Leonesmoneymonitormonthly's Blog

By Edward Leone Jr. CFP RFC MBA DMD

Contact Information:   303-478-6793     edleonedds@gmail.com

It is always interesting to observe the thoughts and methods individuals use in making saving and investment decisions:

1. using information that supports an opinion or an action without consideration for other available information which may be contrary to desires and expectation
2. aversion to the emotion which comes with a less than  desirable investment outcome
3. the tendency to hang on to winning or losing investments for inappropriate time lines
4. sticking with only popular or well know investment vehicles and avoiding diversification
5. taking full personal credit for positive outcomes and blaming others for poor outcome while investing
6. chasing past investment performance with the expectation that such a dynamic is a guarantee of future results
7. anxiety to the extent that it severely modifies risk tolerance!

We are all human and guilty of such behaviors from time to time. The trick is to examine and modify such feelings when appropriate.

We will do best if we save religiously, invest for the long-term (avoiding high fees and negative tax consequences) and examine risk (use sensible asset allocation and diversify the investment content of a portfolio).

Those who are close to or in the phase of retirement should consider the above and also consider the following as planning strategies:

1. enjoy and utilize some travel time
2. have a clear understanding of sources of income and their potential for the future
3. set up a budget which reflects needs and desires in the day-to-day living during retirement
4. focus on establishing and updating estate planning documents
5. plan daily activities which keep you active and engaged in functions of joy and interest.

It is clear that US economic strategies and global economic strategies are still dependent on monetary easing. It will be necessary as I have stated in the past, to embrace meaningful fiscal policy adjustments in the form of tax reform, regulatory reform, deleveraging of debt  and adjustments of government function toward efficiency in order to experience a more significant pace of economic growth. We are seeing market indexes reaching new highs as a result of the oil price increases and the global currency market adjustments which are putting the dollar in a more favorable position regarding advantage to US exports. It is clear that American families are experiencing rising prices on cost of living items which are higher that published inflation rates. Higher equity valuations and low-interest rates are a matter of concern to many investors as a matter of future trends and capacities for retirement saving and income generation in retirement years. Much concern is expressed over the changes likely to occur in equity market indexes once interest rates being to increase again.

Enjoy the summer season and engage in many out-door activities which can be fun and productive. Sports, travel, gardening and fishing are some which come to mind and will meet those enjoyable expectations.

For The Record:

DJIA               18,005.05

S&P 500          2,119.12

NASDAQ        4,974.64

Suggested Reading:    “Seven Steps To Mastering Business Analysis” by Carkenord

By Edward Leone Jr. CFP RFC MBA DMD

Contact Information: 303-478-6793    edleonedds@gmail.com

I am seeing increased exposure of long-term care insurance products in the literature. This coverage is becoming an increased matter of concern to many people. Just as a provision of background facts I have discover from the Journal of Financial Planning Stat Bank the following:

77% of people say they have not set aside money for future medical expenses

3%     the number of adults who carry long-term care insurance

45 million americans are 65 or older and 8 million of them do have long-term care insurance

$245,000 is the amount that will be needed by the average married couple over the age of 65 to deal with healthcare costs in retirement.

Long-term care insurance products are being vended by fewer insurance companies and premiums are observed to be increasing by up to 130% in recent years perhaps due to extended longevity factors. It appears that we may be dealing with a product that has a very limited market place since if you can afford it, you could perhaps self fund these covered events. Those who cannot afford it seem to resort to Medicaid eventually. In order to make wise selections on these products regardless of economic resource, purchase policies early, check all options and include family in discussions of these issues and plans for potential events which may be covered under long-term care insurance.

According to Steve Forbes, Washington D C is floating the idea that IRA accounts should be required to hold a certain amount of government bonds. What will this strategy mean for the potential for asset growth in these accounts. Who’s money is it when you cannot control a decision on how to invest it? Bonds are an element in an investment portfolio on which the portfolio owner and perhaps an adviser need to dictate quality and quantity.

While we are on the subject of your retirement savings portfolio, dividend paying stocks are very popular since dividends per share grew by 9.5% in 2015. Dividends account for more that 40% of stock market returns over time.  It appears that life-cycle or target-date funds are losing some appeal. These funds adjust the content by percent of bonds verses stocks as the age of the fund owner advances automatically. Given the poor returns on bonds, these fund are seeing lower than normal yields and compromising the risk of running out of money during extended retirement years. It is important to have a continued strategy for asset growth in your portfolio, but also a strategy to deliver a constant stream of revenue to meet retirement expenses. This is becoming a complicated planning task! For many of us regardless of current age, the prospect of depending on children and other family members in our advanced years is not desirable.

For The Record:

DJIA             17,740.63

S & P 500     2,057.14

NASDAQ      4,736.16

Suggested Reading:    “The Real Crash”  by Peter Schiff

By Edward Leone Jr. CFP RFC MBA DMD

Contact Information:  303-478-6793   edleonedds@gmail.com

The presidential campaign coverage is becoming quite entertaining and somewhat disappointing at the same time. We are seeing much infighting among candidates in both parties and less and less discussion on issues and proposed solutions. My concerns have alway been with long-term trends in the economy. Over the past ten years, Federal Government tax revenue has increased by 50% while the national debt has doubled. One must ask how and why? How much longer can this trend go on? What needs to happen to fix this? How does all of this effect the business climate and the well-being of US and Global populations along with their ability to provide for and take care of their own needs?

We are in a period  due to the need to file tax returns in this month where hacking and fraud can be a problem. Phone calls and e-mails from those who claim to be representing government on such issues as tax returns should be ignored. The IRS communicates issues of concern regarding tax matters by US mail.

As the first quarter of 2016 concludes, US economic conditions are looking up. Equity market performance in January and February generated much concern among investors, but the March performance looked a little better. Job growth, wages, consumer spending, manufacturing and export activity are showing slight improvement along with the corporate profit picture. The US economy is growing, but at a very very slow pace. The Federal Reserve Bank has put a hold pattern on interest rate increases since there are concerns over the status in the global economy with many other central banks employing QE strategies to stimulate economic growth. What a drag!

A recent study performed by Radnor, Penn.-based Hartford Funds, says that Americans are worried about going broke during retirement years and having to depend on children and other family for survival. It appears that 40% of those in the age group of 35-55 express such concerns. It is a concern that parents are not discussing retirement planning with their children and there are many concerns over quality of life and strategic living arrangements in the event of incapacitation and economic disadvantage. It is never too early to begin planning. Keep in mind that it is not possible to identify and plan for every contingency that might occur as the future unfolds and particularly well into the future. This is what family is about–helping and caring for each other in times of need! Looking back to the years following world War II, employers needed workers and offered significant fringe benefit packages which included health insurance, pensions and other benefits. Due to global competition, many employers have come to a status where they can no longer provide such generous benefits and remain competitive in global markets. Pension developement has become more the responsibility of the individual with the use of 401K and IRA plans. Knowing how much to save for retirement is a great challenge since you cannot know for sure how long you will be in retirement, what expenses are likely to be depending on age and level of activities and what unexpected events may occur. Consultation with a financial planning professional is a great way to develop a plan which will provide a road map into the future to deal with the above listed issues as reasonably as possible. None of us has a crystal ball to tell exactly what the future holds, but ignoring a planning strategy can be a big mistake for retiring individuals and family members!

For The Record:

DJIA                   17,576.96

S&P 500             2,057.6

NASDAQ            4,850.69

Suggested Reading:     “The Alchemists”  By Neil Irwin

By Edward Leone Jr. CFP RFC MBA DMD

Contact Information:  303-478-6793     edleonedds@gmail.com

We are seeing a rebound in equity markets over the last few weeks. The Federal Reserve Bank has backed off on some planned interest rate hikes. This seems to have been an element in the market up swing. Other global central banks are doing the same thing in order to stimulate borrowing and spending. Once again, the only tool being employed to stimulate the economy is monetary policy. Fiscal policy issues are not being addressed. The low-interest rates are allowing corporations to borrow at low-cost to help them pay dividends to stock holders, buy back their own stock and engage in mergers and acquisitions. These activities are accelerating stock prices. How about profit margins and capital investments? Are they going up? Labor markets are still soft and inflation factors are low. These issues are what I believe to be ingredients which are bringing central banks to the actions they are taking especially since fiscal policy changes are on the shelf. We are seeing a slight decrease in the dollar on international currency markets. This may make US export activity more vital and raises the prices of commodities globally. Is global demand and consumption increasing?  As you may perceive, I have many concerns about real  economic recovery in the US and globally at this time. Are we experiencing an economic recovery or not?

I commented above on labor markets. In February, the US economy added 242,000 jobs. The problem is of what quality and at what pay levels. Many job opportunities have been with reduce hours as a result of Affordable Care Act mandates. 44% of these added jobs went to the lowest-paying wage level according to Dent Digest. Are those who are employed saving adequately for retirement? We can engage in extensive discussion of this matter in future blog issues. We must recognize that Social Security benefits are not enough to fill the need. The average benefit this year is $16,092. The trust funds for retirement and disability administered by the government are on track to be exhausted by 2034. We must all plan a savings program to supplement our Social Security benefit to support life style expenses in the retirement years. It may very well be as a practical matter, that 70 will become the new 65!!

One little pearl I picked up in my reading over the last several weeks is that by this time of the year, only 8% of people are keeping up with their New Year’s resolutions. What does this say about the fiber of our behavior and the nature of our society? We are likely to do best, in my opinion, if we:

Maintain a high level of personal integrity

Treat each other with consideration and respect

Engage in productive and beneficial endeavors

Share when possible

Conduct with healthful life behaviors

Treat life as a continuous blessing and learning experience!!

For the Record:

DJIA             17,602.30

S&P 500       2,049.58

NASDAQ     4,795.65

Suggested Reading:   “The New Wealth Management” by Wiley

By Edward Leone Jr. CFP RFC MBA DMD

Contact Information: 303-478-6793 edleonedds@gmail.com

It appears that the Federal Reserve Bank will put a stall on further interest rate increases in the near future due to stresses in the global economy.
It appears that central banks around the world are engaged in efforts to rescue markets and economies by lowering interest rates bellow zero if necessary. We must keep in mind the good and the bad effects of interest rate increases:

Higher borrowing costs,
Dropping bond prices,
Higher returns on customer bank accounts and bond yields,
Better profitability for the banking industry,
Strong indications that the economy is improving.

It will be interesting as this year unfolds to see just where we are with interest rates and the good and bad effects! It seems that the housing industry is a positive for our economy while manufacturing and energy are not so active. Many believe that petroleum consumption globally is an indication of the health of the global economy. Just how would things be different today, if in 2008, weak companies and other organizations had to reprice debt and assets so others could compete and grow and the Fed had not engaged in QE and instead allowed CDOs and other failing debt instruments to fail along with the institutions which were save by government actions. The debts would be off the books and some investors would be hurt along with workers temporarily. What about a serious effort at fiscal policy adjustments? Would economic growth patterns be more substantial at this time?

On the home front, we are seeing many effects as a result of Obama Care on the health care industry and on consumption by individuals:

The legislation is nearly 17,000 pages long and not understood by many of us,
There have been claims that out-of-pocket costs for older folks have increased by $3,000 to $4,000 a year,
Anticipated reductions in premiums has not occurred–according to the Kaiser Family Foundation premiums for family insurance plans are up $4,865,
Legislated mandates and penalties have had negative effects on opportunities for many in the job market.

It is clear that these conditions must be addressed as the future unfolds. Mean while take care of your self and try not to get sick or injured!

Another issue to monitor has to do with default rates on student debt which is at 17% for those beginning the repayment phase. On loans issued more than 5 years ago, default is at 28%.

There are many interesting factors to consider for the aging. It appears that 35% of those above the age of 65 use social media as compared to just 2% in 2005. This is a great way for them to keep up with friends and family. The oldest members of the baby boom generation will turn 70 this year. According to the Center for Disease Control, they will likely celebrate an 85th birthday. Their grand parents had only a 28% chance of such an event. Fidelity estimates that this group of boomers will likely spend $245,000 per couple in out of pocket heath care costs. Let’s hope that they and their families are prepared to help them maintain a good quality of life! We can only be independent to a degree. Family has to be a team!!

For The Record:
DJIA 16,395.19
S&P 500 1,921.17
NASDAQ 4,512.32

Suggested Reading: “Profiting From Monetary Policy” By Tom Aubrey

By Edward Leone Jr. CFP RFC MBA DMD

Contact Information:  303-478-6793     edleonedds@gmail.com

In recent months, we have been hearing much about potentially challenged industries as a result of Federal Reserve Bank policy and the global economy. We are clearly facing threats in the finance industry regarding subprime lending in the auto industry and with student loan expansion. Default percentage is growing in both of these areas. The oil industry is also a matter of concern in the US with defaults and bankruptcies increasing among those firms involved in high cost fracking. Since prices and revenue are down, debt service is a severe challenge. Another industry which is taking a hit is US agriculture. Global surpluses with corn and soybeans due to declining demand and the strong US dollar has pushed revenues bellow the cost of production. With interest rates likely to increase as a result of recent Federal Reserve Bank action, it will be a challenge for farmers to generate production since they finance planting and make debt service at the time of harvest. National farm income has declined from $123.3 billion in 2013 to $55.9 billion in 2015. Exports are at a 6 year low. Will we see a decline in retail prices at the grocery store?

It is clear that US financial markets are reacting in a negative way to the drop in oil prices globally, economic challenges in China and Europe and the struggles to stimulate growth and deliver on debt service within emerging foreign markets. Will these factors force the US economy into another recession given our slow economic domestic growth and the decline in US exports due to the strength of the US dollar compared to other foreign currencies?

Is gold a safe haven? It has declined from $1,934 in 2011 to $ 1,150 an ounce at the end of 2015. Are we seeing significant job growth due to labor shortages? Labor force participation is at 62.6%. What are the rest of those who could be working, but are not doing? There are many more negative factors which create fear and concern within the investing public. It will be very interesting to see just how 2016 evolves and what positive and negative economic experiences will come our way.

I have no crystal ball which will help me predict future outcomes; nor, can I suggest a cookie cutter or fool proof approach to preserving and increasing assets without significant data on your individual status. I can make some suggestions which many may see as reasonable in surviving economically and growing your wealth as follows:

Create a realistic budget for life style expenses and stick with it.

Build an emergency cash reserve representing 3 to 6 months of living expenses.

Save 12 to 15 percent of income toward retirement.

Monitor and establish a favorable credit rating

Secure yourself and your family against risk with insurance products such as life and liability insurance.

Address estate planning issues such as guardianship of dependents, disposition of assets in the event of a death, powers of attorney for health and maintenance issues along with clear communication to those who are entrusted with such responsibilities for you.

It is my wish that you experience a happy, safe and prosperous New Year!

For The Record:

DJIA              16,093.51

S&P 500         1,906.90

NASDAQ        4,591.18

Suggested Reading:   “The Great Depression Ahead” by Harry Dent

By:  Edward Leone Jr. CFP RFC DMD MBA

Contact Information:  303-478-6793  edleonedds@gmail.com

Here we are in the month of December at the near end of another tax year. It is important before the month’s end to do some income tax planning if appropriate as follows:

Take assessment of capital gains and harvest capital losses to neutralize gains where appropriate.

Although there is still some time, consider contributions which are deductible to IRA and 401 K retirement accounts.

Make the appropriate charitable contributions.

Gifting of appreciated assets may be a way to avoid taxation and shift income to younger generations.

Begin to gather appropriate documents and records for tax filing.

On Monday November 30th, the IMF included the Yuan (China’s currency) in its basket of reserve currencies. China is the second largest global economy, but the Yuan is not broadly used in international trade transactions nor is the Chinese bond market very established. It will take some time before this IMF move has impact on global trade and the US dollar. There is much speculation on the potential positives and negatives of this initiative. It certainly raises the status of China in global affairs; however, many of us are not confident in the quality and accuracy of China’s reporting of its economic activity.

BACON!! I LOVE BACON!! You may have read somewhere that the World Health Organization through its IARC (International Agency for Research on Cancer) has classified processed meats such as bacon as Group One cancer causing agents. According to Dr. David Efrig Jr., the studies which lead to this conclusion are deceptive. We have been through such alarms in the past with both eggs and coffee which are now considered beneficial for consumption. It would appear to me that consumption of bacon in moderation should be of little or no threat to general health as is the case with so many other foods we intake.

This past week the US Department of Labor released the jobs report for the month of November. There was an increase of 211,000 jobs which was as predicted. This may give the Federal Reserve Bank the reason it needs to bring an increase to interest rates. We shall see if and what impact this move may have on bond and equity markets. It is stated that the unemployment rate is steady at 5%, but also consider the report that 94 million who are available to work, but have stopped looking for work are not counted in the unemployment calculation. There are some concerns about the viability of holiday retail sales as a measure of economic activity. We need to understand that two thirds of economic activity is a result of consumption spending. Existing and new home sales are up and US GDP growth is at 2.1% for the 3rd quarter of the year. The economy is growing, but at a very very modest rate. It will be interesting to see 4th quarter and annual numbers when they become available in January. I am not optimistic for a significant advancement of economic activity soon with the status of US GDP activity and the status of the global economy considering the challenges faced by Europe, Japan, South America, China, India and the conflicts existing in the Middle East.

Please accept my wishes to you, the valuable readers of this blog, a Merry Christmas and a Happy New Year!

For The Record:

DOWJ                  17,847.63

S&P  500               2,091.69

NASDAQ               5,142.27

Suggested Reading:   “Big Book of Retirement Secrets” by Dr. David Eifrig Jr.

By: Edward Leone Jr. CFP RFC MBA DMD

Contact Information:  303-478-6793    edleonedds@gmail.com

The issue of tax reform and the variety of suggestions posted by Presidential Candidates has become a topic of inspection and speculation. It is important to take a calculated look at this subject. For the year 2014, US GDP was $16 trillion (sum total of all goods and services produced) and Federal Spending was $3.5 trillion. Federal spending represented 22% of GDP. This has been an issue as it regards the growth of government costs to the economy. Can these expenses be reduced? I believe so, but where and how needs to be a matter of serious discussion and not just political rhetoric or actions taken by politicians based on there motive to satisfy the desires of contributors who have bought and paid for these individuals. Once the size of government is determined and services to be provided are identified, a tax system which meets budget needs and promotes economic growth needs to be developed. The simpler the better! This is a tremendous challenge which may happen in a partial effort in my opinion. Tax issues which may function to stimulate personal or business economic activity will be a challenge to address. Would you buy a house if the mortgage interest was no longer a deductible item? How much would your current home be worth in the market place if this change was made in the tax code? Would you engage in a business activity if taxes were accessed on gross revenue instead of net revenue? So you can see just how positive or damaging these kinds of decisions may be in the universe of economic activity. After seeing just how the Congress and the White House came together on a budget deal which covers the period from 10/31/2015 to 03/2017, it is clear that the Presidential Election year of 2016 will be a wait time regarding any of theses tax and spending issues.

It is very clear that low oil prices are hurting economies which count on oil exports such as Nigeria, Venezuela, Iran and Russia. OPEC is exerting global pressure on this market since its cost of production is so low in order to regain the influence it had on this global market before technology and additional exploration of resource brought competition into this market. Oil prices are influencing our stock market since for many industries cost if production and transportation are lower due to low fuel prices; however, many investors are concerned about the staying power of our US oil industry participants. It will be interesting to see how long this market takes to return to the norm. We know that markets swing like a pendulum to the high and then the low. Petroleum products are the most important commodities in global markets. I wonder how the President’s decision on the Keystone Pipe Line will be a factor in all of this.

Retirement savings is also becoming a matter if great concern given the status of our economy as it impacts employer offerings of retirement savings vehicles and workers ability to save and participate in these plans. Almost half of U S workers did not have an employer sponsored retirement plan in 2013. 58% of these workers were employed by entities with less than 100 employees. Only 45% of these employers with 100 or less employees have a 401K plan. It is the observation that many employers don’t feel this effort is worth the trouble and administrative burdens involve. Many employers can’t afford the costs in compliance and match strategies. Employees are not able to defer adequate compensation to these retirement saving plans to make them effective in later years due to the concerns over current economic conditions. According to the IRS, only 8% of those eligible, made a contribution to an IRA or 401K plan in 2010. This is a serious matter since the retired cannot live on Social Security benefits alone!

FOR THE RECORD:

DJIA                    17,910.33

NASDAQ              5,147.12

S&P 500               2,099.20

SUGGESTED READING:   “The Great American Bank Robbery” by Paul Sperry

By Edward Leone Jr. CFP RFC MBA DMD

Contact Information: 303-478-6793  edleonedds@gmail.com

What’s up with financial markets? Is it trick or treat? An indicator that many technical analysts use is the S&P 500 200 day moving average. It works by collecting the closing prices over the past 200 days and averaging them. This shows a chart line that smoothes out volatility. During bull markets, prices are above the 200 day moving average and during bear markets, prices are below it. The direction of the 200 day moving average is also an indicator of future market trends. A bull market is likely if the S&P 500 moves above its 200 day moving average and closes above 2131. Let’s see what happens. Is this a disaster or an opportunity regarding the trend line direction? Do you sell in a panic or buy while equities are on sale. Is it time to hold and enjoy the ride to higher values? Only time will tell. Get the help of your professional adviser to make a sensible judgment.

The US economy continues to perk along, but slowly. The manufacturing economy is hurting some due to falling commodity prices, the strong dollar and a weak global economy. Other aspects of the economy appear to be improving slowly. Consumer sentiment is improving. The FED appears to be moving toward a policy of restrictive action, but is on hold until employment issues improve. The US appears to be the most favorable place to invest although many foreign companies may represent an opportunity to get in cheap depending on valuation analysis. Those who are seeking income cannot achieve that with the zero interest rate policy of the FED at present. Many are looking at master limited partnerships, preferred stocks, closed end funds and REITs instead of the US bonds and CDs.

Those in or approaching retirement must watch debt levels and medical costs in order to navigate the challenges of adequate long-term cash flows. For some, annuities may be a part of the ingredient for success. Be aware that these products can be expensive and restrictive. It is also important to understand the impact that community property state law may have on estate planning issues. If you live in a community property state such as Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, Wisconsin or Alaska, be sure to consult an estate planning attorney to make you legacy issues work in your favor.

The Security and Exchange Commission is contemplating some rule changes regarding ETFs and Mutual Funds. They may be required to categorize their portfolios to demonstrate how quickly assets can be converted to cash. This is a good way for funds to handle redemptions quickly and handle inflows. This action should not affect the value of other share holders assets. It is evident that  this action could cause adjustment in how funds invest perhaps hurting returns and even causing some funds to close opportunity to potential new investors. Lets see what happens.

FOR THE RECORD:

DJIA                       17,646.70

NASDAQ                  5,031.86

S&P 500                   2,075.15

SUGGESTED READING:   ” Tools and Techniques of Investment Planning” By Leimberg

By Edward Leone Jr. CFP RFC MBA DMD

Contact Information: 303-478-6793    edleonedds@gmail.com

The soap opera in China goes on. The Chinese economy accounted for 40% of global growth last year with a tremendous appetite for raw materials which stimulated economic activity in Australia, Brazil, Africa and South America. Its production capabilities have produced many products for the global markets at extremely competitive prices. So what has happened? Chinese economic planners have used government debt to finance much more growth activity in real estate and industry than the Chinese populous and foreign entities can consume. Government owned banks cannot continue to lend to government owned entities which cannot pay debt service. Chinese currency and other global activities are hurting profitability for Chinese production. These economic imbalances are spreading through the global economy resulting in slower economic activity in many countries.  China will have to engage in less command and control of their economy and let market forces stimulate investment and innovation. The Chinese are not the only currency manipulators. Many governments are printing currency and putting it into the economy expanding their debt with the hope of stimulating economic activity while banking systems lend to less than qualified borrowers . This trend will eventually lead to problems in bond markets and issues regarding inflation pressures in my opinion.

As I visit with people over issues such as saving for retirement and building wealth, I make several observations which should be noted. Most of us have accumulated too much stuff over the years. Many of these items are of some value and can be liquidated to produce usable funds. Empty the attic, garage and basement. Look at the value of inadvertent collectible efforts. Many people have investments of variety all over the place. Try to consolidate investments to foster better and more efficient management practices. Engage in producing more in financial resource than you consume. It may be that creating a business out side of the work place can be a solution. Be strategic with efforts to invest with the purpose of growing asset values. Once some wealth is achieved, decide on its purpose and be comfortable with your position. Be charitable in a selective fashion since many charities and foundations are not very efficient or even corrupt as we are learning. Consider posterity and how to transfer wealth to future generations with adequate estate planning.

Ben Benoy, the editor of Bio Tech Intel Trader, Reports some very promising advances in cancer treatment. Instead of the usual surgical removal and killing of cells with chemical medications or radiation, researchers are using internal proteins held within cells which interrupt cell growth. Clinical testing being performed on breast and bladder cancers has shown very promising results at the Mayo Clinic in Florida.

For The Record:

DJIA                   16,330.40

S&P  500              1,952.29

NASDAQ             4,796.25

SUGESSTED READING:  Knowledge and Power   By Gilder