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Tag: investing

  • ‘I Knew What I Was Doing Was Wrong,’ Says FTX Co-Founder

    ‘I Knew What I Was Doing Was Wrong,’ Says FTX Co-Founder

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    The situation is getting worse for Sam Bankman-Fried, whose crypto empire went bankrupt just days after being at the center of the crypto sphere. 

    The regulators, who are trying to piece together what happened, and especially how the FTX cryptocurrency exchange, which was valued at $32 billion in February, could implode overnight. 

    In addition to FTX, Bankman-Fried, known by the initials SBF, also founded Alameda Research, a hedge fund that also served as a trading platform for cryptocurrencies and other crypto-related financial products for institutional investors.

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  • What Is Equity and How Do You Calculate It for Shareholders?

    What Is Equity and How Do You Calculate It for Shareholders?

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    Almost everyone understands home equity — this private equity is the percentage of your home you own after paying down your mortgage. More technically, it’s the value of an asset, like property, minus its liabilities, like debt.

    But the term “equity” also applies to things like businesses. As a business owner and entrepreneur, you need to know how equity affects your enterprises and how to calculate it for your shareholders, mainly before you go public. This article will discuss how to calculate equity for shareholders in detail.

    How equity works

    Equity is the value of an asset without its liabilities.

    For example, say that you own a business building, like a retail storefront, worth $500,000. You’ve paid down $300,000 of that property’s mortgage, leaving you with $200,000 plus interest in liabilities. Thus, the equity in the property is (roughly) the $300,000 you own of the building.

    This is a basic example, of course. You can look for and calculate the equity in everything from basic items to business enterprises and stock portfolios. Regardless, equity is vital so that investors, shareholders and other interested parties can determine the actual value of an asset.

    Related: How to Safely Tap Home Equity in a Financial Emergency

    Shareholders’ equity explained

    Shareholders’ equity, therefore, is the net worth or total dollar value of the company that would be returned to shareholders of the company’s stock if:

    • The company’s assets were to be liquidated.
    • The company’s debts were to be paid off.

    Put more simply, shareholders’ equity is the total equity left over that shareholders would have to divvy up between themselves if a company was liquidated entirely to settle any outstanding debts.

    You can also think of stockholders’ equity (or SE) as the owners’ collective residual claim on company assets only after outstanding debts are satisfied. Shareholders’ equity is the same as a firm’s total assets minus its total liabilities.

    It’s essential to know how to calculate share owners’ equity for a variety of reasons:

    • Investors and analysts may need to determine the market value of a company and make suitable equity investments.
    • A business’s board of directors can use this information to determine the business’s valuation for financial statements accurately.

    While similar, shareholder equity is not the same thing as liquidation value. The company’s liquidation value is affected by the asset values of physical things like equipment or supplies.

    Related: Debt vs. Equity Financing: Which Way Should Your Business Go?

    Shareholders’ equity example

    Here’s an example of shareholders’ equity:

    Imagine that you have Company A, with total assets of $3 million. You have total liabilities of $1.2 million. If the company was liquidated, and its assets turned into $3 million, you would use some of that money to pay off the $1.2 million in liabilities.

    What does that leave the shareholders? Approximately $1.8 million.

    What components are included in shareholders’ equity?

    For any given company, shareholders’ equity could be comprised of many different components. These include:

    • Stock components, such as common, preferred and treasury stocks.
    • Retained earnings — this is the percentage of net earnings not paid to shareholders as dividends (yet).
    • Unrealized gains and losses.
    • Contributed capital.
    • Physical assets like business equipment and products.

    When calculating shareholders’ equity using either of the below two formulas, it’s essential to add up all of these components when calculating the total asset value of a firm.

    Related: Use a Balance Sheet to Evaluate the Health of Your Business

    Positive vs. negative shareholders’ equity

    Things can even get a little more complicated. There are positive and negative types of equity.

    Positive shareholders’ equity means a company has enough assets to cover its debts or liabilities. Negative shareholders’ equity, on the other hand, means that the liabilities of a firm exceed its total asset value.

    If the shareholders’ equity in a company stays negative, the balance sheet may display it as insolvent. In other words, the company could not liquidate itself and all of its assets and still pay off its debts, which could spell financial trouble for investors, shareholders, business owners and executives.

    Many investors look at companies with negative shareholder equity as risky investments. While shareholder equity isn’t the only indicator of the financial hole for a company, you can use it in conjunction with other metrics or tools. When used with those tools, investors and potential shareholders can get a more accurate picture of the financial health of almost any enterprise.

    While retained earnings are an essential part of shareholders’ equity (as the current percentage of net earnings is not given to shareholders as dividends), they should not be confused with liquid assets like cash. You can use several years of retained earnings for assets, expenses or other purposes to grow a business. It’s not “realized” cash at the moment.

    How to calculate equity for shareholders

    Fortunately, calculating equity for shareholders is relatively straightforward. Remember, equity is just the total asset value of the company minus its liabilities. You can calculate shareholder equity using the information found on any corporate balance sheet.

    Here’s the formula:

    Shareholder equity = total assets – total liabilities

    Also called the balance sheet or accounting equation, the shareholder equity equation is one of the most critical tools when analyzing the company’s health.

    Here’s how to calculate shareholder equity step-by-step:

    • First, determine the company’s total assets on the balance sheet for a given period, such as one fiscal year. Be sure to add up all these assets carefully and correctly, or use an up-to-date balance sheet.
    • Next, add up all of the total liabilities. Any up-to-date balance sheet should include this information. Liabilities include debts and outstanding expenses.
    • Then determine the total shareholder equity, and add that number to the total liabilities.
    • The remaining assets should equal the sum of total shareholder equity and liabilities.

    A note when calculating total assets includes both current and noncurrent assets. If you aren’t aware, current assets are any assets you can convert to cash within one fiscal year.

    This includes cash, inventory and accounts receivable. Noncurrent or long-term assets you can’t convert into cash in the same timeframe, such as patents, property and plant and equipment (PPE).

    A note when calculating total liabilities: Liabilities also include both current and long-term liabilities. In keeping with the above, current liabilities are any debts due within one year, such as accounts payable or outstanding taxes.

    Long-term liabilities are any debts or other obligations due for repayment later than one year in advance, such as leases, bonds payable and pension obligations.

    Related: How to Protect Your Personal Finances From Business Risks

    Secondary formula

    The above shareholder equity formula should serve you well in most cases. Still, there’s a secondary formula that might be helpful as well.

    Here’s the secondary formula:

    Shareholders’ equity = share capital + retained earnings – treasury stock

    This “share capital method” of calculating shareholders’ equity is also known as the investor’s equation. This formula sums up all the retained earnings of a business and the share capital, then subtracts treasury shares.

    The retained earnings in this formula are the sum of a company’s total or cumulative profits after they pay dividends. Most shareholders receive balance sheets that display this number in the “shareholders’ equity” section.

    This formula can give a slightly more accurate picture of what shareholders may expect if forced/decided to liquidate a company or exit. However, you can use both formulas to calculate equity for shareholders equally well.

    The value of equity for shareholders

    Equity is essential for shareholders for several reasons.

    For starters, shareholder equity tells you the total return on investment versus the amount invested by equity investors.

    Ratios such as return on equity, or ROE (the company’s net income divided by shareholder equity), can be used to measure how well the management team for a company uses equity from investors to generate a profit. ROE can tell investors how capable current executives are at taking investment cash and turning it into more money.

    A company with positive shareholders’ equity has enough assets to cover liabilities. In an emergency, shareholders or investors could theoretically exit without taking substantial financial losses.

    As mentioned earlier, you can also use SE with other financial metrics or ratios to accurately determine whether a company is a wise investment.

    These metrics include share price, capital gains, real estate value, the company’s total assets and other vital elements of private companies. Because equity is essential for shareholders, it’s also crucial for business owners and people on executive boards to calculate.

    Furthermore, equity affects the value of startups on the stock market. Suitable asset allocation will help businesses grow, resulting in a higher amount of money from stock purchasers and ETF managers.

    Return on equity in detail

    Here’s a deeper dive into return on equity. Analysts and investors use this metric to determine if a company uses equity or investment cash to profit efficiently and effectively.

    Say that you have a choice to invest in a company and want to check out its return on equity before making a decision. You look at the company’s balance sheet and figure out that the return on equity is 12% and has stayed at 12% for several years.

    Related: Debt vs. Equity Financing: Which Way Should Your Business Go?

    That’s a pretty good return on any investment. It may indicate that the company is worth putting your own money into.

    On the other hand, if the return on equity is low, like 1%, and the current shareholders’ equity for a company is negative, it’s a surefire sign that your investment dollars will be worth more if you invest them elsewhere.

    Calculating equity is essential when propositioning investors for more funding and advising your shareholders. Now you know how to calculate equity for shareholders with two distinct formulas.

    Looking for more resources to expand your professional financial knowledge? Explore Entrepreneur’s Money & Finance guides here

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  • Caroline Ellison, associate of Sam Bankman-Fried, says she’s ‘truly sorry’ for stealing billions of FTX customer money

    Caroline Ellison, associate of Sam Bankman-Fried, says she’s ‘truly sorry’ for stealing billions of FTX customer money

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    Caroline Ellison has apologized for stealing billions in customer deposits at crypto exchange platform FTX to make bets at Alameda Research, the hedge fund she ran.

    “‘I am truly sorry for what I did.’”


    — Caroline Ellison, former head of Alameda Research

    Ellison made her comments in front of a judge in New York federal court, as she pleaded guilty to helping Sam Bankman-Fried make away with billions in customer funds while misleading investors and lenders and playing down the risk of their crypto trading platform.

    “‘I knew that it was wrong.’”


    — Ellison

    Along with Ellison, Zixiao “Gary” Wang, a former FTX chief technology office and co-founder, 29, pleaded guilty Monday this week during separate hearings.

    Federal authorities and regulators are making the case that Wang wrote software code, at Bankman-Fried’s behest, to create backdoors into FTX’s systems that allowed Ellison’s Alameda access to customer money and prop up FTX’s own token, FTT.

    The pair each potentially face decades in prison sentences if convicted after pleading guilty to charges that included wire fraud, securities and commodities fraud in exchange for leniency.

    Both have agreed to cooperate with authorities to lay the groundwork for Bankman-Fried’s own case as the alleged brains behind of one of the biggest crypto frauds in recent memory.

    On Thursday, Bankman-Fried was released from custody on a $250 million bond, following his first appearance in a U.S., court on fraud charges.

    FTX filed for bankruptcy on Nov. 11 when Bankman-Fried was ousted from the company he co-founded in 2019.

    The collapse of FTX was, perhaps, hastened by its competitor, Binance, who announced it was unloading $500 million in FTT tokens in November due to “recent revelations that have come to light” about the company’s books. That triggered mass redemptions by depositors, which FTX couldn’t meet.

    Ellison is a Stanford University graduate who grew up in the suburbs of Boston, the daughter of two MIT economists, according to the Wall Street Journal. After graduation, she worked at quantitative trading firm Jane Street, where she met fellow trader Bankman-Fried. She was rumored to be in a relationship with Bankman-Fried, who is an MIT grad, according to reports.

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  • Equity funds suffer largest ever weekly outflows: BofA Global

    Equity funds suffer largest ever weekly outflows: BofA Global

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    Investors withdrew billions of dollars from equity funds at a record pace in the days after the Federal Reserve, the Bank of England and European Central bank raised interest rates in mid-December and reiterated their commitment to lowering inflation, fueling fears of an economic downturn. 

    Stock funds recorded the biggest ever weekly outflows of $41.9 billion in the week to December 21, with $27.8 billion of which being withdrawn from exchanged traded funds and $14.1 billion from mutual funds, according to analysts at BofA Global Research, citing EPFR Global data in a weekly note. 

    BofA analysts led by Michael Hartnett, chief investment strategist, attributed the sell-off to “tax loss harvesting,” a strategy that includes deliberately selling an investment at a loss in order to use that loss to offset taxes owed on investment gains. 

    Meanwhile, passive equity funds saw total outflows of $27.8 billion in the week to Wednesday, while U.S. value funds recorded a weekly outflow of $17.2 billion (see chart below). Both were the biggest sell-off on record.

    SOURCE: BOFA GLOBAL INVESTMENT STRATEGY, BLOOMBERG

    The BofA’s Bull & Bear Indicator dipped to 3.0 from 3.1 last week, driven by the first bond fund outflows in three weeks. Bond funds recorded net outflows of $10 billion.

    For the year however, BofA said equity funds saw total inflows of $166.5 billion. In contrast, bond funds recorded outflows of $257.1 billion.

    U.S. stock indexes have fallen since Wednesday last week when the Federal Reserve raised its benchmark interest rate at a slower pace to a range of 4.25% to 4.50%, but projected a higher-than-expected terminal rate in 2023.

    Not long after the decision, central banks in Europe followed the Federal Reserve in slowing the pace of interest rate increases. Both the European Central Bank and Bank of England hiked their key lending rates by 50 basis points and policy makers at the ECB emphasized that market participants should prepare for a series of rate increases to come. 

    See: Here’s how U.S. investors can position themselves for the sea change out of Japan, according to Bank of America and Citi

    Earlier this week also, the Bank of Japan (BoJ) stunned markets with an unexpected change to its controversial yield curve control policy. The BoJ, an outlier among major central banks for having maintained rates at the zero lower bound, doubled the cap on the country’s 10-year bond yield
    TMBMKJP-10Y,
    0.383%
    from 0.25% to 0.5%, whacking equities in the region and triggering big swings in the U.S. stock market.

    Strategists at BofA said they are bullish on commodities instead of credit, and preferred “rest of the world” stocks over U.S. stocks, while favoring small-cap over large-cap. 

    Sector wise, they preferred value over growth stocks, and industrials and banks over technology and private equity. 

    See: A stock market indicator with one of the best track records has rare good news for investors

    U.S. stocks ended the week mostly lower on Friday. The Dow Jones Industrial Average 
    DJIA,
    +0.53%
     booked a weekly gain of 0.9%, while the Nasdaq Composite 
    COMP,
    +0.21%
    shed nearly 2% and the S&P 500
    SPX,
    +0.59%
    was down 0.2% for the week, according to Dow Jones Market Data. 

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  • If you think a Santa Claus rally is coming to the stock market, this is how to play it

    If you think a Santa Claus rally is coming to the stock market, this is how to play it

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    The benchmark S&P 500 Index has finally fallen below the 3900- to 4100-point trading range.

    The move prompted an immediate reaction down to 3800, the next support level. (To see my suggestion for a so-called Santa Claus rally, please see the next item, below.)

    Frankly, I would have expected more selling after the S&P 500
    SPX,
    -2.32%
    broke a support level of that magnitude (perhaps a move to 3700).

    So, 3700 is the next support level, and then there is support at the yearly lows near 3500. On the upside, there is now resistance in the 3900-3940 area.

    The larger picture is that SPX is still in a downtrend, and that the last rally failed in early December right at the downtrend line that defines this bear market. The declining 200-day moving average (MA) was also in that same area, near 4100.

    We are closing our positions in the McMillan Volatility Band (MVB) buy signal that occurred in early October, and we will now wait for a new signal to set up. If SPX were to close below the lower -4σ Band (currently at 3760 and declining), that would be the first step toward a new buy signal. That does not appear to be imminent.

    Equity-only put-call ratios continue to rise and, thus, remain on sell signals. There has been some relatively heavy put buying in stock options over the past few weeks, and that has been a major contributing factor in the rise in the put-call ratios. These ratios are rather high on their charts, so they are considered to be in oversold territory. However, “oversold” does not mean “buy.”

    After the market broke below 3900, breadth was poor for the next two days. That pushed the breadth oscillators — which were already on sell signals dating back to December 5th — into oversold territory. We are now watching to see if they can generate buy signals. In fact, the NYSE breadth oscillator did generate a buy signal as of December 21st, but the “stocks only” oscillator has not. We generally require that any signal from this indicator (which is subject to whipsaws) persist for at least two consecutive days before considering it to be an actionable signal.

    New 52-week highs on the New York Stock Exchange have lagged for some time again, and thus the “new highs vs. new lows” indicator remains on a sell signal.

    So, the above indicators are relatively negative, but that is contrasted by the CBOE Volatility Index
    VIX,
    +15.50%
    indicators, which are more bullish. The VIX “spike peak” buy signal of December 13th remains in place. Moreover, the trend of VIX buy signal, which is a more intermediate-term signal, remains in place. VIX would have to rise above 26 to cancel out these buy signals.

    The construct of volatility derivatives remains bullish. That is, the term structures of the VIX futures and of the CBOE Volatility Indices slope upward. Moreover, the VIX futures are all trading at a premium to VIX. January VIX futures are now the front month, so we are watching for a warning sign, which would come if Jan VIX futures rose above the price of Feb VIX futures. That is not in danger of happening at this time.

    The seasonal patterns that supposedly “rule” between Thanskgiving and the beginning of the new trading year have not worked out this year. The last of those patterns is yet to come, though — the Santa Claus rally — and it may still be able to salvage something for the bulls.

    In summary, we continue to maintain a “core” bearish position and will continue to do so as long as SPX is in a downtrend. We will trade confirmed signals from our other indicators around that “core” position.

    New recommendation: Santa Claus rally

    The Santa Claus rally is a term and market seasonal pattern defined by Yale Hirsch over 60 years ago. It has a strong track record. The system is simple: The market rises over the last five trading days of one year and the first two trading days of the next year — a seven-day period.

    This year the system begins at the close of trading on Thursday, December 22nd (today). However, if that period does not produce a gain by SPX, that would be a further negative for stocks going forward.

    At the close of trading on Thursday, December 22nd,

    Buy 2 SPY Jan (13th) at-the-money calls

    And Sell 2 SPY Jan (13th) calls that are 15 points out of the money.

    There is no stop for this trade, except for time. If the SPDR S&P 500 ETF Trust
    SPY,
    -2.29%
    trades at the higher strike while the position is in place, then roll the entire spread up 15 points on each side. In any case, exit your spreads at the close of trading on Wednesday, January 4th (the second trading day of the new year).

    Follow-up action

    All stops are mental closing stops unless otherwise noted.

    We are using a “standard” rolling procedure for our SPY spreads: in any vertical bull or bear spread, if the underlying hits the short strike, then roll the entire spread. That would be roll up in the case of a call bull spread, or roll down in the case of a bear put spread. Stay in the same expiration, and keep the distance between the strikes the same unless otherwise recommended.

    Long 2 SPY Jan (20th) 375 puts and Short 2 Jan (20th) 355 puts: this is our “core” bearish position. As long as SPX remains in a downtrend, we want to maintain a position here.

    Long 1 SPY Jan (6th) 408 call and short 1 SPY Jan (6th) 423 call: this trade is based on the MVB buy signal, which was established on October 4th. We have already rolled up a couple of times and taken some profit out of the position. Close the remaining spread now.

    Long 2 KMB Jan (20th) 135 calls: we rolled this position up last week. The closing stop remains at 135.

    Long 2 IWM Jan (20th) 185 at-the-money calls and Short 2 IWM Jan (20th) 205 calls: this is our position based on the bullish seasonality between Thanksgiving and the second trading day of the new year. We will adjust this position if IWM rallies during the holding period, but initially there is no stop for the position, so the entire debit is at risk.

    Long 2 PSX Jan (20th) 105 puts: we intended to hold these puts as long as the weighted put-call ratio remains on a sell signal. However, the put-call ratio has rolled over to a buy signal, so exit these puts now.

    Long 2 AJRD Jan (20th) 52.5 calls: AJRD received an all-cash takeover offer of $56, so exit these calls now. Do not sell them below parity.

    Long 1 SPY Jan (20th) 402 call and Short 1 SPY Jan (20th) 417 calls: this spread was bought at the close on December 13th, when the latest VIX “spike peak” buy signal was generated. Stop yourself out if VIX subsequently closes above 25.84. Otherwise, we will hold for 22 trading days.

    Long 1 SPY Jan (20th) 389 put and Short 1 SPY Jan (20th) 364 put: this was an addition to our “core” bearish position, established when SPX closed below 3900 on December 15th. Stop yourself out of this spread if SPX closes above 3940.

    Long 2 PCAR Feb (17th) 97.20 puts: these puts were bought on December 20th, when they finally traded at our buy limit. We will continue to hold these puts as long as the weighted put-call ratio is on a sell signal.

    Send questions to: lmcmillan@optionstrategist.com.

    Lawrence G. McMillan is president of McMillan Analysis, a registered investment and commodity trading advisor. McMillan may hold positions in securities recommended in this report, both personally and in client accounts. He is an experienced trader and money manager and is the author of the best-selling book, Options as a Strategic Investment. www.optionstrategist.com

    Disclaimer: ©McMillan Analysis Corporation is registered with the SEC as an investment advisor and with the CFTC as a commodity trading advisor. The information in this newsletter has been carefully compiled from sources believed to be reliable, but accuracy and completeness are not guaranteed. The officers or directors of McMillan Analysis Corporation, or accounts managed by such persons may have positions in the securities recommended in the advisory.

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  • Pelosi says she hopes House can pass $1.7 trillion spending bill tonight

    Pelosi says she hopes House can pass $1.7 trillion spending bill tonight

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    Speaker Nancy Pelosi on Thursday said it’s her “hope” that the House of Representatives will pass Congress’ year-end, $1.7 trillion spending package this evening. The Senate earlier Thursday broke a logjam over immigration, clearing the way to pass the massive bill as a partial government shutdown looms early Saturday. The measure contains items that would would automatically enroll workers into retirement plans like 401(k)s; bans the app TikTok on government devices; and funnels billions of dollars in extra aid to Ukraine.

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  • Scott Minerd, prominent Guggenheim Partners money manager, dies unexpectedly of heart attack

    Scott Minerd, prominent Guggenheim Partners money manager, dies unexpectedly of heart attack

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    Guggenheim Partners Global Chief Investment Officer Scott Minerd has died, the company announced in a press release issued Thursday. He was 63.

    The money manager was one of the most prominent on Wall Street, known for his calls on stocks, bonds and Federal Reserve policy as well as for his muscular physique.

    Reports indicated that Minerd suffered a heart attack during a workout. He died on Wednesday afternoon.

    “We’re deeply saddened by the death of Scott Minerd and send our deepest condolences to his husband, friends and family,” said Gerard Carney, a spokesman for Guggenheim Partners.

    Minerd became CIO of Guggenheim Partners in 1999, shortly after the firm was founded. He was a frequent commentator in the media, making calls on the S&P 500
    SPX,
    -1.45%    ,
    the Dow Jones Industrial Average
    DJIA,
    -1.05%
    and Treasurys.

    Read: Guggenheim’s Minerd believes fine art, real estate will outperform stocks, sees bitcoin bottoming at $8,000

    Also see: Fed may need to pivot by early November, when ‘something breaks,’ says Guggenheim’s Scott Minerd

    He was known for his macro approach to investing and as a fixed-income expert who understood structured securities and currencies. He was employed at Merrill Lynch, Morgan Stanley and Credit Suisse First Boston in the 1980s and 1990s, working with legendary CEOs John Mack and Bob Diamond.

    In 2017, he told Bloomberg that he had “walked away from extremely large offers on Wall Street” because he had become burnt out at age 37. “I realized this wasn’t a dress rehearsal for life, this was it,” he said.

    “I have known Scott for over 30 years and we were partners much of that time,” wrote Mark Walter, CEO and a founder of Guggenheim. “Scott was a key innovator and thought leader who was instrumental in building Guggenheim Investments into the global business it is today.

    “He will be greatly missed by all. My deepest condolences are with his husband, family and loved ones,” Walter wrote.

    At his peak, Minerd could bench-press nearly 500 pounds, and he competed in the super-heavyweight and over-40 divisions of L.A. bodybuilding championships.

    The son of an insurance salesman, Minerd grew up in southwestern Pennsylvania on land where his family settled before the Revolutionary War, Bloomberg reported.

    Members of the investment community were stunned by news of Minerd’s death.

    Billionaire Bill Ackman, who runs the hedge fund Pershing Square Capital Management, described Minerd as a “brilliant man.”

    “He was also a lot of fun. I wish I had more time with him. Carpe diem,” Ackman wrote via Twitter.

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  • FTX co-founder Gary Wang, ex-Alameda CEO Caroline Ellison plead guilty to federal charges

    FTX co-founder Gary Wang, ex-Alameda CEO Caroline Ellison plead guilty to federal charges

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    On the same day that that the Bahamas extradited FTX co-founder and former CEO Sam Bankman-Fried to the U.S. to face criminal charges, two former executives at FTX and Alameda Research pleaded guilty Wednesday to federal fraud charges.

    Caroline Ellison, 28, the former chief executive of Alameda Research — the crypto trading company founded by Bankman-Fried — and Zixiao (Gary) Wang, 29, co-founder of crypto platform FTX and its former chief technology officer, were charged for their roles in contributing to the crypto platform’s collapse.

    The pair each faced decades-long prison sentences if convicted, and pleaded guilty to charges that included wire fraud, securities fraud and commodities fraud in exchange for leniency. In a video Wednesday night, U.S. Attorney Damian Williams of the Southern District of New York said both were cooperating in the continuing investigation into FTX and Bankman-Fried.

    Williams added that Bankman-Fried, 30, was in FBI custody and will appear in court in “as soon as possible,” and suggested more charges in the FTX case could be forthcoming.

    “If you participated in misconduct at FTX or Alameda, now is the time to get ahead of it,” Williams said. “We are moving quickly and our patience is not eternal. … and we are far from done.”

    In a parallel action, the Securities and Exchange Commission on Wednesday also charged Ellison and Wang “for their roles in a multiyear scheme to defraud equity investors in FTX.”

    According to the SEC complaint, Ellison helped manipulate the price of FTX-issued crypto token FTT, which served as collateral for undisclosed loans from FTX customers’ assets to Alameda. In addition, the SEC alleges Bankman-Fried misled customers by falsely claiming FTX was a safe trading platform with strict risk-mitigation measures.

    The SEC claims Wang created software code to allow Alameda to divert FTX customers’ funds, and that Ellison used those funds for Alameda’s trading activity.

    “As part of their deception, we allege that Caroline Ellison and Sam Bankman-Fried schemed to manipulate the price of FTT, an exchange crypto security token that was integral to FTX, to prop up the value of their house of cards,” SEC Chair Gary Gensler said in a statement. “We further allege that Ms. Ellison and Mr. Wang played an active role in a scheme to misuse FTX customer assets to prop up Alameda and to post collateral for margin trading. When FTT and the rest of the house of cards collapsed, Mr. Bankman-Fried, Ms. Ellison, and Mr. Wang left investors holding the bag. Until crypto platforms comply with time-tested securities laws, risks to investors will persist. It remains a priority of the SEC to use all of our available tools to bring the industry into compliance.”

    Bankman-Fried was arrested in the Bahamas last week after he was indicted by U.S. federal prosecutors, who allege he played a key role in the collapse of FTX, diverting billions of dollars of customer assets and defrauding investors, customers and lenders.

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  • FTX founder Sam Bankman-Fried extradited to U.S. to face criminal charges

    FTX founder Sam Bankman-Fried extradited to U.S. to face criminal charges

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    NASSAU, Bahamas — Bahamian authorities said Wednesday that former FTX CEO Sam Bankman-Fried has been extradited to the United States, where he faces criminal charges related to the collapse of the cryptocurrency exchange.

    Bahamas’s attorney general’s office said that Bankman-Fried would be leaving for the United States later Wednesday, noting he had waived his right to challenge the extradition.

    Reporters on the scene witnessed Bankman-Fried leaving a Magistrate Court in Nassau in a dark SUV earlier Wednesday. The vehicle was later seen arriving at a private airfield by Nassau’s airport, from which he is expected to be flown to the United States. He is due to land in New York and will likely appear in front of a U.S. judge on Thursday.

    “The Bahamas has determined that the provisional arrest, and subsequent written consent by (Bankman-Fried) to be extradited without formal extradition proceedings satisfies the requirements of the (extradition treaty between the U.S. and the Bahamas) and our nation’s Extradition Act,” said Bahamian Attorney General Ryan Pinder, in a statement.

    Bahamian authorities arrested Bankman-Fried last week at the request of the U.S. government. U.S. prosecutors allege he played a central role in the rapid collapse of FTX and hid its problems from the public and investors. The Securities and Exchange Commission said Bankman-Fried illegally used investors’ money to buy real estate on behalf of himself and his family.

    The 30-year-old could potentially spend the rest of his life in jail.

    Bankman-Fried was denied bail Friday after a Bahamian judge ruled that he posed a flight risk. The founder and former CEO of FTX, once worth tens of billions of dollars on paper, had been held in the Bahamas’ Fox Hill prison, which has been has been cited by human rights activists as having poor sanitation and as being infested with rats and insects.

    Once he’s back in the U.S., Bankman-Fried’s attorney will be able to request that he be released on bail.

    Bankman-Fried was one of the world’s wealthiest people on paper, with an estimated net worth of $32 billion. He was a prominent personality in Washington, donating millions of dollars toward mostly left-leaning political causes and Democratic political campaigns. FTX grew to become the second-largest cryptocurrency exchange in the world.

    He has said that he did not “knowingly” misuse customers’ funds, and said he believes his millions of angry customers will eventually be made whole.

    At a congressional hearing last week, the new FTX CEO John Ray III, who is tasked with taking the company through bankruptcy, bluntly disputed those assertions: “We will never get all these assets back,” Ray said.

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  • U.S. stocks log biggest jump in almost 2 weeks on strong earnings, consumer sentiment

    U.S. stocks log biggest jump in almost 2 weeks on strong earnings, consumer sentiment

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    U.S. stocks cemented their biggest daily advance in almost two weeks on Wednesday as investors reacted to optimistic earnings from Nike Inc. and FedEx Corp., along with a surprisingly strong reading on consumer confidence. The S&P 500
    SPX,
    +1.49%
    gained 56.82 points, or 1.5%, to finish at 3,878.44, according to Dow Jones Market Data. The Nasdaq Composite
    COMP,
    +1.54%
    advanced 162.26 points, or 1.5%, to close at 10,709.37. The Dow Jones Industrial Average
    DJIA,
    +1.60%
    gained 526.74 points, or 1.6%, to finish at 33,376.48.

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  • Learn How to Earn Passive Income Through Day Trading and Investments

    Learn How to Earn Passive Income Through Day Trading and Investments

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    Opinions expressed by Entrepreneur contributors are their own.

    On average, it can take up to four years before a startup begins to see a profit. You may have an excellent business idea, but it’s important to have a steady influx of capital to sustain yourself and any unplanned enterprise needs in the meantime. Set yourself up with some extra cash by launching a passive income pursuit. One option? Candlestick trading.


    StackCommerce

    The Ultimate Candlestick Trading & Analysis Masterclass Bundle may be able to help you get started on your first investments. Learn to analyze stocks, identify patterns, and day trade in this five-course bundle.

    Start earning passive income.

    Once familiar with the Candlestick method, you can start identifying trade chart patterns. Before long, you may be able to start day trading with confidence. Learn to read “the tape” and form conclusions based on the record of stock transactions throughout the day. With enough study and practice, you could start predicting reversal points that tell you when it’s time to sell.

    Each course is taught by Travis Rose, a full-time day trader and investor. Like Rose, you may be able to turn investing into a full-time job, or you could use it to fund your next business venture.

    Day trade your way to a profit.

    There is a steep learning curve in investing, but you can study the same methods professional investors use to maximize their profit potential. Get the Ultimate Candlestick Trading and Analysis Masterclass Bundle on sale for $29.99 and start planning your first investment.

    Prices subject to change.

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  • Home Page – MarketWatch

    Home Page – MarketWatch

    [ad_1]

    Twitter voters favor Elon Musk stepping down, as Tesla shares rise

    Nearly 58% or about 17.5 million Twitters votes were cast in favor of Elon Musk stepping down from the company, Musk’s Twitter account said Monday. Meanwhile shares of Tesla Inc. , the electric car company that Musk also runs, saw its stock rise by 4.7% in premarket trades. Musk has been running Twitter for 53 days, during which time he’s laid off a large percentage of the company’s work force and drawn criticism recently for suspending accounts of four journalists. The latest controversy revolved around whether Twitter would ban accounts that post links or usernames for certain “prohibited” third-party social media platforms. The social media platform announced the ban and then seemingly rescinded the rule about 12 hours later. During that issue, Musk then asked Twitter users to vote on whether he should continue to run the company.

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  • Tesla’s New Factory Location Revealed

    Tesla’s New Factory Location Revealed

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    Tesla and Elon Musk are about to keep a promise. 

    On January 26, the billionaire entrepreneur announced that the automotive group would reveal the locations of its new factories before the end of the year.

    “2022 is the year we will be looking at factory locations to see what makes the most sense with possibly some announcement by the end of this year,” said CEO Musk during the company’s 2021 fourth-quarter earnings. 

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  • Tesla’s Elon Musk Has a Finance Lesson For Investors. They Disagree.

    Tesla’s Elon Musk Has a Finance Lesson For Investors. They Disagree.

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    There is little time off for investors following


    Tesla


    these days. The weekend before Christmas is no exception. In the past couple of days, there have been more tweets about


    Tesla


    ‘s management. Investors have also learned where


    Tesla


    might put its next manufacturing plant. And Elon Musk has a finance lesson for investors.

    “Securities Analysis 101,” tweeted out the Tesla (ticker: TSLA) CEO on Saturday. “As the ‘risk-free’ real rate of return from Treasury Bills approaches the much riskier rate of return from stocks, the value of stocks drop. For example, if T-bills and stocks both had a 10% rate of return, everyone would just buy the former.”

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  •  Individual Investors Hang On in Wild Year for Stocks While Pros Sell 

     Individual Investors Hang On in Wild Year for Stocks While Pros Sell 

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    During the wildest year for global markets since 2008, individual investors have been doubling down on stocks. Many professionals, on the other hand, appear to have bailed out.  

    U.S. equity mutual and exchange-traded funds, which are popular among individual investors, have attracted more than $100 billion in net inflows this year, one of the highest amounts on record in EPFR data going back to 2000. 

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  • This is the only stock market prediction for 2023 that you need to know

    This is the only stock market prediction for 2023 that you need to know

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    When you hear or read about an investing expert’s outlook for the year ahead, bear one thing in mind: Every forecast about 2022 was wrong.

    Not just a bit amiss, but complete, total busts.

    Oh, some strategists will claim victory for saying the stock market
    SPX,
    -1.11%
    would be down in 2022 or that Treasury bonds
    TMUBMUSD10Y,
    3.488%
    would have yields north of 3%. Or that the yield curve would invert or that inflation would be stickier than anticipated. But they don’t deserve laurels for that.

    No one said the market would peak on the first day of the calendar year and go downhill from there and, ultimately, that’s the only tale of 2022 that investors will remember.

    Expect forecasts for 2023 to be equally miscalculated.

    That doesn’t mean investors should ignore or dismiss the exercise of experts offering outlooks, but it’s why you should question the motives of the soothsayers and revisit one of the greatest market forecasts of all time that’s well on its way to becoming true no matter what the market dishes out next year.

    Face it, market strategists and economists don’t make forecasts because they want to, but rather because they have to. Keeping their jobs depends on making mostly lame predictions.

    Say something memorable, and the expert and firm might be held accountable for it; pabulum, however, gets overlooked when it’s wrong.

    Obvious observations

    Thus, forecasts lack insight, gravitating toward the middle ground, to obvious observations on the effect of economic and stock market cycles.

    “It looks bad if they don’t have an opinion, but worse when they get something wrong, so most forecasts say as little as possible,” said Jeff Rosenkranz, a fixed-income portfolio manager at Shelton Capital Management, after we finished an interview last week for my podcast, “Money Life with Chuck Jaffe.” “You’re not getting much insight — if they have really valuable insights, this isn’t where they want to tell the world — so most forecasts just aren’t worth much.”

    Adds Howard Yaruss, a New York University professor and author of the recent book “Understandable Economics”: “If you are talking about a fine-tuned forecast about stocks and asset values, I don’t see how anyone could go there; accurate predictions aren’t going to happen, or will be luck if they turn out true. Their statements are more about marketing than the market.”

    One of Wall Street’s best-known prognosticators says credibility is impossible without accountability, but he acknowledges the tightrope experts walk if they say too much.

    Bob Doll, chief investment officer at Crossmark Global Investments, started making forecasts — 10 specific prognostications covering markets, the economy, politics and more — in the 1990s while working for Oppenheimer. He carried the exercise with him during well-chronicled career stops at BlackRock
    BLK,
    +0.29%    ,
    Nuveen and elsewhere, and historically has been right on north of 70% of his calls.

    ‘Wordsmithing’

    “There’s wordsmithing going on; you word them so that you have a noticeably higher than 50% chance of getting them right, and then say a few things you truly believe in that will make you look really smart if they happen without making you look dumb for believing it,” Doll says.

    Good forecasts are not just an academic, rote exercise, Doll says, provided that they’re relevant, prompt thoughtful reactions from the audience and that the expert stands by them. Doll revisits his forecasts every quarter and doesn’t alter them in response to current events.

    “You call the beast as you see it,” he says, “and then you stand by it and live with it, and you don’t worry about getting them all right because if you haven’t gotten something wrong, you’ve only said the obvious.”

    Wildest market forecast

    Which leads to what I think is the best, wildest market forecast of all time, even if it’s more obvious than it appears: Dow
    DJIA,
    -0.85%
    116,200.

    If that sounds far-fetched with the Dow Jones Industrial Average standing at roughly 33,500 — and down about 8% since the start of the year — consider that the prognostication was made in 1995 with the index hovering around 4,500.

    Also, the call was for the benchmark to hit that level in 2040.

    Bill Berger, founder of the Berger Funds — which merged into the Janus funds in 2002 — made the call at the first Society of American Business Editors & Writers Conference on Personal Finance in Boston, giving one of the best talks I’ve ever heard, mostly railing against forecasting and the habit of making too much of market milestones.

    (If the Dow 116,200 prediction rings familiar to you, chances are you learned about it from me, as I raised it periodically while working as senior columnist for MarketWatch between 2003 and 2017. Today marks the return of my column to this site, and I’m glad to be back.)

    Berger cited what he called “the two rules of forecasting.”

    Rule 1: For each forecast, there is an equal and opposite forecast.

    Rule 2: Both of them are wrong.

    Ironically, 116,200 sounds implausible, but looks dead solid perfect.

    By 1995, Berger had worked in investments for 45 years; when he got started, the Dow was below 200. Mathematically, he saw the Dow’s future as reflecting the past; repeating the growth he’d lived through would push the benchmark to 116,200 over the next 45 years.

    A septuagenarian at the time, Berger wryly suggested that if he was proved wrong, people come find him to discuss it; sadly, he died a few years later.

    The long game

    Despite the outlandishness of the forecast, Morningstar calculates that hitting the target would have required an annualized gain of roughly 7.35% over the 45 years. When the Dow peaked on Jan. 4, 2022, the necessary gain was down to 6.33% annualized.

    As of Dec. 1, Morningstar calculates that hitting 116,200 in the fall of 2040 will take a 7.07% annualized gain, which feels like a safe bet.

    Thus, 2022’s disappointments haven’t derailed long-term investors any more than they’ve crashed the greatest-ever market forecast.

    That’s the lesson to remember when confronted with 2023 forecasts; neither the market’s issues nor experts’ ability to diagnose them will derail long-term financial plans or make lifetime goals unreachable.

     That’s a prediction worth betting on.

    Chuck Jaffe is a MarketWatch columnist and host of the “Money Life with Chuck Jaffe” podcast.

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  • Home Page – MarketWatch

    Home Page – MarketWatch

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    Retail sales drop 0.6% in November, weakest data of the year

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  • These are the top 10 mistakes people make when planning for retirement

    These are the top 10 mistakes people make when planning for retirement

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    We all make mistakes in planning for our golden years. But which are the worst, which are the most common, and which ones do we all need to watch out for?

    Financial planners have weighed in with the top 10 they see among clients. It’s emerged in a survey conducted by money managers Natixis and just released. And it’s a terrific checklist for anyone who wants to see how they’re doing, and what they need to change.

    The…

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  • SEC votes to propose major overhaul of U.S. stock-trading rules

    SEC votes to propose major overhaul of U.S. stock-trading rules

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    The Securities and Exchange Commission on Wednesday voted to propose a package of rule changes, including measures that could affect, but not block, the controversial practice known as payment for order flow.

    In this practice, brokers send many small orders from individual investors to market makers or other venues, who compensate the brokers for the order flow. The brokerage industry argues that the practice, which is banned in several countries, offers a net saving to investors, allowing for zero-commission trades and otherwise…

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  • In a Crypto Winter Wonderland, Should You Hold or Sell Your Crypto?

    In a Crypto Winter Wonderland, Should You Hold or Sell Your Crypto?

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    It’s been a rough year for cryptocurrency.

    Bitcoin is down nearly 65% from its 2022 peak in early January. Major exchanges are filing for bankruptcy. Calls for regulation are mounting.

    The so-called “crypto winter” is starting to feel more like a crypto apocalypse.

    Millions of everyday investors who sank money into cryptocurrency are facing a painful dilemma: Is it time to cash out of crypto?

    It can be difficult to know when to cut your losses as an investor. But an investment objective can make that decision easier.

    People usually create an investment objective before they purchase an asset. If you don’t already have one, now is a good time to create it.

    What Is an Investment Objective?

    An investment objective outlines why you think a particular asset is worth buying — and at what point you should sell.

    Experienced investors may draft an investment thesis that’s several pages long. But you can keep yours simple.

    Consider these questions:

    • What cryptocurrency do you own and why do you own it?
    • What is your risk tolerance (conservative, moderate or aggressive)?
    • What’s your time horizon? That is, when do you need to access the money?
    • Does the asset meet your investment goals? Why is this investment suitable for you?
    • Is the return on your investment meeting your expectations?
    • Are you trying to make quick gains, or do you believe in buying and holding for the long term?
    • What criteria will you use to decide when to sell?

    How Do You Know When to Sell Crypto?

    Some investors create a hard stop-loss as part of their investment objective. Once a stock or cryptocurrency loses 30% of its value, for example, they sell, no matter what.

    Similarly, investors looking to make quick crypto profits may decide to sell once the asset gains 10% or 20% in value. Taking at least some profit can act as a hedge against potential losses in the future.

    No matter how you define your investment objective, you should never invest more than you’re willing to lose.

    “You also shouldn’t invest in anything you don’t understand,” said Jamie Lima, a certified financial planner and president of Woodson Wealth Management in San Diego.

    Most experts recommend allocating no more than 5% of your overall portfolio to speculative assets like cryptocurrency.

    Once you have a clear understanding of why you’re invested, the decision of when to sell crypto becomes easier.

    What to Do If Your Crypto Investment Objective Says Sell

    If you’re losing sleep at night over your cryptocurrency losses, it’s probably time to sell.

    Other times when it makes sense to sell crypto include:

    • You no longer believe in its long-term success.
    • You’ve found better investment opportunities elsewhere.

    You shouldn’t sell crypto simply because the price drops. If you still believe in its long-term value, stick to your investment strategy and hold.

    But if holding crypto no longer meets your investing goals, here’s what comes next.

    How to Cash Out From Cryptocurrency Exchanges and Payment Apps

    Each cryptocurrency exchange has its own exit path, or process for cashing out your digital assets.

    You’ll follow these basic steps to cash out your cryptocurrency from an exchange, trading platform or payment app:

    1. Exchange your cryptocurrency for U.S. dollars.
    2. Transfer money from your cryptocurrency account to your bank account.

    Most major exchanges, such as Coinbase, let you sell your crypto for cash. Then you can transfer funds to your linked bank account.

    Unlike many online stock trading platforms, which now offer $0 trades and no withdrawal fees, crypto exchanges often charge a combination of variable fees that can tack on an additional 0.1% to 2.5%.

    Fees may be staggered in tiers. PayPal, for instance, charges a $1 fee if you sell $5 to $25 of cryptocurrency but a $2.50 fee if you sell $75 to $200 of cryptocurrency. You’ll pay a percentage fee after $200.

    Some trading platforms — like Robinhood, eToro and Webull — don’t charge any fees to cash out your crypto.

    Keep in mind that there will probably be a short holding period before you can transfer cash from a crypto exchange to your bank account.

    Could Selling Crypto at a Loss Now Help You at Tax Time?

    Selling at a loss isn’t always a terrible idea. Doing so can actually have positive tax implications if you took crypto profits earlier in the year.

    When you sell an investment for more than you paid for it, the profit is subject to capital gains tax.

    When you sell an investment at a loss, you don’t need to pay taxes on it. And a capital loss can actually cancel out taxes on your crypto gains.

    “Few people think to do this, even though it can be very beneficial at tax time,” Lima said.

    Let’s say you sold $500 of bitcoin in March and made a $100 profit on your original investment. You’d owe capital gains tax on $100 when you file your tax return.

    But if you sold $200 of bitcoin for $100 less than what you originally paid for it, that $100 capital loss would offset your capital gain, essentially eliminating your tax liability.

    What to Do If Your Crypto Investment Objective Says Hold

    Are you a die-hard believer in bitcoin? If so, you’ll see the current market unrest as a temporary — if not extreme — fluctuation in price.

    Bitcoin’s 2022 drop is nearly 65% — marking the fifth time in its 14-year history that it’s fallen more than 70% from an all-time high.

    If your investment objective tells you to hold, it’s still important to understand the risks.

    The Risks of Staying Invested in Cryptocurrency

    High volatility is the most obvious risk with cryptocurrency. Price fluctuations are common in the stock market. But the massive highs and lows of the crypto market are unlike other assets.

    “Ignore the hype that says investment value always goes up,” said Robert Persichitte, a certified financial planner at Delagify Financial in Arvada, Colorado. “Think critically about how you will get paid back and when.”

    Because cryptocurrency is regulated by a patchwork of agencies in the U.S., investors don’t have the same protections offered by traditional financial institutions.

    The future of cryptocurrency regulation is also in flux, though the U.S. Securities and Exchange Commission is cracking down on cases of fraud and market manipulation.

    “People need to be protected from themselves sometimes,” Lima told The Penny Hoarder. “Having a more centralized organization overseeing cryptocurrency is likely where the industry is going.”

    Following the terra/luna stable coin collapse in May, the SEC announced that it was nearly doubling its Crypto Assets and Cyber Unit.

    Since then, the federal agency has made a series of high-profile moves, including fining reality TV star Kim Kardashian $1.2 million in October for allegedly failing to disclose compensation she received for promoting a cryptocurrency called EthereumMax on Instagram.

    Smaller digital coins and exchanges with questionable financials may cease to exist as regulation ramps up.

    Ryan Cole, a certified financial planner and managing director at Citrine Capital in San Francisco, said he believes in the future of bitcoin, but not other digital assets.

    “Most of the crypto space is outright scams,” Cole told The Penny Hoarder. “There’s a very high likelihood that most non-bitcoin crypto gets completely wiped out.”

    The truth is there’s no way to know if bitcoin and other cryptocurrencies have hit bottom. Prices could keep declining as the financials of digital coins and businesses in the industry face scrutiny.

    The Risk of Keeping Money on a Cryptocurrency Exchange

    Even if you’re fully committed to crypto and have conducted your own research, keeping your coins on an exchange long-term puts your cryptocurrency investment at risk.

    The risk of keeping your digital assets with a third-party company came into sharp focus with the collapse of FTX in November.

    FTX went from a company valued at $32 billion to filing for bankruptcy in a matter of days. Its dramatic demise shook the cryptocurrency industry to its core.

    The millions of crypto investors with holdings on the exchange must now wait months or years before they recover their funds — if they recover them at all.

    “The pure scale of it has been insane,” Cole said.

    So what’s the alternative?

    For cryptocurrency purists there’s only one way to go: Offload your current crypto holdings to a hardware wallet, also known as cold storage.

    What Is a Hardware Wallet?

    When you purchase cryptocurrency, it’s typically stored in a custodial wallet attached to an exchange or broker.

    We’re pretty familiar with this arrangement with our stock portfolios and 401(k)s. A custodian, or large financial company, manages and takes care of our stocks, mutual funds or bonds.

    But cryptocurrency was founded on the principle of decentralization: a form of digital currency that doesn’t rely on a bank or central financial institution.

    For full ownership over your holdings, you must transfer your crypto off an exchange to a separate hardware wallet. These devices look like USB drives or small external hard drives.

    Hardware wallets aren’t connected to the internet, so they aren’t susceptible to hacks and data breaches.

    “It’s safer to custody crypto yourself,” Cole said. “And it’s much easier to set up a hardware wallet than it used to be.”

    Ledger is a popular maker of hardware wallets. Its Nano S Plus model goes for $80 and can support up to 5,500 different crypto assets.

    It’s OK to keep some money on an exchange, but experts generally recommend transferring 80% of your long-term funds to cold storage.

    Hardware wallets remove the middle man — an exchange or broker — which puts all the responsibility of keeping your private key and assets safe on your shoulders.

    If you lose the hardware wallet, or the backup recovery phrase, your coins are gone forever.

    The Bottom Line on Holding or Selling Crypto

    Whether crypto is forever doomed or will eventually rebound is unclear. Optimistic investors might see crypto as a bargain buy right now while owners who watched the price of their assets plummet may be wondering if it’s time to cash out.

    Others, who only made a small initial investment, may decide to hold and take a “wait and see approach” during a moment of tremendous market uncertainty.

    Creating an investment objective helps make the decision to buy, sell or hold easier.

    Write your investment objective down somewhere so you can refer back to it later.

    And perhaps, most importantly, don’t forget the golden rule of investing: Never put in more money than you can afford to lose.

    Rachel Christian is a Certified Educator in Personal Finance and a senior writer for The Penny Hoarder.


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    rachel.christian@thepennyhoarder.com (Rachel Christian, CEPF®)

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