An Investor's preview of 2018
Happy New Year!
We're looking forward to a profitable and profoundly interesting 2018, complete with some dramatic economic changes and transformations as we near the end of the TwentyTeens and the start of the third decade of a once-new 21st century.
The Trump Christmas present to the US and to investors is a $1.6 trillion-dollar tax cut featuring a corporate tax rate cut from 35% (highest of any industrialized nation) to 21%, which will put the US stock indices into hyperdrive during 2018. Additionally, about 80% of American households will get tax cuts during 2018, giving Americas more money to spend save or invest. The tax cut is something Trump campaigned on, and delivered.
The tax cut will cause increasing inflation.
The corporate tax rate cut will also bring untold numbers of good new jobs as business and corporate America ramps up, and will bring wealth and prosperity to Americans for the first time in a generation.
The Congressional Budget Office says the tax cut will add $1.4 trillion to the national debt over the next decade. The theory behind the tax cut is that US business and industry, muzzled since the days of George Herbert Walker Bush ("read my lips: no new taxes") will be unleashed and expand dramatically, bringing more taxable profits and more taxable job salaries which will offset the theoretical addition to the national debt.
Democrats and the media are outraged by all this.
The test of a great nation is its people' ability to come together and pull together in times of crisis. As we now know, that ain't us.
A state of war exists between the people of the American Heartland/American South and the coastal secular elites. The coastal secular elites want all traces of the Traditional American South and the Confederacy and all aspects of evangelical Christianity expunged. The heartland folk respond by buying more AR-15s.
"Four hostile newspapers are more to be feared than a thousand bayonets."- Napoleon Bonaparte (1769-1821)
The US continues to be as divided as it was during the nation's first civil war of 1861-65. This second one continues so far to be mostly a war of words and propaganda. The USA's mainstream media- the NY Times the Washington Post the Associated Press the Huffington Post USA Today and the television networks and cable news channels and AOL- all are even more committed to taking Donald Trump down through hate innuendo and propaganda than they were a year ago. For example, USA Today reported in a December 2107 editorial that "Trump is unfit to clean Obama's toilet." Is that journalism? We've not seen comments like that directed toward a sitting president in our lifetime.
We told MW readers in January 2015 that Donald Trump would be elected president. And we told readers Trump was not a Republican and that he would be attacked from both political sides for his drain-the-swamp views on traditional Washington DC.
The heartland Americans who elected Trump are still very much on his side. Trump voters were not pro-Republican voters in 2016. They did not vote for a party but for an individual. We doubt the Trump Deplorables will support Republicans in November of this year. The Doug Jones Alabama senate race victory over Roy Moore is a ghost of Christmases to come for the Republicans.
But the hate onslaught continues against Trump and it is unlike anything we have ever seen in our country against an elected leader.
No one can operate for long under such a level of attack and Trump is being worn down and the key issues that got him elected thwarted
Because of this, we estimate that Trump's chances of remaining in office for full-year 2018 are about fifty-fifty. And we think that is so even after the great gift to American prosperity of a tax cut.
2018, the second year of the Trump presidency, will also witness the start (finally) of a massive US infrastructure rebuild. The Amtrak crash just before Christmas of last year was a head-up for it.
Trump's one-year-old presidency already carries long-term changes for America. If he does manage to stay in office, Trump has the opportunity during his first term to pack the Supreme Court with two three or even four conservative Justices and to bring in far more conservative rulings from the nation's highest court for the next thirty or forty years. He also will have the chance to appoint many conservative federal court judges that will affect court rulings on a much broader scale.
Trump also has a new Federal Reserve Chair on deck and will have the opportunity to replace others on the Federal Reserve with economically-conservative board members who are not Keynesians and who want to see growth, low unemployment and prosperity and as opposed to social justice progress.
If Trump is removed from office through violence (quite possible) or through a journalistic/media coup- the NY Times' et al's hate-filled propaganda machine (quite possible) conservative Mike Pence will become president. Pence's values are far more traditionally conservative than Trump's- Pence is a devout Catholic who became an Evangelical- and as a former governor and an experienced classic politician he knows how to get things accomplished in Washington in a way that would be reminiscent of Lyndon Johnson.
The transportation industry is being transformed. Electric vehicles are not only on the way, they are close to mainstreaming. General Motors, Ford, Daimler, Volkswagen, BMW and Volvo all are committed to an electric-vehicle future.
Anheuser Busch Inbev has just ordered forty of Tesla's electric semi's, introduced by Tesla in November 2017. These trucks are fully electric and are equipped with Tesla's semi-autonomous pilot system. Budweiser says the move is part of its goal to reduce its operational carbon footprint by 30% by 2025. But there's more: PepsiCo has ordered 100 Tesla electric semi's and UPS has ordered 125.
So this may be the year Tesla becomes a legitimate company with an income. It also may not be: China's electric vehicle company NIO has marketed a car similar to Tesla's Model X and half the price. NIO has also introduced an electric SUV and has plans to export these EV's. NIO is privately held but several public Chinese companies including Alibaba Baidu and Lenovo have stakes in it.
Electric vehicles are still a delusion when it comes to being "clean and green" because much of the electricity needed to charge them comes to us via coal-powered and nuclear-powered electric plants. Solar and wind electricity are becoming powerful forces however, and eventually we'll get there.
The USA's motorcycle era particularly the USA's Harley-Davidson era, something that has lasted for more than a half-century, is ending. Harley's quarter-century-long boom, based on the BabyBoomers' choice of a Harley Big Twin bike as its favorite toy, is ending as the Boomers age and drop out of sight. Harley Davidson motorcycle sales are falling by about 9% a year. The "outlaw" motorcycle clubs- The Hells Angels the Bandidos etc- still support Harley-Davidson but these are small groups of enthusiasts and they cannot support Harley in the manner to which the company has become accustomed. And the Millennials age group- younger Americans now coming to power and responsibility- do not see America's "open road" that was once out there, would rather use a Car2Go or an Uber than deal with auto maintenance or the "hassle" of driving, and would no more think of buying a Harley than of buying a giraffe.
Global sales of military equipment weaponry and services rose by 1.9% to $375 billion last year. It was the first increase in global arms sales in five years. Defense companies based in the US and Western Europe prevail. Of the top 100 global defense companies 63 are based in USA and Western Europe and they account for 82% of global arms sales.
The top three: Lockheed Martin (USA: LMH) with $40.8 billion in sales, Boeing (USA: BA) with $29.5 billion, and Raytheon (USA: RTN) with $22.9 billion. Each had 4% increase in sales YOY. Lockheed sales were driven by the acquisition of helicopter maker Sikorsky and by higher delivery volumes of the F35 combat jet. Boeing raised its dividend by 20% and will generate $12.5 billion this year in single-aisle passenger jet 737 sales. The US is deploying Tomahawk missiles faster than Raytheon can build them.
There is a fierce battle taking place between the USA's largest technology companies Apple Amazon Facebook Microsoft and IBM to recruit the world's best AI (artificial intelligence) talent. China is home to many of the best minds in this field and Google wants them. Google's parent company Alphabet is opening an artificial intelligence center in China to capitalize on the talent there. Alphabet chairman Eric Schmidt has said that China will overtake the US in the artificial intelligence field by 2025 and will dominate the artificial intelligence industries by 2030 unless the US government alters the track of its educational system.
In Germany, socialist Chancellor Angela Merkel has led the country since 2005 and her era is clearly over. Skeptical Germans handed Merkel a just-squeaking-through political win and a continuation of her leadership in September 2017 but with no majority, which meant a coalition government would have to be cobbled together to run Germany. But coalition talks with other political parties have collapsed, and as the new year begins there is not yet a new government to run Europe's largest economy for the next four years.
The most likely scenario in Germany is that new elections will have to be held. A conservative party or coalition of conservative and centrist parties will pick up the reins, and Merkel will be out. Meanwhile, Germany's Deutsche Lufthansa is buying other European airlines and becoming Europe's dominant airline. We expect this consolidation to continue in 2018 as Lufthansa make overtures to purchase parts of Ryanair Holdings and Air France. And the long slow process of Germany's Bayer purchasing USA's Monsanto will finally close, creating a drug/chemical/Agribiz colossus.
The UK: Even though the United Kingdom's historic Brexit vote authorized England's departure from the EU, the British Parliament has wangled veto power over any further efforts in that process.
So an actual Brexit is unlikely any time soon. It's almost certain not to happen for years if it happens at all. The British Pound chugs slowly back up as Brexit fades into history as another thwarted popular vote, back up to around $1.35 and likely above $1.40 later in the year. And an additional legacy of the Brexit vote, whether or not the UK actually does leave the EU, is that British manufacturing is at a 30-year high.
American actress Meghan Markle will marry England's Prince Harry in May of this year, the first American to marry into the British royal family since 1937 and yet another signal flag for changes that are taking place in the world of kings and queens.
Our interest in British stocks rest primarily in the UK's great mining stocks Rio Tinto BHP Billiton and Anglo American, which will play increasingly important economic roles in upcoming years and decades as gold silver copper platinum lithium iron ore diamonds and other tangibles become increasingly important as the underlying foundation of global 21st century money.
France, too, muddles on. The death of 1950s-1960s French rock star Johnny Hallyday caused the greatest national public display of anguish since the death of Charles De Gaulle. Can French President Jean-Michel Macron take over the Most Visible Leader position in the EU as Angela Merkel slides into obscurity? Macron just turned 40 and he is the youngest leader of a major country in decades. We list several French stocks in our strong buy investment lists, among them petroleum giant and retailer Total, industrial gases giant Air Liquide and Boeing rival Airbus.
Macron is not Europe's youngest leader. That is Sebastian Kurz, who has become Chancellor of Austria at the age of 31. He is a conservative, will move Austria's politics to the right, and will tighten Austria's asylum and immigration laws, defying the EU bosses in Brussels while remaining in the EU.
Brazil's economy continues to falter as two failed presidencies in a row provide no leadership to steer the economy out of negative GDP numbers and Brazilians refuse to relinquish entitlements and hopes for more of them. Brazil's currency fell from around $0.50 to $0.30 during 2016 and 2017 and is likely to remain flat against the US dollar this year. We have a number of favorite Brazil stocks but the only one we would invest in this year is mining giant Vale.
Japan's domestic economy is stagnant, GDP growth will be about 1% this year. Japan's Shinzo Abe won reelection last year and the 63-year-old Prime Minister is set to become the country's longest-serving and most influential leader since WWII. With his fashionable blue suits and his regular overtures to American leadership, Abe appears on the surface to be pro-western and deferential to Washington DC. But he is a fiery Japanese nationalist, determined to tighten his grip on power in Japan in order to bust Japan out of its economic dependence on exports to the US.
Shinzo Abe is also the father of Japan's State Secrets Act. Under this law civil servants found guilty of leaking government secrets can be imprisoned for ten years. And journalists and private citizens who spill a state secret or even inquire persistently for information from the government can be jailed for five years. The Huffington Post would be frothing at the mouth over such legislation and by comparison Trump is a flaming liberal. We like Japanese companies Nissan Toyota and Honda. Toyota is strongest in the EV market and will be launching EV's globally this year. By 2020 Toyota will have ten electric vehicles in the global marketplace.
China is fast becoming not only the world's largest economy but also the world's most technologically-advanced one. Many USA companies recognize this and are establishing research bases there and tapping into the highly-educated-tekkie work force there. This is happening even as the USA, after having dumbed-down its public education system for fifty years and encouraged everyone to "go to college" (and incur huge debts for white-collar jobs that aren't there or will soon be replaced by artificial intelligence) begins once more to encourage education in the skilled trades: welder plumber electrician bulldozer/heavy equipment operator auto technician/mechanic etc. Trump wants to take the USA back into space and back to the moon and to re-establish US space-technology supremacy (over China and Russia)
After 16 years of the dumbing-down of the US space program by George W. Bush and Barack Obama: Can the US still do it?
Five years ago China's President Xi Jinping was virtually unknown in politics and was visible only because he was married to a celebrity pop singer. Today, thanks to an enormously successful and transformational economy, he is as revered in China as Mao Tse Tung, founder of the People's Republic of China. China's elite see that the global order is unraveling. They see the USA's power declining and leadership vacuums opening up worldwide. They see that the international stage is primed for conflict and there is an opportunity for China to emerge as the superpower. And as a military superpower as well. We'll have much more to say about this as the year progresses. There are several China stocks we'd invest in this year.
As a generation raised on and familiar from infancy with mobile digital technology reaches high school and young adulthood, certain qualities of life and social skills and graces we have taken for granted for centuries are being lost. The basics of human connection and interaction that once seemed innate (like eye contact and the extension of undivided attention) are skills and social graces that have to be learned from scratch. Look for schools to sprout up that teach these basics for a (high) fee, and for these basic social skills to be taught in private high schools and business schools.
A century of casting-couch abuse in the film industry and a half century or more of the same abuses in commercial television finally came to a head in late 2017, as women in film and TV finally refused to take it any more and called Hollywood and television men on it. Unfortunately, the 'sexual harassment' (that's not really what it is. It's not sexual harassment. It's sexual favors and power abuse. Want the job? How badly do you want it? Here's what you have to do) backlash in Hollywood and TV spread out into the general economy and the general workplace and spread out further than it should have. There's yes a sexual favors problem in business as well as in Hollywood, but nothing on the same level. And what has happened, very fast, is that the backlash from women created a backlash-backlash from men in business and retailing. There's a hiring problem for women in 2018. It will be considerably harder, even much harder for a woman to apply for and get a job in 2018 especially in in the white-collar, retailing, and small business sectors. It's yes unfair but that's how it is. Men are looking at all this and saying Ye godz what is all this we don't need this it is waaay too much trouble and carries waaaay too much legal liability. The hell with it. Women? Just don't hire them. Tell our hiring director No women need apply.
The only women who have always been aware that this is how it really is are strippers. A backlash from women against "sexual harassment" won't fix this. What will fix it is for more women to own businesses and hold positions of power in Hollywood and TV. An example, and someone far ahead of her time, was Lucille Ball. As young hottie actress in Hollywood, she was subject to all these hassles. Her response? She became a Hollywood and television powerhouse, independent, a tycoon, and became way too powerful for anyone to "harass" her.
What else will work? More women in elected office.
As a new generation (the Millennials) come of age and assumes the reins of power in business, government and industry, and become the mainstream of the country, it's apparent that tastes have changed. High school and college football still reign supreme and remain American mainstays, but golf, professional golf, tennis, professional tennis, and pro (NFL) football are not of much interest to Millennials. In their places: high interest in ice hockey, and soccer, which is fast becoming the world's global sport and the most-watched sport. Look for the advertising budgets of major companies to change and adapt accordingly.
Recreational marijuana will become legal across Canada July 1st 2018. Marijuana is steadily becoming legal in the US and is more or less becoming America's newest "craft beer." We list several marijuana stocks in our strong buy lists but we are not pleased enough so far to invest in any of them ourselves. We're looking for a marijuana ETF we are satisfied with.
Israel: May 14th 2018 is the 80th anniversary of the founding of the state of Israel. David Ben-Gurion, head of the Jewish Agency, proclaimed the establishment of the state of Israel, with Jerusalem as its capital, on May 14th 1948 and the USA's president Harry Truman recognized it on the same day, acknowledging its capital as Jerusalem. Ronald Reagan acknowledged Jerusalem as the Israel's capital, and believed a Muslim Palestinian state there was a bad idea and that a divided region would be politically unstable. The US has been in denial re Jerusalem, through the Bush Sr, the Clinton, the W Bush and the Obama presidencies as the fantasy of a two-part divided region and a Palestinian state wore on for more than a quarter century. Trump has proclaimed Jerusalem the capital city of Israel, to the horror of the American secular left and to Islam as well. There may be war over it as Islam ramps up opposition.
North Korea: Nuclear sabre-rattling nuclear weapons-testing and the showing-off of ICBMs by North Korea, along with threats to obliterate the US, have not stopped. There may be war over it. If so, the war will be quick and ugly.
Iran: Becoming a stealth nuclear power as well as having been for decades a foundation source for Islamic terrorism and antisemitism. The US has done nothing about this and continues to allow Iran to develop nuke weapons capability.
The Trump economy: The Federal Reserve says 4.00% USA GDP growth in 2018. We think it is closer to 4.8% and this will happen whether Trump remains president or VP Mike Pence succeeds Trump as president in a media coup.
Headed once more up into the $1700s as gold becomes tied to bitcoin
Silver: Still an industrial metal though thrifty ordinary Americans are buying silver ounce coins at an unheard of pace as a hedge against inflation (and well they should)
Platinum: Still an industrial metal. Platinum became a black market/outlaw economy currency in the early 2000s replacing the USA's $100 bill, but fell back. Platinum is Fair-Valued at around $1400
Copper: copper is a huge beneficiary of the 21st century electrification of everything and copper is about to become the beneficiary of a US infrastructure rebuild and a housing/skyscraper/office building boom Copper is Fair-Valued at around $5.79 going into 2019
Lithium: This is an exotic metal once only heard of as a component on treatment for manic depressives/schizophrenics. The key component of lithium ion batteries. To invest in it: Rio Tinto, which owns a big stake in Chile's SQM and is a much stronger stock.
A troubled time for American farmers: Wheat corn and soybean prices are low and are unlikely to rise much this year because a very successful 2017 growing season produced huge US crops, so there is more supply than demand
Mining and steel: Beneficiary of a new wave of industrialization in Europe and the US and an infrastructure rebuild in the US and eventually in Latin America as well. Our favorite steel companies are ArcelorMittal, Ternium, POSCO, Nucor, Reliance, and Worthington Industries
US retailing: under siege from Amazon and Wal-Mart
Currencies: very steady. No surprises on the horizon. A steadily-rising British Pound, to $1.40, a steadily-rising Euro, to near $1.30, and a US dollar continuing to shrink in value as the USA's huge public debt rages on
The 2018 Fed Rate: Three small rate hikes during 2018, keeping the Fed rate under or around 2%
The USA's inflation rate: high, at least 7-8% in 2018, far higher than officially proclaimed. Watch the price of groceries, tires, used cars, your phone bill and your electric bill, air travel, car rental, and your restaurant tab. The one exemption seems to be pizza, which has fallen in price during the latter half of 2017 and will likely stay low.
In January 2017 no one knew about bitcoin but extreme tekkies and the global outlaw/black market community and the very elite high-tech-edge financial community, people who were either getting in on the ground floor of bitcoin since its creation in 2009, or were using it to move money around in a manner invisible to sovereign governments.
We began paying serious attention to bitcoin in June of 2017 and we began explaining bitcoin to MW readers in July and August 2017. We began investing in bitcoin via Grayscale Bitcoin Investment Trust (USA: GBTC) in early September 2017 and urging MW readers to invest in it as well.
That was just before bitcoin became visible to the US mainstream financial community.
At this point there are three types of people: those who know about bitcoin, those who know about bitcoin and understand it, and those who don't know about bitcoin.
There are three subtypes for those who know about bitcoin: those who bought and/or are buying for the long-term, those who short GBTC during pullbacks, and those who are watching and wishing they had bought in mid to late 2017.
Grayscale Bitcoin Investment Trust is the only way for ordinary investors- like us- to invest in bitcoin, and it will be the primary vehicles for investors to participate in and profit from this major banking transition even after there are bitcoin ETFs and ETFs that will include bitcoin (and there will be several)
Bitcoin is not a "bubble" and any "financial expert" or financial TV talking head who tells you bit is a bubble simply doesn't understand what bitcoin is.
And any financial TV interviewee who says bitcoin is overvalued is most likely someone who has shorted GBTC and is trying to build support for his short position by causing a panic.
Bitcoin is nothing more than electronic gold. It's a closed economic system, just like gold. There is only a limited amount of gold. There are only 21 million bitcoins and they will rise in value in relation to the world's paper currencies as the world's economic systems go increasingly electronic.
And as we head into the TwentyTwenties and early mid-21st century, all the world's paper currencies will be increasingly linked to commodities that have tangible value: copper, silver, platinum, wheat, rice, and especially gold. Gold and bitcoin will become price-linked, value-linked and that will begin to happen soon.
Something else this monetary tie to commodities means: to capture a permanent store of value long-term: ditch that CD, sell that US govt bond, unload that annuity, and buy shares of the Big Six Global Mining companies. And hold those shares long-term.
Bitcoin blew wide open in December 2017 when CME the Chicago Mercantile Exchange began trading bitcoin futures. Bitcoin had been earlier legitimized and had begun to get mainstream visibility when Goldman Sachs announced it was including bitcoin as a monetary vehicle interchangeable with all others, and when Fidelity began teaching its staff of brokers how to move money in and out of bitcoin and to include bitcoin as a channel for trades for investors who have accounts with Fidelity.
During this new year, hedge funds and other major investors both private and corporate will begin buying into GBTC and into bitcoin ETFs when there are any.
As of December 2017 GBTC share price had hit a high of $3500+ and has a baseline Fair Value heading into 2018 of about $2000 per share.
This seems exorbitant to most people but in fact it is a bargain, a share price for GBTC that is still a part of getting in early before the great broad global bitcoin move upward toward $30,000, $40,000 $50,000 and far beyond.
GBTC will continue to be wildly volatile, with price peaks and pullbacks. This will be a constant Perils-of-Pauline roller coaster. If it makes your stomach churn, stay away from the stock.
Plan on holding GBTC shares for three to five years to maximize gains. Stay long, stay calm, buy more shares on the dips, until the shares seem to you too expensive to purchase,
The digital mechanics behind bitcoin is called blockchain. It is nothing more than an immense coded list of every financial transaction, in linear order, the content unchangeable, but with open access.
Blockchain is basically an electronic ledger where transactions in digital currencies (and very soon, transactions in just about everything) are recorded.
Try thinking about it this way: think of an hour. Then think of an hour in milliseconds. Blockchain is about to become ubiquitous in financial systems and in accounting systems all over the place. Banking, retailing, the passport office, your university's tuition and football ticket office. Especially as bitcoin becomes simply another form of "money" and becomes widely used and interchangeable with dollars euros and yen.
To invest in blockchain: IBM, Nvidia, and Cisco Systems.
Safety, Dividends, and Modest Growth for 2018
IBM (USA: IBM)
Southern Copper (USA: SCCO)
Lufthansa (Germany: DLAKY)
Toyota (Japan: TM)
Rio Tinto (UK: RIO)
Annaly Capital Management (USA: NLY)
Lockheed Martin (USA: LMT)
Raytheon (USA: RTN)
Praxair (USA: PX)
Gilead Sciences (USA: GILD)
Siemens (Germany: SIEGY)
Randgold Resources (UK, Channel Islands: GOLD)
High Dividends for 2018
Mesabi Trust (USA: MSB)
Ternium (Luxembourg: TX)
Ship Finance Limited (Bermuda: SFL)
Total (France: TOT)
Cedar Fair (USA: FUN)
Royal Dutch Shell (Holland: RDS-B)
Realty Income (USA: O)
Rio Tinto (UK: RIO)
Franklin Universal Trust (USA: FT)
BlackRock Enhanced Dividend Achievers Trust (USA: BDJ)
Strong Growth for 2018
Nvidia (USA: NVDA)
IBM (USA: IBM)
Cisco Systems (USA: CSCO)
Juniper Networks (USA: JNPR)
Grayscale Bitcoin Investment Trust (USA: GBTC)
ArcelorMittal (Luxembourg: MT)
Berkshire Hathaway (USA: BRK-B)
Alibaba (China: BABA
Corning (USA: GLW)
Southern Copper (USA: SCCO)
Amazon (USA: AMZN)
Boeing (USA: BA)
Praxair (USA: PX)
Masonite (USA: DOOR)
Owens Corning (USA: OC)
FedEx (USA: FDX)
3M (USA: MMM)
Microsoft (USA: MSFT)
Anglo American (UK: NGLOY)
Anglo American Platinum (UK: ANGPY)
Vale (Brazil: VALE)
Rio Tinto (UK: RIO)
Watch For: The Saudi Aramco IPO: it will be the largest IPO in history and it will change the petroleum industry. It's on track to be an initial public offering of stock during the 2nd half of this new year. Will it be disruptive for some of our favorite petroleum stocks like Royal Dutch Shell and Total? There is much speculation and no one knows. Will we invest in it? We don't know yet: we need much more information.
The US economy? in the first year of the Trump presidency thirteen US states (incidentally the same number, thirteen, as the original thirteen colonies) report the lowest unemployment rates in 40 years. Holiday spending for Christmas 2017 was up 9.2% YOY. US new-home sales are skyrocketing: fastest buy pace in a quarter-century with new home sales up 17.5%, robust demand and a continuing shortage of homes for sale. Consumer spending? Up strongly. Durable goods orders? Up strongly.
It looks very good for 2018. There are still some issues: terrorism, the media attack on Trump, and war key among them.
The bottom line for 2018: all bets are off except one: for continuing prosperity and strong stock gains for Market Witch readers.
There's never been a better time to invest in the Market Witch Strong Buy list of the world's best investment-grade stocks
Come along with us, and prosper.