In this compelling episode, professional money manager Bill Gunderson provides in-depth analysis of the recent market fluctuations impacted by geopolitical tensions in the Straits of Hormuz. Joined by Barry Kite, a certified financial planner, they delve into the repercussions of global events on commodities such as oil and gold, with particular attention to the recent surge in crude prices and its domino effect on global markets. Discover how these dynamics are influencing your everyday expenses and portfolio strategies.
The Thursday, it is the Thursday, March 12th, Straits of Hormuz edition of the Best Stocks Now show with professional money manager Bill Gunderson, president of Gunderson Capital Management. And I’m here with Barry Kite, our chartered financial analyst and certified financial planner. And with a couple of attacks there in the Straits of Hormuz, that’s the hot spot in the world right now. We’ve got a bit of a down day in the markets, and we have oil rising once again up into the $94 range. And as a result, the Dow is down 511 points right now. That works out to just over 1%. The Dow is at 46,905. We have the NASDAQ down 277 right now, 1.2. Weakness in the chips, weakness in AI. The S&P is down 64 points to 6,711. The Russell 2000 down 1.5%. Seeing a big spike in interest rates again. 4.24% is where we are on the 10-year right now once again. Seeing some elevated numbers there. Crude oil is up 8.7% to $94.82. Gold is down 0.5%. And Bitcoin is down $189,000 to $70,000 to $19,000. So welcome to today’s Best Stocks Now show with professional money manager Bill Gunderson, president of Gunderson Capital Management, a nationwide fee-based only money management firm. And we had a decent day in the markets yesterday, although it kind of sold off. We were up and then we sold off a bit going into the close. And we had oil prices coming down today. But since we last talked yesterday, there were two attacks in the Straits of Hormuz. They’ve got to get that under control, Barry. That seems to be the choke point right now.
SPEAKER 04 :
Yeah, and in everything, oil is the one that, you know, obviously the commodity that everyone’s talking about, but I was reading, I saw some info on, you know, urea and, you know, fertilizer. Yeah. And it’s planting season, so then you end up, you know, it all just domino effects down across the globe.
SPEAKER 07 :
You’ll be paying more for cucumbers and string beans here before long because nitrogen and potash and things like that, go into growing our crops, and that’s being impacted right now by the Straits of Hormuz. That’s why it’s all interlinked, and that’s why our show, really, politics, world events, global markets all come together. In our 50-minute show every day, we call it Best Stocks Now, but obviously it covers a lot more territory than that because it all feeds in. It’s a weighing machine. To the market, and it feeds into your grocery bag at Walmart.
SPEAKER 03 :
Yeah, right.
SPEAKER 07 :
It feeds into your gas tank at Costco. I mean, across the board, in one way or another, all of these things are affecting your life in one way or another, even your retirement plans someday. So we had a decent day yesterday. We had a good CPI report. That was good news. It came in at 2.4. We saw a big surge in Oracle yesterday. Not a stock that I’m enamored with at the current time. A little bit behind the times. It was a great stock at one time, but companies have life cycles, and you want to own them when they’re flourishing and not just struggling. Tanker attacks in the Persian Gulf. Crude oil rose to the highs of the day on Wednesday, and of course they’re going up again today, following reports that a fire broke out on an oil tanker in the Persian Gulf near Basra in Iraq’s territorial waters. Hey, hey, they’re venturing out into other waters now that don’t belong to them after an apparent attack, while a second tanker anchored off the coast of Kuwait, suffered an explosion. At least three cargo ships were hit earlier near the Strait of Hormuz, bringing the number of vessels struck in the region since the Iran conflict began to at least 14. Fourteen vessels have been hit. And that’s why it’s hard to get insurance on a vessel right now from Lloyd’s of London going through the Straits of Hormuz. And I’ve got to believe they’re going to amp up the pressure big time in knocking out the source of these, you know, attacks on these ships going through there.
SPEAKER 04 :
Yeah, and the problem is there, you know, some of these ships is not, you know, they were already trapped in port. It wasn’t like they, you know, just, you know, kind of… strolled up and, oh, here we are. Some of these are stuck in port and are getting hit, but they can’t really leave, and they’re getting hit while they’re sitting there.
SPEAKER 07 :
Yeah, exactly. There were several releases of the Strategic Oil Reserve. Some other countries outside of the U.S. All over the globe, Asia particularly. Yep, and the U.S., the Trump administration plans to release 172 million barrels from the U.S. Strategic Petroleum Reserve as part of a coordinated global effort to curb rising crude and fuel prices. Less than two weeks, it’s been less than two weeks after the start of the Iran-Iran war, Energy Secretary Chris Wright announced Wednesday evening that the release will take roughly 120 days. to deliver oil from the energy department’s emergency reserve. So it at least puts downward pressure. It puts oil supply on the increase. and it puts downward pressure on oil prices. But then you have these events like explosions occurring on tankers, and that kind of offsets each other.
SPEAKER 04 :
Yeah, and the tricky thing is obviously those 120 days from now, so when we talk about spot price or what the price of oil is, that’s the most current contract that’s going to be coming due fairly soon. And the interesting thing is you’re starting to see these December contracts start to rise and push closer and closer to what the current spot price is, which folks who are hedging fuel costs eight months from now, they’re hedging those costs right now at a higher price. And so what you’re doing with these, you know, announcing these different releases is you’re really trying to, you know, pull down those future prices, right, hedging prices. You know, we don’t have as much control over the current spot price, especially if it takes 120 days to get the stuff out there.
SPEAKER 07 :
And the guy who’s celebrating all of this is Putin in Russia, where 80% of their economy is dependent upon oil prices. So it’s in his best interest. to help Iran block those traits of Hormuz. I don’t know that he’s doing that, but he certainly has a motivation to do it and to keep those closed and keep oil prices high. 7.5% of the worldwide supply goes through the Straits of Hormuz. The Iran war causes the biggest disruption ever in the oil markets. That’s what the IEA says. I think that’s a little bit overstated myself. They’re saying that the war in the Middle East is creating the largest supply disruption in the history of the global oil markets. Tanker traffic through the strait, which carried about 20 million barrels per day of crude and refined products last year, has fallen more than 90%. So you’re down to just 2 million barrels a day going through there. And the IEA reportedly said the conflict could cut global oil supply by around 8 million barrels per day this month. And they say that’s the largest. Of course, we’re using a lot more oil today than we were 50 years ago, calling it the largest disruption that the oil markets have ever faced. And, of course, you know, there’s a lot going on behind the scenes. Now Brent Crude, which is out of London, it climbed above $100 a barrel on Thursday.
SPEAKER 04 :
And there usually should be about a $5 difference between the two. And I think we talked earlier this week where they were basically WTI, Texas Crude and Brent were the same price. Now that’s kind of gotten back to normal where you can kind of look at it and there’s that $5 difference between both. The Europeans are in a much worse situation when it comes to energy, LNG, oil, than certainly we are. We are the biggest oil producer in the world. People forget that.
SPEAKER 07 :
Yep. And I see Goldman Sachs is hiking their oil outlook. Brent crude surges past $100 on Thursday as escalating hostilities in the Persian Gulf, including fresh attacks on commercial tankers. Goldman Sachs, meanwhile, has raised its Brent WTI crude oil price forecast for the fourth quarter of 2026 to $67 to $71 a barrel. So they see it pretty much as a temporary thing up this level. But 67 to 71, it’s quite elevated. We were below 50 there for a while. All right, when we come back, there’s a lot of other areas. And welcome back here to the second quarter of today’s Best Docs Now show. Well, Mosaic and CF Industries ranked as two of the top three gainers on the S&P 500 on Wednesday, up 10% and 9% respectively. And I see they’re breaking out again today to the upside. That’s MOS and CF. As the Middle East war continues to disrupt fertilizer shipments, through the straight of Hormuz. Nutrien is the third one, NTR. And I’m looking at all three of those stocks today. They’re all breaking out to the upside. You know, whether or not they’re a good investment at this point in time, that’s questionable.
SPEAKER 04 :
Similar to the Russian invasion. I mean, remember when you used to joke around and I became a fertilizer analyst? That’s right. I mean, that was, you know, it’s interesting when I was looking at that, you know, it’s almost like, you know, we’re sitting here a handful of years later with the Russian-Ukraine conflict, but. You know, certainly if it’s something that prolongs, I mean, those are kind of that similar game plan. At one point, there was only a few things that worked when you look back at that period. I think it was just really commodity-based businesses and everything else was kind of just basically flatter down during that period.
SPEAKER 07 :
Well, this is the time of year about every April. I get two big giant bags of turf from Scott. Scott’s a turf builder. that also kills all of the southern weeds that we have down here. I think last year I paid $76 per bag and that kind of pretty much does my whole front yard and back yard. We’ll see what they are this year. I’ll price them today. But this is planting season and more than a third of global fertilizer moves through that waterway. How important is that waterway It just seemed clear to me that that has to be one of the top priorities, if not the top priority, is to create a clear passage. You had the Houthi rebels. They were hitting a different area, but that’s a critical part of the world shipping. Otherwise, you’ve got to go clear down around the Horn of Africa, and that really adds a lot of cost. to shipping so you know but fertilizer obviously that affects feed uh for uh for cattle and pigs and livestock and uh vegetables and fresh fruit uh most people it’s a domino effect it’s a domino effect all the way through the whole system i mean even diesel right i mean diesel diesel fuel in terms of everything being you know farm to table everything you know deep you know
SPEAKER 04 :
being trucked, you know, so much things being trucked here in the U.S. particularly. So all of those, the longer it goes on, the longer that straight stays blocked it’s no different than in covid when you had or uh remember when we had the thing we talked about was the suez canal was blocked remember you had that ship that was stuck the one you know for a little while yeah blocking the straight there yeah so it’s it’s uh and you as you mentioned i think it’s about 10 million barrels of oil if not more that kind of go through that area so if you think of the the math what we iea said they’re going to release you know call it 400 million barrels of oil It’s essentially 40 days.
SPEAKER 07 :
Yeah. 40 days and 40 nights they wandered in the wilderness.
SPEAKER 04 :
Funny how it works out like that.
SPEAKER 07 :
Yeah, it’s a big number in the Bible for some reason, 40. My Big Arch might be $12.16 by this Saturday. I paid $11.16 the initial run. I don’t know that I’d be running back to buy another one any time soon, but it’s going to affect the price of a Big Arch hamburger. Then people are going to demand it. that the Strait of Hormuz gets cleared. Now, there are five different stories coming in today on private credit. Oh, yeah.
SPEAKER 04 :
They’re lucky. Private credit’s lucky that this Strait of Hormuz is blocked because it would be on the front page for sure.
SPEAKER 07 :
This was another horrible idea by Wall Street to earn fees, to earn commissions, to create a product for RIAs like me or broker dealers or brokers to sell. And it was obvious that it’s a worse idea than packaging the mortgage loans back in 2008 and 2009.
SPEAKER 04 :
We’re going to find out. At least you had a home back then, right?
SPEAKER 07 :
We’re going to find out if it’s going to have the same magnitude as the 08-09 crisis, which took the S&P 500 down 53%. Is the private credit party over amidst surging redemptions? Well… That’s in today’s Seeking Alpha. Are there cockroaches still crawling around?
SPEAKER 1 :
100%.
SPEAKER 07 :
Private credit fears are on the rise again. As major funds reveal redemption pressures and banks move to cut their risk tied to the sector. I’m telling you, the little guy is going to be left holding the bag. It’s also creating a big dilemma for the industry. I’ve got to break out that t-shirt, B-W-R-A, Bill was right again.
SPEAKER 04 :
Didn’t somebody start that one too, didn’t they?
SPEAKER 07 :
I had a guy that worked for me that had a bunch of them printed up because he noticed that Bill has a propensity to be right a lot. My mother used to say the same thing. Never argue with Bill, she would say. Whose loan holdings and values are quite opaque and cannot offer immediate liquidity? I’ve noticed that a lot of these large private equity firms that are publicly traded are selling off non-related assets, and I think it’s to raise cash. They’re not saying that, but all of a sudden they’re selling off an asset that’s AI-related or energy-related. It’s to raise cash to pay off these redemption requests. This is getting very, very bad. The modern private credit industry opened for business after the global financial crisis as all types of caps and limits were slapped on banks. Private credit firms emerged. So you know what? I mean, you close one door and another door opened as banks had to have stricter limits. It seems to me like they’re asleep at the wheel allowing these private credit firms to pick up the slack and do some of this high-risk lending. And companies like Blackstone, Apollo, Carlyle Group, they’re all under heavy pressure. Red Flags first appeared in the fall after auto parts maker First Brands. That’s who it was. I was trying to think of that one. And Subprime Auto Labder Tricolor Holdings went bankrupt. Things escalated last month as redemption requests spiraled at direct lender Blue Owl, while BlackRock, I saw an interview with the CEO of BlackRock last night on the news, later curbed withdrawals from one of its largest private credit funds. Now JP Morgan is marking down… loan portfolios of private credit groups so wait when we come back four more stories on this private credit mess and we do have an inverse etf against the financials right now 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 02 :
and welcome back here to the second half of today’s best stocks now show and as this private credit unwinds there’s four ways
SPEAKER 07 :
to play it if you have the stomach for it. Number one, ProShares short high yield. That thing’s breaking out today. So that is an inverse ETF. one-to-one against the liquid high yield index or the junk bond index. So you’re taking an inverse position on the junk bond index. So it’s gone from 1518 to 1552. It’s up about 3% or 4%. It has a pretty solid chart right now. But better yet, you have SEF, which is short the financials. That is up 16%. Since the beginning of the year, SEF is one time short the financials. Look, you look back at 2008 and 2009, just think how these inverse financials did. That was the eye of the hurricane. And I remember that the triple or the double short the financials SKF, it was up like 300% or 400% that year. And that would be another one. SKF is two times inverse the daily performance of the S&P financial select sector. It’s breaking out today. It’s breaking through resistance. If you’ve been to one of my workshops or if you’ve received my newsletter, You’ve seen that simple way to look at charts. They’re either in a sideways number one pattern. They’re in a number two pattern, which is up. They’re in a number three pattern, which means they’ve been going up and now they’re leveling off. Or they’re in a number four down pattern, just like an aircraft taking off on the runway. Getting altitude, going into a number two, leveling off at 30,000 feet, and then coming in for a landing in a number four down pattern. And I’ve always said that ideally the best place to buy a stock is as it emerges out of a number one sideways pattern and breaks out. through what we call resistance a ceiling it’s an imaginary ceiling but every time the stock or ETF hits that it backs off well when it finally breaks out which SKF did about five days ago now you don’t have any overhead resistance you don’t have anybody that owns this thing at a higher price who’s dying to get out Everybody is pretty much a fresh owner of it and they’ve got profits and it continues to rise. And then of course there’s a three times, three times financial and it’s breaking out too. It is up 55% since the beginning of the year.
SPEAKER 1 :
55%.
SPEAKER 07 :
FAZ. FAZ is a direction product. That’s another family of ETFs. And it is juiced, I want to say, three times. And it’s up 4.1% today and hitting a new 52-week high. So… I think it’s going to continue to get worse. I don’t think they’re going to be able to turn this battleship called private credit, which, what, there’s a couple trillion dollars in it, and it’s starting to really, you know, the tip of the iceberg we saw about a month ago. Although we’ve seen it underneath the surface coming for quite some time.
SPEAKER 04 :
Yeah, I mean, and JP Morgan, I mean, one of their particular products that they have, they’ve limited the amount of redemptions to 5%. And so, you know, so in terms of getting your money out, right, even if, let’s say the price of the underlying stays the same, right, it’s still going to take you, I mean, the illiquidity portion is going to, Just tough to deal with. Even if you get your money back, it’s going to be over a long period of time, and you could have used that capital for something else more productive.
SPEAKER 07 :
It’s very similar to the non-traded REIT situation, which we inherited a lot of non-traded REITs over the past several years. And it’s true. They don’t trade. You’re stuck in them, and you really have no idea what the valuation is. You know it’s really what they tell you. And that’s a big problem right now. Blue Owl, who I can’t tell you how many articles I saw, buy this 10% yield all day long. How can you pass it up? It’s at 10.1 right now, the dividend yield. As it goes down, the yield goes up. But as it goes down, the value of your portfolio goes down, of your holding. Blue House private credit valuations are being questioned now by a lot of money managers. They’re supposed to be marking that stuff down. And that was the same pattern that the non-traded REITs followed. They weren’t marking them down. And so they were saying, well, it’s not correlated to the market. See, the market went down and your REIT stayed the same. That was in the early innings of the whole non-traded REIT business, another one that we avoided like the plague. And this is just as bad of idea, if not worse, than the non-traded REITs. And it’s all done in the greed on the side of Wall Street, creating a product, that they can sell to people, make a fee, brokers can make a commission, and they can lure people in by the double-digit interest rate returns. I see YRefi doing the same thing with heavy television coverage. And then at the very end of their commercial, they say, oh, and by the way, make sure you get a private placement memorandum and read it thoroughly before you invest. But anytime you see, we can’t find a bond much over 5% right now. In fact, it’s getting hard to find one over 5%. So you know that when they’re offering 10% to 11% returns for investors, there’s a big, major red flag that should go up and yet a lot of people have been sucked into this it just seems like you know it’ll show up again what will be the next thing i mean private equity it will be that that already is a big thing but they’ll dream up some other scheme and now morgan stanley Here’s your fourth story. Private credit limits redemptions amid growing credit market fears. Oh, more problems. And now these people are starting to be called on the carpet at CNBC and this whole issue down underneath the surface is starting to be exposed where we’ve been warning for well over a year. about what we saw under me the surface and then the tentacles go far and wide while deutsche bank does not have any direct credit risk they have credit risk through interconnected portfolios and counter parties shares are down four point three percent today on deutsche bank As private credit and activities from non-bank financial institutions, it’s a way to go around the tight regulations at the banks. They created an easier way because they’re not regulated the same way that the banks are. They’re getting… They continue to face pressure from higher interest rates, refinancing risk, and subdued investor sentiment. That’s another thing.
SPEAKER 04 :
It’s the old shadow banking system is what that really is.
SPEAKER 07 :
Yes, and you’re losing the liquidity. As new money comes in, this was what Bernie Madoff was running. As new money came into Madoff’s fund, he had plenty of money sloshing around, to continue to pay the interest payments, right? Now, as new money wanes, new money is not coming in, and the value of the portfolios go down, and all of a sudden you get redemption requests as people start to get scared of what’s going on. Now you have a perfect storm, and it’s not good. Cliffwater Private Credit Fund gets redemption request totaling 14%. Here’s the fifth story today. And, you know, I got one as recently as two weeks ago from Carlyle Group saying, we’re everything private. Private credit, private equity, we specialize in it.
SPEAKER 04 :
I have noticed they have slowed down in time. I haven’t gotten one since then. We used to just get pummeled. Two a day. Yeah, at least. Right. And then you would forward it to me, too.
SPEAKER 07 :
There’s a lot of firms out there that either created this private credit, a lot of firms that bought pools of this private credit, There’s broker-dealers that sold this private credit. And then, of course, there’s the individuals that are holding this private credit. So the tentacles far and wide. And it could be the unraveling of the 2008-2009 bull market. It began in 2008 and 2009. Look at the charts. This could be the unraveling. We’ll just have to see. We’ll be right back.
SPEAKER 01 :
Go where you want to go. Do what you want to do.
SPEAKER 07 :
And welcome back here to the final segment of today’s Best Stocks Now show. Well, we just went through five stories on an area of the market that is extremely vulnerable. And I would just go back. You know, the bear market of 2000, which took the NASDAQ down 79%, Finally ended in about 2003. And then we had a bull market until about 2007. It lasted about four years. Believe it or not, the value stocks were leading in that period of time. And then all of a sudden, stories like this began to emerge about the mortgage markets and the packaging of the subprime loans and the housing market. All of a sudden, people not camping out anymore overnight to just get a home in a housing tract with no money down and You know, all of that came to a crashing halt. And that brought down that bull market that lasted from 2003 to 2007. And then we had the great bear market of 2008 and 2009 called the financial crisis. And that brought down the S&P 53%. And then in 2009, March of 2009, I wrote a newsletter that said a new bull market is being born because I saw the earnings estimates starting to rise once again after they had been ratcheted down for a couple of years from 2007 all throughout to 2007 and 2008. And that bull market is still intact today, 2009 to today. You take out the COVID year, just look at a chart of the S&P. Pull up a 15-year chart or 20-year chart of the S&P 500, and you will see that we’ve been in a cyclical or a structural bull market since March of 2009. And something will eventually bring it to a halt. And I’m not sure if this is it or not, but it’s usually something that Wall Street dreams up. Or it’s usually where there’s a massive bubble, Barry. In 2000, it was the massive bubble in the dot-com stocks. It finally just crashed the market, crushed it. And in 2008, 2007, it was the massive bubble in the housing market.
SPEAKER 04 :
Yeah, financial engineering, really, packaging of those subprime organizations.
SPEAKER 07 :
Which created demand. I mean, if you could go get a loan by just signing the papers, it created artificial demand for houses. Those houses weren’t even being lived in. They were being bought. There was no equity. They would go up in value and they would turn around and sell them because they had built a little bit of equity in the home. It was not sustainable is the problem. It was unsustainable. And it all came crashing down. And we’ve been going up ever since March of 2009. The earnings have been going up except for the COVID year. And I’ve always said eventually something will start to cause the earnings to start being ratcheted downwards. And it will be another bubble or it will be something that Wall Street dreams up like they did with the mortgages this time. And then they did it with the private. They did it with the non-traded REITs, too. which created a bit of a nightmare in the real estate sector.
SPEAKER 04 :
Yeah, certainly the office REITs, and some of that still hasn’t even played out since COVID.
SPEAKER 07 :
And that would be the other area that’s vulnerable, very vulnerable, are the office and commercial real estate REITs, real estate investment trusts. The whole REIT market, really, is vulnerable. But, you know, the earnings continue to go up for now. But just file that in the back of your drawer, in the back of your mind, that this is brewing, this private credit thing. I knew it was a big, big problem. I’m going to say maybe six, nine months ago, I was listening to Bloomberg, and I heard the CEO of Franklin Templeton Mutual Funds Yes. Just so in the virtues of private credit, oh, this is the best thing we’re all in, I go, oh.
SPEAKER 04 :
Which used to be a pretty conservative firm over the long, long history.
SPEAKER 07 :
They had a well-known fund, the Franklin Templeton Income Fund. And I’d like to look at what the returns of that have been over the last 10 years, but it was their flagship fund. And when she said, we’re all in on private credit, and I was getting four to five emails per day, let us help you with private credit, get your clients into private credit. And as companies interviewed me about buying my company, they all asked, what is your appetite for, what’s the word I’m looking for, alternative. Yeah, alternative investments. I said, I have no appetite. Goodbye. And, of course, the feeling was mutual. They wanted me to pitch my radio listeners their crap and put their crap into my people’s portfolios. And I said, no thanks. And I turned down some very large offers of people that wanted to buy my firm, nationwide firms that you would recognize the names of, because I would not have anything to do whatsoever. And I’m talking a lot of firms. Right. You know, close to 100, believe it or not. And they all wanted to take over management of my clients. and put my clients into their crap that they’ve come up with. And they earn a fee, blah, blah, blah. You know what? It’s not a way to build a sustainable growth model for a business. It’s a one-hit wonder. You get those fees, and then the people get mad. It’s just not a good thing, but they never learn. And there are some companies that are up to their eyeballs in this stuff, And it’s the tentacles in far and wide. Now, I’m just going to close with this. There’s four good stories on one stock today. Palantir expands deal with GE Aerospace to use AI for military aircraft. Palantir and NVIDIA to provide sovereign AI operating system architecture. Centris, which is a big uranium miner, and Palantir partner on U.S. uranium enrichment expansion. They eye $300 million in cost savings. Well, there were three big stories. Three big stories on Palantir in different areas. Defense, uranium enrichment, and AI with NVIDIA. And Palantir is on the good end, the sunny side of the street for now. Well, I hear the music. We’re out of time. Do get in touch with us. Give us a call at 855-611-BEST. Set up an appointment with us. Get away from these greedy monsters on Wall Street. And if you’d like to just sample the newsletter and the portfolios, the five products that we offer here at Gundersen Capital Management, go to GundersenCapital.com. GundersenCapital.com. Have a great day, everybody.
SPEAKER 05 :
This show is not a solicitation to buy or sell any securities. Bill Gunderson or clients of Gunderson Capital Management may have long or short positions in stocks mentioned during the show. Past performance is not indicative of future performance. Gunderson Capital Management is a fee-based registered investment advisory firm. All accounts are held at Charles Schwab. Schwab is a member of SIPC and FINRA.
