drbubb

SM - the Main BELLWETHER - is testing the BOTTOM of its channel If/ when it breaks uptrend, that me mean a Bear market is underway SMPH ... update / Last: P34.65 - 0.35, -1.00%

Looking back... ... I want to discover what caused this Valuation Gap with TBGI dropping back in late 2018 ... update

PULLBACK to $4.75 (or lower) underway?

Abitibi (& Golden Valley) are enjoying a SURGE... on High Volume RZZ w/GZZ.v . fr.1/2016 : May'18 : GZZ $0.41 +12.3% (H: $0.44) / RZZ: $15.00 +7.1% (H: $15.35) = R-2.73% from Beg. 2016 :  Ratio: GZZ to-RZZ: 2.73% _ Low of day: 2.47%! === Might saw out of (strong) GZZ into (weak) WM > as a relative valuation play

INTERVIEW NOTES - About 3A "Rules" Yesterday's article in Biz Buzz of Inquirer. Talks about potential of Nasugbu with new expressway planned that benefits this proven tourism area with excellent beach areas, etc. RCI, that owns Roxaco Land, Punta Fuego development, etc is kingpin landowner in Nasugbu. Check out its financial statements in PSE Edge. Major developers like SM, among many others, starting to notice area even more. As mentioned, I developed a trading/investing system for Philippine stocks in 2011 called 3A system (All Angles Approach). From 2011 til now, it bought only around 13 stocks usually one at a time with a holding period of maximum 6-12 months. All stocks made money even in this 2018 bear mkt. One stock rose 1000% while the worse performer was 45% rise. Due to the rigorous selection of stocks & the way the system is designed, it is a perfect system wherein profits are assured in 6-12 months or less. Usual return is 100-200% in 6 months. Below are the rules to profit from it: To make the best of my 3A (All Angles Approach) phil stock trading/investing system, there are guidelines/rules that MUST be followed strictly. Failure to follow them STRICTLY can result in losses and/or underperformance vs the profitable past performance of 3A system. 3A Guidelines/Rules: (expanded version) 1. A person who wishes to achieve best returns in 1-3 months should pool funds of P20-30 mil to invest in 3A choice stock. Without this, returns may be less immediate and can default to a 6-12 month holding period. 2. Buy more of the stock if it falls from initial entry points. 3A stocks were chosen because of their gross undervaluation vs intrinsic value. Think like Buffett who is happiest when his stocks fall in value as he can buy more on the cheap. 3. After one buys, he should automatically put good til cancelled sell orders on his positions at 5%-30% profit range. Keep some for a jackpot. 3A does not give signals on when to sell. It only gives signals of gross undervaluation vs intrinsic value. 4. Top investment gurus interviewed in Market Wizards book series say their winning systems may not work if used by others because others tend not to comply with all the moves and rules of the system. Thus, one has to buy all the stocks 3A buys. Often, it is the stock(s) that a person does not buy (but 3A buys) which turns out to be the big winner. 5. Rule #2 cannot be overemphasised as the buying process has always to be done in bullets. Also averaging down is needed for quicker recovery time when the stock resumes its uptrend. Buying in bullets/averaging down is just pure logic and commonsense easily derived from simply observing chart patterns and having some, even limited, trading/investment experience. 6. Because of the strong possibility of a global meltdown in 2018-2019 onwards, 3A phil stocks are best hedged with some global short positions. The logic is if there is a massive global crash that occurs within days instead of the usual 12-24 months downward grind, then the global shorts leg helps partially compensate for the paper loss of the 3A position. If one does not know how to execute the global shorts, ask me how. 7. The reason 3A system does not indicate when to sell (except rule #3 above) is the selling process, decision and skill set are far more complex than entry. Since 3A was designed to be perfect (no loss at latest 6-12 months), the exit cannot be perfected (e.g., because what if there are signs to sell at 25% profit from entry and people sell. And then it shoots up another 200%). Hard to perfect the exit but the entry can be perfected as regards delivering a sure profit over 6-12 months maximum hold (and at times in just days or weeks). 8. Just to "accommodate" the inexperienced thinking of those who say "too good to be true", I have added this guideline: Another point is that if ever a person still has a paper loss on the 3A phil stocks after 12 months, that only means the world has gone to pot. In that situation, the person would have far bigger losses in his properties, businesses, country club shares, stock and bond and balanced funds, his peso cash, his insurance policies tied into stocks/bonds/balanced portfolios, etc. The 3A stock will SURELY be the least of his problems. 9. Rule #9 of 3A system is a repeat of the common sense concept of "follow all its signals at the price of the signal and average down". Many decide to not buy all the stocks 3A buys. The fact is, invariably, what they don't buy turns out to be the big winner, sooner or later. The expanation is simple: the least expected outcome in markets tend to have the biggest payoffs. There is no point in trying to be smarter than 3A. The 3A is tried and tested since Apr 2011 to deliver consistent profits; not the win lose win lose win lose etc syndrome everyone else experiences.

PROOF OF CONCEPT available? (Yes, says TS) "Another proof of concept. Everything I do is carefully documented." "I will already predict what will happen, when RCI and TBGI are much higher, that will be the proof of concept for many. And that's when they will want to come in. That is probably actually the wrong time to come in, having missed maybe 20-50% (or more) gain already ." (WhatsAp posts shown in image files) "I recounted above to someone how he missed the rise of ATN from 0.33 to 1.69 which happened in 10 months" "0.33 to 1.69 is a rise of +412% in 10 months or +495% annualized. Even if a person just captured a meager 10% of that or 49.5% annualized, how does that compare to property and businesses which are far less liquid and more headache to manage/administer" "Someone might say I only show the winners. But the truth is 3A never had any loser because it is designed to only have winners so that I can bet big and not think of too many other things." - From Ted S.

3A APPROACH EXPLAINED (All-Angles Approach) "Hey, Ted, can you define your 3A approach?" "In my view, ACCESS to management is a key item beyond Technical & Fundamentals" ========== That is ESSENTIAL. Not every person can have access to listed company owners. I know more moneyed stock players that some listed company owners will not deal with because they (the stock players) are unprofessional and coarse. Bulletpoint Summary : 3A- AllAngles Approach 1. Look at all 250 philippine stocks and isolate those close to historical bottom. It means people hate them (Buffett said be greedy when others are fearful) or think they are garbage. 2. Study their financial statements and calculate intrinsic value (Buffett style). 3. Contact owner and see if there is turnaround catalyst. 4. Calculate from 2 years data if I have enough cash to create initial wave 1 up. Usually capital deployed is 50-100 million. 5. Market make so I know daily what is happening. Is there new demand or supply coming in? 6. Bring investment banking deals. 7. Share the story and the no-brainer opportunity as part of my charity work. 8. There are 9 rules to follow to make money in 3A. (see below) If not followed, a person is even likely to lose. Monroe Trout said that he can give his winning system to others and it is possible they will not make money. Why? Because they will not follow all the steps of the system

NOT ALL of Webb's picks have been brilliant in the long run (& very long run.) Probably, he took is profits and ran, on many stocks like Alco, which had a good run after he choose it. Here's an update on his 2008 Pick - which made good money over several months DOWN 90% ! And lines could be drawn more steeply to suggest support is even lower Alco Holdings Limited (Alco, 0328): All-data : updated to 9/6/2019: HK$0.39 The chart now is at a level, where it might be worth a look once again

Along with MUR, the Oil Stock index could be bottoming too XLE / Major Oil Shares etf ... All-data : 2yr / Last: $59.03

BTU: $16.56 - 11% > new Low for Year Recent News for Peabody Energy Corp Aug 22, 2019 Peabody Energy stock price target cut to $29 from $31 at B. Riley FBR MarketWatch. Aug 21, 2019 Moody’s Downgrades Coal Sector on Weakening Export Demand Wall St Journal Aug19, 2019 Peabody Energy downgraded to neutral from overweight at J.P. Morgan MarketWatch.

WHY the Sudden Halt (in Luxury spending) ? Luxury Property, & other Luxury Goods are not selling well Uh, OH! The Top 10% Account For 50% Of Consumption, But The Wealthy Have Stopped Spending A sudden pullback in spending among the wealthy could cascade down to the rest of the economy and create a further drag on growth. High-end real estate is having its worst year since the financial crisis. Luxury retailers are struggling while discounters like Walmart and Target thrive. At this month’s massive Pebble Beach car auctions, the most expensive cars faltered on the block. In the first half of 2019, art auction sales were down for the first time in years. The rich have cut their spending on everything from homes to jewelry, sparking fears of a trickle-down recession that starts at the top. From real estate and retail stores to classic cars and art, the weakest segment of the American economy right now is the very top. While the middle class and broader consumer sections continue to spend, economists say the sudden pullback among the wealthy could cascade down to the rest of the economy and create a further drag on growth. Luxury real estate is having its worst year since the financial crisis, with pricey markets like Manhattan seeing six straight quarters of sales declines. According to Redfin, sales of homes priced at $1.5 million or more fell 5% in the U.S. in the second quarter. Unsold mansions and penthouses are piling up across the country, especially in ritzy resort towns, with a nearly three-year supply of luxury listings in Aspen, Colorado, and the Hamptons in New York. Retailers to the 1% are faring the worst, with famed Barney’s filing for bankruptcy and Nordstrom posting three consecutive quarterly declines in revenue. Meanwhile, Wal-Mart and Target, which cater to the everyday consumer, are reporting stronger-than-expected traffic and growth. At this month’s massive Pebble Beach car auctions, known for smashing price records, the most expensive cars faltered on the auction block. Less than half of the cars offered for $1 million or more were able to sell. But cars priced at under $75,000 sold quickly — many for far more than their estimates. In the first half of 2019, art auction sales were down for the first time in years. Sales at Sotheby’s dropped 10% and Christie’s auction sales were down 22% from a year ago. (Note: the ART market, as reflected in Sothebys stock was a bellwether signalling a downturn in stocks & a possible recession... UNTIL the company received a surprise takeover Bid* in June 2019) BID / Sotheby's ... since 2007 : 2012 / Last: $50.00 There are many reasons for spending declines — tax changes, for instance, are to blame for some of the real estate slump. === * Patrick Drahi, a French-Israeli tycoon bids $2.7 Bn for Sotheby's: "When this consummate outsider announced on June 17 that he would shell out $2.7 billion to purchase Sotheby’s, the iconic 275-year-old auction house, a raft of questions followed. Is he seeking a trophy asset to sit on his shelf, or will he shake up a firm that had seen its share price tumble by 40% in a year? Is it wise to pile more debt onto Sotheby’s? "

QUICK LOOK - at the favored Three : TBGI, RCI, ATN ... 6mos : 10d / Php 0.36, 1.67, 1.25 @ 9.5.2019- 2pm I probably would favor RCI at P1.67 at the moment

Trouble & Opportunity come together Junk Debt in a stressed oil patch Wall Street Gears Up For Onslaught Of Oil & Gas Bankruptcies Oil and gas companies are facing an onslaught of bankruptcies as the “shale revolution” appears to be coming to an unceremonious end, at least on Wall Street, according to the Wall Street Journal. Companies like Sanchez Energy Corp., Halcon Resources Corp. and 26 other oil and gas producers have all filed for bankruptcy this year, already matching the 28 industry bankruptcies from all of 2018. The number is expected to rise as debt maturities for those looking to cash in on the shale revolution and make bets on higher oil prices years ago are now looming. 5.7% of all energy companies with junk rated bonds are defaulting as of August, the highest level since 2017. The metric is “considered a key indicator of the industry’s financial stress.” The defaults are on the rise as companies struggle to service debt, bring in new money and refinance existing debt. The once-darling shale business model has been under significant scrutiny from Wall Street over the last 18 months, adding to the headwinds for many companies. Investor interest has faded after years of meager returns while, at the same time, companies struggle to meet their cost of capital with oil prices below $60/barrel. / 2 / Oil Prices Must Drop Sharply To Compete With EVs All major stakeholders in the oil industry need oil prices to be higher than the current $60 a barrel Brent Crude to turn profits or balance government budgets. Yet, in the long term, oil prices at $60 wouldn’t be competitive in the transportation sector because they won’t be able to compete with electric vehicles (EVs), BNP Paribas Asset Management said in a research note last month. . . .The report introduces the concept of Energy Return on Capital Invested (EROCI) to measure how much a given capital outlay on oil and renewables translates into useful or propulsive energy at the wheels: “in other words, for a given capital outlay, how much mobility can you buy?” According to BNP Paribas Asset Management’s analysis, at present, for the same capital investment, wind and solar energy will already produce significantly more useful energy for EVs than oil at $60 a barrel will for cars and other light-duty vehicles (LDVs). Major oil producing countries dependent on oil revenues need oil prices higher than the current $60 a barrel level to balance budgets and boost government income. U.S. shale also needs at least $50-60 a barrel of oil to profitably drill new wells. The oil majors, despite all the cost cuts and streamlining, also need oil at some $50 to turn a good profit and keep or increase dividends. Related: Can This Multi-Billionaire Revive Alaska’s Oil Industry?

Maybe finally this is past an important low MUR / Murphy Oil ... all-data : x / Last MUR is looking CHEAP relative to Natgas - which is now rising

How Mall Operator Pennsylvania REIT Has Weathered the Retail Apocalypse Pennsylvania Real Estate Investment Trust (NYSE: PEI) or PREIT, has been hit particularly hard by the wave of retail bankruptcies commonly referred to as the retail apocalypse. It's a shopping mall operator with ownership interests in properties across the United States, and significant exposure to chains including Sears Holdings, Macy's, and J.C. Penney. As such, it's had to use creative means to adjust for the current retail reality. Selling lower-quality real estate Shareholders may have caught a lucky break. Back in 2012, a new management team took control and had the foresight to divest its lower-value mall assets. The idea was to focus on properties with higher sales per square foot, which are more attractive to retailers and can garner better rental rates. When this divestment process started in 2013, PREIT managed 38 malls with average sales per square foot of $379. After years of selling properties, the company now manages 21 properties with average sales per square foot of $525. It still lists three malls as "noncore" and could also sell these assets in part or whole. It owns the Valley View Mall and the Wyoming Valley Mall in Wilkes-Barre, Pennsylvania, which both have significant vacancies that it has been unable to fill, and the Exton Square Mall in Exton, Pennsylvania, where it was able to sell a land parcel to be developed into an apartment complex. Given the poor state of these three malls, it is also possible that they will just be written off or abandoned entirely. Pennsylvania REIT has actively managed its portfolio to adjust to where it sees the most value accruing. Shareholders should continue to expect the company to monetize its assets through a sale where it can.

Improved tenant mix and physical enhancements drive improved results PHILADELPHIA, Sept. 4, 2019 /PRNewswire/ -- PREIT (PEI) Following a multi-year remerchandising effort, PREIT's Mall at Prince George's ("MPG") emerges as a marker of success in the Company's redevelopment efforts. View photos Located just outside of Washington DC, the property is perfectly situated to benefit from growth in the region, along the Metro line and approximately 15 miles from Amazon HQ2 in Crystal City. In densely populated Hyattsville, MD, MPG is surrounded by a growing trade area where household incomes exceed the US average by over 15 percent. Nearly $1 billion has been invested in the region over the past several years on high quality housing and office development, underscoring the immense potential for a growing shopper community. With strong demographics and high demand for retail, the renovations will ultimately further differentiate MPG in the market and solidify its position as a vibrant retail and dining destination in the region. Over the remerchandising period, notable improvements in operating metrics include: Over a dozen new tenants joined the roster including H&M, Ulta, DSW, Express Factory Outlet, Five Below, Flight 23, Grand Jewelers featuring Alex and Ani and Pandora, White Barn Candle and Pink by Victoria's Secret along with several new dining options: Chipotle, Five Guys, Mezeh Mediterranean Grill and &Pizza. Sales have increased over $100 per square foot or 23% since December 2016 to $557 per square foot, outpacing our portfolio growth rate of 15% over the same period. Traffic has improved over 20% for the rolling 12 month period ended 7/31/19 compared to the prior 12 month period. NOI has also grown by over 20% since the beginning of the redevelopment and occupancy has been steady at 98%. Looking forward, changes on the horizon include additional new-to-market dining options: Hook & Reel and Miller's Ale House. "The work we have done in creating value at Mall at Prince George's is indicative of the anticipated results throughout PREIT's portfolio," said Joseph F. Coradino, CEO of PREIT. "Curating diverse offerings across multiple categories is key to success as this business evolves. Having moved quickly to replace department stores and repositioning our portfolio of well-located assets in dense, growing markets, PREIT is well-positioned to increase value to our shoppers, tenants and shareholders as our redevelopments are completed."

AUG. 2019 Risk ——: UnderV / Company — : Coupon : Maturity : Db.Price: Y.T.M. Lower: ARE.DB.C : 6.05% / Aecon Group : 5.00% : 31-Dec-23 : $105.10 : 3.71% Mod. : AD.DB : 9.53% / Alaris Royalty: 5.50% : 30-Jun-24 : $ 95.75 : 6.54% EIF.DB.K. : 7.85% / Exch.Inc.Corp: 5.75% : 31-Mar-26 : $100.24: 5.70% EIF.DB.J : 5.37% / Exch.Inc.Corp: 5.35% : 30-Jun-25 : $100.25 : 5.30% + CHE.db.D : ... Underlying shares (of discounted Debs) 1/ EIF-etc. : fr. Jun.2017 : (updated 9/5/19) COMMENTARY - from the creator of the Peanut Portfolio Market Commentary - Super Quick Points (August 30, 2019) Hope you've had a nice summer. As you ought to be aware, global trade concerns and terrible politically driven trade policies have thrown uncertainty into the global economy, and central banks are on a dovish stance in response. I expect at least two more rate cuts from the US Fed before Christmas, and maybe one cut from the Bank of Canada (which has an overheated housing problem in Vancouver and Toronto to worry about). Yield curve inversion (i.e., yield on a 10-year bond is less than the yield on 2-year bond or, if you prefer, yield on a 10-year bond is less than the yield on a 3-month treasury bill) in both the US and Canada is now clearly a thing. Note that sustained yield curve inversion (based on the the 10-year and 3-month yields) in the US has successfully predicted an economic recession in each of the last seven (7) US recessions. Historically, the lead time from signal to recession is around 18 months. We will see if this predictor makes it 8 for 8 sometime around early 2021. Stock markets are around record highs, even with a bit of volatility in August. Note, however, we are getting to that spooky time of year in September and October where severe adverse market events or tripping hazard. Also note that stock markets tend to lead economic cycles, so if the bond market is right about recession in 18 months ... Not to fear-monger, but there are risks in the system. A Canadian federal election in October and, more significantly, a US presidential election next November will both be acrimonious in nature with unpredictable effects on markets. That said, with rates heading lower and a still (somehow) buoyant stock market, convertible debentures have exceeded all expectations so far in 2019. As measured by the -date Peanut Convertible Debentures Index™, convertible debentures are up 10.47% year-to to August 30, 2019. It would be unreasonable to expect this type of continued performance in the near-future, however, not with the kind of risks we are facing. As per usual, stay diversified out there, and focus on quality issues and returns for the long-term. > source: https://convertibledebentures.blogspot.com/

Hang Lung: The Price GAP narrows AGAIN, as higher yielding HK101 outperforms HK10 > Reaching *nearly* Yield Parity. HK101 vs HK10... update: 10d. w/Hk2823: $18.88 +1.10,+6.2% > $20.20 +0.90, +4.7% : Gap: $1.32/ Ratio: just 107%! w/Hk2823 : 6mo : Date-- — : Hk10-: HK101: $Gap : Ratio- / HK2823: ratio%/ Dv.80 : Dv.75: gap-: R.Yields: BookVal. : $63.49: $30.58: NMF-: r208.%/ ============ / 80cts. 75cts. 5cents: R-div. : Earns/sh.: $ 3.88 : $ 1.80 : $2.08: r216.%/ Dividends: $0.80 : $0.75 : $0.05: r107.%/ 09/03/19: $20.20: $18.88: $1.32: r107.%/ $14.68: r-138%/ . 3.96% 3.97%: 0.01%: r99.7%: 08/30/19: $19.48: $17.72: $1.76: r110.%/ $14.52: r-134%/ 4.11% 4.23%: 0.12%: r97.2%: 06/28/19: $21.65: $18.58: $3.07: r117.%/ $14.94: r-145.%/ 3.70% 4.04%: 0.34%: r91.6%: 03/29/19: $25.20: $19.16: $7.02: r117.%/ $14.58: r-173.%/ 3.17% 3.91%: 0.74%: r81.1%: 12/31/18 : $19.94: $14.92: $5.02: r134.%/ $11.40: r-175.%/ 4.01% 5.03%: 1.02%: r79.7%: 12/29/17 : $28.75: $19.10: $9.66: r151.%/ $15.02: r-191.%/ 2.78% 3.93%: 1.15%: r70.7%: —————  Wow! The pricing gap has now narrowed so much that both stocks have (almost) the same yield. Meantime, HK10 has about 108% more asset backing than HK101. A pairs trade : Long HK10 / Short HK101, may be virtually risk-free, apart from (important) liquidity & borrowing issues

Added to my Ownership of : Alaris Debs / AD.DB / 5.50% maturing: 30-Jun-2024 (4.7 yrs) / conv.@ $24.25: 41.2371 common shares for each $1,000 AD.t / Alaris Royalties ... All-data : fr. May'13 : 6mo : 10d/ Last: $19.49 /vs. cv@ $24.25 : 80.4% / Deb: $95. = 20.5%/ Cash Yield: 5.79% + 5.3/4.7= 1.12% = 6.91% : fr. May'13 : fr. 2016 : dividend history > ALARIS https://www.alarisroyalty.com/investors/presentations-and-events ==== YearE Price : Divid : Yield% $TNX : Differ.:.Bk.Val.: Rev/sh: %chg.: (Adj): NCF/sh: %Div 2008: $9.00: $1.44 : 16.0% : 2.10%: 13.9%: 2009: $9.15: $0.84 : 9.18% : 3.70%: 5.48%: 2010: 11.64: $1.02 : 8.76% : 3.30%: 5.46%: 2011: 18.00: $1.14 : 6.33% : 1.95%: 4.38%: 2012: 23.00: $1.18 : 5.48% : 1.70%: 3.78%: $ ???? : $1.53: + ?????: (0.35) $1.26 : 93.7% : 22,337sh 2013: 29.87: $1.36 : 4.55% : 2.90%: 1.65%: $14.98: $1.97: +28.8%: (0.33) $1.64 : 82.9% : 28,694sh 2014: 35.36: $1.48 : 4.18% : 1.90%: 2.28%: $16.52: $2.28: +15.7%: (0.65) $1.63 : 90.8% : 32,072sh 2015: 23.50: $1.57 : 6.68% : 2.10%: 4.58%: $19.69: $2.44: +7.02%: (0.81) $1.65 : 95.2% : 34,390sh 2016: 23.95: $1.62 : 6.76% : 2.50%: 4.26%: $17.83: $2.75: +13.1%: (0.73) $2.02 : 80.2% : 36,711sh 2017: 20.67: $1.62 : 7.84% : 2.40%: 5.44%: $16.45: $2.44: - 11.3%: (0.59) $1.85 : 87.6% : 36,481sh 2018: 16.99: $1.62 : 9.54% : 2.69%: 6.85%: $17.29: $2.75: +12.3%: (0.60) $2.15 : 75.3% : 36,496sh 9/’19: 19.42: $1.65 : 8.50% : 1.67%: 6.83%: $17.23: Aver.: 2009 -2019 : 7.12% : > Financials: https://www.alarisroyalty.com/investors/financials#2019 YearE Price : Divid : Yield% $-Revs..: perSh : Prev.Yr.: Other: (Adj): EPS.fd %Revs : - NOTES - 2016: 23.95: $1.62: 6.76%: $00.00m: $2.75: +13.1% (0.00m) (0.73) $0.00 : 00.0%/ (36.?? sh) q1'17: 22.31: $.405 : 7.26%: $20.88m: $0.57: ———%: (0.35m) (0.25) $0.32: 56.1% q2’17: 23.03: $.405 : 7.03%: $22.78m: $0.62: ———%: $3.85m: (0.24) $0.38: 61.3% q3’17: 20.57: $.405 : 7.88%: $23.78m: $0.65: ———%: 27.57m: (1.35) (0.60) <0.0%> (50.8) Impairmt. q4’17: 20.67: $.405 : 7.84%: $21.63m: $0.59: ———%: $0.00m: (0.37) $0.22: 37.3% 2017: 20.67: $1.62: 7.84%: $89.07m: $2.42: - 11.3%: 27.95m: (2.10) $0.32: 13.2%/ (36.754 sh) q1'18: 19.01: $.405 : 8.52%: $23.64m: $0.64: +13.2%: $5.41m: (0.73) (0.09) <0.0%> (26.0) BadDebt q2’18: 15.94: $.405 : 10.2%: $28.44m: $0.77: +24.8%: $6.92m: (0.04) $0.73: 94.8% q3’18: 20.29: $.405 : 7.98%: $22.69m: $0.62: - 4.58%: $7.11m: (0.10) $0.52: 83.9% q4’18: 16.99: $.413 : 9.54%: $25.31m: $0.69: +3.95%: $0.17m: (0.40) $0.29: 42.0%/ (36.766sh) 2018: 16.99: $1.62: 9.54%: 100.08m: $2.72: +12.3%: 19.61m: (1.07) $1.65: 60.7% q1'19: 21.08: $.413 : 7.84%: $27.66m: $0.75: +17.0%: (5.27m) (0.44) $0.31: 41.3% q2’19: 18.81: $.413 : 8.78%: $27.40m: $0.74: - 3.66%: $8.41m: (0.14) $0.60: 81.1% ===== In December of 2018 the U.S. Treasury issued proposed regulations which provided administrative guidance and clarified certain aspects of U.S. Tax Reform. The proposed regulations are complex and comprehensive, and considerable uncertainty continues to exist until the final regulations are released, which is expected to occur later in 2019. As these proposed regulations have not been enacted as at June 30, 2019, their impact has not been reflected in income tax expense. However, if the proposed regulations are enacted as currently drafted, certain provisions could be effective commencing January 1, 2019. Based on the Corporation’s current capital structure, the resulting increase to income tax expense of the Company for the period ended, June 30, 2019 would be an increase of approximately $5.5 million

Let a few more go at $1.40. September is generally a seasonally strong time for gold, so we may see more upside

More Corporate activity > GCM spins out assets Recent Bulletins News ReleasesIn The NewsOther Date ET Symbol Price Type Headline 2019-09-03 09:31 C:GCM 5.54 News Release Gran Colombia to spin off Venezuelan assets to W. Atlas 2019-08-27 20:03 C:GCM 5.81 News Release Gran Colombia increases Sandspring holdings to 19.45% WA / Western Atlas ... 10yr : $0.085 V:WA - Western Atlas Resources Inc - http://www.westernar.com 14:10:47 EDT Sym-X Bid - Ask Last Chg %Ch Vol $Vol #Tr Open-Hi-Lo Year Hi-Lo Last Tr News Delay WA - V 20.0 0.08 · 0.09 5.0 0.085 +0.015 21.4 138.0 13 12 0.085 0.095 0.085 0.12 0.05 12:15:08 09:27 15 min RT 2¢ Interesting chart. GCM are getting less than 20%, so they must like the other assets in the company

Globe says Canaccord sees bear market in stocks ahead The Globe and Mail reports in its Saturday, Aug. 31, edition that the stock market's strength suggests confidence that the growth outlook will improve in the fall, and beyond. The Globe's Tim Shufelt writes that the bond market is telling an entirely different story. The latest bad omen to come out of the bond market was the sinking of 10-year yield below the two-year yield on U.S. Treasuries two weeks ago. Canaccord Genuity Group analyst Tony Dwyer says, "[With that] the countdown has begun." He says it is only a matter of time before we see a U.S. recession and bear market in stocks. Mr. Dwyer says where the United States goes, in economic and financial matters at least, Canada is sure to follow. Whether that happens soon, or two years from now, depends in large part on how the U.S. trade war with China unfolds, with more than $700-billion (U.S.) in two-way trade already subjected to import charges. The global toll of those competing tariffs is growing, with trade-sensitive economies such as Germany struggling to tread water, while the global manufacturing slump already qualifies as an "industrial recession," says Mr. Dwyer. The fallout from tariffs puts a potential correction firmly on the table.

China's lunar rover does what India's Chandrayaan 2 is hoping to do ... Business Insider India-20 hours ago India's lunar lander and rover, Pragyan and Vikram, are also hoping to chance upon new elements as it heads towards craters, where the ...

Curry may be served on the Moon before hotdogs India's Chandrayaan-2 mission ready for historic landing on the Moon Later this week, India will attempt to become the fourth nation to successfully land on the Moon. Key points Chandrayaan-2 is India's second mission to the Moon, but its first to attempt a soft landing The plan is to drop a golf cart-sized lander and a small rover near the south pole The mission will explore the Moon's geology and look for water in craters Now in its final stage, the Chandrayaan-2 mission is preparing for what has been dubbed "15 minutes of terror". That's how long the final descent and landing will take on September 7, when the Indian Space Research Organisation (ISRO) attempts to drop a lander the size of a golf cart near the Moon's south pole. Late this afternoon, ISRO confirmed the lander had successfully detached from the orbiting spacecraft. "All the systems of Chandrayaan-2 orbiter and lander are healthy," ISRO reported. . . . If the high-stakes mission succeeds, India will join the Moon landing ranks of Russia, the US and China.

PEI ... update - Resistance at $6