerous. Like subprime mortgage loans 10 years ago, if trouble appears in terms of mass collateral maintenance calls, it could be just the tip of the iceberg.</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 -->\n\n<!-- wp:paragraph {\"align\":\"left\"} -->\n<p class=\"has-text-align-left\"><strong><em>Excerpt from InvesTech Research – September 15, 2017</em></strong></p>\n<!-- /wp:paragraph -->','SBLs','','inherit','closed','closed','','2472-revision-v1','','','2021-01-29 23:16:09','2021-01-29 23:16:09','',2472,'https://ns2020-investech.investech.com/2472-revision-v1/',0,'revision','',0);
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INSERT INTO `wp_posts` VALUES (16844,1,'2023-02-20 11:34:00','2023-02-20 17:34:00','<!-- 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 {\"layout\":{\"type\":\"flex\",\"justifyContent\":\"center\"},\"fontSize\":\"medium\"} -->\n<div class=\"wp-block-buttons has-custom-font-size has-medium-font-size\"><!-- wp:button {\"style\":{\"border\":{\"radius\":\"5px\"}},\"className\":\"economic-trends is-style-default\"} -->\n<div class=\"wp-block-button economic-trends is-style-default\"><a class=\"wp-block-button__link wp-element-button\" href=\"\" style=\"border-radius:5px\" target=\"_blank\" rel=\"noreferrer noopener\">Economic Trends Calendar</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\"><!-- wp:button /--></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 11:34:00','2023-02-20 17:34:00','',16275,'https://ns2020-investech.investech.com/?p=16844',0,'revision','',0);
INSERT INTO `wp_posts` VALUES (18113,542,'2023-06-21 08:58:40','2023-06-21 14:58:40','<!-- wp:block {\"ref\":18062} /-->\n\n<!-- wp:group {\"layout\":{\"type\":\"constrained\",\"contentSize\":\"1000px\"},\"UAGDay\":[]} -->\n<div class=\"wp-block-group\"><!-- wp:spacer {\"height\":\"10px\"} -->\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:heading {\"UAGDay\":[]} -->\n<h2 class=\"wp-block-heading\" id=\"Subscriber-Services\">As a Subscriber, You Will Receive:</h2>\n<!-- /wp:heading -->\n\n<!-- wp:columns -->\n<div class=\"wp-block-columns\"><!-- wp:column -->\n<div class=\"wp-block-column\"><!-- wp:image {\"align\":\"center\",\"id\":17048,\"sizeSlug\":\"full\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image aligncenter size-full\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2023/03/investech-issues.png\" alt=\"\" class=\"wp-image-17048\"/></figure>\n<!-- /wp:image --></div>\n<!-- /wp:column -->\n\n<!-- wp:column -->\n<div class=\"wp-block-column\"><!-- wp:image {\"align\":\"center\",\"id\":17049,\"sizeSlug\":\"full\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image aligncenter size-full\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2023/03/market-insights.png\" alt=\"\" class=\"wp-image-17049\"/></figure>\n<!-- /wp:image --></div>\n<!-- /wp:column -->\n\n<!-- wp:column -->\n<div class=\"wp-block-column\"><!-- wp:image {\"align\":\"center\",\"id\":17050,\"sizeSlug\":\"full\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image aligncenter size-full\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2023/03/investech-indicators.png\" alt=\"\" class=\"wp-image-17050\"/></figure>\n<!-- /wp:image --></div>\n<!-- /wp:column --></div>\n<!-- /wp:columns -->\n\n<!-- wp:columns -->\n<div class=\"wp-block-columns\"><!-- wp:column {\"verticalAlignment\":\"center\"} -->\n<div class=\"wp-block-column is-vertically-aligned-center\"><!-- wp:heading {\"textAlign\":\"center\",\"level\":3,\"UAGDay\":[]} -->\n<h3 class=\"wp-block-heading has-text-align-center\" id=\"publications\">InvesTech Issues</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 --></div>\n<!-- /wp:column -->\n\n<!-- wp:column {\"verticalAlignment\":\"center\"} -->\n<div class=\"wp-block-column is-vertically-aligned-center\"><!-- wp:heading {\"textAlign\":\"center\",\"level\":3,\"UAGDay\":[]} -->\n<h3 class=\"wp-block-heading has-text-align-center\" id=\"investech-indicators\">InvesTech Indicators</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Follow InvesTech\'s proprietary technical indicators <strong><em>daily </em></strong>to watch for important breakouts or warning flags.</p>\n<!-- /wp:paragraph --></div>\n<!-- /wp:column -->\n\n<!-- wp:column {\"verticalAlignment\":\"center\"} -->\n<div class=\"wp-block-column is-vertically-aligned-center\"><!-- wp:heading {\"textAlign\":\"center\",\"level\":3,\"UAGDay\":[]} -->\n<h3 class=\"wp-block-heading has-text-align-center\" 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 might affect your investing.  </p>\n<!-- /wp:paragraph --></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 {\"align\":\"center\",\"id\":17059,\"sizeSlug\":\"full\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image aligncenter size-full\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2023/03/model-fund-portfolio.png\" alt=\"\" class=\"wp-image-17059\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:heading {\"textAlign\":\"center\",\"level\":3,\"UAGDay\":[]} -->\n<h3 class=\"wp-block-heading has-text-align-center\" 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 ETF portfolio and access the latest trades as they happen.</p>\n<!-- /wp:paragraph --></div>\n<!-- /wp:column -->\n\n<!-- wp:column {\"verticalAlignment\":\"top\"} -->\n<div class=\"wp-block-column is-vertically-aligned-top\"><!-- wp:image {\"align\":\"center\",\"id\":17061,\"sizeSlug\":\"full\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image aligncenter size-full\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2023/03/daily-data.png\" alt=\"\" class=\"wp-image-17061\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:heading {\"textAlign\":\"center\",\"level\":3,\"UAGDay\":[]} -->\n<h3 class=\"wp-block-heading has-text-align-center\" 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 --></div>\n<!-- /wp:column -->\n\n<!-- wp:column {\"verticalAlignment\":\"top\"} -->\n<div class=\"wp-block-column is-vertically-aligned-top\"><!-- wp:image {\"align\":\"center\",\"id\":17062,\"sizeSlug\":\"full\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image aligncenter size-full\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2023/03/subscriber-library.png\" alt=\"\" class=\"wp-image-17062\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:heading {\"textAlign\":\"center\",\"level\":3,\"UAGDay\":[]} -->\n<h3 class=\"wp-block-heading has-text-align-center\" id=\"subscriber-library\">Subscriber Library</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Explore our library of Special Reports and past issues on important topics of a timeless and historically significant nature.</p>\n<!-- /wp:paragraph --></div>\n<!-- /wp:column --></div>\n<!-- /wp:columns -->\n\n<!-- wp:buttons {\"layout\":{\"type\":\"flex\",\"justifyContent\":\"center\",\"orientation\":\"horizontal\"}} -->\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/product/subscriptions/\">Become a Subscriber</a></div>\n<!-- /wp:button --></div>\n<!-- /wp:buttons -->\n\n<!-- wp:spacer {\"height\":\"25px\"} -->\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer --></div>\n<!-- /wp:group -->\n\n<!-- wp:group {\"className\":\"wall-to-wall neutral-warm pad-2-0\",\"layout\":{\"type\":\"constrained\"}} -->\n<div class=\"wp-block-group wall-to-wall neutral-warm pad-2-0\"><!-- wp:heading {\"textAlign\":\"center\",\"UAGDay\":[]} -->\n<h2 class=\"wp-block-heading has-text-align-center\">A Proven Track Record for Over 40 Years</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Based in scenic&nbsp;<a href=\"https://www.whitefishchamber.org/\" target=\"_blank\" rel=\"noreferrer noopener\">Whitefish, Montana</a>, InvesTech Research offers a unique “safety-first” strategy to our readers located in all 50 states as well as 43 countries around the world. Through our proven proprietary models and objective analysis, InvesTech has a 40-year history of accurately assessing market risk – telling investors when to be most bullish and when to become cautious.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>[smartslider3 slider=\"2\"]</p>\n<!-- /wp:paragraph --></div>\n<!-- /wp:group -->\n\n<!-- wp:separator -->\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"/>\n<!-- /wp:separator -->\n\n<!-- wp:columns {\"verticalAlignment\":\"center\"} -->\n<div class=\"wp-block-columns are-vertically-aligned-center\"><!-- wp:column {\"verticalAlignment\":\"center\",\"width\":\"\"} -->\n<div class=\"wp-block-column is-vertically-aligned-center\"><!-- wp:image {\"align\":\"center\",\"id\":17016,\"width\":119,\"height\":132,\"sizeSlug\":\"full\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image aligncenter size-full is-resized\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2023/03/award-cup.png\" alt=\"\" class=\"wp-image-17016\" width=\"119\" height=\"132\"/></figure>\n<!-- /wp:image --></div>\n<!-- /wp:column -->\n\n<!-- wp:column {\"verticalAlignment\":\"center\",\"width\":\"76%\"} -->\n<div class=\"wp-block-column is-vertically-aligned-center\" style=\"flex-basis:76%\"><!-- wp:heading {\"textColor\":\"maroon\",\"UAGDay\":[]} -->\n<h2 class=\"wp-block-heading has-maroon-color has-text-color\" id=\"kiplinger\"><strong>Kiplinger</strong></h2>\n<!-- /wp:heading -->\n\n<!-- wp:heading {\"level\":3,\"UAGDay\":[]} -->\n<h3 class=\"wp-block-heading\" id=\"rated-best-source-of-investment-advice-by-kiplinger-personal-finance-magazine\">Rated Best Source of Investment Advice by Kiplinger Personal Finance Magazine.</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"className\":\"red-caps\"} -->\n<p class=\"red-caps\"><strong>Best Stock Market Letter</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"className\":\"em-red\"} -->\n<p class=\"em-red\">InvesTech Research, which promises ‘safety-first profits,’ has bested the overall stock market over the long haul with less risk. Publisher James Stack analyzes economic, monetary, and market data (some going back more than 100 years) to make market calls and recommend allocations. <em>– Kiplinger Personal Finance</em></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>InvesTech is frequently quoted in the news.  <a href=\"https://ns2020-investech.investech.com/example-1/\">Read more...</a></p>\n<!-- /wp:paragraph --></div>\n<!-- /wp:column --></div>\n<!-- /wp:columns -->\n\n<!-- wp:group {\"className\":\"wall-to-wall warm-neutral pad-2-0\",\"layout\":{\"type\":\"constrained\"}} -->\n<div class=\"wp-block-group wall-to-wall warm-neutral pad-2-0\"><!-- wp:heading {\"textAlign\":\"center\",\"textColor\":\"accent\",\"fontSize\":\"large\"} -->\n<h2 class=\"wp-block-heading has-text-align-center has-accent-color has-text-color has-large-font-size\">Frequently Featured In</h2>\n<!-- /wp:heading --></div>\n<!-- /wp:group -->\n\n<!-- wp:nextend/smartslider3 {\"slider\":\"18\"} -->\n<div class=\"wp-block-nextend-smartslider3\">[smartslider3 slider=\"18\"]</div>\n<!-- /wp:nextend/smartslider3 -->\n\n<!-- wp:spacer {\"height\":\"19px\"} -->\n<div style=\"height:19px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:heading -->\n<h2 class=\"wp-block-heading\">Frequently Asked Questions</h2>\n<!-- /wp:heading -->\n\n<!-- wp:uagb/faq {\"block_id\":\"ce262d25\",\"schema\":\"{\\u0022@context\\u0022:\\u0022https://schema.org\\u0022,\\u0022@type\\u0022:\\u0022FAQPage\\u0022,\\u0022@id\\u0022:\\u0022https://ns2020-investech.investech.com/\\u0022,\\u0022mainEntity\\u0022:[{\\u0022@type\\u0022:\\u0022Question\\u0022,\\u0022name\\u0022:\\u0022How often is the InvesTech Newsletter published?\\u0022,\\u0022acceptedAnswer\\u0022:{\\u0022@type\\u0022:\\u0022Answer\\u0022,\\u0022text\\u0022:\\u0022Our market letter is published on the third Friday of each month and we have market insights, hotline updates, and economic trend updates throughout the week between market letters.\\u0022}},{\\u0022@type\\u0022:\\u0022Question\\u0022,\\u0022name\\u0022:\\u0022What makes InvesTech different from other market analysis firms?\\u0022,\\u0022acceptedAnswer\\u0022:{\\u0022@type\\u0022:\\u0022Answer\\u0022,\\u0022text\\u0022:\\u0022Instead of focusing on high short term gains, we focus on long term low risk gains. Our goal is to empower you to build resilient wealth, regardless of market conditions. We have over 120-years of historical market data to aid in our technical market analysis.\\u0022}},{\\u0022@type\\u0022:\\u0022Question\\u0022,\\u0022name\\u0022:\\u0022Does InvesTech provide money management for individual accounts?\\u0022,\\u0022acceptedAnswer\\u0022:{\\u0022@type\\u0022:\\u0022Answer\\u0022,\\u0022text\\u0022:\\u0022InvesTech Research is not a money manager. We do not handle money for subscribers, are not SEC regulated, and cannot give individual investment advice. However, our sister company Stack Financial Management (link) is a money manager that shares our “Safety-First” philosophy. Stack Financial Management was incorporated in 1994 in response to demand from InvesTech subscribers for personal portfolio management. SFM is separate and independent of InvesTech Research, yet employs the same safety-first philosophy and technical indicators developed by InvesTech over three decades ago.\\u003cbr\\u003eProfessional money management services are available for individual clinets, corporations, trsuts, and retirement accounts. Clients may choose between the Capital Appreciation and Value \\u0026amp; Dividend portfolios designed to meet the client’s specific objectives. The minimum balance required to open an account is $750,000 in cash or securities. Click here for more information.\\u0022}},{\\u0022@type\\u0022:\\u0022Question\\u0022,\\u0022name\\u0022:\\u0022How do I utilize the Model Fund Portfolio?\\u0022,\\u0022acceptedAnswer\\u0022:{\\u0022@type\\u0022:\\u0022Answer\\u0022,\\u0022text\\u0022:\\u0022Determine your invested allocation, refer to the InvesTech model fund portfolio, adjust your portfolio to align with the model fund. Purchases after our initial recommendations must be made at your discretion, but we recommend phasing into the market over approximately 2 months. See “How to Use the Model Fund Portfolio” for more information.\\u0022}},{\\u0022@type\\u0022:\\u0022Question\\u0022,\\u0022name\\u0022:\\u0022How much does a subscription to InvesTech cost?\\u0022,\\u0022acceptedAnswer\\u0022:{\\u0022@type\\u0022:\\u0022Answer\\u0022,\\u0022text\\u0022:\\u0022We have a variety of subscription terms to best fit your current needs. We offer a 6 month subscription for $99, 1-year for $175, 2-years for $299, and 3-years for $399.\\u0022}},{\\u0022@type\\u0022:\\u0022Question\\u0022,\\u0022name\\u0022:\\u0022What does a subscription include?\\u0022,\\u0022acceptedAnswer\\u0022:{\\u0022@type\\u0022:\\u0022Answer\\u0022,\\u0022text\\u0022:\\u0022A subscription includes full access to our online subscriber library and tools as well as our monthly market letter publication provided either via print or digitally.\\u0022}},{\\u0022@type\\u0022:\\u0022Question\\u0022,\\u0022name\\u0022:\\u0022How does InvesTech select ETFs and Mutual Funds to recommend?\\u0022,\\u0022acceptedAnswer\\u0022:{\\u0022@type\\u0022:\\u0022Answer\\u0022,\\u0022text\\u0022:\\u0022In choosing ETFs, we follow these basic criteria: The ETF should have at lease $200 million in assets and adequate trading liquidity. It should also hold all or most of the securities in the index it is designed to follow, and it should have at least a 5-year track record. Additionally, we choose funds that are sponsored by industry leaders and have expense ratios of less than the industry average of 0.6%.\\u003cbr\\u003eThe first criterion for mutual funds is a performance record which ranks among the top funds in its category. In addition, the fund should be no-load or low-load and easily switchable online or over the phone either directly through a fund family or through a brokerage service such as Charles Schwab or Fidelity. We also look at the fund’s size, annual portfolio turnover, and expense ratio, among other attributes.\\u0022}},{\\u0022@type\\u0022:\\u0022Question\\u0022,\\u0022name\\u0022:\\u0022Does InvesTech recommend any individual stocks?\\u0022,\\u0022acceptedAnswer\\u0022:{\\u0022@type\\u0022:\\u0022Answer\\u0022,\\u0022text\\u0022:\\u0022An occasional “Stock in the Spotlight” article published in the newsletter provides investment ideas for subscribers wishing to invest in individual equities.\\u0022}},{\\u0022@type\\u0022:\\u0022Question\\u0022,\\u0022name\\u0022:\\u0022What is the historical performance of the model fund portfolio?\\u0022,\\u0022acceptedAnswer\\u0022:{\\u0022@type\\u0022:\\u0022Answer\\u0022,\\u0022text\\u0022:\\u0022We release the performance of the model fund portfolio in quarterly reports. If you would like the most recent report please fill out a contact us from and we’ll be happy to email it to you.\\u0022}}]}\",\"overallBorderTopWidth\":1,\"overallBorderLeftWidth\":1,\"overallBorderRightWidth\":1,\"overallBorderBottomWidth\":1,\"overallBorderTopLeftRadius\":2,\"overallBorderTopRightRadius\":2,\"overallBorderBottomLeftRadius\":2,\"overallBorderBottomRightRadius\":2,\"overallBorderStyle\":\"solid\",\"overallBorderColor\":\"#D2D2D2\"} -->\n<div class=\"wp-block-uagb-faq uagb-faq__outer-wrap uagb-block-ce262d25 uagb-faq-icon-row uagb-faq-layout-accordion uagb-faq-expand-first-true uagb-faq-inactive-other-true uagb-faq__wrap uagb-buttons-layout-wrap uagb-faq-equal-height\" data-faqtoggle=\"true\" role=\"tablist\"><!-- wp:uagb/faq-child {\"block_id\":\"5aa5016f\",\"question\":\"How often is the InvesTech Newsletter published?\",\"answer\":\"Our market letter is published on the third Friday of each month and we have market insights, hotline updates, and economic trend updates throughout the week between market letters.\"} -->\n<div class=\"wp-block-uagb-faq-child uagb-faq-child__outer-wrap uagb-faq-item uagb-block-5aa5016f\" role=\"tab\" tabindex=\"0\"><div class=\"uagb-faq-questions-button uagb-faq-questions\"><span class=\"uagb-icon uagb-faq-icon-wrap\"><svg xmlns=\"https://www.w3.org/2000/svg\" viewBox=\"0 0 448 512\"><path d=\"M432 256c0 17.69-14.33 32.01-32 32.01H256v144c0 17.69-14.33 31.99-32 31.99s-32-14.3-32-31.99v-144H48c-17.67 0-32-14.32-32-32.01s14.33-31.99 32-31.99H192v-144c0-17.69 14.33-32.01 32-32.01s32 14.32 32 32.01v144h144C417.7 224 432 238.3 432 256z\"></path></svg></span><span class=\"uagb-icon-active uagb-faq-icon-wrap\"><svg xmlns=\"https://www.w3.org/2000/svg\" viewBox=\"0 0 448 512\"><path d=\"M400 288h-352c-17.69 0-32-14.32-32-32.01s14.31-31.99 32-31.99h352c17.69 0 32 14.3 32 31.99S417.7 288 400 288z\"></path></svg></span><span class=\"uagb-question\">How often is the InvesTech Newsletter published?</span></div><p class=\"uagb-faq-content\">Our market letter is published on the third Friday of each month and we have market insights, hotline updates, and economic trend updates throughout the week between market letters.</p></div>\n<!-- /wp:uagb/faq-child -->\n\n<!-- wp:uagb/faq-child {\"block_id\":\"9a7bdec4\",\"question\":\"What makes InvesTech different from other market analysis firms?\",\"answer\":\"Instead of focusing on high short term gains, we focus on long term low risk gains. Our goal is to empower you to build resilient wealth, regardless of market conditions. We have over 120-years of historical market data to aid in our technical market analysis.\"} -->\n<div class=\"wp-block-uagb-faq-child uagb-faq-child__outer-wrap uagb-faq-item uagb-block-9a7bdec4\" role=\"tab\" tabindex=\"0\"><div class=\"uagb-faq-questions-button uagb-faq-questions\"><span class=\"uagb-icon uagb-faq-icon-wrap\"><svg xmlns=\"https://www.w3.org/2000/svg\" viewBox=\"0 0 448 512\"><path d=\"M432 256c0 17.69-14.33 32.01-32 32.01H256v144c0 17.69-14.33 31.99-32 31.99s-32-14.3-32-31.99v-144H48c-17.67 0-32-14.32-32-32.01s14.33-31.99 32-31.99H192v-144c0-17.69 14.33-32.01 32-32.01s32 14.32 32 32.01v144h144C417.7 224 432 238.3 432 256z\"></path></svg></span><span class=\"uagb-icon-active uagb-faq-icon-wrap\"><svg xmlns=\"https://www.w3.org/2000/svg\" viewBox=\"0 0 448 512\"><path d=\"M400 288h-352c-17.69 0-32-14.32-32-32.01s14.31-31.99 32-31.99h352c17.69 0 32 14.3 32 31.99S417.7 288 400 288z\"></path></svg></span><span class=\"uagb-question\">What makes InvesTech different from other market analysis firms?</span></div><p class=\"uagb-faq-content\">Instead of focusing on high short term gains, we focus on long term low risk gains. Our goal is to empower you to build resilient wealth, regardless of market conditions. We have over 120-years of historical market data to aid in our technical market analysis.</p></div>\n<!-- /wp:uagb/faq-child -->\n\n<!-- wp:uagb/faq-child {\"block_id\":\"0e645171\",\"question\":\"Does InvesTech provide money management for individual accounts?\",\"answer\":\"InvesTech Research is not a money manager. We do not handle money for subscribers, are not SEC regulated, and cannot give individual investment advice. However, our sister company Stack Financial Management (link) is a money manager that shares our “Safety-First” philosophy. Stack Financial Management was incorporated in 1994 in response to demand from InvesTech subscribers for personal portfolio management. SFM is separate and independent of InvesTech Research, yet employs the same safety-first philosophy and technical indicators developed by InvesTech over three decades ago.\\u003cbr\\u003eProfessional money management services are available for individual clinets, corporations, trsuts, and retirement accounts. Clients may choose between the Capital Appreciation and Value \\u0026amp; Dividend portfolios designed to meet the client’s specific objectives. The minimum balance required to open an account is $750,000 in cash or securities. Click here for more information.\"} -->\n<div class=\"wp-block-uagb-faq-child uagb-faq-child__outer-wrap uagb-faq-item uagb-block-0e645171\" role=\"tab\" tabindex=\"0\"><div class=\"uagb-faq-questions-button uagb-faq-questions\"><span class=\"uagb-icon uagb-faq-icon-wrap\"><svg xmlns=\"https://www.w3.org/2000/svg\" viewBox=\"0 0 448 512\"><path d=\"M432 256c0 17.69-14.33 32.01-32 32.01H256v144c0 17.69-14.33 31.99-32 31.99s-32-14.3-32-31.99v-144H48c-17.67 0-32-14.32-32-32.01s14.33-31.99 32-31.99H192v-144c0-17.69 14.33-32.01 32-32.01s32 14.32 32 32.01v144h144C417.7 224 432 238.3 432 256z\"></path></svg></span><span class=\"uagb-icon-active uagb-faq-icon-wrap\"><svg xmlns=\"https://www.w3.org/2000/svg\" viewBox=\"0 0 448 512\"><path d=\"M400 288h-352c-17.69 0-32-14.32-32-32.01s14.31-31.99 32-31.99h352c17.69 0 32 14.3 32 31.99S417.7 288 400 288z\"></path></svg></span><span class=\"uagb-question\">Does InvesTech provide money management for individual accounts?</span></div><p class=\"uagb-faq-content\">InvesTech Research is not a money manager. We do not handle money for subscribers, are not SEC regulated, and cannot give individual investment advice. However, our sister company Stack Financial Management (link) is a money manager that shares our “Safety-First” philosophy. Stack Financial Management was incorporated in 1994 in response to demand from InvesTech subscribers for personal portfolio management. SFM is separate and independent of InvesTech Research, yet employs the same safety-first philosophy and technical indicators developed by InvesTech over three decades ago.<br>Professional money management services are available for individual clinets, corporations, trsuts, and retirement accounts. Clients may choose between the Capital Appreciation and Value &amp; Dividend portfolios designed to meet the client’s specific objectives. The minimum balance required to open an account is $750,000 in cash or securities. Click here for more information.</p></div>\n<!-- /wp:uagb/faq-child -->\n\n<!-- wp:uagb/faq-child {\"block_id\":\"02473291\",\"question\":\"How do I utilize the Model Fund Portfolio?\",\"answer\":\"Determine your invested allocation, refer to the InvesTech model fund portfolio, adjust your portfolio to align with the model fund. Purchases after our initial recommendations must be made at your discretion, but we recommend phasing into the market over approximately 2 months. See “How to Use the Model Fund Portfolio” for more information.\"} -->\n<div class=\"wp-block-uagb-faq-child uagb-faq-child__outer-wrap uagb-faq-item uagb-block-02473291\" role=\"tab\" tabindex=\"0\"><div class=\"uagb-faq-questions-button uagb-faq-questions\"><span class=\"uagb-icon uagb-faq-icon-wrap\"><svg xmlns=\"https://www.w3.org/2000/svg\" viewBox=\"0 0 448 512\"><path d=\"M432 256c0 17.69-14.33 32.01-32 32.01H256v144c0 17.69-14.33 31.99-32 31.99s-32-14.3-32-31.99v-144H48c-17.67 0-32-14.32-32-32.01s14.33-31.99 32-31.99H192v-144c0-17.69 14.33-32.01 32-32.01s32 14.32 32 32.01v144h144C417.7 224 432 238.3 432 256z\"></path></svg></span><span class=\"uagb-icon-active uagb-faq-icon-wrap\"><svg xmlns=\"https://www.w3.org/2000/svg\" viewBox=\"0 0 448 512\"><path d=\"M400 288h-352c-17.69 0-32-14.32-32-32.01s14.31-31.99 32-31.99h352c17.69 0 32 14.3 32 31.99S417.7 288 400 288z\"></path></svg></span><span class=\"uagb-question\">How do I utilize the Model Fund Portfolio?</span></div><p class=\"uagb-faq-content\">Determine your invested allocation, refer to the InvesTech model fund portfolio, adjust your portfolio to align with the model fund. Purchases after our initial recommendations must be made at your discretion, but we recommend phasing into the market over approximately 2 months. See “How to Use the Model Fund Portfolio” for more information.</p></div>\n<!-- /wp:uagb/faq-child -->\n\n<!-- wp:uagb/faq-child {\"block_id\":\"80ecc6cd\",\"question\":\"How much does a subscription to InvesTech cost?\",\"answer\":\"We have a variety of subscription terms to best fit your current needs. We offer a 6 month subscription for $99, 1-year for $175, 2-years for $299, and 3-years for $399.\"} -->\n<div class=\"wp-block-uagb-faq-child uagb-faq-child__outer-wrap uagb-faq-item uagb-block-80ecc6cd\" role=\"tab\" tabindex=\"0\"><div class=\"uagb-faq-questions-button uagb-faq-questions\"><span class=\"uagb-icon uagb-faq-icon-wrap\"><svg xmlns=\"https://www.w3.org/2000/svg\" viewBox=\"0 0 448 512\"><path d=\"M432 256c0 17.69-14.33 32.01-32 32.01H256v144c0 17.69-14.33 31.99-32 31.99s-32-14.3-32-31.99v-144H48c-17.67 0-32-14.32-32-32.01s14.33-31.99 32-31.99H192v-144c0-17.69 14.33-32.01 32-32.01s32 14.32 32 32.01v144h144C417.7 224 432 238.3 432 256z\"></path></svg></span><span class=\"uagb-icon-active uagb-faq-icon-wrap\"><svg xmlns=\"https://www.w3.org/2000/svg\" viewBox=\"0 0 448 512\"><path d=\"M400 288h-352c-17.69 0-32-14.32-32-32.01s14.31-31.99 32-31.99h352c17.69 0 32 14.3 32 31.99S417.7 288 400 288z\"></path></svg></span><span class=\"uagb-question\">How much does a subscription to InvesTech cost?</span></div><p class=\"uagb-faq-content\">We have a variety of subscription terms to best fit your current needs. We offer a 6 month subscription for $99, 1-year for $175, 2-years for $299, and 3-years for $399.</p></div>\n<!-- /wp:uagb/faq-child -->\n\n<!-- wp:uagb/faq-child {\"block_id\":\"e62c7f9c\",\"question\":\"What does a subscription include?\",\"answer\":\"A subscription includes full access to our online subscriber library and tools as well as our monthly market letter publication provided either via print or digitally.\"} -->\n<div class=\"wp-block-uagb-faq-child uagb-faq-child__outer-wrap uagb-faq-item uagb-block-e62c7f9c\" role=\"tab\" tabindex=\"0\"><div class=\"uagb-faq-questions-button uagb-faq-questions\"><span class=\"uagb-icon uagb-faq-icon-wrap\"><svg xmlns=\"https://www.w3.org/2000/svg\" viewBox=\"0 0 448 512\"><path d=\"M432 256c0 17.69-14.33 32.01-32 32.01H256v144c0 17.69-14.33 31.99-32 31.99s-32-14.3-32-31.99v-144H48c-17.67 0-32-14.32-32-32.01s14.33-31.99 32-31.99H192v-144c0-17.69 14.33-32.01 32-32.01s32 14.32 32 32.01v144h144C417.7 224 432 238.3 432 256z\"></path></svg></span><span class=\"uagb-icon-active uagb-faq-icon-wrap\"><svg xmlns=\"https://www.w3.org/2000/svg\" viewBox=\"0 0 448 512\"><path d=\"M400 288h-352c-17.69 0-32-14.32-32-32.01s14.31-31.99 32-31.99h352c17.69 0 32 14.3 32 31.99S417.7 288 400 288z\"></path></svg></span><span class=\"uagb-question\">What does a subscription include?</span></div><p class=\"uagb-faq-content\">A subscription includes full access to our online subscriber library and tools as well as our monthly market letter publication provided either via print or digitally.</p></div>\n<!-- /wp:uagb/faq-child -->\n\n<!-- wp:uagb/faq-child {\"block_id\":\"6998b740\",\"question\":\"How does InvesTech select ETFs and Mutual Funds to recommend?\",\"answer\":\"In choosing ETFs, we follow these basic criteria: The ETF should have at lease $200 million in assets and adequate trading liquidity. It should also hold all or most of the securities in the index it is designed to follow, and it should have at least a 5-year track record. Additionally, we choose funds that are sponsored by industry leaders and have expense ratios of less than the industry average of 0.6%.\\u003cbr\\u003eThe first criterion for mutual funds is a performance record which ranks among the top funds in its category. In addition, the fund should be no-load or low-load and easily switchable online or over the phone either directly through a fund family or through a brokerage service such as Charles Schwab or Fidelity. We also look at the fund’s size, annual portfolio turnover, and expense ratio, among other attributes.\"} -->\n<div class=\"wp-block-uagb-faq-child uagb-faq-child__outer-wrap uagb-faq-item uagb-block-6998b740\" role=\"tab\" tabindex=\"0\"><div class=\"uagb-faq-questions-button uagb-faq-questions\"><span class=\"uagb-icon uagb-faq-icon-wrap\"><svg xmlns=\"https://www.w3.org/2000/svg\" viewBox=\"0 0 448 512\"><path d=\"M432 256c0 17.69-14.33 32.01-32 32.01H256v144c0 17.69-14.33 31.99-32 31.99s-32-14.3-32-31.99v-144H48c-17.67 0-32-14.32-32-32.01s14.33-31.99 32-31.99H192v-144c0-17.69 14.33-32.01 32-32.01s32 14.32 32 32.01v144h144C417.7 224 432 238.3 432 256z\"></path></svg></span><span class=\"uagb-icon-active uagb-faq-icon-wrap\"><svg xmlns=\"https://www.w3.org/2000/svg\" viewBox=\"0 0 448 512\"><path d=\"M400 288h-352c-17.69 0-32-14.32-32-32.01s14.31-31.99 32-31.99h352c17.69 0 32 14.3 32 31.99S417.7 288 400 288z\"></path></svg></span><span class=\"uagb-question\">How does InvesTech select ETFs and Mutual Funds to recommend?</span></div><p class=\"uagb-faq-content\">In choosing ETFs, we follow these basic criteria: The ETF should have at lease $200 million in assets and adequate trading liquidity. It should also hold all or most of the securities in the index it is designed to follow, and it should have at least a 5-year track record. Additionally, we choose funds that are sponsored by industry leaders and have expense ratios of less than the industry average of 0.6%.<br>The first criterion for mutual funds is a performance record which ranks among the top funds in its category. In addition, the fund should be no-load or low-load and easily switchable online or over the phone either directly through a fund family or through a brokerage service such as Charles Schwab or Fidelity. We also look at the fund’s size, annual portfolio turnover, and expense ratio, among other attributes.</p></div>\n<!-- /wp:uagb/faq-child -->\n\n<!-- wp:uagb/faq-child {\"block_id\":\"da39e9a1\",\"question\":\"Does InvesTech recommend any individual stocks?\",\"answer\":\"An occasional “Stock in the Spotlight” article published in the newsletter provides investment ideas for subscribers wishing to invest in individual equities.\"} -->\n<div class=\"wp-block-uagb-faq-child uagb-faq-child__outer-wrap uagb-faq-item uagb-block-da39e9a1\" role=\"tab\" tabindex=\"0\"><div class=\"uagb-faq-questions-button uagb-faq-questions\"><span class=\"uagb-icon uagb-faq-icon-wrap\"><svg xmlns=\"https://www.w3.org/2000/svg\" viewBox=\"0 0 448 512\"><path d=\"M432 256c0 17.69-14.33 32.01-32 32.01H256v144c0 17.69-14.33 31.99-32 31.99s-32-14.3-32-31.99v-144H48c-17.67 0-32-14.32-32-32.01s14.33-31.99 32-31.99H192v-144c0-17.69 14.33-32.01 32-32.01s32 14.32 32 32.01v144h144C417.7 224 432 238.3 432 256z\"></path></svg></span><span class=\"uagb-icon-active uagb-faq-icon-wrap\"><svg xmlns=\"https://www.w3.org/2000/svg\" viewBox=\"0 0 448 512\"><path d=\"M400 288h-352c-17.69 0-32-14.32-32-32.01s14.31-31.99 32-31.99h352c17.69 0 32 14.3 32 31.99S417.7 288 400 288z\"></path></svg></span><span class=\"uagb-question\">Does InvesTech recommend any individual stocks?</span></div><p class=\"uagb-faq-content\">An occasional “Stock in the Spotlight” article published in the newsletter provides investment ideas for subscribers wishing to invest in individual equities.</p></div>\n<!-- /wp:uagb/faq-child -->\n\n<!-- wp:uagb/faq-child {\"block_id\":\"898901fe\",\"question\":\"What is the historical performance of the model fund portfolio?\",\"answer\":\"We release the performance of the model fund portfolio in quarterly reports. If you would like the most recent report please fill out a contact us from and we’ll be happy to email it to you.\"} -->\n<div class=\"wp-block-uagb-faq-child uagb-faq-child__outer-wrap uagb-faq-item uagb-block-898901fe\" role=\"tab\" tabindex=\"0\"><div class=\"uagb-faq-questions-button uagb-faq-questions\"><span class=\"uagb-icon uagb-faq-icon-wrap\"><svg xmlns=\"https://www.w3.org/2000/svg\" viewBox=\"0 0 448 512\"><path d=\"M432 256c0 17.69-14.33 32.01-32 32.01H256v144c0 17.69-14.33 31.99-32 31.99s-32-14.3-32-31.99v-144H48c-17.67 0-32-14.32-32-32.01s14.33-31.99 32-31.99H192v-144c0-17.69 14.33-32.01 32-32.01s32 14.32 32 32.01v144h144C417.7 224 432 238.3 432 256z\"></path></svg></span><span class=\"uagb-icon-active uagb-faq-icon-wrap\"><svg xmlns=\"https://www.w3.org/2000/svg\" viewBox=\"0 0 448 512\"><path d=\"M400 288h-352c-17.69 0-32-14.32-32-32.01s14.31-31.99 32-31.99h352c17.69 0 32 14.3 32 31.99S417.7 288 400 288z\"></path></svg></span><span class=\"uagb-question\">What is the historical performance of the model fund portfolio?</span></div><p class=\"uagb-faq-content\">We release the performance of the model fund portfolio in quarterly reports. If you would like the most recent report please fill out a contact us from and we’ll be happy to email it to you.</p></div>\n<!-- /wp:uagb/faq-child --></div>\n<!-- /wp:uagb/faq -->','Home Page - Logged Out','','inherit','closed','closed','','4-revision-v1','','','2023-06-21 08:58:40','2023-06-21 14:58:40','',4,'https://ns2020-investech.investech.com/?p=18113',0,'revision','',0);
INSERT INTO `wp_posts` VALUES (5281,3,'2021-01-29 23:26:23','2021-01-29 23:26:23','<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>Securities-Backed Loans… Just the Tip of the Iceberg?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:quote -->\n<blockquote class=\"wp-block-quote\"><p>Aging bull markets are naturally predisposed to excesses –particularly in debt and leverage– and once again nontraditional loans are taking center stage.</p></blockquote>\n<!-- /wp:quote -->\n\n<!-- wp:image {\"id\":4898,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2020/12/iceberg.jpg\" alt=\"\" class=\"wp-image-4898\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:quote -->\n<blockquote class=\"wp-block-quote\"><p><strong>Markets are relaxing merrily on a powerful time bomb</strong><br>Stock and bond market leverage is everywhere. Some of it is transparent, such as NYSE margin debt which was $539 billion as of the June report. But the hottest form of stock and bond market leverage is opaque, offered by financial firms that usually don’t disclose the totals: securities-based loans (SBLs) – or “shadow margin” because no one knows how much of it there is.</p><cite><em>Business Insider – 7/30/17</em></cite></blockquote>\n<!-- /wp:quote -->\n\n<!-- wp:paragraph -->\n<p>It’s been over 12 years since we warned about the highly questionable mortgage lending practices that mushroomed during the Housing Bubble. Now it appears that innovative lending is back in vogue. Securities-backed loans (SBLs) are among Wall Street’s hottest new products in this bull market, and they’ve been growing faster than Jack’s beanstalk over the past few years:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li><strong>Borrowing With Stock Soars as Market Rises</strong>  – <em>Wall Street Journal, 7/28/17</em></li><li><strong>Fidelity taps Goldman Sachs to expand lending services through RIAs</strong><em> – Investment News, 7/27/17</em></li><li><strong>Goldman Sachs is launching a digital platform for the rich to borrow as much as $25 million</strong> <em>– Reuters, 7/27/17</em></li><li><strong>Wall Street Sharks Entice Customers With Securities-Backed Loans </strong><em>– Seeking Alpha, 8/13/17</em></li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p>SBLs are often referred to as “shadow margin” because they’re not tracked in the margin debt figures, nor are they tracked by either the SEC or the brokerage regulator FINRA. Nobody knows how extensive such loans are, but based on anecdotal evidence they total at least $100 billion and we believe the figure could be much larger.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"align\":\"left\",\"id\":4901,\"width\":650,\"height\":318,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignleft size-large is-resized\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2020/12/MorganStanley-1024x502.png\" alt=\"\" class=\"wp-image-4901\" width=\"650\" height=\"318\"/><figcaption><strong>Morgan Stanley</strong></figcaption></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>According to a July 2017 Wall Street Journal article, Bank of America’s wealth unit had $40 billion in outstanding securities-backed loans at the end of 2016, up 140% from 2010. Morgan Stanley had $30 billion in these loans, more than double the amount in 2013. And, not to be left behind, Goldman Sachs is teaming up with Fidelity and other brokerages to broaden the availability of credit via its new digital lending program, “GS Select.”</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:columns -->\n<div class=\"wp-block-columns\"></div>\n<!-- /wp:columns -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>What are securities-backed loans (SBLs), and why are they popular?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:image {\"align\":\"right\",\"id\":4902,\"width\":229,\"height\":194,\"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/2020/12/WellsFargo.png\" alt=\"\" class=\"wp-image-4902\" width=\"229\" height=\"194\"/><figcaption><strong>Wells Fargo</strong></figcaption></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>In simple terms, SBLs are loans that are marketed to investors as an easy and inexpensive way to access extra cash by borrowing against the securities in one’s investment portfolio without having to liquidate those holdings. Funds can be used for any purpose except buying more stock or repaying a margin loan. For instance, these loans might be used for buying real estate, investing in a business, funding education, or for personal use like taking a trip or paying for a wedding.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Fixed loans can run the gamut from $25,000 to $25 million or more, depending on the lender and the amount of collateral. A typical SBL agreement permits an investor to borrow from 50% to 95% of the value of the assets in his or her non-retirement investment account, based on the size of the portfolio and the types and mix of securities held. These lending arrangements can be set up as a fixed loan, but more often they’re established as a revolving SBL line of credit (SBLOC). It’s not uncommon for a firm to require that account assets have a market value of at least $100,000 to qualify for an SBLOC.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>The sales pitch is irresistible!</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Looking at the promotional materials shown in this report from broker websites touting SBLs, who wouldn’t want to avail themselves of this offering? According to the ads, you’ve worked hard to grow your investments over the years; now you can capitalize on those assets to finance your dreams without drawing down your portfolio.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"align\":\"right\",\"id\":4903,\"width\":357,\"height\":262,\"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/2020/12/UBS-1024x751.png\" alt=\"\" class=\"wp-image-4903\" width=\"357\" height=\"262\"/><figcaption><strong>UBS</strong></figcaption></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:list -->\n<ul><li>With an SBLOC, the cash is readily available (up to the credit limits) any time you need it.</li><li>Other than securities related transactions, there are no restrictions on how you use the loan.</li><li>An SBLOC lets you keep your investment account intact, allowing it to continue to grow.</li><li>By borrowing to meet your cash needs, you can avoid selling securities and triggering capital gains taxes.</li><li>Because SBLs are backed by portfolio assets, interest rates can be much lower than traditional loans.</li><li>Once an SBLOC is in place, it can be used repeatedly and you’re only required to make monthly interest payments – there is no maturity date.</li><li>There are usually no fees to establish the loan or credit line and funds are available quickly. Goldman Sachs’ digital platform promotes a 24-hour turnaround.</li><li>Typically, no personal financial statements, tax returns, or other documents are required.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>What’s in it for the brokers?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:image {\"align\":\"left\",\"id\":4904,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignleft size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2020/12/GoldmanSachs-1024x698.png\" alt=\"\" class=\"wp-image-4904\"/><figcaption><strong>Goldman Sachs</strong></figcaption></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>SBLs and lines of credit have become lucrative new sources of income for brokerages, helping to replace revenue lost due to recent cuts in commission rates. In addition, brokers retain portfolio assets, along with their associated fees, as customers can access cash without making withdrawals. In some cases, establishing these loans may factor into a broker’s compensation, and marketing these credit options creates “sticky” clients as it’s hard to transfer assets to another broker with a securities-backed loan outstanding. Even if a client doesn’t use the line of credit immediately, the longer it’s in place, the more likely it is that he or she will eventually tap it.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>So, where’s the risk?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>With SBLs, as with all financial obligations, it’s vitally important to read the fine print or risks section before committing. Careful attention to this step reveals that brokerages and banks get all the benefits of secured, full-recourse loans, while customers take all the risk. This may seem acceptable in a healthy bull market, but it can be catastrophic to the pledged portfolio in a downturn.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>The following are some of the risks that investors may face if they borrow against an investment account. It’s these risks that prompted the SEC and FINRA to issue a special Investor Alert in 2015 regarding this type of lending:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>If the value of the securities declines below a minimum level, you may be subject to a collateral “maintenance call” with little or no advanced warning, giving you minimal time to pay the loan or deposit more cash or securities in the account. Note that if this occurs, there are no extensions, and a broker can change its collateral maintenance requirement at any time without notifying you.</li><li>If you are unable to meet a maintenance call, the broker can liquidate part, or all, of your portfolio holdings at their discretion. You do not pick the stocks to sell. In a bear market, that could mean selling core holdings at a market bottom or alternatively realizing significant tax gains on long-held securities.</li><li>In a major downturn, you could be forced to forfeit all your pledged assets – in this case, the stocks, funds, and bonds in your portfolio. This is a major drawback to asset-backed loans…</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:quote -->\n<blockquote class=\"wp-block-quote\"><p><strong>Why Goldman Sachs Seized a Client’s 217-Foot Yacht</strong></p><cite><em>Wall Street Journal - 8/10/17</em></cite></blockquote>\n<!-- /wp:quote -->\n\n<!-- wp:list -->\n<ul><li>In the worst-case scenario, you might lose more funds than are held in the collateral account, and as a full-recourse loan, you would be liable for any deficiency.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:list -->\n<ul><li>For SBLOCs, the interest rate on your loan is generally a floating rate that can change daily. With interest rates rising, the cost of your SBLOC could increase significantly.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p>The proliferation of SBLs and SBLOCs obviously increases the risks in this late-stage bull market. While history shows that excessive debt accumulation does not trigger a stock market peak, it can accelerate and intensify losses when the leverage starts to unwind in a bear market. Today’s levels of these securities-backed loans are small relative to overall consumer and business debt, but they can be dangerous. Like subprime mortgage loans 10 years ago, if trouble appears in terms of mass collateral maintenance calls, it could be just the tip of the iceberg.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:separator -->\n<hr class=\"wp-block-separator\"/>\n<!-- /wp:separator -->\n\n<!-- wp:paragraph -->\n<p>First published in our September 15, 2017 issue. Also available to read in PDF format. <a href=\"https://ns2020-investech.investech.com/wp-content/pdf_files_wp/SBLs-2017.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Download the PDF</a>.</p>\n<!-- /wp:paragraph -->','Securities-Back Loans','','inherit','closed','closed','','2472-revision-v1','','','2021-01-29 23:26:23','2021-01-29 23:26:23','',2472,'https://ns2020-investech.investech.com/2472-revision-v1/',0,'revision','',0);
INSERT INTO `wp_posts` VALUES (17189,530,'2023-03-29 15:03:42','2023-03-29 21:03:42','<!-- wp:paragraph -->\n<p>Testing a new \"ET\" to see if the Automation works.</p>\n<!-- /wp:paragraph -->','Test Post','Test description.','inherit','closed','closed','','17188-revision-v1','','','2023-03-29 15:03:42','2023-03-29 21:03:42','',17188,'https://ns2020-investech.investech.com/?p=17189',0,'revision','',0);
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INSERT INTO `wp_posts` VALUES (16895,2,'2023-02-28 11:21:12','2023-02-28 17:21:12','<!-- 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:paragraph {\"placeholder\":\"Content…\",\"fontSize\":\"large\"} -->\n<p class=\"has-large-font-size\"></p>\n<!-- /wp:paragraph -->\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, and what steps investors must take to navigate it safely.  </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"fontSize\":\"small\"} -->\n<p class=\"has-small-font-size\">The full article is linked below.</p>\n<!-- /wp:paragraph --></div></div>\n<!-- /wp:media-text --></div>\n<!-- /wp:group -->\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:media-text {\"mediaId\":14412,\"mediaLink\":\"https://ns2020-investech.investech.com/barrons/barrons-bear-market-3/\",\"mediaType\":\"image\",\"mediaWidth\":37,\"imageFill\":false} -->\n<div class=\"wp-block-media-text alignwide is-stacked-on-mobile\" style=\"grid-template-columns:37% auto\"><figure class=\"wp-block-media-text__media\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2022/03/Barrons-Bear-Market-3.png\" alt=\"\" class=\"wp-image-14412 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 -->\n<p>The bull-market tune has been playing for 12 years now, and when the music finally stops, many investors will find themselves chairless. But <em>Barron\'s </em>Hall of Famer Jim Stack knows how to play this game...</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:buttons {\"layout\":{\"type\":\"flex\",\"justifyContent\":\"left\"}} -->\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://webreprints.djreprints.com/58891.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Read Article</a></div>\n<!-- /wp:button --></div>\n<!-- /wp:buttons --></div></div>\n<!-- /wp:media-text -->\n\n<!-- wp:paragraph -->\n<p><br>Click the button below to share this article with a friend.  </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=\"mailto:?subject=InvesTech%20Research&amp;body=Barron’s%20Question%20and%20Answer%20with%20Jim%20Stack%20https://ns2020-investech.investech.com/barrons/\" target=\"_blank\" rel=\"noreferrer noopener\">Email Link</a></div>\n<!-- /wp:button --></div>\n<!-- /wp:buttons -->\n\n<!-- wp:paragraph -->\n<p><em>A Free Sample of a recent newsletter can also be requested below.</em></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:separator {\"opacity\":\"css\"} -->\n<hr class=\"wp-block-separator has-css-opacity\"/>\n<!-- /wp:separator -->\n\n<!-- wp:block {\"ref\":5343} /-->\n\n<!-- wp:heading {\"level\":5} -->\n<h5>What Subscribers are Saying...</h5>\n<!-- /wp:heading -->\n\n<!-- wp:uagb/testimonial {\"test_item_count\":6,\"classMigrate\":true,\"test_block\":[{\"description\":\"You guys add sanity to more than counterbalance what you see and hear in the so-called ‘business news.’ Thank you for helping me keep my family’s financial plan on course.\",\"name\":\"Sanity!\",\"company\":\"F.D., Baldwinsville, NY\",\"image\":\"\"},{\"description\":\"You have the discipline of a seasoned technician, but you also have the insight of a brilliant theoretician.  That is avery rare combination. You have made us a lot of money, but you have saved us even more.  \",\"name\":\"You have made us a lot of money, but you have saved us even more.\",\"company\":\"B.P., San Juan Capistrano, CA\",\"image\":\"\"},{\"description\":\"I\'d like to offer a special word of praise for all the work the entire InvesTech staff of professionals does ot help bring meaningful technical and fundamental insights to the attention of your subscribers.  There is no one who can compare with what you do or the way in which you do it.\",\"name\":\"Fundamental Insights.\",\"company\":\"P.E.P., Ph.D., Okemos, MI\",\"image\":\"\"},{\"description\":\"I have followed Jim carefully over these many years, and I am absolutely convinced that he is the ‘top of the class’ of independent thinkers.\",\"name\":\"\\u0022Top of the Class\\u0022 independent thinking.\",\"company\":\"C.C., Inverness, IL\",\"image\":\"\"},{\"description\":\"I want to thank you for your publication. I have subscribed to several investment newsletters and found InvesTech to be the best. I like the way you back up your positions and recommendations with easy to understand technical analysis.  \",\"name\":\"Easy to understand technical analysis.\",\"company\":\"M.M., Orion, MI\",\"image\":\"\"},{\"description\":\"A week rarely goes by, when I don\'t suggest to a friend or acquaintance that they give consideration to InvesTech because I find it very valuable. The reason I subscribed initially was because I like the idea of Jim being a bit different... not following the herd mentality.\",\"name\":\"Not following the herd mentality.\",\"company\":\"C.B., Milwaukee, WI\",\"image\":\"\"}],\"descColor\":\"#F5F4F0\",\"authorColor\":\"#f2cb05\",\"nameFontSize\":27,\"companyFontFamily\":\"\",\"companyFontWeight\":\"\",\"descFontSize\":20,\"descSpace\":15,\"block_id\":\"dc82e57c\",\"iconImage\":{\"url\":\"\",\"alt\":\"InfoBox placeholder img\"},\"autoplaySpeed\":4000,\"arrowDots\":\"dots\",\"arrowBorderSize\":1,\"backgroundType\":\"color\",\"backgroundColor\":\"#042c4c\",\"borderStyle\":\"double\",\"borderWidth\":33,\"borderColor\":\"#042c4c\",\"backgroundOpacity\":50,\"paddingTop\":5,\"paddingBottom\":5,\"paddingLeft\":5,\"paddingRight\":5,\"imgpaddingTop\":10,\"imgpaddingRight\":10,\"imgpaddingBottom\":10,\"imgpaddingLeft\":10,\"overallBorderTopWidth\":33,\"overallBorderLeftWidth\":33,\"overallBorderRightWidth\":33,\"overallBorderBottomWidth\":33,\"overallBorderStyle\":\"double\",\"overallBorderColor\":\"#042c4c\"} -->\n<div class=\"wp-block-uagb-testimonial uagb-slick-carousel uagb-tm__arrow-outside uagb-block-dc82e57c\"><div class=\"is-carousel uagb-tm__columns-1 uagb-tm__items\"><div class=\"uagb-testimonial__wrap  uagb-tm__imgicon-style-circle uagb-tm__image-position-bottom uagb-tm__bg-type-color \"><div class=\"uagb-tm__content\"><div class=\"uagb-tm__overlay\"></div><div class=\"uagb-tm__text-wrap\"><div class=\"uagb-tm__desc\">You guys add sanity to more than counterbalance what you see and hear in the so-called ‘business news.’ Thank you for helping me keep my family’s financial plan on course.</div><div class=\"uagb-tm__meta-inner\"><div class=\"uagb-testimonial-details\"><span class=\"uagb-tm__author-name\">Sanity!</span><span class=\"uagb-tm__company\">F.D., Baldwinsville, NY</span></div></div></div></div></div><div class=\"uagb-testimonial__wrap  uagb-tm__imgicon-style-circle uagb-tm__image-position-bottom uagb-tm__bg-type-color \"><div class=\"uagb-tm__content\"><div class=\"uagb-tm__overlay\"></div><div class=\"uagb-tm__text-wrap\"><div class=\"uagb-tm__desc\">You have the discipline of a seasoned technician, but you also have the insight of a brilliant theoretician.  That is avery rare combination. You have made us a lot of money, but you have saved us even more.  </div><div class=\"uagb-tm__meta-inner\"><div class=\"uagb-testimonial-details\"><span class=\"uagb-tm__author-name\">You have made us a lot of money, but you have saved us even more.</span><span class=\"uagb-tm__company\">B.P., San Juan Capistrano, CA</span></div></div></div></div></div><div class=\"uagb-testimonial__wrap  uagb-tm__imgicon-style-circle uagb-tm__image-position-bottom uagb-tm__bg-type-color \"><div class=\"uagb-tm__content\"><div class=\"uagb-tm__overlay\"></div><div class=\"uagb-tm__text-wrap\"><div class=\"uagb-tm__desc\">I\'d like to offer a special word of praise for all the work the entire InvesTech staff of professionals does ot help bring meaningful technical and fundamental insights to the attention of your subscribers.  There is no one who can compare with what you do or the way in which you do it.</div><div class=\"uagb-tm__meta-inner\"><div class=\"uagb-testimonial-details\"><span class=\"uagb-tm__author-name\">Fundamental Insights.</span><span class=\"uagb-tm__company\">P.E.P., Ph.D., Okemos, MI</span></div></div></div></div></div><div class=\"uagb-testimonial__wrap  uagb-tm__imgicon-style-circle uagb-tm__image-position-bottom uagb-tm__bg-type-color \"><div class=\"uagb-tm__content\"><div class=\"uagb-tm__overlay\"></div><div class=\"uagb-tm__text-wrap\"><div class=\"uagb-tm__desc\">I have followed Jim carefully over these many years, and I am absolutely convinced that he is the ‘top of the class’ of independent thinkers.</div><div class=\"uagb-tm__meta-inner\"><div class=\"uagb-testimonial-details\"><span class=\"uagb-tm__author-name\">\"Top of the Class\" independent thinking.</span><span class=\"uagb-tm__company\">C.C., Inverness, IL</span></div></div></div></div></div><div class=\"uagb-testimonial__wrap  uagb-tm__imgicon-style-circle uagb-tm__image-position-bottom uagb-tm__bg-type-color \"><div class=\"uagb-tm__content\"><div class=\"uagb-tm__overlay\"></div><div class=\"uagb-tm__text-wrap\"><div class=\"uagb-tm__desc\">I want to thank you for your publication. I have subscribed to several investment newsletters and found InvesTech to be the best. I like the way you back up your positions and recommendations with easy to understand technical analysis.  </div><div class=\"uagb-tm__meta-inner\"><div class=\"uagb-testimonial-details\"><span class=\"uagb-tm__author-name\">Easy to understand technical analysis.</span><span class=\"uagb-tm__company\">M.M., Orion, MI</span></div></div></div></div></div><div class=\"uagb-testimonial__wrap  uagb-tm__imgicon-style-circle uagb-tm__image-position-bottom uagb-tm__bg-type-color \"><div class=\"uagb-tm__content\"><div class=\"uagb-tm__overlay\"></div><div class=\"uagb-tm__text-wrap\"><div class=\"uagb-tm__desc\">A week rarely goes by, when I don\'t suggest to a friend or acquaintance that they give consideration to InvesTech because I find it very valuable. The reason I subscribed initially was because I like the idea of Jim being a bit different... not following the herd mentality.</div><div class=\"uagb-tm__meta-inner\"><div class=\"uagb-testimonial-details\"><span class=\"uagb-tm__author-name\">Not following the herd mentality.</span><span class=\"uagb-tm__company\">C.B., Milwaukee, WI</span></div></div></div></div></div></div></div>\n<!-- /wp:uagb/testimonial -->\n\n<!-- wp:block {\"ref\":5343} /-->\n\n<!-- wp:pullquote -->\n<figure class=\"wp-block-pullquote\"><blockquote><p>\"I have followed Jim carefully over these many years, and I am absolutely convinced that he is the ‘top of the class’ of independent thinkers.\"</p><cite>C.C., Inverness, IL</cite></blockquote></figure>\n<!-- /wp:pullquote -->\n\n<!-- wp:pullquote -->\n<figure class=\"wp-block-pullquote\"><blockquote><p>\"I want to thank you for your publication. I have subscribed to several investment newsletters and found InvesTech to be the best. I like the way you back up your positions and recommendations with easy to understand technical analysis.\"</p><cite>M.M., Orion, MI</cite></blockquote></figure>\n<!-- /wp:pullquote -->\n\n<!-- wp:block {\"ref\":7664} /-->','\"Preparing for a Bear Market\"','','inherit','closed','closed','','14292-revision-v1','','','2023-02-28 11:21:12','2023-02-28 17:21:12','',14292,'https://ns2020-investech.investech.com/?p=16895',0,'revision','',0);
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INSERT INTO `wp_posts` VALUES (16904,2,'2023-02-28 11:37:16','2023-02-28 17:37:16','<!-- wp:heading {\"level\":3} -->\n<h3 id=\"committed-to-helping-investors-increase-profits-and-reduce-risk\">Committed to Helping Investors Increase Profits and Reduce Risk</h3>\n<!-- /wp:heading -->\n\n<!-- wp:media-text {\"mediaId\":10736,\"mediaLink\":\"https://ns2020-investech.investech.com/philosophy/philosophy-2/\",\"mediaType\":\"image\"} -->\n<div class=\"wp-block-media-text alignwide is-stacked-on-mobile\"><figure class=\"wp-block-media-text__media\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/08/Philosophy.png\" alt=\"\" class=\"wp-image-10736 size-full\"/></figure><div class=\"wp-block-media-text__content\"><!-- wp:paragraph -->\n<p>Dedicated to bringing sophisticated analysis of the stock market to the average investor, InvesTech Research began national circulation of its market letter in December 1982. Today, InvesTech\'s monthly publication, <em>InvesTech Research</em> newsletter, has earned widespread recognition for its time-proven risk allocation strategy, as well as in-depth analysis of the Federal Reserve. From its unique blending of monetary and technical analysis to sector and asset allocation recommendations, InvesTech presents unbiased advice and a valuable perspective.</p>\n<!-- /wp:paragraph --></div></div>\n<!-- /wp:media-text -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"insights-that-stand-the-test-of-time\">Insights That Stand the Test of Time</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>InvesTech maintains over 120 years of financial and historical market data, and has proven to be remarkably accurate at assessing market risk and advising subscribers when to be most bullish and when to be more cautious.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"id\":12092,\"width\":1024,\"height\":681,\"sizeSlug\":\"large\",\"linkDestination\":\"none\",\"className\":\"image-zoom\"} -->\n<figure class=\"wp-block-image size-large is-resized image-zoom\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2020/06/blue-mtn-shutterstock_35371720-1024x681.jpg\" alt=\"\" class=\"wp-image-12092\" width=\"1024\" height=\"681\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"your-guide-to-safety-first-profits\">Your Guide to “Safety-First” Profits</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>InvesTech earned widespread recognition as one of only a handful of research services to warn of imminent danger prior to Black Monday on October 19, 1987. In 1991 InvesTech published its <em>\"TORO… TORO…\"</em> issue, just<strong> 10 days before</strong> the January stock market blast-off. And during the late 1990s, InvesTech consistently cautioned investors about the dangers of the speculative bubble gripping Wall Street. InvesTech’s <strong>safety-first investment philosophy</strong> led investors safely through the bear market of 2000-02, plus limited losses to half of the market decline in the 2007-2009. In March 2009, just 4 days after the bear market bottom, InvesTech boldly advised investors that they were <em>“heading toward a buying opportunity of a lifetime!”</em></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>This distinctive approach to market analysis has led to InvesTech being frequently quoted in Barron\'s, Business Week, Forbes, Money Magazine, Worth, U.S. News &amp; World Report, USA Today, and The Wall Street Journal (visit <a href=\"https://ns2020-investech.investech.com/in-the-news/\">In The News</a> to read specific articles). In 1996 Mark Hulbert (editor of the Hulbert Financial Digest) recognized InvesTech \"as one of only 6 newsletters that have beaten the market on a risk-adjusted basis since inception over 10 years ago.\" </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"investech-research-throughout-the-years\">InvesTech Research Throughout the Years</h3>\n<!-- /wp:heading -->\n\n<!-- wp:block {\"ref\":13094} /-->\n\n<!-- wp:group {\"className\":\"wall-to-wall neutral-warm\"} -->\n<div class=\"wp-block-group wall-to-wall neutral-warm\"><!-- wp:group {\"className\":\"max-wrap-80\"} -->\n<div class=\"wp-block-group max-wrap-80\"><!-- wp:group -->\n<div class=\"wp-block-group\"><!-- wp:paragraph {\"className\":\"red-caps growth icon\"} -->\n<p class=\"red-caps growth icon\"><strong>From the Desk of Jim Stack</strong></p>\n<!-- /wp:paragraph --></div>\n<!-- /wp:group -->\n\n<!-- wp:heading {\"textAlign\":\"left\"} -->\n<h2 class=\"has-text-align-left\" id=\"Philosophy\">A Philosophy Based on Experience</h2>\n<!-- /wp:heading -->\n\n<!-- wp:image {\"align\":\"left\",\"id\":9139,\"width\":336,\"height\":507,\"sizeSlug\":\"large\",\"linkDestination\":\"none\",\"className\":\"push-left\"} -->\n<figure class=\"wp-block-image alignleft size-large is-resized push-left\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/07/JBS-new-web.jpg\" alt=\"\" class=\"wp-image-9139\" width=\"336\" height=\"507\"/><figcaption class=\"wp-element-caption\"><strong>James Stack</strong><br>Founder and President, InvesTech Research</figcaption></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph {\"align\":\"left\"} -->\n<p class=\"has-text-align-left\">Over the years, at least three doctrines have influenced and created my personal investment philosophy. These carry a heavy weight in all my investment decisions.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4,\"className\":\"unclear\"} -->\n<h4 class=\"unclear\" id=\"my-indoctrination-into-the-stock-market-or-baptism-by-fire-as-i-remember-it\">My indoctrination into the stock market, or \"baptism by fire\" as I remember it:</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>It came during 1973-74 as I watched my own portfolio lose over -50%, the Nasdaq Index lose -60%, and even the stock of my bluest-of-blue chip employer (IBM) drop -58%. I also remember the despair as retirees were forced to cancel or reverse their retirement plans simply because their portfolios had lost too much. I have unending respect for those little \"blips\" on historical wall charts. They represent real bear markets, with big losses. And believe me, they\'re a lot tougher to recoup than the stories portrayed by mutual funds, asset allocators, and the media.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4,\"className\":\"unclear\"} -->\n<h4 class=\"unclear\" id=\"1-educational-and-professional-background-based-on-logic-and-reason\">1. Educational and professional background based on logic and reason</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>With an engineering degree and experience as a Project Manager with IBM Research, my approach to the markets could only be analytical, rather than emotional. That can be a valuable asset in an aging bull market fueled by greed and emotion… or in a bear market seized by panic.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4} -->\n<h4 id=\"2-historical-knowledge-founded-on-years-of-research\">2. Historical knowledge founded on years of research</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>I know from research that the \"correct\" decisions on Wall Street invariably require you to move against the crowd… and at times, against every emotional fiber in your body. It was this historical tempering that permitted InvesTech to identify the start of the huge 1991-2000 bull market (our issue titled <em>\"TORO! TORO!\"</em> was published on January 4, 1991) and propelled us to advise subscribers in March 2009, just 4 days after the bear market bottom, that they were \"heading toward a buying opportunity of a lifetime.\" Conversely, it is that same tempering that forced us to step aside early, and avoid the Wall Street bubble as it popped in March 2000… devastating the average investor.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4} -->\n<h4 id=\"3-our-consideration-and-respect-for-our-subscribers\">3. Our consideration and respect for our subscribers</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Surveys show the median age of our subscriber base is 57 years. That means most are in, or within a dozen years of, retirement. It\'s not enough for one to ride down a major bear market with a loss of -45%, and feel \"good\" because the S&amp;P 500 lost -50% or more. In that respect, we are not part of the Wall Street crowd or consensus.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Our goal is not merely to maximize return, but to maximize risk-adjusted-return... or provide the best possible gains for the amount of market risk taken. Our long-term track record, especially during the 1987 Crash, and 2000-02 and 2007-09 Bear Markets, has proven an ability to do just that.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>In our ongoing commitment to our subscribers, the staff at InvesTech Research is consistently looking for new tools and models to measure risk and determine when and when not to be an aggressive investor in the stock market. We will always try to improve our investment returns. However, you will never see us sacrifice our objective, safety-first strategy for the sake of a quick profit or the comfort of merely being a part of the crowd.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Sincerely,</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"id\":6180,\"width\":325,\"height\":44,\"sizeSlug\":\"large\",\"linkDestination\":\"none\",\"className\":\"multiply\"} -->\n<figure class=\"wp-block-image size-large is-resized multiply\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/JBS.png\" alt=\"\" class=\"wp-image-6180\" width=\"325\" height=\"44\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>James B. Stack<br>President</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:spacer {\"height\":\"25px\"} -->\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer --></div>\n<!-- /wp:group --></div>\n<!-- /wp:group -->\n\n<!-- wp:columns {\"className\":\"wall-to-wall benefit-ss\"} -->\n<div class=\"wp-block-columns wall-to-wall benefit-ss\"><!-- wp:column {\"width\":\"\"} -->\n<div class=\"wp-block-column\"><!-- wp:uagb/testimonial {\"test_item_count\":6,\"classMigrate\":true,\"test_block\":[{\"description\":\"\\u003cspan class=\\u0022has-inline-color has-gold-color\\u0022\\u003eINVESTECH INDICATORS\\u003c/span\\u003e\\u003cbr\\u003e\\u003cbr\\u003e\\u003cspan class=\\u0022has-inline-color has-white-color\\u0022\\u003eFollow InvesTech\'s Indicators on a daily basis - easily explained for both seasoned professionals and non-technical investors.\\u003c/span\\u003e\\u003cbr\\u003e\\u003cbr\\u003eInvesTech utilizes a wide range of indicators to gain insight into the monetary and economic environments, as well as technical factors such as breadth, leadership, momentum, and sentiment. These indicators are useful for determining the amount of potential risk and reward in the market, as well as the likelihood of a bear market rearing its ugly head in the near future.\",\"name\":\"\",\"company\":\"\\u003ca href=\\u0022https://ns2020-investech.investech.com/product/subscriptions/\\u0022\\u003eBecome A Subscriber\\u003c/a\\u003e\",\"image\":{\"id\":5509,\"title\":\"primary-knight\",\"filename\":\"primary-knight.svg\",\"url\":\"https://ns2020-investech.investech.com/wp-content/uploads/2021/02/primary-knight.svg\",\"link\":\"https://ns2020-investech.investech.com/primary-knight/\",\"alt\":\"InvesTech Indicators icon\",\"author\":\"16\",\"description\":\"\",\"caption\":\"\",\"name\":\"primary-knight\",\"status\":\"inherit\",\"uploadedTo\":0,\"date\":\"2021-02-06T17:25:40.000Z\",\"modified\":\"2021-02-06T19:10:26.000Z\",\"menuOrder\":0,\"mime\":\"image/svg+xml\",\"type\":\"image\",\"subtype\":\"svg+xml\",\"icon\":\"https://ns2020-investech.investech.com/wp-includes/images/media/default.png\",\"dateFormatted\":\"February 6, 2021\",\"nonces\":{\"update\":\"73e02967b5\",\"delete\":\"98c27fe2cf\",\"edit\":\"6a613f5b43\"},\"editLink\":\"https://ns2020-investech.investech.com/wp-admin/post.php?post=5509\\u0026action=edit\",\"meta\":false,\"authorName\":\"Emily Rapport\",\"authorLink\":\"https://ns2020-investech.investech.com/wp-admin/user-edit.php?user_id=16\",\"filesizeInBytes\":3342,\"filesizeHumanReadable\":\"3 KB\",\"context\":\"\",\"compat\":{\"item\":\"\",\"meta\":\"\"},\"acf_errors\":false}},{\"description\":\"\\u003cspan class=\\u0022has-inline-color has-gold-color\\u0022\\u003eMARKET INSIGHTS\\u003c/span\\u003e\\u003cbr\\u003e\\u003cbr\\u003e\\u003cspan class=\\u0022has-inline-color has-white-color\\u0022\\u003eStay up-to-date on recent data releases, how you should be investing, and what you should be watching for going forward.\\u003cbr\\u003e\\u003c/span\\u003e\\u003cbr\\u003eInvesTech\'s Market Insights will keep you current on the most recent data releases, new research we have performed, and how this information affects your investing.\",\"name\":\"\",\"company\":\"\\u003ca href=\\u0022https://ns2020-investech.investech.com/product/subscriptions/\\u0022\\u003eBecome A Subscriber\\u003c/a\\u003e\",\"image\":{\"id\":7862,\"title\":\"compass-00467F\",\"filename\":\"compass-00467F.svg\",\"url\":\"https://ns2020-investech.investech.com/wp-content/uploads/2021/05/compass-00467F.svg\",\"link\":\"https://ns2020-investech.investech.com/compass-00467f/\",\"alt\":\"\",\"author\":\"3\",\"description\":\"\",\"caption\":\"\",\"name\":\"compass-00467f\",\"status\":\"inherit\",\"uploadedTo\":0,\"date\":\"2021-05-24T19:00:59.000Z\",\"modified\":\"2021-05-24T19:00:59.000Z\",\"menuOrder\":0,\"mime\":\"image/svg+xml\",\"type\":\"image\",\"subtype\":\"svg+xml\",\"icon\":\"https://ns2020-investech.investech.com/wp-includes/images/media/default.png\",\"dateFormatted\":\"May 24, 2021\",\"nonces\":{\"update\":\"20a6c53444\",\"delete\":\"025e132095\",\"edit\":\"efd034cc79\"},\"editLink\":\"https://ns2020-investech.investech.com/wp-admin/post.php?post=7862\\u0026action=edit\",\"meta\":false,\"authorName\":\"Christina Maloney\",\"authorLink\":\"https://ns2020-investech.investech.com/wp-admin/user-edit.php?user_id=3\",\"filesizeInBytes\":1142,\"filesizeHumanReadable\":\"1 KB\",\"context\":\"\",\"compat\":{\"item\":\"\",\"meta\":\"\"},\"acf_errors\":false}},{\"description\":\"\\u003cspan class=\\u0022has-inline-color has-gold-color\\u0022\\u003eMODEL FUND PORTFOLIO\\u003c/span\\u003e\\u003cbr\\u003e\\u003cbr\\u003e\\u003cspan class=\\u0022has-inline-color has-white-color\\u0022\\u003eAlign your investments to our Model Fund Portfolio.\\u003c/span\\u003e\\u003cbr\\u003e\\u003cbr\\u003eThe InvesTech Model Fund Portfolio is designed for individual investors who want to follow our allocation and sector recommendations for the equity portion of their portfolio. Subscribers who follow the Model Fund Portfolio can track the trades we\'re making in real-time as we implement our \\u0022safety-first\\u0022 strategy.\",\"name\":\"\",\"company\":\"\\u003ca href=\\u0022https://ns2020-investech.investech.com/product/subscriptions/\\u0022\\u003eBecome A Subscriber\\u003c/a\\u003e\",\"image\":{\"id\":5523,\"title\":\"finance-chart\",\"filename\":\"finance-chart.svg\",\"url\":\"https://ns2020-investech.investech.com/wp-content/uploads/2021/02/finance-chart.svg\",\"link\":\"https://ns2020-investech.investech.com/finance-chart/\",\"alt\":\"Model Fund Icon\",\"author\":\"16\",\"description\":\"\",\"caption\":\"\",\"name\":\"finance-chart\",\"status\":\"inherit\",\"uploadedTo\":0,\"date\":\"2021-02-06T18:46:54.000Z\",\"modified\":\"2021-02-06T19:10:35.000Z\",\"menuOrder\":0,\"mime\":\"image/svg+xml\",\"type\":\"image\",\"subtype\":\"svg+xml\",\"icon\":\"https://ns2020-investech.investech.com/wp-includes/images/media/default.png\",\"dateFormatted\":\"February 6, 2021\",\"nonces\":{\"update\":\"7facd2a39c\",\"delete\":\"2d4ccf4702\",\"edit\":\"76943807ae\"},\"editLink\":\"https://ns2020-investech.investech.com/wp-admin/post.php?post=5523\\u0026action=edit\",\"meta\":false,\"authorName\":\"Emily Rapport\",\"authorLink\":\"https://ns2020-investech.investech.com/wp-admin/user-edit.php?user_id=16\",\"filesizeInBytes\":4451,\"filesizeHumanReadable\":\"4 KB\",\"context\":\"\",\"compat\":{\"item\":\"\",\"meta\":\"\"},\"acf_errors\":false}},{\"description\":\"\\u003cspan class=\\u0022has-inline-color has-gold-color\\u0022\\u003eDAILY DATA\\u003c/span\\u003e\\u003cbr\\u003e\\u003cbr\\u003e\\u003cspan class=\\u0022has-inline-color has-white-color\\u0022\\u003eFinancial Market data at your fingertips.\\u003c/span\\u003e\\u003cbr\\u003e\\u003cbr\\u003eThe InvesTech Daily Data page contains a wide-range of financial market data for subscribers to monitor the market on a day-to-day basis, while also keeping a pulse on some of our most critical indicators.\",\"name\":\"\",\"company\":\"\\u003ca href=\\u0022https://ns2020-investech.investech.com/product/subscriptions/\\u0022\\u003eBecome A Subscriber\\u003c/a\\u003e\",\"image\":{\"id\":5530,\"title\":\"daily-data\",\"filename\":\"daily-data.svg\",\"url\":\"https://ns2020-investech.investech.com/wp-content/uploads/2021/02/daily-data.svg\",\"link\":\"https://ns2020-investech.investech.com/daily-data-3/\",\"alt\":\"daily data icon\",\"author\":\"16\",\"description\":\"\",\"caption\":\"\",\"name\":\"daily-data-3\",\"status\":\"inherit\",\"uploadedTo\":0,\"date\":\"2021-02-06T19:11:46.000Z\",\"modified\":\"2021-02-06T19:11:56.000Z\",\"menuOrder\":0,\"mime\":\"image/svg+xml\",\"type\":\"image\",\"subtype\":\"svg+xml\",\"icon\":\"https://ns2020-investech.investech.com/wp-includes/images/media/default.png\",\"dateFormatted\":\"February 6, 2021\",\"nonces\":{\"update\":\"6819d2d3c3\",\"delete\":\"66f3039e75\",\"edit\":\"c1f43e7ce9\"},\"editLink\":\"https://ns2020-investech.investech.com/wp-admin/post.php?post=5530\\u0026action=edit\",\"meta\":false,\"authorName\":\"Emily Rapport\",\"authorLink\":\"https://ns2020-investech.investech.com/wp-admin/user-edit.php?user_id=16\",\"filesizeInBytes\":3988,\"filesizeHumanReadable\":\"4 KB\",\"context\":\"\",\"compat\":{\"item\":\"\",\"meta\":\"\"},\"acf_errors\":false}},{\"description\":\"\\u003cmark style=\\u0022background-color:rgba(0, 0, 0, 0)\\u0022 class=\\u0022has-inline-color has-gold-color\\u0022\\u003eINVESTECH ISSUES\\u003c/mark\\u003e\\u003cbr\\u003e\\u003cbr\\u003e\\u003cmark style=\\u0022background-color:rgba(0, 0, 0, 0)\\u0022 class=\\u0022has-inline-color has-white-color\\u0022\\u003eKiplinger\'s Personal Financial magazine named InvesTech Research the \\u0022Best Stock Market Letter\\u0022 available to investors.\\u003c/mark\\u003e\\u003cbr\\u003e\\u003cbr\\u003eWith InvesTech Research newsletter, you\'ll find financial news and analysis prepared to stand alone against the crowd, backed by over 120 years of market data. We help you to recognize and seize low-risk profit opportunities, and shield investment capital during treacherous times.\",\"name\":\"\",\"company\":\"\\u003ca href=\\u0022https://ns2020-investech.investech.com/product/subscriptions/\\u0022\\u003eBecome A Subscriber\\u003c/a\\u003e\",\"image\":{\"id\":5539,\"title\":\"award-pubs\",\"filename\":\"award-pubs.svg\",\"url\":\"https://ns2020-investech.investech.com/wp-content/uploads/2021/02/award-pubs.svg\",\"link\":\"https://ns2020-investech.investech.com/award-pubs/\",\"alt\":\"\",\"author\":\"16\",\"description\":\"\",\"caption\":\"\",\"name\":\"award-pubs\",\"status\":\"inherit\",\"uploadedTo\":0,\"date\":\"2021-02-06T19:50:19.000Z\",\"modified\":\"2021-02-06T19:50:19.000Z\",\"menuOrder\":0,\"mime\":\"image/svg+xml\",\"type\":\"image\",\"subtype\":\"svg+xml\",\"icon\":\"https://ns2020-investech.investech.com/wp-includes/images/media/default.png\",\"dateFormatted\":\"February 6, 2021\",\"nonces\":{\"update\":\"59dd815fde\",\"delete\":\"a7aa5d3127\",\"edit\":\"df027c7be2\"},\"editLink\":\"https://ns2020-investech.investech.com/wp-admin/post.php?post=5539\\u0026action=edit\",\"meta\":false,\"authorName\":\"Emily Rapport\",\"authorLink\":\"https://ns2020-investech.investech.com/wp-admin/user-edit.php?user_id=16\",\"filesizeInBytes\":4894,\"filesizeHumanReadable\":\"5 KB\",\"context\":\"\",\"compat\":{\"item\":\"\",\"meta\":\"\"},\"acf_errors\":false}},{\"description\":\"\\u003cmark style=\\u0022background-color:rgba(0, 0, 0, 0)\\u0022 class=\\u0022has-inline-color has-gold-color\\u0022\\u003eSUBSCRIBER LIBRARY\\u003c/mark\\u003e\\u003cbr\\u003e\\u003cbr\\u003e\\u003cmark style=\\u0022background-color:rgba(0, 0, 0, 0)\\u0022 class=\\u0022has-inline-color has-white-color\\u0022\\u003eCurated Articles and Special Reports.\\u003c/mark\\u003e\\u003cbr\\u003e\\u003cbr\\u003eExplore our library of Special Reports that feature the best research from past issues of the InvesTech Research newsletter. These studies were chosen for their insight into important stock market topics of a timeless nature and with strong historical relevance. Learn more about past market cycles, bubbles, and important strategies for long-term investment success.\",\"name\":\"\",\"company\":\"\\u003ca href=\\u0022https://ns2020-investech.investech.com/product/subscriptions\\u0022\\u003eBecome A Subscriber\\u003c/a\\u003e\",\"image\":{\"id\":5544,\"title\":\"library\",\"filename\":\"library.svg\",\"url\":\"https://ns2020-investech.investech.com/wp-content/uploads/2021/02/library.svg\",\"link\":\"https://ns2020-investech.investech.com/library-2/\",\"alt\":\"\",\"author\":\"16\",\"description\":\"\",\"caption\":\"\",\"name\":\"library-2\",\"status\":\"inherit\",\"uploadedTo\":0,\"date\":\"2021-02-06T20:02:45.000Z\",\"modified\":\"2021-02-06T20:02:45.000Z\",\"menuOrder\":0,\"mime\":\"image/svg+xml\",\"type\":\"image\",\"subtype\":\"svg+xml\",\"icon\":\"https://ns2020-investech.investech.com/wp-includes/images/media/default.png\",\"dateFormatted\":\"February 6, 2021\",\"nonces\":{\"update\":\"346510f770\",\"delete\":\"0c2e3fcaf0\",\"edit\":\"f5b3b340e9\"},\"editLink\":\"https://ns2020-investech.investech.com/wp-admin/post.php?post=5544\\u0026action=edit\",\"meta\":false,\"authorName\":\"Emily Rapport\",\"authorLink\":\"https://ns2020-investech.investech.com/wp-admin/user-edit.php?user_id=16\",\"filesizeInBytes\":6056,\"filesizeHumanReadable\":\"6 KB\",\"context\":\"\",\"compat\":{\"item\":\"\",\"meta\":\"\"},\"acf_errors\":false}}],\"headingAlign\":\"left\",\"descColor\":\"#ffffff\",\"companyColor\":\"#ffffff\",\"authorColor\":\"#ffffff\",\"iconimgStyle\":\"normal\",\"imagePosition\":\"right\",\"imageAlignment\":\"middle\",\"nameSpace\":10,\"descSpace\":35,\"block_id\":\"03d975fa\",\"imgHrPadding\":25,\"iconImage\":{\"url\":\"\",\"alt\":\"InfoBox placeholder img\"},\"imageWidth\":200,\"autoplay\":false,\"arrowSize\":40,\"arrowColor\":\"#f2cb05\",\"rowGap\":0,\"contentPadding\":10,\"backgroundType\":\"color\",\"backgroundImage\":{\"id\":6501,\"title\":\"mountain-arrow-default\",\"filename\":\"mountain-arrow-default.svg\",\"url\":\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/mountain-arrow-default.svg\",\"link\":\"https://ns2020-investech.investech.com/about-us/mountain-arrow-default/\",\"alt\":\"\",\"author\":\"16\",\"description\":\"\",\"caption\":\"\",\"name\":\"mountain-arrow-default\",\"status\":\"inherit\",\"uploadedTo\":777,\"date\":\"2021-03-29T19:15:19.000Z\",\"modified\":\"2021-03-29T19:15:19.000Z\",\"menuOrder\":0,\"mime\":\"image/svg+xml\",\"type\":\"image\",\"subtype\":\"svg+xml\",\"icon\":\"https://ns2020-investech.investech.com/wp-includes/images/media/default.png\",\"dateFormatted\":\"March 29, 2021\",\"nonces\":{\"update\":\"7148fe1cbd\",\"delete\":\"92bd3c624d\",\"edit\":\"defb79732a\"},\"editLink\":\"https://ns2020-investech.investech.com/wp-admin/post.php?post=6501\\u0026action=edit\",\"meta\":false,\"authorName\":\"Emily Rapport\",\"authorLink\":\"https://ns2020-investech.investech.com/wp-admin/user-edit.php?user_id=16\",\"uploadedToTitle\":\"About Us\",\"uploadedToLink\":\"https://ns2020-investech.investech.com/wp-admin/post.php?post=777\\u0026action=edit\",\"filesizeInBytes\":5766,\"filesizeHumanReadable\":\"6 KB\",\"context\":\"\",\"compat\":{\"item\":\"\",\"meta\":\"\"},\"acf_errors\":false},\"backgroundOpacity\":50,\"stack\":\"mobile\",\"paddingTop\":10,\"paddingBottom\":10,\"paddingLeft\":10,\"paddingRight\":10,\"imgpaddingTop\":10,\"imgpaddingRight\":25,\"imgpaddingBottom\":10,\"imgpaddingLeft\":25,\"overallBorderStyle\":\"none\",\"className\":\"investech-benefits\"} -->\n<div class=\"wp-block-uagb-testimonial investech-benefits uagb-slick-carousel uagb-tm__arrow-outside uagb-block-03d975fa\"><div class=\"is-carousel uagb-tm__columns-1 uagb-tm__items\"><div class=\"uagb-testimonial__wrap  uagb-tm__imgicon-style-normal uagb-tm__image-position-right uagb-tm__image-aligned-middle uagb-tm-stacked-mobile uagb-tm-reverse-order-mobile uagb-tm__bg-type-color \"><div class=\"uagb-tm__content\"><div class=\"uagb-tm__overlay\"></div><div class=\"uagb-tm__text-wrap\"><div class=\"uagb-tm__desc\"><span class=\"has-inline-color has-gold-color\">INVESTECH INDICATORS</span><br><br><span class=\"has-inline-color has-white-color\">Follow InvesTech\'s Indicators on a daily basis - easily explained for both seasoned professionals and non-technical investors.</span><br><br>InvesTech utilizes a wide range of indicators to gain insight into the monetary and economic environments, as well as technical factors such as breadth, leadership, momentum, and sentiment. These indicators are useful for determining the amount of potential risk and reward in the market, as well as the likelihood of a bear market rearing its ugly head in the near future.</div><div class=\"uagb-tm__meta-inner\"><div class=\"uagb-testimonial-details\"><span class=\"uagb-tm__author-name\"></span><span class=\"uagb-tm__company\"><a href=\"https://ns2020-investech.investech.com/product/subscriptions/\">Become A Subscriber</a></span></div></div></div><div class=\"uagb-tm__image-content\"><div class=\"uagb-tm__image\"><img class=\"uagb-tm-img-src\" src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/02/primary-knight.svg\" alt=\"InvesTech Indicators icon\" width=\"200\" loading=\"lazy\"/></div></div></div></div><div class=\"uagb-testimonial__wrap  uagb-tm__imgicon-style-normal uagb-tm__image-position-right uagb-tm__image-aligned-middle uagb-tm-stacked-mobile uagb-tm-reverse-order-mobile uagb-tm__bg-type-color \"><div class=\"uagb-tm__content\"><div class=\"uagb-tm__overlay\"></div><div class=\"uagb-tm__text-wrap\"><div class=\"uagb-tm__desc\"><span class=\"has-inline-color has-gold-color\">MARKET INSIGHTS</span><br><br><span class=\"has-inline-color has-white-color\">Stay up-to-date on recent data releases, how you should be investing, and what you should be watching for going forward.<br></span><br>InvesTech\'s Market Insights will keep you current on the most recent data releases, new research we have performed, and how this information affects your investing.</div><div class=\"uagb-tm__meta-inner\"><div class=\"uagb-testimonial-details\"><span class=\"uagb-tm__author-name\"></span><span class=\"uagb-tm__company\"><a href=\"https://ns2020-investech.investech.com/product/subscriptions/\">Become A Subscriber</a></span></div></div></div><div class=\"uagb-tm__image-content\"><div class=\"uagb-tm__image\"><img class=\"uagb-tm-img-src\" src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/05/compass-00467F.svg\" alt=\"\" width=\"200\" loading=\"lazy\"/></div></div></div></div><div class=\"uagb-testimonial__wrap  uagb-tm__imgicon-style-normal uagb-tm__image-position-right uagb-tm__image-aligned-middle uagb-tm-stacked-mobile uagb-tm-reverse-order-mobile uagb-tm__bg-type-color \"><div class=\"uagb-tm__content\"><div class=\"uagb-tm__overlay\"></div><div class=\"uagb-tm__text-wrap\"><div class=\"uagb-tm__desc\"><span class=\"has-inline-color has-gold-color\">MODEL FUND PORTFOLIO</span><br><br><span class=\"has-inline-color has-white-color\">Align your investments to our Model Fund Portfolio.</span><br><br>The InvesTech Model Fund Portfolio is designed for individual investors who want to follow our allocation and sector recommendations for the equity portion of their portfolio. Subscribers who follow the Model Fund Portfolio can track the trades we\'re making in real-time as we implement our \"safety-first\" strategy.</div><div class=\"uagb-tm__meta-inner\"><div class=\"uagb-testimonial-details\"><span class=\"uagb-tm__author-name\"></span><span class=\"uagb-tm__company\"><a href=\"https://ns2020-investech.investech.com/product/subscriptions/\">Become A Subscriber</a></span></div></div></div><div class=\"uagb-tm__image-content\"><div class=\"uagb-tm__image\"><img class=\"uagb-tm-img-src\" src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/02/finance-chart.svg\" alt=\"Model Fund Icon\" width=\"200\" loading=\"lazy\"/></div></div></div></div><div class=\"uagb-testimonial__wrap  uagb-tm__imgicon-style-normal uagb-tm__image-position-right uagb-tm__image-aligned-middle uagb-tm-stacked-mobile uagb-tm-reverse-order-mobile uagb-tm__bg-type-color \"><div class=\"uagb-tm__content\"><div class=\"uagb-tm__overlay\"></div><div class=\"uagb-tm__text-wrap\"><div class=\"uagb-tm__desc\"><span class=\"has-inline-color has-gold-color\">DAILY DATA</span><br><br><span class=\"has-inline-color has-white-color\">Financial Market data at your fingertips.</span><br><br>The InvesTech Daily Data page contains a wide-range of financial market data for subscribers to monitor the market on a day-to-day basis, while also keeping a pulse on some of our most critical indicators.</div><div class=\"uagb-tm__meta-inner\"><div class=\"uagb-testimonial-details\"><span class=\"uagb-tm__author-name\"></span><span class=\"uagb-tm__company\"><a href=\"https://ns2020-investech.investech.com/product/subscriptions/\">Become A Subscriber</a></span></div></div></div><div class=\"uagb-tm__image-content\"><div class=\"uagb-tm__image\"><img class=\"uagb-tm-img-src\" src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/02/daily-data.svg\" alt=\"daily data icon\" width=\"200\" loading=\"lazy\"/></div></div></div></div><div class=\"uagb-testimonial__wrap  uagb-tm__imgicon-style-normal uagb-tm__image-position-right uagb-tm__image-aligned-middle uagb-tm-stacked-mobile uagb-tm-reverse-order-mobile uagb-tm__bg-type-color \"><div class=\"uagb-tm__content\"><div class=\"uagb-tm__overlay\"></div><div class=\"uagb-tm__text-wrap\"><div class=\"uagb-tm__desc\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-gold-color\">INVESTECH ISSUES</mark><br><br><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-white-color\">Kiplinger\'s Personal Financial magazine named InvesTech Research the \"Best Stock Market Letter\" available to investors.</mark><br><br>With InvesTech Research newsletter, you\'ll find financial news and analysis prepared to stand alone against the crowd, backed by over 120 years of market data. We help you to recognize and seize low-risk profit opportunities, and shield investment capital during treacherous times.</div><div class=\"uagb-tm__meta-inner\"><div class=\"uagb-testimonial-details\"><span class=\"uagb-tm__author-name\"></span><span class=\"uagb-tm__company\"><a href=\"https://ns2020-investech.investech.com/product/subscriptions/\">Become A Subscriber</a></span></div></div></div><div class=\"uagb-tm__image-content\"><div class=\"uagb-tm__image\"><img class=\"uagb-tm-img-src\" src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/02/award-pubs.svg\" alt=\"\" width=\"200\" loading=\"lazy\"/></div></div></div></div><div class=\"uagb-testimonial__wrap  uagb-tm__imgicon-style-normal uagb-tm__image-position-right uagb-tm__image-aligned-middle uagb-tm-stacked-mobile uagb-tm-reverse-order-mobile uagb-tm__bg-type-color \"><div class=\"uagb-tm__content\"><div class=\"uagb-tm__overlay\"></div><div class=\"uagb-tm__text-wrap\"><div class=\"uagb-tm__desc\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-gold-color\">SUBSCRIBER LIBRARY</mark><br><br><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-white-color\">Curated Articles and Special Reports.</mark><br><br>Explore our library of Special Reports that feature the best research from past issues of the InvesTech Research newsletter. These studies were chosen for their insight into important stock market topics of a timeless nature and with strong historical relevance. Learn more about past market cycles, bubbles, and important strategies for long-term investment success.</div><div class=\"uagb-tm__meta-inner\"><div class=\"uagb-testimonial-details\"><span class=\"uagb-tm__author-name\"></span><span class=\"uagb-tm__company\"><a href=\"https://ns2020-investech.investech.com/product/subscriptions\">Become A Subscriber</a></span></div></div></div><div class=\"uagb-tm__image-content\"><div class=\"uagb-tm__image\"><img class=\"uagb-tm-img-src\" src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/02/library.svg\" alt=\"\" width=\"200\" loading=\"lazy\"/></div></div></div></div></div></div>\n<!-- /wp:uagb/testimonial --></div>\n<!-- /wp:column --></div>\n<!-- /wp:columns -->','About Us','','inherit','closed','closed','','777-revision-v1','','','2023-02-28 11:37:16','2023-02-28 17:37:16','',777,'https://ns2020-investech.investech.com/?p=16904',0,'revision','',0);
INSERT INTO `wp_posts` VALUES (16900,2,'2023-02-28 11:35:27','2023-02-28 17:35:27','<!-- wp:heading {\"level\":3} -->\n<h3 id=\"committed-to-helping-investors-increase-profits-and-reduce-risk\">Committed to Helping Investors Increase Profits and Reduce Risk</h3>\n<!-- /wp:heading -->\n\n<!-- wp:media-text {\"mediaId\":10736,\"mediaLink\":\"https://ns2020-investech.investech.com/philosophy/philosophy-2/\",\"mediaType\":\"image\"} -->\n<div class=\"wp-block-media-text alignwide is-stacked-on-mobile\"><figure class=\"wp-block-media-text__media\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/08/Philosophy.png\" alt=\"\" class=\"wp-image-10736 size-full\"/></figure><div class=\"wp-block-media-text__content\"><!-- wp:paragraph -->\n<p>Dedicated to bringing sophisticated analysis of the stock market to the average investor, InvesTech Research began national circulation of its market letter in December 1982. Today, InvesTech\'s monthly publication, <em>InvesTech Research</em> newsletter, has earned widespread recognition for its time-proven risk allocation strategy, as well as in-depth analysis of the Federal Reserve. From its unique blending of monetary and technical analysis to sector and asset allocation recommendations, InvesTech presents unbiased advice and a valuable perspective.</p>\n<!-- /wp:paragraph --></div></div>\n<!-- /wp:media-text -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"insights-that-stand-the-test-of-time\">Insights That Stand the Test of Time</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>InvesTech maintains over 120 years of financial and historical market data, and has proven to be remarkably accurate at assessing market risk and advising subscribers when to be most bullish and when to be more cautious.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"id\":12092,\"width\":1024,\"height\":681,\"sizeSlug\":\"large\",\"linkDestination\":\"none\",\"className\":\"image-zoom\"} -->\n<figure class=\"wp-block-image size-large is-resized image-zoom\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2020/06/blue-mtn-shutterstock_35371720-1024x681.jpg\" alt=\"\" class=\"wp-image-12092\" width=\"1024\" height=\"681\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"your-guide-to-safety-first-profits\">Your Guide to “Safety-First” Profits</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>InvesTech earned widespread recognition as one of only a handful of research services to warn of imminent danger prior to Black Monday on October 19, 1987. In 1991 InvesTech published its <em>\"TORO… TORO…\"</em> issue, just<strong> 10 days before</strong> the January stock market blast-off. And during the late 1990s, InvesTech consistently cautioned investors about the dangers of the speculative bubble gripping Wall Street. InvesTech’s <strong>safety-first investment philosophy</strong> led investors safely through the bear market of 2000-02, plus limited losses to half of the market decline in the 2007-2009. In March 2009, just 4 days after the bear market bottom, InvesTech boldly advised investors that they were <em>“heading toward a buying opportunity of a lifetime!”</em></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>This distinctive approach to market analysis has led to InvesTech being frequently quoted in Barron\'s, Business Week, Forbes, Money Magazine, Worth, U.S. News &amp; World Report, USA Today, and The Wall Street Journal (visit <a href=\"https://ns2020-investech.investech.com/in-the-news/\">In The News</a> to read specific articles). In 1996 Mark Hulbert (editor of the Hulbert Financial Digest) recognized InvesTech \"as one of only 6 newsletters that have beaten the market on a risk-adjusted basis since inception over 10 years ago.\" </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"investech-research-throughout-the-years\">InvesTech Research Throughout the Years</h3>\n<!-- /wp:heading -->\n\n<!-- wp:block {\"ref\":13094} /-->\n\n<!-- wp:group {\"className\":\"wall-to-wall neutral-warm\"} -->\n<div class=\"wp-block-group wall-to-wall neutral-warm\"><!-- wp:group {\"className\":\"max-wrap-80\"} -->\n<div class=\"wp-block-group max-wrap-80\"><!-- wp:group -->\n<div class=\"wp-block-group\"><!-- wp:paragraph {\"className\":\"red-caps growth icon\"} -->\n<p class=\"red-caps growth icon\"><strong>From the Desk of Jim Stack</strong></p>\n<!-- /wp:paragraph --></div>\n<!-- /wp:group -->\n\n<!-- wp:heading {\"textAlign\":\"left\"} -->\n<h2 class=\"has-text-align-left\" id=\"Philosophy\">A Philosophy Based on Experience</h2>\n<!-- /wp:heading -->\n\n<!-- wp:image {\"align\":\"left\",\"id\":9139,\"width\":336,\"height\":507,\"sizeSlug\":\"large\",\"linkDestination\":\"none\",\"className\":\"push-left\"} -->\n<figure class=\"wp-block-image alignleft size-large is-resized push-left\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/07/JBS-new-web.jpg\" alt=\"\" class=\"wp-image-9139\" width=\"336\" height=\"507\"/><figcaption class=\"wp-element-caption\"><strong>James Stack</strong><br>Founder and President, InvesTech Research</figcaption></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph {\"align\":\"left\"} -->\n<p class=\"has-text-align-left\">Over the years, at least three doctrines have influenced and created my personal investment philosophy. These carry a heavy weight in all my investment decisions.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4,\"className\":\"unclear\"} -->\n<h4 class=\"unclear\" id=\"my-indoctrination-into-the-stock-market-or-baptism-by-fire-as-i-remember-it\">My indoctrination into the stock market, or \"baptism by fire\" as I remember it:</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>It came during 1973-74 as I watched my own portfolio lose over -50%, the Nasdaq Index lose -60%, and even the stock of my bluest-of-blue chip employer (IBM) drop -58%. I also remember the despair as retirees were forced to cancel or reverse their retirement plans simply because their portfolios had lost too much. I have unending respect for those little \"blips\" on historical wall charts. They represent real bear markets, with big losses. And believe me, they\'re a lot tougher to recoup than the stories portrayed by mutual funds, asset allocators, and the media.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4,\"className\":\"unclear\"} -->\n<h4 class=\"unclear\" id=\"1-educational-and-professional-background-based-on-logic-and-reason\">1. Educational and professional background based on logic and reason</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>With an engineering degree and experience as a Project Manager with IBM Research, my approach to the markets could only be analytical, rather than emotional. That can be a valuable asset in an aging bull market fueled by greed and emotion… or in a bear market seized by panic.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4} -->\n<h4 id=\"2-historical-knowledge-founded-on-years-of-research\">2. Historical knowledge founded on years of research</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>I know from research that the \"correct\" decisions on Wall Street invariably require you to move against the crowd… and at times, against every emotional fiber in your body. It was this historical tempering that permitted InvesTech to identify the start of the huge 1991-2000 bull market (our issue titled <em>\"TORO! TORO!\"</em> was published on January 4, 1991) and propelled us to advise subscribers in March 2009, just 4 days after the bear market bottom, that they were \"heading toward a buying opportunity of a lifetime.\" Conversely, it is that same tempering that forced us to step aside early, and avoid the Wall Street bubble as it popped in March 2000… devastating the average investor.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4} -->\n<h4 id=\"3-our-consideration-and-respect-for-our-subscribers\">3. Our consideration and respect for our subscribers</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Surveys show the median age of our subscriber base is 57 years. That means most are in, or within a dozen years of, retirement. It\'s not enough for one to ride down a major bear market with a loss of -45%, and feel \"good\" because the S&amp;P 500 lost -50% or more. In that respect, we are not part of the Wall Street crowd or consensus.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Our goal is not merely to maximize return, but to maximize risk-adjusted-return... or provide the best possible gains for the amount of market risk taken. Our long-term track record, especially during the 1987 Crash, and 2000-02 and 2007-09 Bear Markets, has proven an ability to do just that.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>In our ongoing commitment to our subscribers, the staff at InvesTech Research is consistently looking for new tools and models to measure risk and determine when and when not to be an aggressive investor in the stock market. We will always try to improve our investment returns. However, you will never see us sacrifice our objective, safety-first strategy for the sake of a quick profit or the comfort of merely being a part of the crowd.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Sincerely,</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"id\":6180,\"width\":325,\"height\":44,\"sizeSlug\":\"large\",\"linkDestination\":\"none\",\"className\":\"multiply\"} -->\n<figure class=\"wp-block-image size-large is-resized multiply\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2021/03/JBS.png\" alt=\"\" class=\"wp-image-6180\" width=\"325\" height=\"44\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>James B. Stack<br>President</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:spacer {\"height\":\"25px\"} -->\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer --></div>\n<!-- /wp:group --></div>\n<!-- /wp:group -->\n\n<!-- wp:columns {\"className\":\"wall-to-wall benefit-ss\"} -->\n<div class=\"wp-block-columns wall-to-wall benefit-ss\"><!-- wp:column {\"width\":\"\"} -->\n<div class=\"wp-block-column\"><!-- wp:uagb/testimonial {\"test_item_count\":6,\"classMigrate\":true,\"test_block\":[{\"description\":\"\\u003cspan class=\\u0022has-inline-color has-gold-color\\u0022\\u003eINVESTECH INDICATORS\\u003c/span\\u003e\\u003cbr\\u003e\\u003cbr\\u003e\\u003cspan class=\\u0022has-inline-color has-white-color\\u0022\\u003eFollow InvesTech\'s Indicators on a daily basis - easily explained for both seasoned professionals and non-technical investors.\\u003c/span\\u003e\\u003cbr\\u003e\\u003cbr\\u003eInvesTech utilizes a wide range of indicators to gain insight into the monetary and economic environments, as well as technical factors such as breadth, leadership, momentum, and sentiment. These indicators are useful for determining the amount of potential risk and reward in the market, as well as the likelihood of a bear market rearing its ugly head in the near future.\",\"name\":\"\",\"company\":\"\\u003ca href=\\u0022https://ns2020-investech.investech.com/product/subscriptions/\\u0022\\u003eBecome A Subscriber\\u003c/a\\u003e\",\"image\":{\"id\":5509,\"title\":\"primary-knight\",\"filename\":\"primary-knight.svg\",\"url\":\"https://ns2020-investech.investech.com/wp-content/uploads/2021/02/primary-knight.svg\",\"link\":\"https://ns2020-investech.investech.com/primary-knight/\",\"alt\":\"InvesTech Indicators icon\",\"author\":\"16\",\"description\":\"\",\"caption\":\"\",\"name\":\"primary-knight\",\"status\":\"inherit\",\"uploadedTo\":0,\"date\":\"2021-02-06T17:25:40.000Z\",\"modified\":\"2021-02-06T19:10:26.000Z\",\"menuOrder\":0,\"mime\":\"image/svg+xml\",\"type\":\"image\",\"subtype\":\"svg+xml\",\"icon\":\"https://ns2020-investech.investech.com/wp-includes/images/media/default.png\",\"dateFormatted\":\"February 6, 2021\",\"nonces\":{\"update\":\"73e02967b5\",\"delete\":\"98c27fe2cf\",\"edit\":\"6a613f5b43\"},\"editLink\":\"https://ns2020-investech.investech.com/wp-admin/post.php?post=5509\\u0026action=edit\",\"meta\":false,\"authorName\":\"Emily Rapport\",\"authorLink\":\"https://ns2020-investech.investech.com/wp-admin/user-edit.php?user_id=16\",\"filesizeInBytes\":3342,\"filesizeHumanReadable\":\"3 KB\",\"context\":\"\",\"compat\":{\"item\":\"\",\"meta\":\"\"},\"acf_errors\":false}},{\"description\":\"\\u003cspan class=\\u0022has-inline-color has-gold-color\\u0022\\u003eMARKET INSIGHTS\\u003c/span\\u003e\\u003cbr\\u003e\\u003cbr\\u003e\\u003cspan class=\\u0022has-inline-color has-white-color\\u0022\\u003eStay up-to-date on recent data releases, how you should be investing, and what you should be watching for going forward.\\u003cbr\\u003e\\u003c/span\\u003e\\u003cbr\\u003eInvesTech\'s Market Insights will keep you current on the most recent data releases, new research we have performed, and how this information affects your investing.\",\"name\":\"\",\"company\":\"\\u003ca href=\\u0022https://ns2020-investech.investech.com/product/subscriptions/\\u0022\\u003eBecome A Subscriber\\u003c/a\\u003e\",\"image\":{\"id\":7862,\"title\":\"compass-00467F\",\"filename\":\"compass-00467F.svg\",\"url\":\"https://ns2020-investech.investech.com/wp-content/uploads/2021/05/compass-00467F.svg\",\"link\":\"https://ns2020-investech.investech.com/compass-00467f/\",\"alt\":\"\",\"author\":\"3\",\"description\":\"\",\"caption\":\"\",\"name\":\"compass-00467f\",\"status\":\"inherit\",\"uploadedTo\":0,\"date\":\"2021-05-24T19:00:59.000Z\",\"modified\":\"2021-05-24T19:00:59.000Z\",\"menuOrder\":0,\"mime\":\"image/svg+xml\",\"type\":\"image\",\"subtype\":\"svg+xml\",\"icon\":\"https://ns2020-investech.investech.com/wp-includes/images/media/default.png\",\"dateFormatted\":\"May 24, 2021\",\"nonces\":{\"update\":\"20a6c53444\",\"delete\":\"025e132095\",\"edit\":\"efd034cc79\"},\"editLink\":\"https://ns2020-investech.investech.com/wp-admin/post.php?post=7862\\u0026action=edit\",\"meta\":false,\"authorName\":\"Christina Maloney\",\"authorLink\":\"https://ns2020-investech.investech.com/wp-admin/user-edit.php?user_id=3\",\"filesizeInBytes\":1142,\"filesizeHumanReadable\":\"1 KB\",\"context\":\"\",\"compat\":{\"item\":\"\",\"meta\":\"\"},\"acf_errors\":false}},{\"description\":\"\\u003cspan class=\\u0022has-inline-color has-gold-color\\u0022\\u003eMODEL FUND PORTFOLIO\\u003c/span\\u003e\\u003cbr\\u003e\\u003cbr\\u003e\\u003cspan class=\\u0022has-inline-color has-white-color\\u0022\\u003eAlign your investments to our Model Fund Portfolio.\\u003c/span\\u003e\\u003cbr\\u003e\\u003cbr\\u003eThe InvesTech Model Fund Portfolio is designed for individual investors who want to follow our allocation and sector recommendations for the equity portion of their portfolio. Subscribers who follow the Model Fund Portfolio can track the trades we\'re making in real-time as we implement our \\u0022safety-first\\u0022 strategy.\",\"name\":\"\",\"company\":\"\\u003ca href=\\u0022https://ns2020-investech.investech.com/product/subscriptions/\\u0022\\u003eBecome A Subscriber\\u003c/a\\u003e\",\"image\":{\"id\":5523,\"title\":\"finance-chart\",\"filename\":\"finance-chart.svg\",\"url\":\"https://ns2020-investech.investech.com/wp-content/uploads/2021/02/finance-chart.svg\",\"link\":\"https://ns2020-investech.investech.com/finance-chart/\",\"alt\":\"Model Fund Icon\",\"author\":\"16\",\"description\":\"\",\"caption\":\"\",\"name\":\"finance-chart\",\"status\":\"inherit\",\"uploadedTo\":0,\"date\":\"2021-02-06T18:46:54.000Z\",\"modified\":\"2021-02-06T19:10:35.000Z\",\"menuOrder\":0,\"mime\":\"image/svg+xml\",\"type\":\"image\",\"subtype\":\"svg+xml\",\"icon\":\"https://ns2020-investech.investech.com/wp-includes/images/media/default.png\",\"dateFormatted\":\"February 6, 2021\",\"nonces\":{\"update\":\"7facd2a39c\",\"delete\":\"2d4ccf4702\",\"edit\":\"76943807ae\"},\"editLink\":\"https://ns2020-investech.investech.com/wp-admin/post.php?post=5523\\u0026action=edit\",\"meta\":false,\"authorName\":\"Emily Rapport\",\"authorLink\":\"https://ns2020-investech.investech.com/wp-admin/user-edit.php?user_id=16\",\"filesizeInBytes\":4451,\"filesizeHumanReadable\":\"4 KB\",\"context\":\"\",\"compat\":{\"item\":\"\",\"meta\":\"\"},\"acf_errors\":false}},{\"description\":\"\\u003cspan class=\\u0022has-inline-color has-gold-color\\u0022\\u003eDAILY DATA\\u003c/span\\u003e\\u003cbr\\u003e\\u003cbr\\u003e\\u003cspan class=\\u0022has-inline-color has-white-color\\u0022\\u003eFinancial Market data at your fingertips.\\u003c/span\\u003e\\u003cbr\\u003e\\u003cbr\\u003eThe InvesTech Daily Data page contains a wide-range of financial market data for subscribers to monitor the market on a day-to-day basis, while also keeping a pulse on some of our most critical indicators.\",\"name\":\"\",\"company\":\"\\u003ca href=\\u0022https://ns2020-investech.investech.com/product/subscriptions/\\u0022\\u003eBecome A Subscriber\\u003c/a\\u003e\",\"image\":{\"id\":5530,\"title\":\"daily-data\",\"filename\":\"daily-data.svg\",\"url\":\"https://ns2020-investech.investech.com/wp-content/uploads/2021/02/daily-data.svg\",\"link\":\"https://ns2020-investech.investech.com/daily-data-3/\",\"alt\":\"daily data icon\",\"author\":\"16\",\"description\":\"\",\"caption\":\"\",\"name\":\"daily-data-3\",\"status\":\"inherit\",\"uploadedTo\":0,\"date\":\"2021-02-06T19:11:46.000Z\",\"modified\":\"2021-02-06T19:11:56.000Z\",\"menuOrder\":0,\"mime\":\"image/svg+xml\",\"type\":\"image\",\"subtype\":\"svg+xml\",\"icon\":\"https://ns2020-investech.investech.com/wp-includes/images/media/default.png\",\"dateFormatted\":\"February 6, 2021\",\"nonces\":{\"update\":\"6819d2d3c3\",\"delete\":\"66f3039e75\",\"edit\":\"c1f43e7ce9\"},\"editLink\":\"https://ns2020-investech.investech.com/wp-admin/post.php?post=5530\\u0026action=edit\",\"meta\":false,\"authorName\":\"Emily Rapport\",\"authorLink\":\"https://ns2020-investech.investech.com/wp-admin/user-edit.php?user_id=16\",\"filesizeInBytes\":3988,\"filesizeHumanReadable\":\"4 KB\",\"context\":\"\",\"compat\":{\"item\":\"\",\"meta\":\"\"},\"acf_errors\":false}},{\"description\":\"\\u003cmark style=\\u0022background-color:rgba(0, 0, 0, 0)\\u0022 class=\\u0022has-inline-color has-gold-color\\u0022\\u003eINVESTECH ISSUES\\u003c/mark\\u003e\\u003cbr\\u003e\\u003cbr\\u003e\\u003cmark style=\\u0022background-color:rgba(0, 0, 0, 0)\\u0022 class=\\u0022has-inline-color has-white-color\\u0022\\u003eKiplinger\'s Personal Financial magazine named InvesTech Research the \\u0022Best Stock Market Letter\\u0022 available to investors.\\u003c/mark\\u003e\\u003cbr\\u003e\\u003cbr\\u003eWith InvesTech Research newsletter, you\'ll find financial news and analysis prepared to stand alone against the crowd, backed by over 120 years of market data. We help you to recognize and seize low-risk profit opportunities, and shield investment capital during treacherous times.\",\"name\":\"\",\"company\":\"\\u003ca href=\\u0022https://ns2020-investech.investech.com/product/subscriptions/\\u0022\\u003eBecome A Subscriber\\u003c/a\\u003e\",\"image\":{\"id\":5539,\"title\":\"award-pubs\",\"filename\":\"award-pubs.svg\",\"url\":\"https://ns2020-investech.investech.com/wp-content/uploads/2021/02/award-pubs.svg\",\"link\":\"https://ns2020-investech.investech.com/award-pubs/\",\"alt\":\"\",\"author\":\"16\",\"description\":\"\",\"caption\":\"\",\"name\":\"award-pubs\",\"status\":\"inherit\",\"uploadedTo\":0,\"date\":\"2021-02-06T19:50:19.000Z\",\"modified\":\"2021-02-06T19:50:19.000Z\",\"menuOrder\":0,\"mime\":\"image/svg+xml\",\"type\":\"image\",\"subtype\":\"svg+xml\",\"icon\":\"https://ns2020-investech.investech.com/wp-includes/images/media/default.png\",\"dateFormatted\":\"February 6, 2021\",\"nonces\":{\"update\":\"59dd815fde\",\"delete\":\"a7aa5d3127\",\"edit\":\"df027c7be2\"},\"editLink\":\"https://ns2020-investech.investech.com/wp-admin/post.php?post=5539\\u0026action=edit\",\"meta\":false,\"authorName\":\"Emily Rapport\",\"authorLink\":\"https://ns2020-investech.investech.com/wp-admin/user-edit.php?user_id=16\",\"filesizeInBytes\":4894,\"filesizeHumanReadable\":\"5 KB\",\"context\":\"\",\"compat\":{\"item\":\"\",\"meta\":\"\"},\"acf_errors\":false}},{\"description\":\"\\u003cmark style=\\u0022background-color:rgba(0, 0, 0, 0)\\u0022 class=\\u0022has-inline-color has-gold-color\\u0022\\u003eSUBSCRIBER LIBRARY\\u003c/mark\\u003e\\u003cbr\\u003e\\u003cbr\\u003e\\u003cmark style=\\u0022background-color:rgba(0, 0, 0, 0)\\u0022 class=\\u0022has-inline-color has-white-color\\u0022\\u003eCurated Articles and Special Reports.\\u003c/mark\\u003e\\u003cbr\\u003e\\u003cbr\\u003eExplore our library of Special Reports that feature the best research from past issues of the InvesTech Research newsletter. These studies were chosen for their insight into important stock market topics of a timeless nature and with strong historical relevance. 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INSERT INTO `wp_posts` VALUES (5284,3,'2021-01-29 23:27:33','2021-01-29 23:27:33','<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>Securities-Backed Loans… Just the Tip of the Iceberg?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:quote -->\n<blockquote class=\"wp-block-quote\"><p>Aging bull markets are naturally predisposed to excesses –particularly in debt and leverage– and once again nontraditional loans are taking center stage.</p></blockquote>\n<!-- /wp:quote -->\n\n<!-- wp:image {\"id\":4898,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2020/12/iceberg.jpg\" alt=\"\" class=\"wp-image-4898\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:quote -->\n<blockquote class=\"wp-block-quote\"><p><strong>Markets are relaxing merrily on a powerful time bomb</strong><br>Stock and bond market leverage is everywhere. Some of it is transparent, such as NYSE margin debt which was $539 billion as of the June report. But the hottest form of stock and bond market leverage is opaque, offered by financial firms that usually don’t disclose the totals: securities-based loans (SBLs) – or “shadow margin” because no one knows how much of it there is.</p><cite><em>Business Insider – 7/30/17</em></cite></blockquote>\n<!-- /wp:quote -->\n\n<!-- wp:spacer {\"height\":21} -->\n<div style=\"height:21px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:paragraph -->\n<p>It’s been over 12 years since we warned about the highly questionable mortgage lending practices that mushroomed during the Housing Bubble. Now it appears that innovative lending is back in vogue. Securities-backed loans (SBLs) are among Wall Street’s hottest new products in this bull market, and they’ve been growing faster than Jack’s beanstalk over the past few years:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li><strong>Borrowing With Stock Soars as Market Rises</strong>  – <em>Wall Street Journal, 7/28/17</em></li><li><strong>Fidelity taps Goldman Sachs to expand lending services through RIAs</strong><em> – Investment News, 7/27/17</em></li><li><strong>Goldman Sachs is launching a digital platform for the rich to borrow as much as $25 million</strong> <em>– Reuters, 7/27/17</em></li><li><strong>Wall Street Sharks Entice Customers With Securities-Backed Loans </strong><em>– Seeking Alpha, 8/13/17</em></li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p>SBLs are often referred to as “shadow margin” because they’re not tracked in the margin debt figures, nor are they tracked by either the SEC or the brokerage regulator FINRA. Nobody knows how extensive such loans are, but based on anecdotal evidence they total at least $100 billion and we believe the figure could be much larger.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"align\":\"left\",\"id\":4901,\"width\":650,\"height\":318,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignleft size-large is-resized\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2020/12/MorganStanley-1024x502.png\" alt=\"\" class=\"wp-image-4901\" width=\"650\" height=\"318\"/><figcaption><strong>Morgan Stanley</strong></figcaption></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>According to a July 2017 Wall Street Journal article, Bank of America’s wealth unit had $40 billion in outstanding securities-backed loans at the end of 2016, up 140% from 2010. Morgan Stanley had $30 billion in these loans, more than double the amount in 2013. And, not to be left behind, Goldman Sachs is teaming up with Fidelity and other brokerages to broaden the availability of credit via its new digital lending program, “GS Select.”</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:columns -->\n<div class=\"wp-block-columns\"></div>\n<!-- /wp:columns -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>What are securities-backed loans (SBLs), and why are they popular?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:image {\"align\":\"right\",\"id\":4902,\"width\":229,\"height\":194,\"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/2020/12/WellsFargo.png\" alt=\"\" class=\"wp-image-4902\" width=\"229\" height=\"194\"/><figcaption><strong>Wells Fargo</strong></figcaption></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>In simple terms, SBLs are loans that are marketed to investors as an easy and inexpensive way to access extra cash by borrowing against the securities in one’s investment portfolio without having to liquidate those holdings. Funds can be used for any purpose except buying more stock or repaying a margin loan. For instance, these loans might be used for buying real estate, investing in a business, funding education, or for personal use like taking a trip or paying for a wedding.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Fixed loans can run the gamut from $25,000 to $25 million or more, depending on the lender and the amount of collateral. A typical SBL agreement permits an investor to borrow from 50% to 95% of the value of the assets in his or her non-retirement investment account, based on the size of the portfolio and the types and mix of securities held. These lending arrangements can be set up as a fixed loan, but more often they’re established as a revolving SBL line of credit (SBLOC). It’s not uncommon for a firm to require that account assets have a market value of at least $100,000 to qualify for an SBLOC.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>The sales pitch is irresistible!</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Looking at the promotional materials shown in this report from broker websites touting SBLs, who wouldn’t want to avail themselves of this offering? According to the ads, you’ve worked hard to grow your investments over the years; now you can capitalize on those assets to finance your dreams without drawing down your portfolio.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"align\":\"right\",\"id\":4903,\"width\":357,\"height\":262,\"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/2020/12/UBS-1024x751.png\" alt=\"\" class=\"wp-image-4903\" width=\"357\" height=\"262\"/><figcaption><strong>UBS</strong></figcaption></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:list -->\n<ul><li>With an SBLOC, the cash is readily available (up to the credit limits) any time you need it.</li><li>Other than securities related transactions, there are no restrictions on how you use the loan.</li><li>An SBLOC lets you keep your investment account intact, allowing it to continue to grow.</li><li>By borrowing to meet your cash needs, you can avoid selling securities and triggering capital gains taxes.</li><li>Because SBLs are backed by portfolio assets, interest rates can be much lower than traditional loans.</li><li>Once an SBLOC is in place, it can be used repeatedly and you’re only required to make monthly interest payments – there is no maturity date.</li><li>There are usually no fees to establish the loan or credit line and funds are available quickly. Goldman Sachs’ digital platform promotes a 24-hour turnaround.</li><li>Typically, no personal financial statements, tax returns, or other documents are required.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>What’s in it for the brokers?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:image {\"align\":\"left\",\"id\":4904,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignleft size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2020/12/GoldmanSachs-1024x698.png\" alt=\"\" class=\"wp-image-4904\"/><figcaption><strong>Goldman Sachs</strong></figcaption></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>SBLs and lines of credit have become lucrative new sources of income for brokerages, helping to replace revenue lost due to recent cuts in commission rates. In addition, brokers retain portfolio assets, along with their associated fees, as customers can access cash without making withdrawals. In some cases, establishing these loans may factor into a broker’s compensation, and marketing these credit options creates “sticky” clients as it’s hard to transfer assets to another broker with a securities-backed loan outstanding. Even if a client doesn’t use the line of credit immediately, the longer it’s in place, the more likely it is that he or she will eventually tap it.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>So, where’s the risk?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>With SBLs, as with all financial obligations, it’s vitally important to read the fine print or risks section before committing. Careful attention to this step reveals that brokerages and banks get all the benefits of secured, full-recourse loans, while customers take all the risk. This may seem acceptable in a healthy bull market, but it can be catastrophic to the pledged portfolio in a downturn.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>The following are some of the risks that investors may face if they borrow against an investment account. It’s these risks that prompted the SEC and FINRA to issue a special Investor Alert in 2015 regarding this type of lending:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>If the value of the securities declines below a minimum level, you may be subject to a collateral “maintenance call” with little or no advanced warning, giving you minimal time to pay the loan or deposit more cash or securities in the account. Note that if this occurs, there are no extensions, and a broker can change its collateral maintenance requirement at any time without notifying you.</li><li>If you are unable to meet a maintenance call, the broker can liquidate part, or all, of your portfolio holdings at their discretion. You do not pick the stocks to sell. In a bear market, that could mean selling core holdings at a market bottom or alternatively realizing significant tax gains on long-held securities.</li><li>In a major downturn, you could be forced to forfeit all your pledged assets – in this case, the stocks, funds, and bonds in your portfolio. This is a major drawback to asset-backed loans…</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:quote -->\n<blockquote class=\"wp-block-quote\"><p><strong>Why Goldman Sachs Seized a Client’s 217-Foot Yacht</strong></p><cite><em>Wall Street Journal - 8/10/17</em></cite></blockquote>\n<!-- /wp:quote -->\n\n<!-- wp:list -->\n<ul><li>In the worst-case scenario, you might lose more funds than are held in the collateral account, and as a full-recourse loan, you would be liable for any deficiency.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:list -->\n<ul><li>For SBLOCs, the interest rate on your loan is generally a floating rate that can change daily. With interest rates rising, the cost of your SBLOC could increase significantly.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p>The proliferation of SBLs and SBLOCs obviously increases the risks in this late-stage bull market. While history shows that excessive debt accumulation does not trigger a stock market peak, it can accelerate and intensify losses when the leverage starts to unwind in a bear market. Today’s levels of these securities-backed loans are small relative to overall consumer and business debt, but they can be dangerous. Like subprime mortgage loans 10 years ago, if trouble appears in terms of mass collateral maintenance calls, it could be just the tip of the iceberg.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:separator -->\n<hr class=\"wp-block-separator\"/>\n<!-- /wp:separator -->\n\n<!-- wp:paragraph -->\n<p>First published in our September 15, 2017 issue. Also available to read in PDF format. <a href=\"https://ns2020-investech.investech.com/wp-content/pdf_files_wp/SBLs-2017.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Download the PDF</a>.</p>\n<!-- /wp:paragraph -->','Securities-Back Loans','','inherit','closed','closed','','2472-revision-v1','','','2021-01-29 23:27:33','2021-01-29 23:27:33','',2472,'https://ns2020-investech.investech.com/2472-revision-v1/',0,'revision','',0);
INSERT INTO `wp_posts` VALUES (5286,3,'2021-01-29 23:28:07','2021-01-29 23:28:07','<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>Securities-Backed Loans… Just the Tip of the Iceberg?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:quote -->\n<blockquote class=\"wp-block-quote\"><p>Aging bull markets are naturally predisposed to excesses –particularly in debt and leverage– and once again nontraditional loans are taking center stage.</p></blockquote>\n<!-- /wp:quote -->\n\n<!-- wp:image {\"id\":4898,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2020/12/iceberg.jpg\" alt=\"\" class=\"wp-image-4898\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:quote -->\n<blockquote class=\"wp-block-quote\"><p><strong>Markets are relaxing merrily on a powerful time bomb</strong><br>Stock and bond market leverage is everywhere. Some of it is transparent, such as NYSE margin debt which was $539 billion as of the June report. But the hottest form of stock and bond market leverage is opaque, offered by financial firms that usually don’t disclose the totals: securities-based loans (SBLs) – or “shadow margin” because no one knows how much of it there is.</p><cite><em>Business Insider – 7/30/17</em></cite></blockquote>\n<!-- /wp:quote -->\n\n<!-- wp:spacer {\"height\":21} -->\n<div style=\"height:21px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:paragraph -->\n<p>It’s been over 12 years since we warned about the highly questionable mortgage lending practices that mushroomed during the Housing Bubble. Now it appears that innovative lending is back in vogue. Securities-backed loans (SBLs) are among Wall Street’s hottest new products in this bull market, and they’ve been growing faster than Jack’s beanstalk over the past few years:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li><strong>Borrowing With Stock Soars as Market Rises</strong>  – <em>Wall Street Journal, 7/28/17</em></li><li><strong>Fidelity taps Goldman Sachs to expand lending services through RIAs</strong><em> – Investment News, 7/27/17</em></li><li><strong>Goldman Sachs is launching a digital platform for the rich to borrow as much as $25 million</strong> <em>– Reuters, 7/27/17</em></li><li><strong>Wall Street Sharks Entice Customers With Securities-Backed Loans </strong><em>– Seeking Alpha, 8/13/17</em></li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p>SBLs are often referred to as “shadow margin” because they’re not tracked in the margin debt figures, nor are they tracked by either the SEC or the brokerage regulator FINRA. Nobody knows how extensive such loans are, but based on anecdotal evidence they total at least $100 billion and we believe the figure could be much larger.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"align\":\"left\",\"id\":4901,\"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/2020/12/MorganStanley-300x147.png\" alt=\"\" class=\"wp-image-4901\"/><figcaption><strong>Morgan Stanley</strong></figcaption></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>According to a July 2017 Wall Street Journal article, Bank of America’s wealth unit had $40 billion in outstanding securities-backed loans at the end of 2016, up 140% from 2010. Morgan Stanley had $30 billion in these loans, more than double the amount in 2013. And, not to be left behind, Goldman Sachs is teaming up with Fidelity and other brokerages to broaden the availability of credit via its new digital lending program, “GS Select.”</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:columns -->\n<div class=\"wp-block-columns\"></div>\n<!-- /wp:columns -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>What are securities-backed loans (SBLs), and why are they popular?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:image {\"align\":\"right\",\"id\":4902,\"width\":229,\"height\":194,\"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/2020/12/WellsFargo.png\" alt=\"\" class=\"wp-image-4902\" width=\"229\" height=\"194\"/><figcaption><strong>Wells Fargo</strong></figcaption></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>In simple terms, SBLs are loans that are marketed to investors as an easy and inexpensive way to access extra cash by borrowing against the securities in one’s investment portfolio without having to liquidate those holdings. Funds can be used for any purpose except buying more stock or repaying a margin loan. For instance, these loans might be used for buying real estate, investing in a business, funding education, or for personal use like taking a trip or paying for a wedding.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Fixed loans can run the gamut from $25,000 to $25 million or more, depending on the lender and the amount of collateral. A typical SBL agreement permits an investor to borrow from 50% to 95% of the value of the assets in his or her non-retirement investment account, based on the size of the portfolio and the types and mix of securities held. These lending arrangements can be set up as a fixed loan, but more often they’re established as a revolving SBL line of credit (SBLOC). It’s not uncommon for a firm to require that account assets have a market value of at least $100,000 to qualify for an SBLOC.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>The sales pitch is irresistible!</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Looking at the promotional materials shown in this report from broker websites touting SBLs, who wouldn’t want to avail themselves of this offering? According to the ads, you’ve worked hard to grow your investments over the years; now you can capitalize on those assets to finance your dreams without drawing down your portfolio.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"align\":\"right\",\"id\":4903,\"width\":357,\"height\":262,\"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/2020/12/UBS-1024x751.png\" alt=\"\" class=\"wp-image-4903\" width=\"357\" height=\"262\"/><figcaption><strong>UBS</strong></figcaption></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:list -->\n<ul><li>With an SBLOC, the cash is readily available (up to the credit limits) any time you need it.</li><li>Other than securities related transactions, there are no restrictions on how you use the loan.</li><li>An SBLOC lets you keep your investment account intact, allowing it to continue to grow.</li><li>By borrowing to meet your cash needs, you can avoid selling securities and triggering capital gains taxes.</li><li>Because SBLs are backed by portfolio assets, interest rates can be much lower than traditional loans.</li><li>Once an SBLOC is in place, it can be used repeatedly and you’re only required to make monthly interest payments – there is no maturity date.</li><li>There are usually no fees to establish the loan or credit line and funds are available quickly. Goldman Sachs’ digital platform promotes a 24-hour turnaround.</li><li>Typically, no personal financial statements, tax returns, or other documents are required.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>What’s in it for the brokers?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:image {\"align\":\"left\",\"id\":4904,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignleft size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2020/12/GoldmanSachs-1024x698.png\" alt=\"\" class=\"wp-image-4904\"/><figcaption><strong>Goldman Sachs</strong></figcaption></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>SBLs and lines of credit have become lucrative new sources of income for brokerages, helping to replace revenue lost due to recent cuts in commission rates. In addition, brokers retain portfolio assets, along with their associated fees, as customers can access cash without making withdrawals. In some cases, establishing these loans may factor into a broker’s compensation, and marketing these credit options creates “sticky” clients as it’s hard to transfer assets to another broker with a securities-backed loan outstanding. Even if a client doesn’t use the line of credit immediately, the longer it’s in place, the more likely it is that he or she will eventually tap it.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>So, where’s the risk?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>With SBLs, as with all financial obligations, it’s vitally important to read the fine print or risks section before committing. Careful attention to this step reveals that brokerages and banks get all the benefits of secured, full-recourse loans, while customers take all the risk. This may seem acceptable in a healthy bull market, but it can be catastrophic to the pledged portfolio in a downturn.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>The following are some of the risks that investors may face if they borrow against an investment account. It’s these risks that prompted the SEC and FINRA to issue a special Investor Alert in 2015 regarding this type of lending:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>If the value of the securities declines below a minimum level, you may be subject to a collateral “maintenance call” with little or no advanced warning, giving you minimal time to pay the loan or deposit more cash or securities in the account. Note that if this occurs, there are no extensions, and a broker can change its collateral maintenance requirement at any time without notifying you.</li><li>If you are unable to meet a maintenance call, the broker can liquidate part, or all, of your portfolio holdings at their discretion. You do not pick the stocks to sell. In a bear market, that could mean selling core holdings at a market bottom or alternatively realizing significant tax gains on long-held securities.</li><li>In a major downturn, you could be forced to forfeit all your pledged assets – in this case, the stocks, funds, and bonds in your portfolio. This is a major drawback to asset-backed loans…</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:quote -->\n<blockquote class=\"wp-block-quote\"><p><strong>Why Goldman Sachs Seized a Client’s 217-Foot Yacht</strong></p><cite><em>Wall Street Journal - 8/10/17</em></cite></blockquote>\n<!-- /wp:quote -->\n\n<!-- wp:list -->\n<ul><li>In the worst-case scenario, you might lose more funds than are held in the collateral account, and as a full-recourse loan, you would be liable for any deficiency.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:list -->\n<ul><li>For SBLOCs, the interest rate on your loan is generally a floating rate that can change daily. With interest rates rising, the cost of your SBLOC could increase significantly.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p>The proliferation of SBLs and SBLOCs obviously increases the risks in this late-stage bull market. While history shows that excessive debt accumulation does not trigger a stock market peak, it can accelerate and intensify losses when the leverage starts to unwind in a bear market. Today’s levels of these securities-backed loans are small relative to overall consumer and business debt, but they can be dangerous. Like subprime mortgage loans 10 years ago, if trouble appears in terms of mass collateral maintenance calls, it could be just the tip of the iceberg.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:separator -->\n<hr class=\"wp-block-separator\"/>\n<!-- /wp:separator -->\n\n<!-- wp:paragraph -->\n<p>First published in our September 15, 2017 issue. Also available to read in PDF format. <a href=\"https://ns2020-investech.investech.com/wp-content/pdf_files_wp/SBLs-2017.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Download the PDF</a>.</p>\n<!-- /wp:paragraph -->','Securities-Back Loans','','inherit','closed','closed','','2472-revision-v1','','','2021-01-29 23:28:07','2021-01-29 23:28:07','',2472,'https://ns2020-investech.investech.com/2472-revision-v1/',0,'revision','',0);
INSERT INTO `wp_posts` VALUES (5287,3,'2021-01-29 23:28:31','2021-01-29 23:28:31','<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>Securities-Backed Loans… Just the Tip of the Iceberg?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:quote -->\n<blockquote class=\"wp-block-quote\"><p>Aging bull markets are naturally predisposed to excesses –particularly in debt and leverage– and once again nontraditional loans are taking center stage.</p></blockquote>\n<!-- /wp:quote -->\n\n<!-- wp:image {\"id\":4898,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2020/12/iceberg.jpg\" alt=\"\" class=\"wp-image-4898\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:quote -->\n<blockquote class=\"wp-block-quote\"><p><strong>Markets are relaxing merrily on a powerful time bomb</strong><br>Stock and bond market leverage is everywhere. Some of it is transparent, such as NYSE margin debt which was $539 billion as of the June report. But the hottest form of stock and bond market leverage is opaque, offered by financial firms that usually don’t disclose the totals: securities-based loans (SBLs) – or “shadow margin” because no one knows how much of it there is.</p><cite><em>Business Insider – 7/30/17</em></cite></blockquote>\n<!-- /wp:quote -->\n\n<!-- wp:spacer {\"height\":21} -->\n<div style=\"height:21px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:paragraph -->\n<p>It’s been over 12 years since we warned about the highly questionable mortgage lending practices that mushroomed during the Housing Bubble. Now it appears that innovative lending is back in vogue. Securities-backed loans (SBLs) are among Wall Street’s hottest new products in this bull market, and they’ve been growing faster than Jack’s beanstalk over the past few years:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li><strong>Borrowing With Stock Soars as Market Rises</strong>  – <em>Wall Street Journal, 7/28/17</em></li><li><strong>Fidelity taps Goldman Sachs to expand lending services through RIAs</strong><em> – Investment News, 7/27/17</em></li><li><strong>Goldman Sachs is launching a digital platform for the rich to borrow as much as $25 million</strong> <em>– Reuters, 7/27/17</em></li><li><strong>Wall Street Sharks Entice Customers With Securities-Backed Loans </strong><em>– Seeking Alpha, 8/13/17</em></li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p>SBLs are often referred to as “shadow margin” because they’re not tracked in the margin debt figures, nor are they tracked by either the SEC or the brokerage regulator FINRA. Nobody knows how extensive such loans are, but based on anecdotal evidence they total at least $100 billion and we believe the figure could be much larger.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"align\":\"left\",\"id\":4901,\"width\":512,\"height\":251,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignleft size-large is-resized\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2020/12/MorganStanley-1024x502.png\" alt=\"\" class=\"wp-image-4901\" width=\"512\" height=\"251\"/><figcaption><strong>Morgan Stanley</strong></figcaption></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>According to a July 2017 Wall Street Journal article, Bank of America’s wealth unit had $40 billion in outstanding securities-backed loans at the end of 2016, up 140% from 2010. Morgan Stanley had $30 billion in these loans, more than double the amount in 2013. And, not to be left behind, Goldman Sachs is teaming up with Fidelity and other brokerages to broaden the availability of credit via its new digital lending program, “GS Select.”</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:columns -->\n<div class=\"wp-block-columns\"></div>\n<!-- /wp:columns -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>What are securities-backed loans (SBLs), and why are they popular?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:image {\"align\":\"right\",\"id\":4902,\"width\":229,\"height\":194,\"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/2020/12/WellsFargo.png\" alt=\"\" class=\"wp-image-4902\" width=\"229\" height=\"194\"/><figcaption><strong>Wells Fargo</strong></figcaption></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>In simple terms, SBLs are loans that are marketed to investors as an easy and inexpensive way to access extra cash by borrowing against the securities in one’s investment portfolio without having to liquidate those holdings. Funds can be used for any purpose except buying more stock or repaying a margin loan. For instance, these loans might be used for buying real estate, investing in a business, funding education, or for personal use like taking a trip or paying for a wedding.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Fixed loans can run the gamut from $25,000 to $25 million or more, depending on the lender and the amount of collateral. A typical SBL agreement permits an investor to borrow from 50% to 95% of the value of the assets in his or her non-retirement investment account, based on the size of the portfolio and the types and mix of securities held. These lending arrangements can be set up as a fixed loan, but more often they’re established as a revolving SBL line of credit (SBLOC). It’s not uncommon for a firm to require that account assets have a market value of at least $100,000 to qualify for an SBLOC.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>The sales pitch is irresistible!</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Looking at the promotional materials shown in this report from broker websites touting SBLs, who wouldn’t want to avail themselves of this offering? According to the ads, you’ve worked hard to grow your investments over the years; now you can capitalize on those assets to finance your dreams without drawing down your portfolio.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"align\":\"right\",\"id\":4903,\"width\":357,\"height\":262,\"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/2020/12/UBS-1024x751.png\" alt=\"\" class=\"wp-image-4903\" width=\"357\" height=\"262\"/><figcaption><strong>UBS</strong></figcaption></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:list -->\n<ul><li>With an SBLOC, the cash is readily available (up to the credit limits) any time you need it.</li><li>Other than securities related transactions, there are no restrictions on how you use the loan.</li><li>An SBLOC lets you keep your investment account intact, allowing it to continue to grow.</li><li>By borrowing to meet your cash needs, you can avoid selling securities and triggering capital gains taxes.</li><li>Because SBLs are backed by portfolio assets, interest rates can be much lower than traditional loans.</li><li>Once an SBLOC is in place, it can be used repeatedly and you’re only required to make monthly interest payments – there is no maturity date.</li><li>There are usually no fees to establish the loan or credit line and funds are available quickly. Goldman Sachs’ digital platform promotes a 24-hour turnaround.</li><li>Typically, no personal financial statements, tax returns, or other documents are required.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>What’s in it for the brokers?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:image {\"align\":\"left\",\"id\":4904,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignleft size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2020/12/GoldmanSachs-1024x698.png\" alt=\"\" class=\"wp-image-4904\"/><figcaption><strong>Goldman Sachs</strong></figcaption></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>SBLs and lines of credit have become lucrative new sources of income for brokerages, helping to replace revenue lost due to recent cuts in commission rates. In addition, brokers retain portfolio assets, along with their associated fees, as customers can access cash without making withdrawals. In some cases, establishing these loans may factor into a broker’s compensation, and marketing these credit options creates “sticky” clients as it’s hard to transfer assets to another broker with a securities-backed loan outstanding. Even if a client doesn’t use the line of credit immediately, the longer it’s in place, the more likely it is that he or she will eventually tap it.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>So, where’s the risk?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>With SBLs, as with all financial obligations, it’s vitally important to read the fine print or risks section before committing. Careful attention to this step reveals that brokerages and banks get all the benefits of secured, full-recourse loans, while customers take all the risk. This may seem acceptable in a healthy bull market, but it can be catastrophic to the pledged portfolio in a downturn.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>The following are some of the risks that investors may face if they borrow against an investment account. It’s these risks that prompted the SEC and FINRA to issue a special Investor Alert in 2015 regarding this type of lending:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>If the value of the securities declines below a minimum level, you may be subject to a collateral “maintenance call” with little or no advanced warning, giving you minimal time to pay the loan or deposit more cash or securities in the account. Note that if this occurs, there are no extensions, and a broker can change its collateral maintenance requirement at any time without notifying you.</li><li>If you are unable to meet a maintenance call, the broker can liquidate part, or all, of your portfolio holdings at their discretion. You do not pick the stocks to sell. In a bear market, that could mean selling core holdings at a market bottom or alternatively realizing significant tax gains on long-held securities.</li><li>In a major downturn, you could be forced to forfeit all your pledged assets – in this case, the stocks, funds, and bonds in your portfolio. This is a major drawback to asset-backed loans…</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:quote -->\n<blockquote class=\"wp-block-quote\"><p><strong>Why Goldman Sachs Seized a Client’s 217-Foot Yacht</strong></p><cite><em>Wall Street Journal - 8/10/17</em></cite></blockquote>\n<!-- /wp:quote -->\n\n<!-- wp:list -->\n<ul><li>In the worst-case scenario, you might lose more funds than are held in the collateral account, and as a full-recourse loan, you would be liable for any deficiency.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:list -->\n<ul><li>For SBLOCs, the interest rate on your loan is generally a floating rate that can change daily. With interest rates rising, the cost of your SBLOC could increase significantly.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p>The proliferation of SBLs and SBLOCs obviously increases the risks in this late-stage bull market. While history shows that excessive debt accumulation does not trigger a stock market peak, it can accelerate and intensify losses when the leverage starts to unwind in a bear market. Today’s levels of these securities-backed loans are small relative to overall consumer and business debt, but they can be dangerous. Like subprime mortgage loans 10 years ago, if trouble appears in terms of mass collateral maintenance calls, it could be just the tip of the iceberg.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:separator -->\n<hr class=\"wp-block-separator\"/>\n<!-- /wp:separator -->\n\n<!-- wp:paragraph -->\n<p>First published in our September 15, 2017 issue. Also available to read in PDF format. <a href=\"https://ns2020-investech.investech.com/wp-content/pdf_files_wp/SBLs-2017.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Download the PDF</a>.</p>\n<!-- /wp:paragraph -->','Securities-Back Loans','','inherit','closed','closed','','2472-revision-v1','','','2021-01-29 23:28:31','2021-01-29 23:28:31','',2472,'https://ns2020-investech.investech.com/2472-revision-v1/',0,'revision','',0);
INSERT INTO `wp_posts` VALUES (16839,3,'2023-02-20 11:11:48','2023-02-20 17:11:48','<!-- wp:heading {\"level\":3} -->\n<h3>Stay up to date with the latest economic trends by following us here! 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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><div class=\"uagb-button__link\">Economic Trends Calendar</div></a></div></div>\n<!-- /wp:uagb/buttons-child --></div></div>\n<!-- /wp:uagb/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\"><!-- wp:button /--></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 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INSERT INTO `wp_posts` VALUES (16838,3,'2023-02-20 11:11:32','2023-02-20 17:11:32','<!-- wp:heading {\"level\":3} -->\n<h3>Stay up to date with the latest economic trends by following us here! 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wp-block-button__link has-background has-text-color\" 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\" onclick=\"return true;\" rel=\"follow noopener\" target=\"_blank\"><span class=\"uagb-button__icon uagb-button__icon-position-before\"><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><div class=\"uagb-button__link\">Economic Trends Calendar</div></a></div></div>\n<!-- /wp:uagb/buttons-child -->\n\n<!-- wp:uagb/buttons-child {\"block_id\":\"b02702bd\",\"label\":\"Economic Trends 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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>\n<!-- /wp:uagb/buttons-child --></div></div>\n<!-- /wp:uagb/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 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INSERT INTO `wp_posts` VALUES (16842,1,'2023-02-20 11:24:29','2023-02-20 17:24:29','<!-- 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:buttons {\"layout\":{\"type\":\"flex\",\"justifyContent\":\"center\"}} -->\n<div class=\"wp-block-buttons\"><!-- wp:button -->\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"\" target=\"_blank\" rel=\"noreferrer noopener\">Economic Trends Calendar</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\"><!-- wp:button /--></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 11:24:29','2023-02-20 17:24:29','',16275,'https://ns2020-investech.investech.com/?p=16842',0,'revision','',0);
INSERT INTO `wp_posts` VALUES (16837,3,'2023-02-20 11:11:20','2023-02-20 17:11:20','<!-- 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:uagb/buttons {\"block_id\":\"41dcfdb3\",\"classMigrate\":true,\"childMigrate\":true} -->\n<div class=\"wp-block-uagb-buttons uagb-buttons__outer-wrap uagb-btn__default-btn uagb-btn-tablet__default-btn uagb-btn-mobile__default-btn uagb-block-41dcfdb3\"><div class=\"uagb-buttons__wrap uagb-buttons-layout-wrap\"><!-- wp:uagb/buttons-child {\"block_id\":\"bf7683c5\",\"label\":\"Economic Trends 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INSERT INTO `wp_posts` VALUES (16836,3,'2023-02-20 11:10:59','2023-02-20 17:10:59','<!-- 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:uagb/buttons {\"block_id\":\"41dcfdb3\",\"classMigrate\":true,\"childMigrate\":true} -->\n<div class=\"wp-block-uagb-buttons uagb-buttons__outer-wrap uagb-btn__default-btn uagb-btn-tablet__default-btn uagb-btn-mobile__default-btn uagb-block-41dcfdb3\"><div class=\"uagb-buttons__wrap uagb-buttons-layout-wrap\"><!-- wp:uagb/buttons-child {\"block_id\":\"bf7683c5\",\"label\":\"Economic Trends 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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>\n<!-- /wp:uagb/buttons-child -->\n\n<!-- wp:uagb/buttons-child {\"block_id\":\"b02702bd\",\"label\":\"Economic Trends 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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>\n<!-- /wp:uagb/buttons-child --></div></div>\n<!-- /wp:uagb/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\"><!-- wp:button /--></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 11:10:59','2023-02-20 17:10:59','',16275,'https://ns2020-investech.investech.com/?p=16836',0,'revision','',0);
INSERT INTO `wp_posts` VALUES (5292,3,'2021-01-29 23:32:40','2021-01-29 23:32:40','<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>Securities-Backed Loans… Just the Tip of the Iceberg?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:quote -->\n<blockquote class=\"wp-block-quote\"><p>Aging bull markets are naturally predisposed to excesses –particularly in debt and leverage– and once again nontraditional loans are taking center stage.</p></blockquote>\n<!-- /wp:quote -->\n\n<!-- wp:image {\"id\":4898,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2020/12/iceberg.jpg\" alt=\"SBLs are the tip of the iceberg\" class=\"wp-image-4898\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:quote -->\n<blockquote class=\"wp-block-quote\"><p><strong>Markets are relaxing merrily on a powerful time bomb</strong><br>Stock and bond market leverage is everywhere. Some of it is transparent, such as NYSE margin debt which was $539 billion as of the June report. But the hottest form of stock and bond market leverage is opaque, offered by financial firms that usually don’t disclose the totals: securities-based loans (SBLs) – or “shadow margin” because no one knows how much of it there is.</p><cite><em>Business Insider – 7/30/17</em></cite></blockquote>\n<!-- /wp:quote -->\n\n<!-- wp:spacer {\"height\":21} -->\n<div style=\"height:21px\" aria-hidden=\"true\" class=\"wp-block-spacer\"></div>\n<!-- /wp:spacer -->\n\n<!-- wp:paragraph -->\n<p>It’s been over 12 years since we warned about the highly questionable mortgage lending practices that mushroomed during the Housing Bubble. Now it appears that innovative lending is back in vogue. Securities-backed loans (SBLs) are among Wall Street’s hottest new products in this bull market, and they’ve been growing faster than Jack’s beanstalk over the past few years:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li><strong>Borrowing With Stock Soars as Market Rises</strong>  – <em>Wall Street Journal, 7/28/17</em></li><li><strong>Fidelity taps Goldman Sachs to expand lending services through RIAs</strong><em> – Investment News, 7/27/17</em></li><li><strong>Goldman Sachs is launching a digital platform for the rich to borrow as much as $25 million</strong> <em>– Reuters, 7/27/17</em></li><li><strong>Wall Street Sharks Entice Customers With Securities-Backed Loans </strong><em>– Seeking Alpha, 8/13/17</em></li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p>SBLs are often referred to as “shadow margin” because they’re not tracked in the margin debt figures, nor are they tracked by either the SEC or the brokerage regulator FINRA. Nobody knows how extensive such loans are, but based on anecdotal evidence they total at least $100 billion and we believe the figure could be much larger.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"align\":\"left\",\"id\":4901,\"width\":512,\"height\":251,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignleft size-large is-resized\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2020/12/MorganStanley-1024x502.png\" alt=\"Morgan Stanley ad for securities-backed loans\" class=\"wp-image-4901\" width=\"512\" height=\"251\"/><figcaption>Morgan Stanle<strong>y</strong> Advertisement</figcaption></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>According to a July 2017 Wall Street Journal article, Bank of America’s wealth unit had $40 billion in outstanding securities-backed loans at the end of 2016, up 140% from 2010. Morgan Stanley had $30 billion in these loans, more than double the amount in 2013. And, not to be left behind, Goldman Sachs is teaming up with Fidelity and other brokerages to broaden the availability of credit via its new digital lending program, “GS Select.”</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:columns -->\n<div class=\"wp-block-columns\"></div>\n<!-- /wp:columns -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>What are securities-backed loans (SBLs), and why are they popular?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:image {\"align\":\"right\",\"id\":4902,\"width\":229,\"height\":194,\"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/2020/12/WellsFargo.png\" alt=\"Wells Fargo advertising securities-backed loans\" class=\"wp-image-4902\" width=\"229\" height=\"194\"/><figcaption>Wells Fargo Advertisement</figcaption></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>In simple terms, SBLs are loans that are marketed to investors as an easy and inexpensive way to access extra cash by borrowing against the securities in one’s investment portfolio without having to liquidate those holdings. Funds can be used for any purpose except buying more stock or repaying a margin loan. For instance, these loans might be used for buying real estate, investing in a business, funding education, or for personal use like taking a trip or paying for a wedding.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Fixed loans can run the gamut from $25,000 to $25 million or more, depending on the lender and the amount of collateral. A typical SBL agreement permits an investor to borrow from 50% to 95% of the value of the assets in his or her non-retirement investment account, based on the size of the portfolio and the types and mix of securities held. These lending arrangements can be set up as a fixed loan, but more often they’re established as a revolving SBL line of credit (SBLOC). It’s not uncommon for a firm to require that account assets have a market value of at least $100,000 to qualify for an SBLOC.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>The sales pitch is irresistible!</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Looking at the promotional materials shown in this report from broker websites touting SBLs, who wouldn’t want to avail themselves of this offering? According to the ads, you’ve worked hard to grow your investments over the years; now you can capitalize on those assets to finance your dreams without drawing down your portfolio.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"align\":\"right\",\"id\":4903,\"width\":357,\"height\":262,\"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/2020/12/UBS-1024x751.png\" alt=\"UBS advertising securities-backed loans\" class=\"wp-image-4903\" width=\"357\" height=\"262\"/><figcaption>UBS Advertisement</figcaption></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:list -->\n<ul><li>With an SBLOC, the cash is readily available (up to the credit limits) any time you need it.</li><li>Other than securities related transactions, there are no restrictions on how you use the loan.</li><li>An SBLOC lets you keep your investment account intact, allowing it to continue to grow.</li><li>By borrowing to meet your cash needs, you can avoid selling securities and triggering capital gains taxes.</li><li>Because SBLs are backed by portfolio assets, interest rates can be much lower than traditional loans.</li><li>Once an SBLOC is in place, it can be used repeatedly and you’re only required to make monthly interest payments – there is no maturity date.</li><li>There are usually no fees to establish the loan or credit line and funds are available quickly. Goldman Sachs’ digital platform promotes a 24-hour turnaround.</li><li>Typically, no personal financial statements, tax returns, or other documents are required.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>What’s in it for the brokers?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:image {\"align\":\"left\",\"id\":4904,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<div class=\"wp-block-image\"><figure class=\"alignleft size-large\"><img src=\"https://ns2020-investech.investech.com/wp-content/uploads/2020/12/GoldmanSachs-1024x698.png\" alt=\"Goldman Sachs securities lending advertisement\" class=\"wp-image-4904\"/><figcaption>Goldman Sachs Advertisement</figcaption></figure></div>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>SBLs and lines of credit have become lucrative new sources of income for brokerages, helping to replace revenue lost due to recent cuts in commission rates. In addition, brokers retain portfolio assets, along with their associated fees, as customers can access cash without making withdrawals. In some cases, establishing these loans may factor into a broker’s compensation, and marketing these credit options creates “sticky” clients as it’s hard to transfer assets to another broker with a securities-backed loan outstanding. Even if a client doesn’t use the line of credit immediately, the longer it’s in place, the more likely it is that he or she will eventually tap it.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>So, where’s the risk?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>With SBLs, as with all financial obligations, it’s vitally important to read the fine print or risks section before committing. Careful attention to this step reveals that brokerages and banks get all the benefits of secured, full-recourse loans, while customers take all the risk. This may seem acceptable in a healthy bull market, but it can be catastrophic to the pledged portfolio in a downturn.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>The following are some of the risks that investors may face if they borrow against an investment account. It’s these risks that prompted the SEC and FINRA to issue a special Investor Alert in 2015 regarding this type of lending:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>If the value of the securities declines below a minimum level, you may be subject to a collateral “maintenance call” with little or no advanced warning, giving you minimal time to pay the loan or deposit more cash or securities in the account. Note that if this occurs, there are no extensions, and a broker can change its collateral maintenance requirement at any time without notifying you.</li><li>If you are unable to meet a maintenance call, the broker can liquidate part, or all, of your portfolio holdings at their discretion. You do not pick the stocks to sell. In a bear market, that could mean selling core holdings at a market bottom or alternatively realizing significant tax gains on long-held securities.</li><li>In a major downturn, you could be forced to forfeit all your pledged assets – in this case, the stocks, funds, and bonds in your portfolio. This is a major drawback to asset-backed loans…</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:quote -->\n<blockquote class=\"wp-block-quote\"><p><strong>Why Goldman Sachs Seized a Client’s 217-Foot Yacht</strong></p><cite><em>Wall Street Journal - 8/10/17</em></cite></blockquote>\n<!-- /wp:quote -->\n\n<!-- wp:list -->\n<ul><li>In the worst-case scenario, you might lose more funds than are held in the collateral account, and as a full-recourse loan, you would be liable for any deficiency.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:list -->\n<ul><li>For SBLOCs, the interest rate on your loan is generally a floating rate that can change daily. With interest rates rising, the cost of your SBLOC could increase significantly.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p>The proliferation of SBLs and SBLOCs obviously increases the risks in this late-stage bull market. While history shows that excessive debt accumulation does not trigger a stock market peak, it can accelerate and intensify losses when the leverage starts to unwind in a bear market. Today’s levels of these securities-backed loans are small relative to overall consumer and business debt, but they can be dangerous. Like subprime mortgage loans 10 years ago, if trouble appears in terms of mass collateral maintenance calls, it could be just the tip of the iceberg.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:separator -->\n<hr class=\"wp-block-separator\"/>\n<!-- /wp:separator -->\n\n<!-- wp:paragraph -->\n<p>First published in our September 15, 2017 issue. Also available to read in PDF format. <a href=\"https://ns2020-investech.investech.com/wp-content/pdf_files_wp/SBLs-2017.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Download the PDF</a>.</p>\n<!-- /wp:paragraph -->','Securities-Back Loans','','inherit','closed','closed','','2472-revision-v1','','','2021-01-29 23:32:40','2021-01-29 23:32:40','',2472,'https://ns2020-investech.investech.com/2472-revision-v1/',0,'revision','',0);
INSERT INTO `wp_posts` VALUES (16829,2,'2023-02-20 11:00:42','2023-02-20 17:00:42','<!-- wp:heading {\"level\":3} -->\n<h3>Stay up to date with the latest economic trends by following us here! 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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><div class=\"uagb-button__link\">Economic Trends Calendar</div></a></div></div>\n<!-- /wp:uagb/buttons-child --></div></div>\n<!-- /wp:uagb/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\" 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INSERT INTO `wp_posts` VALUES (16835,3,'2023-02-20 11:10:14','2023-02-20 17:10:14','<!-- wp:heading {\"level\":3} -->\n<h3>Stay up to date with the latest economic trends by following us here! 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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>\n<!-- /wp:uagb/buttons-child --></div></div>\n<!-- /wp:uagb/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\" 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