In the intricate world of finance, two strategies stand out as being particularly adept at exploiting market inefficiencies: momentum investing and value investing. While they may appear diametrically opposed, both methodologies share the common goal of capitalizing on market anomalies. This article delves into the mechanics of these investment strategies, highlighting their use in identifying inefficiencies, profiling renowned practitioners, and examining their inherent risks.
“A Random Walk Down Wall Street” by Burton G. Malkiel presents the idea that stock prices follow a random walk, meaning they move unpredictably and that it is impossible to consistently outperform the market through stock selection or market timing. This theory aligns with the Efficient Market Hypothesis (EMH), which posits that all available information is already reflected in stock prices, making it futile to try and gain an edge through analysis. However, momentum investing and value investing challenge this notion by demonstrating that while markets can be efficient on a larger scale, there are still exploitable inefficiencies. Momentum investing capitalizes on the tendency of stocks that have performed well in the past to continue performing well in the short term, while value investing focuses on identifying undervalued stocks that are poised for long-term growth. These strategies suggest that disciplined and systematic approaches can uncover opportunities that the broader market overlooks, allowing investors to achieve above-average returns.
Momentum Investing: Harnessing Market Trends
Momentum investing is predicated on the principle that stocks which have performed well in the past will continue to do so in the future. This strategy leverages the persistence of stock price trends, driven by investor psychology and herd behavior. By identifying and riding these trends, investors aim to achieve above-average returns.
Factor-based analysis plays a crucial role in momentum investing, providing a systematic framework for identifying stocks that exhibit strong performance trends. Nasdaq Dorsey Wright, a prominent firm in the field of momentum-based investing, employs a methodical approach that focuses on stocks demonstrating upward trajectories. Rather than seeking hidden gems undervalued by the market, as in value investing, Dorsey Wright targets stocks with strong recent performance. They utilize both technical indicators, such as price trends and relative strength, and fundamental indicators, like earnings growth and revenue momentum, to pinpoint potentially attractive investments. By harnessing these factors, Dorsey Wright aims to capitalize on the continuation of existing trends, betting that stocks that have recently performed well will continue to do so in the near future. This approach leverages the tendency for winning stocks to keep winning, providing a structured way to exploit market inefficiencies and achieve superior returns.
Relative Strength, also known as Momentum, has been proven to be one of the premier investment factors in use today. Numerous studies by both academics and investment professionals have demonstrated that winning securities continue to outperform. This phenomenon has been found in equity markets all over the globe as well as commodity markets and in asset allocation strategies. Momentum works well within and across markets.
Relative Strength strategies focus on purchasing securities that have already demonstrated the ability to outperform a broad market benchmark or the other securities in the investment universe. As a result, a momentum strategy requires investors to purchase securities that have already appreciated quite a bit in price. There are many different ways to calculate and quantify momentum. This is similar to a value strategy. There are many different metrics that can be used to determine a security’s value. Some of the most popular metrics for calculating relative strength use a simple time-based look-back window. For example, the trailing twelve-month return for each security is calculated and then all of the securities are ordered from best to worst. A momentum strategy would focus on the securities at the top of the ranks.
Nasdaq Dorsey Wright uses a sophisticated factor-based investment analysis to identify attractive stocks. For example, suppose they are analyzing a stock, Company XYZ. They start by examining technical indicators and notice that XYZ’s stock price has been steadily increasing over the past six months, showing strong relative strength compared to other stocks in the market. This consistent upward trend signals potential momentum.
Next, they evaluate fundamental indicators and find that XYZ has reported consecutive quarters of increasing earnings and revenue growth, indicating robust financial health and positive investor sentiment. By combining these technical and fundamental factors, Dorsey Wright concludes that XYZ is an attractive investment. The stock’s recent strong performance, backed by solid financial metrics, suggests that it may continue to outperform in the short to medium term. Therefore, they decide to add XYZ to their momentum-based investment portfolio, anticipating that its upward trajectory will persist.
To provide objective and clear signals, Dorsey Wright uses point and figure relative strength charts. This charting method removes time from the x-axis and plots the ratio of the security’s price versus a market benchmark. A column of X’s indicates the security is performing better than the benchmark, while a column of O’s indicates underperformance. A buy signal is generated when the top of a current column of X’s exceeds the previous column of X’s, and a sell signal is generated when the current column of O’s exceeds the previous column of O’s. By focusing on securities with the best relative strength patterns—those on a buy signal and in a column of X’s—investors can effectively capitalize on momentum trends and achieve superior returns over time.
Momentum investing plays a significant role in quantitative trading, where sophisticated algorithms and mathematical models are employed to identify and exploit market inefficiencies. Quantitative trading firms, such as Renaissance Technologies, leverage momentum strategies to gain a competitive edge. These firms use advanced statistical techniques and vast amounts of data to detect patterns and trends that may not be apparent through traditional analysis. By doing so, they can systematically identify stocks that exhibit strong momentum and are likely to continue their upward or downward trajectories.
Renaissance Technologies, one of the most successful quantitative trading firms, exemplifies the effective use of momentum investing in their trading strategies. The firm’s Medallion Fund, known for its exceptional returns, employs a combination of momentum and other factors to inform its trades. By continuously analyzing price movements, trading volumes, and other relevant data, Renaissance Technologies’ algorithms can swiftly react to market changes and capitalize on short-term trends. This approach allows them to enter and exit positions with precision, maximizing gains and minimizing losses. The firm’s reliance on quantitative methods and momentum investing highlights the power of combining rigorous data analysis with systematic trading strategies to achieve consistent outperformance in the financial markets.
Some of the largest market makers, such as Citadel Securities, also utilize momentum in their analysis to inform their trading strategies. As a leading market maker, Citadel Securities handles a significant volume of trades across various asset classes, and their ability to efficiently execute trades depends on sophisticated analytical methods, including momentum analysis. By leveraging advanced algorithms and high-frequency trading (HFT) techniques, Citadel can identify and capitalize on short-term price trends, allowing them to optimize their market-making activities.
Momentum analysis is integral to Citadel’s strategy as it helps them predict and react to price movements with high accuracy. By continuously monitoring market data, such as price changes, trading volumes, and order flows, Citadel’s algorithms can detect emerging trends and adjust their trading positions accordingly. This enables them to provide liquidity to the market while also profiting from the anticipated price movements. The firm’s reliance on momentum-based strategies allows them to maintain a competitive edge in the fast-paced world of market making, where speed and precision are paramount.
Citadel’s approach exemplifies how momentum investing can be effectively integrated into market-making operations. By utilizing momentum signals, Citadel can quickly identify which securities are likely to experience continued upward or downward price movements. This information is crucial for setting bid and ask prices, managing inventory, and executing trades that maximize profitability while minimizing risk. The firm’s sophisticated trading infrastructure and advanced data analytics capabilities enable them to implement these strategies on a large scale, making them one of the most successful and influential market makers in the industry.
Overall, the use of momentum analysis by Citadel and other major market makers demonstrates the importance of this investment factor in modern trading. By continuously adapting to market conditions and leveraging cutting-edge technology, these firms can effectively utilize momentum to enhance their trading performance and maintain their position at the forefront of the financial markets.
Exploiting Inefficiencies
Momentum investors exploit inefficiencies by capitalizing on the delayed reactions of the market to new information. When a stock begins to rise, momentum investors jump in, betting that the upward trend will continue as more investors take notice and follow suit. This strategy relies on the inefficiency of the market’s slow assimilation of information and the consequent price adjustments.
Inefficiencies in the market that can be exploited by momentum investing arise due to several behavioral and structural factors. One primary factor is herd mentality, where investors tend to follow the actions of others rather than relying on their independent analysis. This behavior leads to price trends that can persist longer than they would in a perfectly efficient market. As more investors jump on the bandwagon of rising or falling stocks, these trends are amplified, creating opportunities for momentum investors to capitalize on continued price movements.
The concept of “winners stay winning” further explains the persistence of market inefficiencies. Stocks that have recently performed well often continue to attract investor attention and capital, driven by positive sentiment and reinforcing price trends. This self-fulfilling prophecy creates a snowball effect, where initial gains attract more buyers, pushing prices even higher. Momentum investors can exploit this phenomenon by identifying securities that are gaining momentum and positioning themselves to benefit from the ongoing trend.
Additionally, the structural aspects of market trading contribute to these inefficiencies. Factors such as delayed information dissemination, varying investor time horizons, and differences in risk tolerance can cause prices to deviate from their fundamental values. Momentum investing leverages these discrepancies by systematically identifying and trading securities that exhibit strong price trends. By doing so, momentum investors can exploit the gaps left by slower or less informed participants, generating returns that exceed those of the broader market. This ability to identify and capitalize on sustained price movements underscores the effectiveness of momentum investing in capturing market inefficiencies.
Notable Practitioners
A notable figure in momentum investing is Richard Driehaus, often regarded as the father of momentum investing. His approach focused on buying stocks with strong recent performance and selling those with poor performance. His success popularized the momentum strategy, leading to its widespread adoption.
George Soros’ concept of reflexivity has profound implications for momentum investing. Reflexivity suggests that market participants’ perceptions and actions influence market outcomes, which in turn affect their perceptions. This feedback loop can lead to self-reinforcing trends, where price movements are amplified by the actions of investors who are influenced by those very movements. In the context of momentum investing, reflexivity explains why trends can persist longer than traditional financial theories might predict. Investors observing rising prices may be encouraged to buy, pushing prices even higher and creating a momentum effect.
Soros’ philosophy, developed from his studies under Karl Popper and his personal experiences, challenges the notion of perfect market efficiency. He posits that markets are inherently unstable and that participants’ biased perceptions can lead to significant market movements, including bubbles and crashes. This perspective aligns with the principles of momentum investing, which capitalizes on the continuation of price trends driven by investor behavior. By recognizing the role of reflexivity, momentum investors can better understand the dynamics that drive price movements and exploit these trends for profit.
Firms like Renaissance Technologies and Citadel have successfully integrated the concept of reflexivity into their trading strategies. By using quantitative models to identify and exploit these self-reinforcing trends, they can capitalize on the market inefficiencies that arise from reflexive feedback loops. These models are designed to detect momentum by analyzing vast amounts of data and identifying patterns that suggest continued price movements. Soros’ insights into reflexivity provide a theoretical foundation for these strategies, highlighting the importance of understanding the psychological and behavioral factors that drive market trends.
However, the reflexive nature of markets also introduces significant risks. Just as reflexivity can lead to sustained price increases, it can also result in sharp reversals when investor sentiment shifts. Momentum investors must be aware of the potential for bubbles, where prices become detached from fundamentals due to excessive speculative buying. When a bubble bursts, the same reflexive mechanisms that drove prices up can lead to rapid declines, posing a risk to momentum-based strategies. Thus, while reflexivity offers opportunities for momentum investors, it also necessitates careful risk management to navigate the inherent volatility and uncertainty of financial markets.
Potential Risks
Despite its allure, momentum investing is fraught with risks. Market reversals can be sudden and severe, wiping out gains in a short period. Additionally, the strategy often requires frequent trading, leading to high transaction costs and potential tax implications. The reliance on market trends also makes momentum investing susceptible to periods of low volatility, where trends are less pronounced and harder to exploit.
Momentum investing, while often successful in capitalizing on market inefficiencies, carries significant risks, particularly in the context of stock market bubbles. During a bubble, asset prices inflate rapidly beyond their intrinsic values due to exuberant market behavior and speculative buying. Momentum investors, driven by the same price trends, may inadvertently contribute to the bubble’s growth by continually purchasing assets that are rising in price. This can create a feedback loop where increasing prices attract more investors, further inflating the bubble.
The primary risk for momentum investors in such scenarios is the lack of a margin of safety. Unlike value investors, who seek to buy undervalued assets with a significant cushion against potential losses, momentum investors rely on the continuation of price trends. When a bubble bursts, prices can plummet swiftly, erasing gains and leading to substantial losses. The rapid reversal of fortune can be particularly severe for momentum investors, as the same factors that drove prices up can cause them to collapse just as quickly when market sentiment shifts.
Moreover, the lack of a margin of safety means momentum investors are often fully exposed to the volatility and unpredictability of market movements. While momentum strategies can be highly profitable during bullish trends, they can also result in significant losses during market corrections or downturns. The absence of a fundamental valuation anchor makes it challenging to determine when a price trend might reverse, leaving momentum investors vulnerable to sharp declines.
In addition to the financial risks, momentum investing during bubbles can also lead to broader market instability. As prices become increasingly detached from underlying fundamentals, the eventual correction can cause widespread financial distress and economic fallout. Therefore, while momentum investing can exploit market inefficiencies and generate impressive returns, it is essential for investors to be aware of the associated risks, particularly the heightened exposure to market bubbles and the lack of a margin of safety. Implementing risk management strategies and maintaining a diversified portfolio can help mitigate some of these risks, ensuring that momentum investing remains a viable and effective approach in various market conditions.
Value Investing: Unearthing Hidden Gems
In stark contrast to momentum investing, value investing is grounded in the search for undervalued stocks. Value investors seek securities that are priced below their intrinsic value, as determined by fundamental analysis. This approach is underpinned by the belief that the market will eventually recognize and correct these mispricings.
The stock market is a marketplace where investors can buy and sell shares of companies, with each share representing a fractional ownership of a business. When an investor purchases a stock, they are essentially buying a piece of the company, entitling them to a portion of its profits and assets. The value of these shares can fluctuate based on a variety of factors, including company performance, market conditions, and investor sentiment.
Value investing is an investment strategy that focuses on the underlying value of a business. Value investors believe that in the long run, it is the business fundamentals that drive the stock price. This means that factors such as earnings, dividends, cash flow, and overall financial health are the true determinants of a company’s worth. When the share price deviates from these fundamentals, value investors see an opportunity for a potential correction. They aim to buy stocks that are undervalued compared to the actual business value, expecting that the market will eventually recognize the true worth of the company, leading to an appreciation in the stock price.
A key aspect of value investing is the avoidance of stocks that are overvalued compared to their actual business value. This conservative approach requires a careful and thorough assessment of a company’s financial statements and performance metrics. Unlike momentum investing, which often relies on market trends and price movements, value investing strives to separate public perception from the underlying business value. By focusing on intrinsic value, value investors seek to minimize risk and maximize returns over the long term. They rely on a deep understanding of the company’s fundamentals, often waiting patiently for the market to adjust and align with their assessment of value. This disciplined approach helps value investors to make informed decisions, avoiding the pitfalls of market hype and speculation.
Exploiting Inefficiencies
Value investing capitalizes on inefficiencies created by market overreactions to news, earnings reports, or other events. When the market irrationally devalues a stock, value investors step in, purchasing shares at a discount and holding them until their true value is realized. This strategy hinges on the inefficiency of the market’s tendency to overreact in the short term, providing opportunities for savvy investors.
Traditional value investment strategy focuses on identifying companies that fall into two primary categories: distressed and overlooked. Distressed companies are those that currently face negative perceptions in the public eye and are heavily discounted as a result. This negative sentiment might stem from temporary setbacks, management issues, or broader industry challenges. Value investors look beyond the immediate problems to assess the company’s intrinsic value, believing that the market has overreacted. By buying shares at a significant discount, they aim to capitalize on the eventual recovery and correction of the stock price as the company addresses its issues and reverts to its true value.
On the other hand, overlooked companies are attractive businesses on a fundamental basis but are not widely recognized by market participants. These companies might operate in niche industries, trade on less prominent exchanges, or possess other characteristics that obscure their true value. The lack of market attention can result in their stock prices remaining undervalued. Value investors seek out these hidden gems, confident that their sound financial health and solid business models will eventually garner market recognition. By identifying such stocks, investors can buy at a bargain price with a margin of safety, providing a cushion against potential losses.
A crucial aspect of both distressed and overlooked stock investing is the emphasis on quantitative measures that protect the investor’s downside. This margin of safety acts as a buffer, ensuring that even if the market takes longer than expected to recognize the stock’s true value, the risk of significant loss is minimized. This disciplined approach allows value investors to maintain a conservative stance, focusing on the underlying fundamentals rather than market noise.
Another variation of value investing is quality investing. This strategy involves identifying high-quality companies that are generally held in high regard but can still be considered a bargain based on quantitative factors. These companies often have superior operations, a strong track record of profitability, and robust financial health. Even if it means paying a premium price, investing in these quality companies can be worthwhile over the long haul due to their ability to consistently generate healthy profits. Quality investing emphasizes the importance of strong fundamentals and superior business models, recognizing that such companies are likely to continue performing well and providing solid returns over time.
In summary, traditional value investing involves finding bargains through distressed or overlooked stocks, providing a margin of safety and potential for significant returns. Quality investing, a variation of this strategy, focuses on high-quality companies that may still offer value despite their premium prices. Both approaches rely on a thorough analysis of fundamentals and a disciplined investment strategy, aiming to exploit market inefficiencies and achieve long-term success.
Notable Practitioners
Warren Buffett is arguably the most renowned value investor. His investment philosophy, inspired by Benjamin Graham, emphasizes the importance of purchasing stocks at a margin of safety. Buffett’s long-term approach and rigorous analysis have made him a paragon of value investing, with a track record that speaks volumes about the efficacy of the strategy.
The origin of value investing can be traced back to Benjamin Graham, who is widely considered the father of this investment strategy. Almost 100 years ago, Graham began practicing value investing, introducing a new way to think about investment. At that time, trading information was primarily obtained from ticker tape, which provided stock prices and trading volumes. Prominent speculators like Jesse Livermore relied heavily on technical analysis to make their trades, focusing on price movements and market trends. However, Graham recognized that the financial statements of businesses contained valuable information that could reveal the true attractiveness of their shares.
Graham was one of the first to conduct fundamental analysis, a method that was not widely available or practiced at the time. Stocks were predominantly viewed as speculative tools, while bonds were considered the asset class for gentlemen investors. Graham challenged this notion by demonstrating that a thorough analysis of a company’s financial health, as reflected in its balance sheet and income statement, could uncover undervalued stocks. His innovative approach involved evaluating a company’s assets, liabilities, and earnings to determine its intrinsic value. By comparing this intrinsic value to the market price, Graham could identify stocks that were trading at a discount, offering a margin of safety and potential for significant returns.
Throughout his lifetime, Benjamin Graham developed a sophisticated and calculable method for finding undervalued stocks, known as value investing. This approach became particularly effective as society emerged from the Great Depression, a period marked by economic hardship and market disarray. Graham’s strategy of analyzing the fundamental aspects of businesses allowed him to discover many bargains in the market. The Great Depression had led to widespread undervaluation of stocks, and the subsequent economic recovery following World War II provided an ideal environment for value investing to flourish.
Graham’s timing was impeccable. The market’s low point during the Great Depression, combined with the prolonged period of financial success that followed, created a fertile ground for value investing. His emphasis on a conservative assessment of business value, focusing on financial health and earnings potential, set the foundation for a disciplined and rational approach to investing. Over the years, Graham’s principles have influenced countless investors, including his most famous student, Warren Buffett, and have become a cornerstone of modern investment theory. Today, value investing remains a powerful strategy, rooted in the fundamental analysis and conservative evaluation pioneered by Benjamin Graham nearly a century ago.
Warren Buffett carried forward the principles of value investing to achieve extraordinary success. After studying under Graham at Columbia Business School, Buffett started the Buffett Partnership in 1956. Utilizing Graham’s strategy of identifying undervalued stocks through meticulous analysis of financial statements, Buffett generated impressive returns, significantly outperforming the market. His ability to find and invest in overlooked and distressed stocks led to substantial growth in his assets. However, as his assets grew, it became increasingly challenging to find enough meaningful investment opportunities in these smaller, undervalued stocks.
Recognizing this limitation, Buffett, with the help of his business partner Charlie Munger and influenced by the teachings of Phil Fisher, pivoted towards a more quality-based investment approach. Fisher emphasized the importance of investing in high-quality businesses with strong growth potential, a concept that resonated with Buffett and Munger. They began to focus not only on the quantitative aspects of investments but also on qualitative factors, such as the company’s management, competitive advantages, and overall business model.
This shift allowed Buffett to make long-term investments in companies that were superior on both qualitative and quantitative bases. By investing in high-quality businesses that were also attractively priced, Buffett was able to continue compounding his wealth over extended periods. This approach led to notable investments in companies like Coca-Cola, American Express, and Apple, which have yielded substantial returns over the years.
Buffett’s ability to adapt his investment strategy while staying true to the core principles of value investing has cemented his reputation as one of the greatest investors of all time. His success story is a testament to the enduring power of value investing and the importance of evolving with changing market conditions. By focusing on high-quality companies with strong fundamentals, Buffett has been able to achieve consistent, long-term growth, securing his place in the investment hall of fame.
Potential Risks
The risks associated with value investing include the possibility of value traps, where a stock appears undervalued but is fundamentally flawed. Additionally, value investing often requires a long-term horizon, which can test the patience of investors. Market conditions can also change, prolonging the time it takes for the market to correct the mispricing, thereby tying up capital in the interim.
Value investing, while grounded in the principles of identifying undervalued stocks, comes with its own set of risks and challenges. One such challenge is the concept of value traps. These occur when a stock appears to be undervalued based on fundamental analysis, but the market continues to undervalue the company for an extended period due to a lack of a catalyst for value realization. Without a clear event to unlock the intrinsic value, such as an earnings surprise, management change, or acquisition, the anticipated return on investment can be delayed or diminished. The farther out the value realization event takes place, the less impactful it becomes on the return, reducing the attractiveness of the investment over time.
Moreover, the focus on undervalued stocks inherently carries the risk of value deterioration. Companies that appear undervalued might suffer from mismanagement of assets, poor operating results, or cyclical declines in business performance. This means that even if an investor identifies a seemingly undervalued stock, there is no guarantee that its value will not further deteriorate. Continuous monitoring of the investment is essential to ensure that the initial value proposition remains intact and that the company’s fundamentals do not erode over time.
One way to mitigate the risk of a lack of value realization events is to take an activist investment role. Activist investors work to force changes within a company to unlock value, often by engaging with management, proposing strategic changes, or advocating for corporate restructuring. This proactive approach can accelerate the realization of value and protect against prolonged undervaluation. The book “Dear Chairman” highlights several successful activist campaigns that have led to significant value realization events, demonstrating the effectiveness of this strategy in certain situations.
Another risk associated with value investing is its cyclical nature. Value investing tends to perform better during certain periods of the market cycle. During times of market exuberance, when prices are inflated and there is a strong appetite for growth stocks, value investing can underperform. The past two decades have seen a prolonged period of low interest rates, driving up stock market prices and emphasizing high-growth technology companies. This environment, reminiscent of the tech bubble of 1999, makes it challenging for value investors to find attractive opportunities and gain the interest of market participants in their strategy.
Despite these challenges, value investing remains one of the few strategies that can prove successful over a full economic cycle. Practicing value investing often requires a contrarian mindset, as it involves deviating from the herd mentality prevalent among market participants. By focusing on intrinsic value and maintaining discipline, value investors can navigate periods of underperformance and capitalize on market corrections. While it demands patience and a thorough understanding of fundamental analysis, value investing offers a robust framework for achieving long-term investment success.
Exploiting Market Inefficiencies: A Common Goal
Despite their differences, momentum and value investing share the ultimate objective of exploiting market inefficiencies. Each strategy provides a unique lens through which to view and capitalize on these anomalies, highlighting the multifaceted nature of financial markets.
In today’s financial landscape, the efficiency of markets is a subject of ongoing debate. Technological advancements and increased access to information have ostensibly made markets more efficient. However, pockets of inefficiency persist, driven by human behavior, macroeconomic factors, and technological disruptions. These inefficiencies continue to provide fertile ground for both momentum and value investors.
In conclusion, while momentum and value investing may seem like opposites, they are united in their pursuit of market inefficiencies. Understanding the principles, practitioners, and risks associated with each strategy can provide investors with a broader toolkit for navigating the complexities of the financial markets. As markets evolve, the ability to identify and exploit inefficiencies remains a crucial skill for achieving investment success.
Momentum investing and value investing are fundamentally different approaches, yet they share some inevitable similarities. Momentum investing suggests that there must be underlying value driving the momentum, while value investing implies that because there is underlying value, momentum is bound to take effect at some point, leading to a value realization event and an increase in share prices. This relationship emphasizes that market inefficiencies exist and can be exploited in a systematic manner. Momentum investing focuses on share price movement as the key factor for success, whereas value investing looks at fundamental business performance as the cornerstone of success.
This balance highlights that even though the analyses of these two strategies may lead to very different outcomes in identifying attractive investments, they both adhere to the nature of market inefficiencies and how they can be systematically exploited. The persistence of these inefficiencies in today’s markets underlines the relevance of both strategies. By understanding and applying the principles of momentum and value investing, investors can better navigate the dynamic financial landscape and achieve long-term success.
The information presented in this article is the opinion of Jacobs Investment Management and does not reflect the view of any other person or entity. The information provided is believed to be from reliable sources, but no liability is accepted for any inaccuracies. This is for information purposes and should not be construed as an investment recommendation. Past performance is no guarantee of future performance.