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four
5,087 posts
msg #140826
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1/10/2018 11:38:42 PM

https://www.benzinga.com/analyst-ratings/analyst-color/17/12/10941281/how-the-bitcoin-investment-trust-actually-works


Market summary > Bitcoin Investment Trust
OTCMKTS: GBTC - Jan 10, 4:47 PM EST
1,961.00
decrease199.00 (9.21%)

Unfortunately, due to the fact it's currently the only bitcoin trust of its kind out there for investors, traders have driven the price of the GBTC way above the value of the bitcoin it holds. In fact, the GBTC trust has consistently traded at a 50 percent premium to its assets under management.

It’s easy for investors to calculate this premium on their own. Each share of the GBTC trust represents ownership of 0.0919 bitcoin. The current price of bitcoin is $16,694, which means a single share of the GBTC trust represents $1,534 worth of bitcoin at today’s price. However, the GBTC is currently trading at $2,611 per share.

four
5,087 posts
msg #141093
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1/17/2018 2:42:00 PM

http://www.nextavenue.org/abcs-inherited-iras/

four
5,087 posts
msg #141426
Ignore four
modified
1/26/2018 7:41:27 PM

OptionSellers.com's Michael Gross interviews Dr. Alexander Elder on Trading Psychology

Selling Options versus Buying Options

https://youtu.be/v5RsLM463F8?list=PLWvt7x4ul7O5Wszu4NKE80wZ8RAd_W3Ye&t=1587

four
5,087 posts
msg #141435
Ignore four
1/27/2018 1:38:03 AM

The Options Industry Council Videos



four
5,087 posts
msg #141468
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modified
1/28/2018 10:51:09 PM

Selling Pricey Stocks, Buying Cheap Options – Barron's
This article was originally published on this site

https://darwininvestingnetwork.com/selling-pricey-stocks-buying-cheap-options-barrons/
1/22/218

As each day passes, it is increasingly difficult to know if every new piece of information will be the straw that ends this historic stock rally, or if the market mob will keep interpreting every news item as a reason to send prices higher. This conundrum, which has many investors wondering what to do, is best addressed with options.

Implied volatility, which is the essence of options prices, remains at incongruously low levels that have not been witnessed in at least 50 years. Stock prices, of course, are at record levels.
This divide between two related markets is best bridged by selling high-priced stocks and buying low-priced options. Such an approach enables investors to secure unrealized capital gains that are, for many investors, likely at the highest levels in their investing lives. That this stock-replacement strategy remains more of a talking point than a widely used solution is yet another reason why the timing is right now to practice the time-honored tradition of buying low and selling high.

“Broad stock replacement is not typically a concept we would discuss in January,” Jim Strugger, a derivatives strategist at MKM Partners, recently advised clients. “Seasonally, it’s more apropos in the fall when investors are looking to monetize gains while maintaining single stock exposure. But it’s Jan. 22, and the Standard & Poor’s 500 index has gained 5.1% this year. It doesn’t require a calculator to simply annualize that to a 60%-plus gain for 2018.”

Many stocks are actually up even more sharply than what is implied for the S&P 500. Consider Netflix (ticker: NFLX). The stock is up 90% over the past year. A solid earnings report pushed Netflix to new highs above $272 last week.

The trade, for those who own the stock: sell some stock, take the profits, and buy calls that expire in January 2019 to maintain upside exposure at a fraction of the cost and the risk. The January $275 call that expires in 2019 was recently trading around $33. If Netflix is at $400 at expiration—and why not swing for the fences on a stock that’s up over 40% so far this year —the call is worth $125. Should Netflix stock slip below $275 at expiration, the trade fails.

Strugger screened S&P 500 stocks for market capitalizations exceeding $500 million with options open interest exceeding 20,000 contracts that also have a 14-day Relative Strength Index above 80 (the S&P 500 is at 80.6).

The average return for these 20 names, which include BlackRock (BLK), Mastercard (MA), Fluor (FLR), Best Buy (BBY), and PayPal Holdings (PYPL), was 23.4% over the past three months, versus 9.1% for the S&P 500.

CONSIDER FLUOR, up about 40% in three months. In the third quarter, 49% of the company’s revenue came from the energy, chemicals, and mining segment, so it makes sense that the shares have rallied coincident with rising crude oil and energy equities. The stock’s Relative Strength Index, a momentum indicator, is about 93.7, which is very high.

Strugger likes buying Fluor’s July $62.5 calls for around $3.50. If an investor owned 100,000 shares, for example, 2,000 calls could be bought with only 12% of the capital from the equity position.
At day’s end, we care little about which way markets and stocks trend. There will always be puts and calls to take advantage of this quirk or that opportunity. However, what we are mindful of is that consistently successful investing involves putting process before profit and risk before return.

Right now, the stock-replacement strategy can help investors maintain their discipline and secure incredible profits, while still participating in the greatest, most powerful bull market in modern history.


STEVEN SEARS is the author of The Indomitable Investor: Why a Few Succeed in the Stock Market
When Everyone Else Fails.
Comments: steve.sears@barrons.com
Follow: @sm_sears

four
5,087 posts
msg #141530
Ignore four
1/30/2018 9:50:45 AM

https://www.marketwatch.com/story/amazon-berkshire-hathaway-and-jpmorgan-health-initiative-send-industry-shares-plummeting-2018-01-30
==
Shares of companies across the health care industry, from health insurers to distributors, pharmacy-benefit managers and drugmakers, dropped in premarket trade on Tuesday after Amazon, Berkshire Hathaway and JPMorgan Chase announced plans for a new company that aims to improve their employees’ health care.

The news hit pharmacy-benefit managers, pharmacy chains and drug distributors among the hardest, with CVS Health Corp. CVS, -5.42% shares dropping 7.6%, Walgreens Boots WBA, -3.26% shares dropping 5.7%, Express Scripts Holding Company ESRX, -9.90% dropping 4.8% and Cardinal Health Inc. CAH, -3.70% shares dropping 4.3%.

Several health insurers’ shares also fell significantly, including UnitedHealth Group UNH, -4.38% which dropped 7.2%, Anthem Inc. ANTM, -4.35% , which dropped 7%, as well as Aetna Inc. AET, -2.85% and Humana Inc. HUM, -2.13%

Read: Health care company shares drop sharply on entry by Amazon, Berkshire Hathaway and JPMorgan

The Amazon AMZN, -0.52% Berkshire Hathaway BRK.A, +0.06% BRK.B, +0.02% and JPMorgan JPM, -0.39% initiative aims to improve health-care outcomes for employees in a cost-effective way.

It will be “free from profit-making incentives and constraints,” and will focus on the beginning on technology solutions, the companies said.

four
5,087 posts
msg #141777
Ignore four
2/2/2018 3:29:21 PM

https://www.whitecoatinvestor.com/student-loan-refinancing/


four
5,087 posts
msg #141804
Ignore four
modified
2/3/2018 11:24:02 AM

https://www.desmoinesregister.com/story/news/politics/2018/01/24/democrats-propose-iowa-retirement-savings-plan/1063716001/
==
"The proposal would require all businesses that do not currently provide a retirement savings plan to give employees the opportunity to automatically invest a portion of their paycheck in a Roth IRA."

"Iowa Senate President Jack Whitver, R-Ankeny, expressed doubt Wednesday when asked about prospects for the retirement savings legislation.

"I think generally most people feel the private sector is filling that void fine, and anything that doesn’t add an additional $500,000 of spending at this time would probably be a good thing," Whitver said."



four
5,087 posts
msg #141808
Ignore four
2/3/2018 12:12:18 PM

http://capitalallocatorspodcast.com/2018/01/08/mauboussin/

Michael Mauboussin currently is the Director of Research at BlueMountain Capital, a multi-billion dollar hedge fund and asset manager. He spent the majority of his professional career thinking and writing about decision making, behavior and complex systems, with long stints at Credit Suisse and nearly a decade alongside Bill Miller at Legg Mason. Michael has been an Adjust Professor at Columbia Business School for 24 years.

Our conversation covers Michael’s early career, the paradox of skill, academic research more favorable to active management, decision-making, optimal size and composition of teams, unsettling features in the market, data analysis in sports, career risk, the Santa Fe Institute, and Michael’s new research on the horizon.

four
5,087 posts
msg #141817
Ignore four
2/3/2018 7:54:49 PM

http://capitalallocatorspodcast.com/bet/

The Bet
Warren Buffett and Ted Seides, CFA

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