Protean: eGov Solutions Company With Long Runway of Growth

May 24, 2024 in Asia, Asian Investing Summit 2024, Asian Investing Summit 2024 Featured, Audio, Discover Great Ideas Podcast, Equities, Ideas, Member Podcasts

Mehul Bhatt of OysterRock Capital presented his investment thesis on Protean eGov Technologies Ltd (India: PROTEAN) at Asian Investing Summit 2024.

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About the instructor:

Mehul Bhatt is the Founder and Managing Partner at OysterRock Capital, a six-year-old India-centric fund manager founded in Mumbai. The firm manages an onshore India fund and has Luxembourg and Mauritius vehicles where it accepts international investments for investing in Indian equities. OysterRock’s thesis of “Capturing Undiscounted Change” and capturing perception variance between businesses and markets are areas where the firm has seen extraordinary outcomes. The firm specialises in identifying companies that are in transition and by combining deep analysis with “scuttle-butt”, it has seen success in companies like Gabriel India (3x), Laurus Labs (10x), and Polymed (4x). OysterRock also has an extraordinary advisory board made up of well-known Indian business leaders. The firm’s design, processes and actions are deliberate to align client interest which helps it to focus on making idiosyncratic investments with asymmetric long-term prospects.

OysterRock returned the money to investors in September 2021 in the first fund after ~3.5 years with a return of 84%, pretax but after fixed fees and expenses. OysterRock’s thesis is now well tested over time and through cycles.

Previously, Mehul headed equity fund management at HSBC Asset Management in India and worked at Credit Suisse and Raymond James’ India business. Mehul is a mechanical engineer and a management graduate from the Indian School of Business.

The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.

Lessons From the First Decade of Running a Value-Focused Strategy

May 18, 2024 in Diary, Equities, Letters

This article is authored by MOI Global instructor Steve Gorelik, portfolio manager at Firebird Management.

Roughly 11 years ago, I began investing in US equities based on a simple premise. Buying high-quality companies with better free cash flow yields and faster growth prospects than the benchmark, will generate better returns over the long term than the index. A decade into it, while our investee companies are performing reasonably well, to my surprise and disappointment, we find the strategy’s performance well behind the S&P 500.

The interesting thing is that the strategy hasn’t done poorly – it did as well as I expected it to do based on the investments that were made. The companies bought have delivered free cash flow yields well above the S&P 500. These cash flows usually grow faster thanks to organic growth and smart capital allocation, often including value-accretive buybacks. But you would have been better off just buying one of the low-cost ETFs that would have exposed you to the S&P 500.

Chances are you, if you are reading this, are either a professional investor or, at the very least, have done some investing on your own. If you made your own investment decisions, more likely than not, you are feeling one of two things right now:

  • If you are one of the rare investors to have beaten the benchmark: “Ha! I am better than him.”
  • If you haven’t: “See, there are other people like me.”

The purpose of this letter is not to make either one of the above categories feel better about themselves but to make me a better investor. The late Daniel Kahneman was famous for looking forward to being proven wrong since it allowed him to improve. I hope a critical review of past actions will help me make better investment decisions in the future … and if I make anyone feel better in the process – that’s a bonus!

Summary of Results

Since the I began investing using this strategy in 2012 through 2023, there have been 135 decisions to add a company to the portfolio. The results from these investments were anything but ordinary, with nearly 50% of purchases delivering IRRs of either above 30% or below -20%. By comparison, for the S&P 500, less than 2% of the companies in the index during this period delivered these types of returns. If the point of active management is to produce distinctive returns – we succeeded on that metric.

Source: Firebird Value Advisors internal research; Information about specific past investments is included for illustrative purposes only and is not intended to be indicative of actual future investments or performance results that will be achieved by any fund or strategy. The actual net return of the strategy will be provided upon request. Past performance may not be indicative of future results, and the results of actual investments may differ significantly.

It is hard to come up with one reason why the dispersion of returns in our investments is so different from the benchmark, but one explanation could be time intervals. For the benchmark, we looked at the ten-year performance of all companies in the S&P 500 over the last decade. For our investments, we consider actual IRRs achieved over a holding period ranging from four months to ten years, with an average of about two and a half years.

While winning investments will be analyzed later on, we will first review the investments that have delivered IRRs of 10% or less over our holding period. In the portfolio, investments are placed into one of the following categories:

  • Cash Flow Growth at Reasonable Prices – Companies that are growing revenues and profits at an annual rate of 5% or more while trading at a price that we consider to be attractive for that level of growth
  • Growth with Temporary Problems – Companies that have the potential to grow annual revenues and profits at a rate of 10% or more but, for one reason or another, are dealing with a temporary setback
  • Value with a Moat – Companies operating in industries with natural growth rate of 5% or lower but allocating capital in a value-added manner and trading at a very attractive price

Usually, the portfolio is more or less equally split between these categories, but more than half of the investments that failed to beat the benchmark came from the Value with a Moat category.

Is Value with a Moat still a viable strategy?

Given these results, it is tempting to dismiss the whole Value with a Moat category as “uninvestable,” but that would be succumbing to recency bias given that value companies have usually outperformed the market over long periods but haven’t done so in the last five years. We had several successful investments in this category, including Owens Corning, FMC Technip, and Ameriprise Financial. The common theme amongst those “winners” is that they are high-quality, well-run companies gaining share in stable industries. The combination of these factors leads to expanding margins and, in turn, strong market performance. That said, there have also been a fair share of less successful outcomes.

We looked at the companies purchased since the inception of the strategy that fell into this segment and assigned them further attributes such as High Leverage, Declining Addressable Market, Declining Margins, etc. While each of these measures impacted performance, one characteristic, the declining addressable market, seems to be overwhelmingly to blame for many of our poor decisions over the years. The takeaway is: Don’t buy companies with shrinking addressable markets.

A solid counterargument can be made by people investing in high-quality companies with a shrinking consumer base, such as tobacco. Still, one should know what they are good at and where the decisions usually prove faulty. It turns out I am not a good “cigar butt” investor.

When to Sell?

The median holding period for investments in the strategy is just under two years, which aligns with our expected two- to three-year goal. Over the last eleven years, we sold 109 companies, out of which 59 were sold due to a change in thesis and 42 because we felt they were too expensive and that better returns were available in other investments. The remaining 8 were taken over. The companies sold due to the change of thesis delivered negative returns on average, proving that these decisions were usually correct. However, the companies sold because they were too expensive turned out, more often than not… not.

These 42 companies compounded on average over 12% per annum after our sale. They included United Rentals, Microsoft, Apple, and Progressive – all of which delivered 20%+ IRRs for years after our sale. The takeaway is: Once you have a company where the thesis works, it pays to hold onto it for much longer than initially thought. But for how long?

The question of when to sell a successful investment has been confounding investors for as long as financial markets have been around. Even the greatest long-term investments, like Microsoft or Coca-Cola, had decade-plus periods in which total shareholder returns was negative or zero. In the most recent example of the deliberation on the topic, Berkshire Hathaway showed, by selling down their Apple position, that there is a limit to what proportion of their portfolio they are willing to deploy in a high-quality company where price has gotten ahead of the fundamentals.

Chart: Microsoft Share Price 1990-2024.

Our investment process is centered around a rate of return that investors can expect to earn from a particular company over a decade, assuming a certain revenue growth rate, free cash flow generation, and a multiple on an exit based on historical trading ranges. We’ve generated models on over 700 companies that predict a rate of return that we use as a screening tool in our investment process. We also have a model that does a similar calculation for the S&P 500 index, which currently predicts roughly a 4.3% annualized rate of return from a passive investment in the benchmark.

Source: Firebird Value Advisors internal research

In the past, a successful investment would be sold when the expected return, based on our reasonable assumptions, fell below that of the overall portfolio and the new investments considered. Given the excellent returns that many of these investments generated after our sale, that timing discipline has proven to have been too early and can be improved. In the future, we will consider using the expected return of the S&P as the hurdle rate for the sale of successful investments, hopefully preventing us from selling way too early and improving results over time.

Continue to Hold Underperformers or Time to Divest?

The next question is whether to hold onto investments that are not working out based on the initial thesis. Out of 135 companies, roughly half at some point traded at least 20% below our entry price, but many of them have come back and contributed to the portfolio’s performance. The average performance of these investments since the 20% drop is varied, but on balance these companies have added to the portfolio’s performance, most beating the benchmark between the day of the drop and eventual sale.

The takeaway is: It is okay to hold on to companies where the shares are underperforming, but it is imperative to reconfirm the thesis.

So, What Performed Best?

Now for the good news – nearly 1/3 of all investment decisions made resulted in IRRs of 30%+ with an average holding period of 600 days. By analyzing these 40 or so investments, accelerating growth was often noted as the reason for outstanding performance. To make it into this category, the company doesn’t need to be fast-growing; it’s growth just has to be higher than it’s most recent results in order to generate multiple expansion that usually accompanies these situations. The mathematical reason for the expanding multiple is in the Terminal Value, which grows exponentially with a higher assumed normalized growth rate.

Finding this type of opportunity is easier said than done, but we feel comfortable that we will be able to uncover enough of them over time. Currently, there are several companies with these attributes in the portfolio.

The takeaway is: Look for companies with an inflection point that will accelerate growth and expand margins.

Last but not least, the only reason I had the opportunity to learn from investment decisions for over ten years is the unwavering support of amazing investors who had confidence in us from the beginning. They include business owners and fund managers who are innately attracted to our cash flow focused approach and often serve as an experienced sounding board. I am humbled to have their trust.

In reflection, the journey of managing this strategy over the past decade has been filled with valuable lessons, each contributing to a deeper understanding of the investment process. As I scrutinize past decisions and outcomes, it becomes evident that success in the investment landscape is not solely determined by the quality of companies we invest in but also by the timing of the actions, sticking to our circle of competence, and my ability to adapt.

I am excited to see what the next ten years will bring.

Lessons –

  • Keep winners longer. Don’t sell them just because they are up
  • Don’t buy companies with a shrinking addressable market
  • It is okay to hold on to companies that have traded down since the purchase, but be realistic
  • Look for companies with accelerating growth and expanding margins
  • Have the right investors

“We have a passion for keeping things simple.”— Charlie Munger

This document shall not constitute an offer to sell or a solicitation of an offer to purchase any interest in any fund or other investment. Any such offer shall only be made pursuant to the private placement memorandum and other offering materials for the relevant fund. Any prospective investor should review the private placement memorandum carefully for more detailed information about the risks, fees, expenses and other terms of investing in each fund, and consult with the investor’s own tax, financial, legal and other professional advisors. Information about specific past investments is included for illustrative purposes only and is not intended to be indicative of actual future investments or performance results that will be achieved by any fund or strategy. The actual net return of the strategy will be provided upon request. Past performance may not be indicative of future results, and the results of actual investments may differ significantly.

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Tim McElvaine on Value Investing, His Process, and Selected Case Studies

May 6, 2024 in Audio, Case Studies, Equities, Full Video, Interviews, Invest Intelligently Podcast, Member Podcasts, Podcast, Transcripts

We had the pleasure of speaking with Tim McElvaine, founder and president of McElvaine Investment Management, based in Victoria, British Columbia.

In the wide-ranging interview, Tim discussed the following:

  • His path as an investor, and some of the lessons learned along the way
  • How investing has changed, and to what extent investors have to adapt
  • Case studies, and why some theses worked out while others did not
  • Other interests and engagements, including Tiny (Canada: TINY)
  • Other topics related to Tim’s investment philosophy and process

This conversation is available as an episode of Invest Intelligently, a member podcast of MOI Global. (Learn how to access member podcasts.)

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About the interviewee:

Tim McElvaine is the Founder and President of McElvaine Investment Management Ltd.

Tim developed his value-oriented philosophy during his 12-year career with Peter Cundill & Associates where, amongst other capacities, he served as Manager of the Cundill Security Fund (1992-1996), Co-Manager of the Cundill Value Fund (1998-2003) and Chief Investment Officer (1998-2003).

Tim had previously earned a Bachelor of Commerce from Queen’s University in 1986, qualified as a Chartered Accountant in 1988, and as a Chartered Financial Analyst in 1991. After working at Touche Ross in Toronto (1986-1989), Tim joined the Bank of N.T. Bufferfield in Bermuda (1989-1991). Tim moved to Vancouver to join Peter Cundill’s firm in 1991.

Tim has served on the Board of Directors of several publicly listed companies including Sun-Rype Products Ltd, Humpty Dumpty Snack Foods Inc, Rainmaker Entertainment Inc., Glacier Media Inc, We Commerce Holdings Ltd. and Bastion Square Partners Inc.

Tim has been a speaker at value investing conferences including The Value Investing Seminar in Italy, Institute of Advanced Financial Planners Annual Symposium and The Ben Graham Centre’s Value Investing Conference in Toronto. In addition, Tim has appeared on BNN, Globe and Mail, Financial Post, Outstanding Investor Digest, The Manual of Ideas and has been featured in the investment book, Stock Market Superstars.

The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.

JB Financial: Domestic-Led Activism Unlocking Value at Korean Bank

May 3, 2024 in Asia, Asian Investing Summit 2024, Asian Investing Summit 2024 Featured, Audio, Discover Great Ideas Podcast, Equities, Ideas, Member Podcasts

Florian Weidinger of Santa Lucia Asset Management presented his investment thesis on JB Financial Group (Korea: 175330) at Asian Investing Summit 2024.

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About the instructor:

Florian Weidinger is the CEO of Santa Lucia Asset Management (SLAM), a pan-Asian Singapore-based investment management business. Prior, he was the founder of Hansabay a specialist in active engagement and special situation investing, and one of the early adopters of the PRI Principles for Responsible Investment in Singapore. Hansabay contributed its activities into SLAM during 2021. Earlier in his career, Florian Weidinger was a vice president at Lehman Brothers where he last worked for the insolvency administration, after several years with the risk arbitrage, principal investing and investment banking divisions in London. Mr. Weidinger has sourced, managed and executed public and private investments in Europe, Africa and Asia, and across the capital structure. Strategies included event-driven, long/short, distressed/credit and special situations investing. Mr. Weidinger has held multiple board directorships across sectors, including in the public markets. Mr. Weidinger holds a BSc from City University London, an MBA from the Stanford Graduate School of Business, and an MS in Environment and Resources from Stanford University’s School of Earth Sciences.

The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.

360 One Wam: Leading Wealth and Alternatives Asset Manager in India

April 26, 2024 in Asia, Asian Investing Summit 2024, Asian Investing Summit 2024 Featured, Audio, Discover Great Ideas Podcast, Equities, Ideas, Member Podcasts

Sameer Shah of ValueQuest Investment Advisors presented his investment thesis on 360 One Wam Ltd (India: 360ONE) at Asian Investing Summit 2024.

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About the instructor:

Sameer Shah manages VQ Growth, the flagship PMS strategy since its inception which has delivered 20%+ returns over the last decade. With an extensive career spanning over 24 years in various facets of the financial industry, his professional background includes notable stints at Sharekhan, Brics, and Centrum. Sameer heads the Research at VQ and plays a key role in fostering a strong research culture at ValueQuest. A Chartered Accountant by qualification, he has also served as a former board member of the Association of Portfolio Management of India.

The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.

Three Japanese Net Nets: Mitachi (3321), Soiken (2385), ItoKuro (6049)

April 26, 2024 in Asia, Asian Investing Summit 2024, Asian Investing Summit 2024 Featured, Audio, Discover Great Ideas Podcast, Equities, Ideas, Member Podcasts

Gaurang Merani of Global Investing Insight discussed his journey to becoming an investor and outlined each of his investment strategies, along with their performance, at Asian Investing Summit 2024. Gaurang also detailed his process for identifying candidates for his “net net” strategy. Finally, he highlighted three standout Japanese “net nets” that met his criteria: Mitachi (Tokyo: 3321), Soiken (Tokyo: 2385), and ItoKuro (Tokyo: 6049).

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About the instructor:

Gaurang Merani is a dedicated individual investor. Following 15 years in corporate finance, forensic accounting and financial risk management in 2016 Gaurang focused his attention on global equity research and portfolio management. His research efforts resulted in the development and implementation of two systematic investment strategies based on the value and momentum factors, in addition to two more conventional strategies based on principles of deep value and event driven situations. Gaurang has had the distinction of having his research published by Alpha Architect, a highly regarded research based asset management firm led by Wes Gray PhD. Gaurang graduated from the University of Technology, Sydney with a Bachelor of Business and is a Certified Practising Accountant (CPA), Australia member.

The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.

HEG: Dual Growth Engine: Low-Cost Graphite Electrodes, Li-Ion Batteries

April 26, 2024 in Asia, Asian Investing Summit 2024, Asian Investing Summit 2024 Featured, Audio, Discover Great Ideas Podcast, Equities, Ideas, Member Podcasts, Transcripts

Nandan Madhiwalla of Punctilious One presented his investment thesis on HEG Ltd (India: HEG) at Asian Investing Summit 2024.

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About the instructor:

Nandan Madhiwalla is the founder of Punctilious One and has more than a decade of experience in the investment industry. He has previously worked as a research analyst with PPFAS Mutual Fund – Mumbai, Roosevelt Investment Group and Lebenthal Asset Management in New York. He holds a Bachelor’s degree in Computer Science from D.J.Sanghvi School of Engineering, Mumbai University and a Master’s degree in Financial Engineering from NYU Tandon School of Engineering and is also a CFA Charterholder.

The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.

Intellect Design Arena: Financial Tech Leader With Long Growth Runway

April 26, 2024 in Asia, Asian Investing Summit 2024, Asian Investing Summit 2024 Featured, Audio, Discover Great Ideas Podcast, Equities, Ideas, Member Podcasts

Rahul Saraogi of Atyant Capital Advisors presented his investment thesis on Intellect Design Arena (India: INTELLECT) at Asian Investing Summit 2024.

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About the instructor:

Rahul Saraogi is the founder and managing director of Atyant Capital Advisors, advisor to the Atyant Capital family of funds. In the last two decades he has focused on the Indian markets. His mission is to consistently identify the best 10-15 investment ideas from among the thousands of publicly- traded Indian corporations. Rahul’s value-based investment philosophy stands apart due to his belief in the paramount importance of corporate governance, specifically how management operates with its minority shareholders in mind. Rahul is the author of “Investing in India: A Value Investor’s Guide to the Biggest Untapped Opportunity in the World”, a definitive guide on navigating the Indian markets published by John Wiley & Sons. Rahul graduated from the Wharton School of the University of Pennsylvania with a degree in Economics. Outside of Atyant, he practices Vipassana, a 2,500 year-old meditation technique that helps people see things as they really are. Rahul splits time between Chennai and New York.

The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.

Lemon Tree Hotels: Strong Position, Capital-Light Growth Opportunity

April 26, 2024 in Asia, Asian Investing Summit 2024, Asian Investing Summit 2024 Featured, Audio, Discover Great Ideas Podcast, Equities, Ideas, Member Podcasts

Amit Kumar of HDFC Securities Limited presented his investment thesis on Lemon Tree Hotels (India: LEMONTRE) at Asian Investing Summit 2024.

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About the instructor:

Amit Kumar, CFA has fifteen years of experience in financial analysis, investment research, and corporate banking. He focuses on researching mid- and small-cap stocks in the Indian market. He looks for sustainable earning growths and healthy return on equity . He holds an MBA (finance) degree from XLRI Jamshedpur. His graduation was in the field of production engineering from NIT Trichy, a top engineering colleges in India. Apart from investment research, his hobby is long-distance running. He is part of Striders, a leading running club in Mumbai and has completed dozens of half marathons.

The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.

GHCL Textiles: Strong Management, With Proven Record of Value Creation

April 26, 2024 in Asia, Asian Investing Summit 2024, Asian Investing Summit 2024 Featured, Audio, Discover Great Ideas Podcast, Equities, Ideas, Member Podcasts

V.P. Rajesh and Saurabh Basrar of Banyan Capital Advisors presented their investment thesis on GHCL Textiles (India: GHCLTEXT) at Asian Investing Summit 2024.

Listen to this session:

slide presentation audio recording

About the instructor:

V.P. Rajesh has been in the capital markets since 1991, first as an IT consultant (at Citicorp Overseas Software) and then as an Investment Banker for over 10 years specializing in mergers and acquisitions. During his banking career with J.P. Morgan Chase, Deutsche Bank, Piper Jaffray and Thomas Weisel Partners in New York and San Francisco, he focused on technology, media, telecom and healthcare sectors and completed transactions worth over $27 billion. V.P. relocated to India in July 2007 and started re-investing in the Indian stock market from March 2008 onward. He started Banyan Capital Advisors in New Delhi in November 2011 to manage outside capital using investment principles espoused by likes of Graham, Buffett, Munger, Klarman and Lynch. V.P. is an MBA from the University of Michigan’s Ross Business School with a distinction and has a B.E. (Hons.) degree from BITS, Pilani, India.

Saurabh Basrar is a Portfolio Manager at Banyan Capital Advisors. He has fifteen years of experience in portfolio management and equity research. His prior experience includes positions at Fidelity, A.T. Kearney, and Citibank. Saurabh is a rank holder chartered accountant, member of the CFA Institute, and a graduate of Sri Ram College of Commerce. He is also the author of the bestselling book, “Masterclass with Super-Investors”.

The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.

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