Market Monitor

Get Through ObamaCare Pain

Yesterday, in case you were unaware, was big day for politics with the government shut-down and the kick-off of Obamacare. As expected, there were ‘glitches’ in the system as wait times and hold times approached unbearable levels. Get used to it.

In yesterday’s Goldman Guide our conversation centered on how today’s football and investing mirror each other. The government officially shut yesterday, further demonstrating the point and adding to the long list of outside influences on the market

From downgrades from Wall Street analysts to talks about bankruptcy, JC Penny (NYSE – JCP - $10.12), has taken a beating all the way down to a 13-year low.

In Monday’s Goldman Guide, “Size Matters” we mentioned two new IPO’s that began trading last week.  Rocket Fuel (NASDAQ—FUEL) provides artificial-intelligence digital advertising solutions. The company offers artificial intelligence-driven solution that is built on its real-time optimization engine, which leverages Big Data and its computational infrastructure to deliver highly-automated, measurable digital advertising campaigns. FireEye (NASDAQ—FEYE) provides various real-time protection products to enterprises and governments. It provides malware protection system (MPS) products, including software-based appliances. 

In Monday’s Goldman Guide we discussed the changing job market in the U.S. and the shift to part-time employment.  A great article was featured in the Wall Street Journal over the weekend from the CEO of one of the largest temp agencies.  This was a must-read.

http://online.wsj.com/article/SB10001424127887324492604579087044033601178.html. 

There is no doubt that the job market has not made a recovery like Wall Street.  Obamacare is a main contributor to this, again one of the unintended consequences of ‘good intentions’ from government.  Stock plays on this dynamic should pay off for the foreseeable future.

As we mentioned yesterday, Robert Half (NYSE—RHI—$38.37) stands out as a leader in the publicly traded temp agency and job placement firms and stocks.

Robert Half International Inc. provides staffing and risk consulting services in North America, South America, Europe, Asia, and Australia. The Company operates through Accountemps, Robert Half Finance & Accounting, OfficeTeam, Robert Half Technology, Robert Half Management Resources, Robert Half Legal, The Creative Group, and Protiviti divisions. The Accountemps division offers temporary staffing in the accounting, tax, and finance fields. The Robert Half Finance & Accounting division places full-time accounting, financial, tax, and banking personnel.

The shift to temporary employment and the need for placement services will be huge catalysts for the Company going forward, reflected in the 2013 to 2014 earnings per share growth forecast for over 20% increase to $2.12.  From a valuation perspective this estimate puts in FY P/E at just over 18, well under the industry standard of 22.  The stock appears to be under some major accumulation with almost 1 million shares traded per day over the last three months on a 20% rise in price over that time.  Finally, the 5-day, 20-day, and 50-day DMA are all very bullish when analyzing the charts. 

RHI is in the right place at the right time as it relates to the U.S. economy and job market.  When you add in our current market formula of forward earnings/valuation, momentum, and bullish technical analysis, particularly DMA, the stock is set to take off.  We think a price of $50 sometime in 1H2014 is a level RHI will reach.

Have a great day!

Disclosure: Goldman Small Cap Research analysts are neither long nor short these shares but may elect to purchase the stock within the next 48 hours. Goldman Small Cap Research is not affiliated in any way with Goldman Sachs & Co.

Disclaimer:

This Market Monitor blog was prepared for informational purposes only. Goldman Small Cap Research, (a division of Two Triangle Consulting Group, LLC) produces research via two formats: Goldman Select Research, which typically highlights small cap companies, and Goldman Opportunity Research, which features micro cap companies in a sponsored research format. Thus, the Select product reflects the Firm’s internally generated stock ideas while the Opportunity product reflects sponsored research reports. 

Goldman Small Cap Research is not affiliated in any way with Goldman Sachs & Co.

It is important to note that while we may track performance separately, we utilize the same coverage criteria in determining coverage of all stocks in both research formats. Please view the company’s individual disclosures for each engagement, which can be found in each company-specific report. All information contained in this blog, newsletter and in our reports were provided by the Companies or generated from our own due diligence. Our analysts are responsible only to the public, and are paid in advance to eliminate pecuniary interests, retain editorial control, and ensure independence. Analysts are compensated on a per report basis and not on the basis of his/her recommendations. 

The information used and statements of fact made have been obtained from sources considered reliable but we neither guarantee nor represent the completeness or accuracy. Goldman Small Cap Research did not make an independent investigation or inquiry as to the accuracy of any information provided by the Company, or other firms. Goldman Small Cap Research relied solely upon information provided by the Company through its filings, press releases, presentations, and through its own internal due diligence for accuracy and completeness. Such information and the opinions expressed are subject to change without notice. A Goldman Small Cap Research blog, report, note, or newsletter is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed.

This blog does not take into account the investment objectives, financial situation, or particular needs of any particular person. This blog does not provide all information material to an investor’s decision about whether or not to make any investment. Any discussion of risks in this presentation is not a disclosure of all risks or a complete discussion of the risks mentioned. Neither Goldman Small Cap Research, nor its parent, is registered as a securities broker-dealer or an investment adviser with FINRA or with any state securities regulatory authority.

ALL INFORMATION IN THIS BLOG, REPORT OR NEWSLETTER IS PROVIDED “AS IS” WITHOUT WARRANTIES, EXPRESSED OR IMPLIED, OR REPRESENTATIONS OF ANY KIND. TO THE FULLEST EXTENT PERMISSIBLE UNDER APPLICABLE LAW, TWO TRIANGLE CONSULTING GROUP, LLC WILL NOT BE LIABLE FOR THE QUALITY, ACCURACY, COMPLETENESS, RELIABILITY OR TIMELINESS OF THIS   INFORMATION, OR FOR ANY DIRECT, INDIRECT, CONSEQUENTIAL, INCIDENTAL, SPECIAL OR PUNITIVE DAMAGES THAT MAY ARISE OUT OF THE USE OF THIS INFORMATION BY YOU OR ANYONE ELSE (INCLUDING, BUT NOT LIMITED TO, LOST PROFITS, LOSS OF OPPORTUNITIES, TRADING LOSSES, AND DAMAGES THAT MAY RESULT FROM ANY INACCURACY OR INCOMPLETENESS OF THIS INFORMATION). TO THE FULLEST EXTENT PERMITTED BY LAW, TWO TRIANGLE CONSULTING GROUP, LLC WILL NOT BE LIABLE TO YOU OR ANYONE ELSE UNDER ANY TORT, CONTRACT, NEGLIGENCE, STRICT LIABILITY, PRODUCTS LIABILITY, OR OTHER THEORY WITH RESPECT TO THIS PRESENTATION OF INFORMATION.

For more information, visit our Disclaimer: www.goldmanresearch.com

The SNL catch phrase headlines were not intended this week, but we will keep it going from the 2000's Wednesday, the 1990's yesterday, to the 1980's today. "Pumping Up with Hans and Franz" was a regular with Kevin Nealon and Dana Carvey late in the decade and was a steady go to skit for the show at the time. My favorite was when the real Arnold showed up.

We’ll keep the SNL theme going for this week with the immortal words of Matt Foley, the loser motivational speaker, played by the late great Chris Farley. I do not know if I have ever laughed harder while watching the show in my life.

I trust that this risqué headline got your attention. This was a great SNL skit from the news segment with Jimmy Fallon and Paris Hilton from the early 2000’s.  Check it out here: http://tiny.cc/zral3w.

Now, let’s get back to our regularly scheduled program.  The Blackstone Group L.P. (NYSE – BX) announced last week  it is taking Hilton public with an IPO of $12.5 billion after taking the firm private back in 2007.  This seems to be great timing on both sides of the deal, i.e. private right before the massive downturn of 2008 and back on the public exchanges in time for the slowly improving economy of today.  The upturn in the high-end hotel business and its brand name should make this a hot IPO when it comes out, possibly sometime in early 2014.

Hotel stocks have been on fire this year with the Dow Jones U.S. Hotels Index (^DJUSLG) up nearly 18%.  It seems logical for us to play this momentum and get ahead of the curve on a bounce the sector should receive with this IPO.

Diamond Resorts International, Inc. (NYSE – DRII - $17.72) is a small cap in the space that appears to meet our September criteria – general momentum/accumulation and a good forward earnings story after just going public in late July.

The Company operates in the hospitality and vacation ownership industry in the United States, Hawaii, Canada, Mexico, the Caribbean, Central America, South America, Europe, Asia, Australia, and Africa and has nearly 100 managed resorts, over 200 affiliated properties, and 4 cruise itineraries.

The 5-day, 20-day, and 50-day DMA are all very bullish for the stock.  Additionally, the stock has traded over the 100K mark over the past several sessions, a sign of positive accumulation.  With the current estimates set for $0.62 per share for 2013 and $1.00 for 2014 the forward P/E is just over 17, under the industry average of 20 or so.   Finally, the Company closed a senior secured revolving credit facility on September 11, 2013, with Credit Suisse AG as administrative agent. The credit facility has a maturity date of September 11, 2017 and provides for funds to be borrowed at an adjusted base rate or LIBOR rate, with up to a maximum of $25,000,000 outstanding at any time.  This should be a crucial component for expansion and growth.

Look for a price target of $20+ by the end of the year as the P/E multiple expands.

Have a great day!

Disclosure: Goldman Small Cap Research analysts are neither long nor short these shares but may elect to purchase the stock within the next 48 hours.

Disclaimer:

This Market Monitor blog was prepared for informational purposes only. Goldman Small Cap Research, (a division of Two Triangle Consulting Group, LLC) produces research via two formats: Goldman Select Research, which typically highlights small cap companies, and Goldman Opportunity Research, which features micro cap companies in a sponsored research format. Thus, the Select product reflects the Firm’s internally generated stock ideas while the Opportunity product reflects sponsored research reports. 

Goldman Small Cap Research is not affiliated in any way with Goldman Sachs & Co.

It is important to note that while we may track performance separately, we utilize the same coverage criteria in determining coverage of all stocks in both research formats. Please view the company’s individual disclosures for each engagement, which can be found in each company-specific report. All information contained in this blog, newsletter and in our reports were provided by the Companies or generated from our own due diligence. Our analysts are responsible only to the public, and are paid in advance to eliminate pecuniary interests, retain editorial control, and ensure independence. Analysts are compensated on a per report basis and not on the basis of his/her recommendations. 

The information used and statements of fact made have been obtained from sources considered reliable but we neither guarantee nor represent the completeness or accuracy. Goldman Small Cap Research did not make an independent investigation or inquiry as to the accuracy of any information provided by the Company, or other firms. Goldman Small Cap Research relied solely upon information provided by the Company through its filings, press releases, presentations, and through its own internal due diligence for accuracy and completeness. Such information and the opinions expressed are subject to change without notice. A Goldman Small Cap Research blog, report, note, or newsletter is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed.

This blog does not take into account the investment objectives, financial situation, or particular needs of any particular person. This blog does not provide all information material to an investor’s decision about whether or not to make any investment. Any discussion of risks in this presentation is not a disclosure of all risks or a complete discussion of the risks mentioned. Neither Goldman Small Cap Research, nor its parent, is registered as a securities broker-dealer or an investment adviser with FINRA or with any state securities regulatory authority.

ALL INFORMATION IN THIS BLOG, REPORT OR NEWSLETTER IS PROVIDED “AS IS” WITHOUT WARRANTIES, EXPRESSED OR IMPLIED, OR REPRESENTATIONS OF ANY KIND. TO THE FULLEST EXTENT PERMISSIBLE UNDER APPLICABLE LAW, TWO TRIANGLE CONSULTING GROUP, LLC WILL NOT BE LIABLE FOR THE QUALITY, ACCURACY, COMPLETENESS, RELIABILITY OR TIMELINESS OF THIS   INFORMATION, OR FOR ANY DIRECT, INDIRECT, CONSEQUENTIAL, INCIDENTAL, SPECIAL OR PUNITIVE DAMAGES THAT MAY ARISE OUT OF THE USE OF THIS INFORMATION BY YOU OR ANYONE ELSE (INCLUDING, BUT NOT LIMITED TO, LOST PROFITS, LOSS OF OPPORTUNITIES, TRADING LOSSES, AND DAMAGES THAT MAY RESULT FROM ANY INACCURACY OR INCOMPLETENESS OF THIS INFORMATION). TO THE FULLEST EXTENT PERMITTED BY LAW, TWO TRIANGLE CONSULTING GROUP, LLC WILL NOT BE LIABLE TO YOU OR ANYONE ELSE UNDER ANY TORT, CONTRACT, NEGLIGENCE, STRICT LIABILITY, PRODUCTS LIABILITY, OR OTHER THEORY WITH RESPECT TO THIS PRESENTATION OF INFORMATION.

For more information, visit our Disclaimer: www.goldmanresearch.com

The headline is one of the clichés related to big college football recruiting and booster support.  The implication being that if you run a squeaky clean program, you do not have a chance to be competitive as everyone else is doing it anyway.

This rationalization to permit cheating in NCAA football seems to have suddenly created an epidemic with the barrage of scandals recently.  The season started with the Johnny “Football” Manziel autograph scandal, where reportedly received tens of thousands of dollars to sign autographs.  The NCAA could not prove he did anything, so he only got a half game suspension.  This week Sports Illustrated published a five part article on Oklahoma State, where wrongdoing covers the gamut from paying players, academic fraud, to sex from hostesses for enticing recruits.  And then the bombshell yesterday that 5 recent players from SEC schools alleging they received money from agents, including an offensive lineman currently in the NFL that was part of the Alabama Crimson Tide’s national championship teams from 2011 to 2012.  Clearly it seems like this stuff is on the rise with recent scandals at big time schools like USC, Miami, and Ohio State also.

How does this relate to the market? To the retail investor it may seem like insider trading is the norm and that it is getting worse.  Just yesterday, SEC officials met with NASDAQ and NYSE officials to discuss the ‘integrity of the markets’ after last weeks’ technical ‘glitch’ that halted trading for several hours that many are blaming on ‘inside’ high frequency traders.  There have been several recent cases that also make it seem like this phenomenon is on the rise from Raj Rajaratnam to charges brought against Steve Cohen of SAC earlier this year.

The truth is more likely that this stuff has always been going on, except now it is harder to hide and 24-hour news channels need stories.

For many the solution to these problems is to just eliminate the rules.  Just paying the players because the NCAA and the universities make millions from them in the college football case, or just eliminating laws against insider trading because the advent of the internet and the numerous sites that track trading this makes it ‘impossible’ in the case of the market.  This logic is flawed.  While there is a fine line between what is morally questionable and outright wrong this so called ‘free for all’ will only make matters worse.  The idea behind these rules is to create an environment so that more people can compete.  Tearing down the rules would only make the rich richer.  Will the laws and rules prevent all future cheating, no way?  But the deterrent is necessary.

What is the point here?  Wall Street and big time college football both have ultra competitive people that will bend the rules to the maximum, and sometimes break them to try and gain an edge.  This may sound naïve, but the good apples far outnumber the bad ones in both industries and the greater good these institutions serve is worth the cost of keeping them in tact with very little modifications if any.  There has to be absolute rules even though there is a lot of gray in both areas.  Protecting the integrity of the market or a game is paramount for the public good.  Whether or not the continuing scandals will damage attendance and TV viewership in college football’s case or inflow of capital in Wall Street’s case remains to be seen. 

OK, off the soap box we go.

Have a great weekend and enjoy some college football anyway!

Disclosure: Goldman Small Cap Research analysts are neither long nor short these shares but may elect to purchase the stock within the next 48 hours.

Disclaimer:

This Market Monitor blog was prepared for informational purposes only. Goldman Small Cap Research, (a division of Two Triangle Consulting Group, LLC) produces research via two formats: Goldman Select Research, which typically highlights small cap companies, and Goldman Opportunity Research, which features micro cap companies in a sponsored research format. Thus, the Select product reflects the Firm’s internally generated stock ideas while the Opportunity product reflects sponsored research reports. 

It is important to note that while we may track performance separately, we utilize the same coverage criteria in determining coverage of all stocks in both research formats. Please view the company’s individual disclosures for each engagement, which can be found in each company-specific report. All information contained in this blog, newsletter and in our reports were provided by the Companies or generated from our own due diligence. Our analysts are responsible only to the public, and are paid in advance to eliminate pecuniary interests, retain editorial control, and ensure independence. Analysts are compensated on a per report basis and not on the basis of his/her recommendations. 

Goldman Small Cap Research is not affiliated in anyway with Goldman Sachs & Co.

The information used and statements of fact made have been obtained from sources considered reliable but we neither guarantee nor represent the completeness or accuracy. Goldman Small Cap Research did not make an independent investigation or inquiry as to the accuracy of any information provided by the Company, or other firms. Goldman Small Cap Research relied solely upon information provided by the Company through its filings, press releases, presentations, and through its own internal due diligence for accuracy and completeness. Such information and the opinions expressed are subject to change without notice. A Goldman Small Cap Research blog, report, note, or newsletter is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed.

This blog does not take into account the investment objectives, financial situation, or particular needs of any particular person. This blog does not provide all information material to an investor’s decision about whether or not to make any investment. Any discussion of risks in this presentation is not a disclosure of all risks or a complete discussion of the risks mentioned. Neither Goldman Small Cap Research, nor its parent, is registered as a securities broker-dealer or an investment adviser with FINRA or with any state securities regulatory authority.

ALL INFORMATION IN THIS BLOG, REPORT OR NEWSLETTER IS PROVIDED “AS IS” WITHOUT WARRANTIES, EXPRESSED OR IMPLIED, OR REPRESENTATIONS OF ANY KIND. TO THE FULLEST EXTENT PERMISSIBLE UNDER APPLICABLE LAW, TWO TRIANGLE CONSULTING GROUP, LLC WILL NOT BE LIABLE FOR THE QUALITY, ACCURACY, COMPLETENESS, RELIABILITY OR TIMELINESS OF THIS   INFORMATION, OR FOR ANY DIRECT, INDIRECT, CONSEQUENTIAL, INCIDENTAL, SPECIAL OR PUNITIVE DAMAGES THAT MAY ARISE OUT OF THE USE OF THIS INFORMATION BY YOU OR ANYONE ELSE (INCLUDING, BUT NOT LIMITED TO, LOST PROFITS, LOSS OF OPPORTUNITIES, TRADING LOSSES, AND DAMAGES THAT MAY RESULT FROM ANY INACCURACY OR INCOMPLETENESS OF THIS INFORMATION). TO THE FULLEST EXTENT PERMITTED BY LAW, TWO TRIANGLE CONSULTING GROUP, LLC WILL NOT BE LIABLE TO YOU OR ANYONE ELSE UNDER ANY TORT, CONTRACT, NEGLIGENCE, STRICT LIABILITY, PRODUCTS LIABILITY, OR OTHER THEORY WITH RESPECT TO THIS PRESENTATION OF INFORMATION.

For more information, visit our Disclaimer: www.goldmanresearch.com

The big news on Wall Street yesterday was the subtraction and addition in the Dow Jones (30) Industrials.  This is the first change in the index since 2004 and marks the exit of Alcoa (NYSE – AA), a part of the Dow for over 50 years.

The change will take place Monday morning September 23^rd as Goldman Sachs (NYSE – GS), Nike (NYSE – NKE), and Visa (NYSE – V) replace Alcoa, Bank of America (NYSE – BAC), and Hewlett-Packard (NYSE – HPQ).

This topic is right on cue from this week’s Goldman Guide as one of our points centered on stock indices and weighting.  The Dow Jones is a priced=based index and from strictly that perspective it is easy to see why these stocks were replaced.  Here is a brief summary from a quick glance intraday yesterday with rounded percentage and dollar figures.

IN

GS: $165, Up + 21% YTD, Financials

NKE: $66, Up +26% YTD, Consumer Goods

V: $184, Up +15% YTD, Financials

OUT

BAC: $15, Up +20% YTD, Financials

AA: $8, Down -10% YTD, Materials

HPQ: $22, Up +48% YTD, Technology

Here is some quick math.  The “IN” stocks equal $415 total, and the “OUT” stocks equal $45 total.  This is almost a 10x multiple.  As far as average YTD returns are considered, it is pretty much a wash with IN equal to about 20% and OUT equal to about 19%, with HPQ skyrocketing in 2013 and AA on the slide in a bull market.

The sector changes are somewhat telling.  GS, a high-end brokerage and V combine to replace BAC in my opinion.  A direct sign of where the average consumer is related to finances.  AAPL replaced HPQ a long time ago!  Finally, NKE replacing AA can be yet another indication of the declining manufacturing base in the US being replaced by a consumption driven trade-deficit economy and growth/brand name migration.

For the conspiracy theorists out there, I offer this nugget.  Have you ever considered how many products are sold that are passive index ETF or mutual funds tied to the Dow Index?  I am not saying this is what occurred here, but clearly there is a lot of money to be made in retail investing, and replacing has-beens with hipsters from a public perception standpoint can only aid in the sales pitch. Moreover, this change will leave an indelible mark on P/E valuations as they will be higher now than they have been previously which may skew one’s perception of undervalued or overvalued.

Finally, David Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices stated, “There’s no intention to pick winner”.  Along those lines an outstanding article was written in MarketWatch yesterday with the link below.

http://www.marketwatch.com/story/getting-booted-from-dow-a-blessing-2013-09-10

Here is a quick glance at a composite analyst score (the higher the better) and forward 12-month P/E (the lower the better) from a few sites.

IN

GS: Score = 2.7, Forward P/E = 11

NKE: Score = 2.3, Forward P/E = 19

V: Score = 2.1, Forward P/E = 21

OUT

BAC: Score = 2.7, Forward P/E = 11

AA: Score = 3.0, Forward P/E = 16

HPQ: Score = 2.8, Forward P/E = 6

Getting out of the DJ Index just might be the ticket.

Have a great day!

Disclosure: Goldman Small Cap Research analysts are neither long nor short these shares but may elect to purchase the stock within the next 48 hours.

Disclaimer:

This Market Monitor blog was prepared for informational purposes only. Goldman Small Cap Research, (a division of Two Triangle Consulting Group, LLC) produces research via two formats: Goldman Select Research, which typically highlights small cap companies, and Goldman Opportunity Research, which features micro cap companies in a sponsored research format. Thus, the Select product reflects the Firm’s internally generated stock ideas while the Opportunity product reflects sponsored research reports. 

Goldman Small Cap Research is not affiliated in any way with Goldman Sachs & Co.

It is important to note that while we may track performance separately, we utilize the same coverage criteria in determining coverage of all stocks in both research formats. Please view the company’s individual disclosures for each engagement, which can be found in each company-specific report. All information contained in this blog, newsletter and in our reports were provided by the Companies or generated from our own due diligence. Our analysts are responsible only to the public, and are paid in advance to eliminate pecuniary interests, retain editorial control, and ensure independence. Analysts are compensated on a per report basis and not on the basis of his/her recommendations. 

The information used and statements of fact made have been obtained from sources considered reliable but we neither guarantee nor represent the completeness or accuracy. Goldman Small Cap Research did not make an independent investigation or inquiry as to the accuracy of any information provided by the Company, or other firms. Goldman Small Cap Research relied solely upon information provided by the Company through its filings, press releases, presentations, and through its own internal due diligence for accuracy and completeness. Such information and the opinions expressed are subject to change without notice. A Goldman Small Cap Research blog, report, note, or newsletter is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed.

This blog does not take into account the investment objectives, financial situation, or particular needs of any particular person. This blog does not provide all information material to an investor’s decision about whether or not to make any investment. Any discussion of risks in this presentation is not a disclosure of all risks or a complete discussion of the risks mentioned. Neither Goldman Small Cap Research, nor its parent, is registered as a securities broker-dealer or an investment adviser with FINRA or with any state securities regulatory authority.

ALL INFORMATION IN THIS BLOG, REPORT OR NEWSLETTER IS PROVIDED “AS IS” WITHOUT WARRANTIES, EXPRESSED OR IMPLIED, OR REPRESENTATIONS OF ANY KIND. TO THE FULLEST EXTENT PERMISSIBLE UNDER APPLICABLE LAW, TWO TRIANGLE CONSULTING GROUP, LLC WILL NOT BE LIABLE FOR THE QUALITY, ACCURACY, COMPLETENESS, RELIABILITY OR TIMELINESS OF THIS   INFORMATION, OR FOR ANY DIRECT, INDIRECT, CONSEQUENTIAL, INCIDENTAL, SPECIAL OR PUNITIVE DAMAGES THAT MAY ARISE OUT OF THE USE OF THIS INFORMATION BY YOU OR ANYONE ELSE (INCLUDING, BUT NOT LIMITED TO, LOST PROFITS, LOSS OF OPPORTUNITIES, TRADING LOSSES, AND DAMAGES THAT MAY RESULT FROM ANY INACCURACY OR INCOMPLETENESS OF THIS INFORMATION). TO THE FULLEST EXTENT PERMITTED BY LAW, TWO TRIANGLE CONSULTING GROUP, LLC WILL NOT BE LIABLE TO YOU OR ANYONE ELSE UNDER ANY TORT, CONTRACT, NEGLIGENCE, STRICT LIABILITY, PRODUCTS LIABILITY, OR OTHER THEORY WITH RESPECT TO THIS PRESENTATION OF INFORMATION.

For more information, visit our Disclaimer: www.goldmanresearch.com