In this episode of the Best Stocks Now show, professional money manager Bill Gundersen and Barry Kott delve into the dynamic landscape of the stock market amidst new all-time highs across several indexes. They discuss the implications of Federal Reserve interest rate adjustments and the subsequent market reactions as key economic indicators continue to fluctuate. As Bill and Barry exchange insights, they highlight the pivotal influence of global companies such as Boeing and NVIDIA on economic growth and stock valuations, offering listeners a nuanced understanding of current market conditions.
He’s been seen on CNBC, the Fox News Channel, and the Fox Business Channel. His articles can be found on MarketWatch, Seeking Alpha, TheStreet.com, and many other places. He’s the author of the weekly Best Stocks Now newsletter and the inventor of the Best Stocks Now app. He’s president of Gundersen Capital Management. Here is professional money manager Bill Gundersen.
SPEAKER 03 :
And welcome to the Tuesday morning. It is the Tuesday, September 23rd edition of the Best Stocks Now show with professional money manager Bill Gunderson, president of Gunderson Capital Management. And I’m here with Barry Kott, our chartered financial analyst. We have a mixed market today, but normally when I say that, Barry, that’s the NASDAQ that’s up and the Dow that’s down. Today it’s just the opposite. We had new highs across the board on all three indexes and in gold yesterday. Seeing a little bit of profit taking in the NASDAQ today. It’s down 65 points to 22,724. The Dow, however, powers to a new all-time high today. It’s up 300 points, 297 points. to 46,678. We’ll try to find what the propellant is in that Dow index today. Could be Boeing. Boeing’s getting a slew of orders. from around the world today. The S&P is up three points right now. The Russell 2000 small cap index, meanwhile, is up three-quarters of a percent. A little bit of risk on here today. The 10-year is quiet, but it’s up an eighth of a point since our friend at the Fed lowered it by a quarter of a percent. I think his rhetoric afterwards did not help. And he’s speaking today, so God help us. Whatever Jerome Powell has to say today. Watch the bond market today. Gold is powering to another new all-time high today. It’s up almost 1% to 3,811. Wow. So welcome to today’s Best Stocks Now show with professional money manager Bill Gunderson, president of Gunderson Capital Management. I’m here in my home base today of Mount Pleasant, South Carolina, after spending a week on the opposite coast. In that Silicon Valley. Barry back in the saddle again here. Head east, young man. That’s what we did. My body clock. Yeah, I think so. And three hours doesn’t make much of a difference. I’ve heard, boy, you go to India or China or Japan or one of those. You’re really messed up for a week or two. Luckily we don’t have any clients in Osaka or in New Delhi yet, but we have clients all across America. Now yesterday, look, the market hit all time highs across the board. The Dow hit an all-time high. It’s powering to new all-time highs again today. The Nasdaq hit a new all-time high yesterday, and it’s powering to a new all-time high, or no, it’s down a little bit here today. We’ve got the S&P 500 just barely hitting a new all-time high today. And we’ve got gold. Can you believe gold right now? 3,819 is where gold is today. And that also is a new all-time high. Okay, now Barry, I want you to weigh in on this. Why in the world… We got a quarter of a point rate cut by the Fed. And since that announcement, rates are up an eighth of a point. Okay. Get me way in on that, would you?
SPEAKER 04 :
I mean, it goes to show you, as we’ve talked about before, I mean, the only part of the interest rate curve that the Federal Reserve truly controls, right, is the short end. And so the key is we need that 10-year to come down a bit, certainly given where mortgage rates are. I mean, you can’t have a good 30-year mortgage if you have the 10-year too high as well. So that’s really the part of the curve I think that they’re going to have to try to work on versus just cutting on the short end. So we’ll see, you know, because a lot of the short end is priced in to the market, right? We’ve seen it on the percentages. But the 10-year is a lot stickier.
SPEAKER 03 :
So why did the market react with a bump higher of almost 15 basis points now? Was it what he said? That to me is the elephant in the room.
SPEAKER 04 :
Yeah, I mean, I think, of course, any inflation expectations of potentially being higher than they anticipated, that would kind of bump that 10-year up. They continue to mention that. You know, they’re worried about some inflation potentially, right? They haven’t seen it but are worried about it. And, you know, to me that’s probably what’s more priced into that longer end of the curve because, you know, if inflation is going to be higher for longer, right, then lending 10 years out, right, is going to be a bit riskier and you need to be compensated for that, I guess, in terms of a higher rate.
SPEAKER 03 :
Yes, and that seems to be, I just think, you know, he said this is just a maintenance move, which I thought was kind of a snarky remark, really. And, you know, the market started selling off and interest rates started moving up right after he said that. Now, God help us, he’s speaking today somewhere.
SPEAKER 04 :
Yeah, we’ve got a 91% chance, right, of another quarter point cut at the next meeting. That’ll be on October 29th. And then, let’s see, by December, you pretty much have a… I mean, a 77% chance of essentially two more cuts from where we’re at right now.
SPEAKER 03 :
Yes. Okay. Well, you know, like I say, yesterday and over the weekend and Friday and all the whole week in California, you know, I kept hearing, where’s the top? Where’s the top? And, you know, interest rates have a lot to do with that. We were asked the question from several people, what impact do interest rates have on the market? Well, we’re in an easing cycle right now. You can say that. The worm has turned. And it’s just like when we went into a tightening cycle in, what, early 2022, late 21, somewhere in there. That spelled 30% sell-off in the market, which was bloated at that time from the sugar high from the COVID stimulus. And, you know, so you hit valuations back then, 20-year highs. And then, of course, we backed off considerably as rates went up. He had 475 basis point hikes in a row, which is pretty draconian. He was wrong back then. You know, he was way late in raising interest rates coming out of COVID and caused that big bubble. You know, I would say that a few banks going down, you know, or the Fed did not help with 475 basis point hikes, which absolutely slaughtered the long term treasury.
SPEAKER 04 :
I don’t think the Fed has done a very good job. Well, they were certainly playing catch-up in that sense when you’re moving 75 basis points at a time. Four times in a row. That tells you that you were a little bit behind the curve.
SPEAKER 03 :
Way behind the curve. Way, way, way behind the curve. They caused a 30% sell-off in the market. They caused a huge, almost a mini crash in the U.S. long treasury 20 to 30 years out, which then sent Silicon Valley Bank down, and a few others at that time. So I would give Jerome Powell an F-plus if I was giving him a grade as running the Fed. I just think he’s done a terrible job of reading the tea leaves and interpreting them and getting out in front of things. I think he’s done a horrible job, and I can’t wait until he’s gone and we get somebody in there that’s a little bit more intuitive about You know, data is data. You know, problem is, Barry, a lot of times the data is late, right? By the time you get the data, by the time the market sold off by 25%, you know, oh, well, we know now that the top was several months ago. But it’s also like that in these reports that we get on the economy. By the time we start to get huge layoffs and big increases in initial jobless claims, you The jobs market will have peaked long ago, so you have to have a little intuition and a little bit of wisdom, in my opinion, in looking at the data and trying to get out in front of the data, which is where I think he’s done a terrible job. Okay, well, you know, vaccines are political. Now Tylenol is political. Autism is political. Of course, yesterday, as expected, Trump, RFK, Marty McQuarrie. I don’t know who the woman was. I think she’s the new CDC chief. But they did draw a link between autism and Tylenol, which is being roundly excused today. Nah, there’s no link between the two. We’ve proven that Tylenol is safe during pregnancy. That’s what the world, that’s what the, I don’t know, I guess the medical community is saying. We’ll be right back.
SPEAKER 1 :
Thank you.
SPEAKER 03 :
And welcome back here to the second quarter of today’s Best Docs Now show. Well, the whole autism thing, you know, Barry, that’s been quite a thing to watch here over the last… 20 or 30 years. I still remember the movie Rain Man with Dustin Hoffman and Tom Cruise. And, of course, some of the Neil Young famously has a son. That has severe autism. He did an album about him. Remember albums? It was called Transformer Man. And he put him in that school by San Francisco, the Bridges, where they’ve also had some great concerts there. But his son is severely autistic. And for that reason, Neil Young also became an investor. At one time, he owned 20% of Lionel trains.
SPEAKER 04 :
Trains, right.
SPEAKER 03 :
And another, tied to the Lionel trains, that seems to be something that the autistic kids like, things like that, stimulates their senses. And another father, he invented a clip that kept the track from coming apart and derailing for his son because his son was autistic and would get very, very frustrated with the trains derailing. And he invented a clip. uh… to keep them together because of an autistic son and of course uh… i’ve known many people you know working with the youth uh… in our uh… in our church over the last many years i’ve had many uh… that were in my class uh… or in my uh… you know uh… it under my uh… supervision that were autistic i remember one time This was about three years ago. We went to a girls camp. These were all high school age and junior high age girls and one severely autistic. And she drinks a Diet Coke every evening at about 5.30 p.m., right? I mean, that’s her routine. And she brought her stash of Diet Cokes up to the camp, put them in the refrigerator. And unbeknownst to her, somebody had drank her Diet Cokes. And when she went to get her Diet Coke, it wasn’t there. And that’s not good, you know, to interrupt somebody’s routine. And by the grace of God, I had a Diet Coke unopened in my car. And I went out and got it. You never would have seen a happier girl without it. to see that Diet Coke. But it is, you know, it’s become really an epidemic going from one in, I don’t know, 10,000 to one in 31 or whatever it is. It’s really something. I mean, it’s something that we need to get to the bottom of. And look, that seems to be RFK’s, one of his missions. He said many months ago that by September we would have One of the main causes behind autism, and they came up with the Tylenol as, you know, taking Tylenol, pregnant women in the early months of pregnancy, as having a tie, a big tie. Well, I look at it this way, Barry. I’m not a scientist. I’m not a doctor, but You know, it has to be something that changed somewhere along the way, you know, and they kind of know the date where all of a sudden autism entered into the picture in a much bigger way and has become worse and worse over time. It has to be something that’s commonly used, right? Just from a statistical point of view and a mathematical point of view, A lot of women, you know, there really is nothing else other than Tylenol to take for aches and pains, fever, this kind of thing, right?
SPEAKER 04 :
Yeah, I mean, you said it, I think, in terms of hiding in plain sight, I think, a couple days, yesterday or so. But, you know, it’s one of those things, yeah, so common that, you know, that that was… You know, maybe, I don’t know, overlooked or what have you. Who knows? But, yeah, I mean, I thought it was something, don’t take ibuprofen during pregnancy. I can’t remember.
SPEAKER 03 :
Yeah, citaminophen, which is the Tylenol. And, you know, Johnson & Johnson here is culpable here. Kenview stock is up 4% and a lot of the medical community, a lot of the professors, the colleges are crying foul here that no, that’s not it. There is no link. Tylenol has been proven safe. The one thing that kind of stood out to me is Cuba. They mentioned that in Cuba, Tylenol is too expensive for most Cubans. Most things are too expensive for most Cubans, unfortunately. They don’t take Tylenol, and they have a very low, if any, autism at all. To me… That just seems to be kind of a common sense thing, right, to create that tie between them. But because it’s Trump and because it’s RFK and this and that, you know, no, Thailand All Safe, continue to take it. It’s been proven to be safe. Me, if I were to ever have another child, I wouldn’t have my wife taking Tylenol during the pregnancy. But, you know, go ahead. I mean, this is going to be argued and this is going to be poo-pooed and this is going to be scoffed at. To me, there’s probably room for some drug company to come up with a safer alternative to Tylenol that gives the same benefits without this link. And then the other one that is kind of interesting is GlaxoSmithKline, GSK. They’re linking a drug there to being a big help once somebody has autism. But then I look at the stock here today, and the stock is down 60 basis points. So the world and the medical community and the science and research community is looking at RFK and looking at Marty McQuarrie and looking at Trump and looking at the reconfigured CDC panel. and basically scoffing at all of this. Where does the truth lie? And then the other one that seems to be at issue here is the maker, the actual manufacturer, Kenview, which was spun off by Johnson & Johnson, K-V-U-E. And then I hear the arguments on the other side, well, you know, we’ve proven that it’s hereditary, also autism, and that doesn’t explain the Tylenol connection. So anyways, I just find it… discouraging in today’s world that we’re so divided on everything and anything one side says is completely scoffed at and anything the other side says is a completely scoffed at which leads me to the conclusion you know that each person has to decide for themselves using wisdom using what you feel in your heart and in your gut, and try to go from there, because we’re certainly not going to hear it from the Democrats or from the Republicans, because they’re so darned divided at this point in time. Okay, when we come back, that was pretty big news, I thought, in NVIDIA yesterday. And NVIDIA really popped to the upside yesterday. And it also lifted the nuke stocks. They all had a terrific day yesterday. And even some of the younger nuke stocks also having a terrific day yesterday. And the data center stocks. What was that news on NVIDIA? We’ll be right back. This is Bill Gunderson. Thank you for tuning in to today’s Best Stocks Now, Best Inverse Funds Now show. I put several hours of research in during the wee hours of the morning each day to bring you the very best cutting-edge stories that I can. To get two free weeks of my newsletter, go to GuntersonCapital.com. To talk to us about our fee-based only money management services, call us at 855-611-BEST. Now, back to the second half of the show.
SPEAKER 05 :
And welcome back here to the second half of today’s Best Stocks Now show. Well, you know, the hottest IPO as we look into the future, OpenAI…
SPEAKER 03 :
I don’t know when that will be, a year from now, two years from now. That’s Sam Altman. The valuation being given to that company is astronomical. What’s it going to do, open up and be in the Dow on day one, Barry? Is it going to be a trillion dollars on day one? This is the most ridiculous thing I’ve ever seen in my life. But if you’re an NVIDIA shareholder, NVIDIA has a pretty big stake, stock stake in OpenAI. And they also announced yesterday that they would be working with OpenAI with opening up data centers. It just seems like all the energy in the world is going to be gobbled up by artificial intelligence. which seems a little bit ridiculous to me. I don’t know that we’re any smarter. I really don’t know that we’re any smarter with artificial intelligence, but there’s many people that think it’s the end-all, greater than God, you know, we’re going to have all of this intelligence at our fingertips. I don’t think we’ve become any wiser as a people. That’s just my opinion. NVIDIA had a heck of a breakout yesterday. Just when it looked like it was going to roll over. You know, it got down to 164 two weeks ago. And that was testing its support level. It’s been in a sideways trend since about early August. And by sideways trend, I don’t mean it’s been going down and then it’s leveled off. No, just the opposite. It’s a plane that took off the runway back in March, late March, when it bottomed out at 86. Can you believe that? It bottomed out at $86 per share. Today, what is that? One, two, three, four, five, six months later, it’s at 180. It’s added almost 100 points. to its price since then. Okay, so it’s been taking off, it’s been gaining altitude, and it finally leveled off at about 185, all right, is where it leveled off. And then it started bouncing between 185 and about 165. It’s in a $20 range. That’s called range bound. And it’s going sideways after a long ascent. I can’t use any better analogy than an airplane that finally levels off at 30,000 feet and is going sideways. And they do go up and down a little bit. Sometimes they’re trying to find smooth air, right? Time for beverage service, right? Yeah, I can open up my laptop. Here comes the stale peanuts and the Diet Coke to get me through the flight. And so it got down to that 165 level just two weeks ago, which is at the bottom of that trading range, and it looked pretty vulnerable. And the reason why I talk about NVIDIA so much is because it’s a bellwether stock. It’s a big bellwether stock. In fact, one analyst today mentioned, and I think it’s probably true, NVIDIA is carrying the weight of its shoulders of the U.S. economy. Much of the growth in the U.S. economy is coming from NVIDIA, an artificial intelligence that ripples out from NVIDIA and the splash that it’s made. in this whole tech sector and in the nation’s economy and a lot of this growth and earnings for the s&p 500 is coming from nvidia and the ancillary stocks that surround nvidia we wouldn’t be at the kind of growth we’re at which has been you know quarter over quarter we’ve been at 8-12% growth here for several quarters in a row. It’s an unprecedented streak of double-digit growth for the S&P 500, which is also carrying the S&P 500 to new all-time highs. Well, NVIDIA had that news yesterday. It had a huge pop. Just when you thought it was going to roll over, all of a sudden it’s invigorated again on huge volume and continues to march higher. And I do think that as we look for clues at where that top is at some point, It certainly wasn’t yesterday. I mean, you saw the Dow, the NASDAQ, the S&P 500 all motoring to new highs yesterday. And, of course, the Dow is following through once again today. Did you see the orders that Boeing – you know, I went to the – the airport a couple times this past week, once all the way there and then once on the way home and once to retrieve my key and back to get my car. I just can’t believe the explosion in the building that is taking place. It’s something to behold, and the planes that are on board
SPEAKER 04 :
You see the ones out there for delivery there? Just ready to double part.
SPEAKER 03 :
And I’m a guy that goes to the airport pretty regularly, so it’s like going to the shopping mall. Peter Lynch used to go to the shopping mall and see the line out the door. That’s for, say, an Abercrombie & Fitch or an American Eagle or whatever the case may have been back in those days, Gap Stores. Well, I’m just giving you a report from on the ground here in Charleston, South Carolina. Wow, is all I can say. Turkey is expected to announce a big order. I saw an interview with Erdogan last night. You know, Erdogan plays both sides. He plays what’s good for him. I think he’s a little bit more loyal to the communist side, the Russia and the China, than he is to the U.S., even though he’s a member of NATO. You know, I see him more on the other side of the fence, but… He wants to keep America happy and Lockheed’s supposed to get a big order from him for fighter jets. Can we trust Erdogan? He’s already got fighter jets, but that’s been a controversy here over the last couple of decades. But he’s supposed to do a big order with Boeing. Kazakhstan teed up a big order, like 100 planes. I kind of believe they’re hiring over there at Boeing. And the third one is China. So Boeing stock, let’s just take a look at it. It didn’t look very good yesterday. I thought, you know, is Boeing going to break through that 215 support level? There’s another chart that has been in a strong uptrend and now has leveled off at 30,000 feet. was threatening to break down actually yesterday, and now all of this news of new orders, and Boeing is up 2.5% here today on the news of those orders, which, you know, Boeing is also a bellwether stock. for the dow for sure i remember when boeing put in a bottom back in the covid years of course boeing that wasn’t good covid was not good for boeing and covid was not good for the airlines and covid was not good for almost everybody but the airlines especially and boeing you know were hurt badly
SPEAKER 04 :
And they had some labor disputes, right? They had some strikes they had to work through. They obviously had some headline risk when it came to any kind of plane crash or anything, any of that news.
SPEAKER 03 :
Well, and they had all that 737, the planes going down during that period of time, and a very troubled company. Now, the other one that got a big order yesterday and had a big pop, I thought, where did that come from? And all of a sudden today I read that Embraer, ERJ out of Brazil, got a big order. And Embraer had a big pop yesterday. We own Embraer in the relative value range. portfolio and man that that stock had a really nice day yesterday we have some big gains in Embraer ERJ it’s down just a little bit here today but Embraer also got some some good gains here yesterday and then of course yesterday with the NVIDIA news and this whole AI thing the open AI which is now a for-profit company at some point it will go public that set the nuke stocks on fire once again uh… yesterday a huge gain for constellation energy now these are the established nuke stocks the big guys GE vernova had a huge gain yesterday Vistra had a huge gain yesterday. They’re pulling back. There’s some profit taking in those stocks after a huge day yesterday. And Talent Energy, TLN, also had a huge day yesterday. And when we come back, we’ll talk a little bit about Oklo, which has had one, two, three, four huge days in the last couple weeks today. because their initiative up in Idaho is making progress. We’ll be right back.
SPEAKER 06 :
Thank you.
SPEAKER 1 :
Thank you.
SPEAKER 03 :
And welcome back here to the final segment of today’s Best Stocks Now show. I want to look into the indexes just a little bit here. Intel is up 4% today. Okay, that’s the biggest winner in the NASDAQ. And, you know, we were there. We were like two blocks, right, from Intel up. When that big news broke, and there’s another… Yeah, 25% move that day.
SPEAKER 04 :
It was kind of the story of the week last week. Unbelievable.
SPEAKER 03 :
And, you know, there’s another card that Jensen Wang has in his hand, right? Right. is the collaboration and the investment in Intel. And to some extent, you know, when Intel goes up, that helps NVIDIA stock. And to another extent, when OpenAI does another round of funding. Now the valuation is one gazillion. NVIDIA has a piece of the action there.
SPEAKER 04 :
And I believe Microsoft does too, don’t they?
SPEAKER 03 :
Yes, Microsoft has a big investment in OpenAI. Micron’s up 2.1. I’m not seeing big tech today. I’ll tell you a stock that has really taken off. Wow. Good timing. Whoever runs that relative value fund did a good job in picking up ASM lithography at an excellent point in time. What is their claim to fame? Well, I mean, it takes very, very high-tech advanced equipment. In those Taiwan semiconductor factories, thank you, that’s another one we own in the relative value fund. It continues to hit new all-time highs. You know, the triage is, the trio is Nvidia with the chip design. uh asm lithography with the equipment to make the chips and taiwan semiconductor housing that equipment knowing how to use that equipment to produce they’re the fab they fabricate the chips And ASM lithography has just bolted higher and taken off. And, of course, TSM has also had a fantastic, oh, my gosh, it’s breaking out again today to new all-time highs. TSM is now a $1.5 trillion company. Boy, if Chairman Xi really wanted to upset the apple cart, surround Taiwan, invade Taiwan, and take over those chip plants, which are cranking out 80% of the chips in the world, including these high-speed AI chips, that’s the vulnerability there. Look at the earnings runway in Taiwan Semiconductor, TSM. All of a sudden, they’re going to have 45% growth in earnings this year, 20% next year. And, you know, that was a big piece of that trend. A presentation that I did a week ago today in Santa Clara at the Marriott there, I spent a lot of time showing the correlation. I don’t know about Tylenol and autism, but earnings and stock price appreciation, there’s definitely a correlation, right? Oh, you could argue with me and say, nah, there’s no correlation. It’s just all supply and demand. That’s all it is. The markets are efficient. You know, people would argue with the point that there’s a strong correlation between earnings, growth, and stock price appreciation. Yeah, correlation and causation, too, by the way. Absolutely. And just watch what happens when a company guides higher. Not only is there a correlation between past earnings… There’s an even stronger correlation to future earnings because that’s where the stock is headed. Watch what happens when a company comes along and guides higher. Guides higher. There’s also that correlation between earnings. Well, look what happens when a company comes in and beats. Look what Oracle did. When they came in and beat, the stock was up 30%. Did that occur while we were in Silicon Valley or was that the week before? I can’t remember. It gets all jumbled up in my mind. But Taiwan Semiconductor, the runway for earnings and sales growth is just unbelievable right now. And the stock is hitting new highs because of that correlation. So that stock is having a fantastic day here today. What’s not working in the NASDAQ today? Let me look here. The NASDAQ’s weak today. The Chinese stocks are off a little bit. NVIDIA’s down 2%. I’m going to call that profit-taking. after the big jump higher yesterday you know and then there’s stocks like why would you own O’Reilly Automotive why would you own Regeneron or stocks that have lost ADP which have lost their way as it relates to earnings. And I showed the difference, you know, between the big earnings stocks out there today and the flat ones, and you can see the difference in the performance of the stocks. It kind of is some profit-taking in the AI space.
SPEAKER 04 :
Yes, after yesterday. Vistra is down. Some of the, you know, GE, Vernova is down. Yes. Some of the energy names are down, and Astera is down about 5%.
SPEAKER 03 :
Was yesterday the top? We don’t know. We won’t know until after the fact. Now, you could guess. I know many people that got out a year ago, that got out nine months ago, that got out when Trump took office, got out six months ago, got out three months ago, got out last month, and then it all hits a new all-time high yesterday. So as I say, There’s a lot of clues out there. We’ll get a lot of help. It’s going to start to show up in the individual stocks, in the technical charts, and in the earnings reports, and also in the earnings guidance that these companies are giving. And that’s why I am so immersed. My neighbor hires a fishing guide to take him out every, this must be Tuesday, every Tuesday a fishing guide comes to his house, they launch the boat, which they’re getting ready to launch the boat, and they go out fishing. My neighbor’s a smart guy. He hires a fishing guide that’s immersed in the water every single day and probably takes him right to the fish.
SPEAKER 04 :
And doesn’t have to be a boat owner.
SPEAKER 03 :
No, these are the fishing months here in Charleston, September and October. I need to get in on that deal and find out how they’re doing. I’ve been too busy to ask him even how. But this is big redfish time and big trout, speckled trout time here in the Charleston area. I’m going to get a report. I’ll have a report for you, a fishing report for you tomorrow from my neighbor who hires a fishing guide, smart man, saves a lot of gas, puts a little fish on the table. To get our fishing report every Saturday, GundersenCapital.com, that’s the newsletter. To hire a fishing guide for you who’s immersed in it every day, set up an appointment, 855-611-BEST. 855-611-BEST. Have a great day, everybody.
SPEAKER 01 :
This show is not a solicitation to buy or sell any securities.
