EURUSD is trading at 1.0806; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s downside border at 1.0835 and then resume moving downwards to reach 1.0645. Another signal in favor of further downtrend will be a rebound from the descending channel’s upside border. However, the bearish scenario may be canceled if the price breaks the cloud’s upside border and fixes above 1.0915. In this case, the pair may continue growing towards 1.0995. To confirm further decline, the asset must break the rising channel’s downside border and fix below 1.0765.
GBPUSD, “Great Britain Pound vs US Dollar”
GBPUSD is trading at 1.2196; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test Tenkan-Sen and Kijun-Sen at 1.2445 and then resume moving downwards to reach 1.2095. Another signal in favor of further downtrend will be a rebound from the descending channel’s upside border. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 1.2335. In this case, the pair may continue growing towards 1.2405.
USDCHF, “US Dollar vs Swiss Franc”
USDCHF is trading at 0.9730; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test the cloud’s downside border at 0.9695 and then resume moving upwards to reach 0.9815. Another signal in favor of further uptrend will be a rebound from the rising channel’s downside border. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 0.9655. In this case, the pair may continue falling towards 0.9545. To confirm further growth and completion of an Inverted Head & Shoulders reversal pattern, the asset must break 0.9745.
Attention! Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.
As we can see in the H4 chart, the ascending tendency continues. By now, USDCAD has formed a Shooting Star pattern not far from the resistance level. However, the pair is not expected to reverse. Probably, the price may correct for a while and then resume growing towards 1.4141. Later, after testing 1.4141, the market may form a reversal pattern and rebound from the above-mentioned level.
AUDUSD, “Australian Dollar vs US Dollar”
As we can see in the H4 chart, the descending tendency continues. After breaking the channel’s downside border, AUDUSD continues falling. The downside target is the support level at 0.6377. Later, the pair may rebound from this level and resume trading upwards. In this case, the upside target may be at 0.6550.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, after finishing the descending impulse and forming several reversal patterns close to the support level at 0.9677, USDCHF has rebounded from it. At the moment, the price is moving upwards. The upside target is the resistance level at 0.9768. After reaching it, the market may rebound from this level again.
Attention! Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.
The US dollar has strengthened again relative to a basket of currency majors. The US dollar index (#DX) closed in the negative zone (+0.34%). The US currency has been growing after a speech by Fed Chairman Jerome Powell. The official said that the interest rate is unlikely to be transferred to the negative zone. Powell also said that a pandemic would cause long-term damage to the economy, and the prospects for recovery remain uncertain.
UK published ambiguous GDP data yesterday. The Office for National Statistics reported that the country’s GDP fell by 2.0% (q/q) in the first quarter. At the same time, experts forecasted a 2.5% drop (q/q). Aussie came under pressure after the release of a weak report on the Australian labor market.
The “black gold” prices are rising. Currently, futures for the WTI crude oil are testing the $26.40 mark per barrel.
Market indicators
Yesterday, there was the bearish sentiment in the US stock market: #SPY (-1.77%), #DIA (-2.21%), #QQQ (-1.25%).
The 10-year US government bonds yield has fallen again. At the moment, the indicator is at the level of 0.61-0.62%.
The news feed on 2020.05.14:
– Initial jobless claims in the US at 15:30 (GMT+03:00).
Orange juice is trading near a fourteen-month high after a surge following coronavirus outbreak. Demand for orange juice increased as many consumers consider its nutrients and high vitamin C content boost human immune system. And recent Department of Agriculture National Agricultural Statistics Service ( NASS ) May crop forecast projects a decrease in oranges and grapefruit production. The USDA predicted Florida Orange production at 69.7 million boxes, down 1 percent from the April forecast. According to NASS, this will be 3 percent less than last season’s revised final production if realized. Lower supply estimates are bullish orange price. On the other hand, a reversal to old consumption habits as coronavirus infection concerns subside is a downside risk for orange price.
The greenback has strengthened relative to its main competitors after a speech by the Fed Chairman. The official denied rumors that the Central Bank may introduce negative interest rates. Jerome Powell also said the US economy could face a long recovery period due to the COVID-19 epidemic. Currently, EUR/USD quotes are consolidating. The key range is 1.0790-1.0835. The single currency has the potential for further decline. Positions should be opened from key levels.
At 15:30 (GMT+3:00), data on initial jobless claims will be published in the US.
We also recommend paying attention to the speech by the FOMC representative Kashkari.
Indicators signal the power of sellers: the price has fixed below 50 MA and 100 MA.
The MACD histogram is in the negative zone and below the signal line, which gives a strong signal to sell EUR/USD.
Stochastic Oscillator is in the neutral zone, the %K line is above the %D line, which indicates the bullish sentiment.
Trading recommendations
Support levels: 1.0790, 1.0770, 1.0740
Resistance levels: 1.0835, 1.0875, 1.0895
If the price fixes below 1.0790, a further fall in the EUR/USD currency pair is expected. The movement is tending to 1.0760-1.0740.
An alternative could be the growth of EUR/USD quotes to 1.0860-1.0890.
The GBP/USD currency pair
Technical indicators of the currency pair:
Prev Open: 1.22597
Open: 1.22220
% chg. over the last day: -0.25
Day’s range: 1.21812 – 1.22417
52 wk range: 1.1466 – 1.3516
GBP/USD quotes continue to show a negative trend. The British pound has reached two-month lows. Currently, GBP/USD quotes are consolidating. The key support and resistance levels are 1.2180-1.2250. Demand for the US dollar has resumed after a speech by the Fed Chairman. A trading instrument has the potential for further decline. We recommend opening positions from key levels.
The news feed on the UK economy is calm.
Indicators signal the power of sellers: the price has fixed below 50 MA and 100 MA.
The MACD histogram is in the negative zone and below the signal line, which gives a strong signal to sell GBP/USD.
Stochastic Oscillator has started exiting the oversold zone, the %K line is above the %D line, which indicates the bullish sentiment.
Trading recommendations
Support levels: 1.2180, 1.2140, 1.2100
Resistance levels: 1.2250, 1.2285, 1.2335
If the price fixes below 1.2180, a further drop in GBP/USD quotes is expected. The movement is tending to the round level is 1.2140-1.2120.
An alternative could be the growth of the GBP/USD currency pair to 1.2290-1.2330.
The USD/CAD currency pair
Technical indicators of the currency pair:
Prev Open: 1.40770
Open: 1.40986
% chg. over the last day: +0.15
Day’s range: 1.40853 – 1.41158
52 wk range: 1.2949 – 1.4668
Purchases prevail on the USD/CAD currency pair. The trading instrument has updated local highs again. The loonie is currently testing a resistance level of 1.4115. The 1.4065 mark is already a “mirror” support. We expect economic reports from the US. We also recommend paying attention to the dynamics of “black gold” prices. Positions should be opened from key levels.
At 18:15 (GMT+3:00), a speech by the Bank of Canada Governor will be held.
Indicators signal the power of buyers: the price has fixed above 50 MA and 100 MA.
The MACD histogram is in the positive zone, but below the signal line, which gives a weak signal to buy USD/CAD.
Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, which indicates the bearish sentiment.
Trading recommendations
Support levels: 1.4065, 1.4010, 1.3970
Resistance levels: 1.4115, 1.4170
If the price fixes above the resistance level of 1.4115, further growth of the USD/CAD quotes is expected. The movement is tending to 1.4150-1.4200.
An alternative could be a decrease in the USD/CAD currency pair to 1.4030-1.4000.
The USD/JPY currency pair
Technical indicators of the currency pair:
Prev Open: 107.135
Open: 107.040
% chg. over the last day: -0.11
Day’s range: 106.776 – 107.072
52 wk range: 101.19 – 112.41
There is the bearish sentiment on the USD/JPY currency pair. The trading instrument has updated local lows. At the moment, USD/JPY quotes are testing the support level of 106.75. The 107.15 mark is already a “mirror” resistance. The yen has the potential for further growth relative to the greenback. We recommend paying attention to economic releases, as well as the dynamics of US government bonds yield. Positions should be opened from key levels.
The news feed on Japan’s economy is calm.
Indicators do not give accurate signals: the price has fixed between 50 MA and 100 MA.
The MACD histogram is in the negative zone, indicating the bearish sentiment.
Stochastic Oscillator is in the neutral zone, the %K line has crossed the %D line. There are no signals at the moment.
Trading recommendations
Support levels: 106.75, 106.45
Resistance levels: 107.15, 107.35, 107.75
If the price fixes below the support level of 106.75, a further drop in the USD/JPY quotes is expected. The movement is tending to 106.50-106.30.
An alternative could be the growth of the USD/JPY currency pair to 107.30-107.60.
US stocks slipped for a second consecutive day on Wednesday, following warnings from the Federal Reserve Chair Jerome Powell that the current pandemic raises concerns about long-term economic damage with significant downside risks to the outlook.
Powell’s comments sent a reminder to equity bulls that the economy cannot be turned on by a switch and when it begins to recover, it may be more gradual than hoped. Meanwhile, for the recovery to start, we still need to win the fight against the virus and there is no indication we are there yet.
The US Dollar has been the clear winner overnight from a combination of two factors, risk aversion and Powell ruling out negative interest rates. If panic returns to equity markets in a big way, there’s a high chance that the Dollar index can break above 101 resistance and retest March’s high at 103. But so far, it seems the fall in stocks is still a minor one with the S&P 500 and Dow Jones Industrial Average still trading 28.7% and 27.6% above the March lows respectively.
Other than Treasury Bonds, the asset class that seems to be holding up well is Gold. With interest rates near or below zero and fiscal and monetary stimulus expected to be way bigger than the great financial crisis of 2008, we may soon find the precious metal revisiting 2011 highs of $1,920. Since Lehman Brothers declared bankruptcy on September 15 of that year, Gold managed to gain 151% and reached $1,920 three years later. If a similar pattern is to be repeated, then the precious metal can hit $3,500 and even $4,000 in the coming three years. While history does not necessarily repeat itself, there are so many ingredients to see Gold marching higher. Interest rates will remain extremely low for a prolonged period, stocks are the most expensive they have been on a forward-looking basis since the dot com bubble, sovereign bonds are even more costly, and there remain a lot of uncertainty on how and when we will come out of this crisis. Gold should be in most portfolios even for those investors who are bullish on risk assets.
Investors and traders will keep a close eye on today’s US weekly jobless claims data which is expected to show another 2.5 million Americans lost their jobs for the week ending on May 9. However, investors still need to digest further record low figures after April’s NFP report, as Friday brings more figures in the form of retail sales, industrial production, and consumer sentiment releases.
Disclaimer: The content in this article comprises personal opinions and should not be construed as containing personal and/or other investment advice and/or an offer of and/or solicitation for any transactions in financial instruments and/or a guarantee and/or prediction of future performance. ForexTime (FXTM), its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness, of any information or data made available and assume no liability as to any loss arising from any investment based on the same.
Global markets’ retreat continues currently across all stock exchanges with US data expected to show millions more Americans sought unemployment benefits over the last week. The sentiment turned markedly bearish yesterday after Fed chair Powel’s comments provided no ground for expectations of quick economic recovery.
Forex news
Currency Pair
Change
EUR USD
-0.23%
GBP USD
-1.9%
USD JPY
-0.3%
The Dollar strengthening is intact today ahead of expectations data will show 36 million Americans likely sought unemployment benefits over the last eight weeks. The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, rose 0.2% Wednesday as Fed chair Powell said not to expect negative interest rates while additional government aid may be “worth it”. President Trump had tweeted on Tuesday that the “ USA should also accept the “GIFT”. Big numbers!” referring to the benefits of negative rates other countries are already receiving. Goldman Sachs says a second wave of coronavirus could make the Fed reconsider negative interest rates. EUR/USD joined GBP/USD’s and continued sliding yesterday with both pairs lower currently. Pound got a headwind after report yesterday UK gross domestic product contracted by 5.8% over month in March, the sharpest monthly decline on record. Both USD/JPY and AUD/USD continue falling even after Australia’s unemployment came in not as high as feared.
Stock Market news
Indices
Change
Dow Jones Index
-0.21%
Nikkei Index
+0.44%
Hang Seng Index
-0.99%
Australian Stock Index
-0.48%
Futures on three main US stock indexes are extending losses after a selloff on Wednesday. The earnings season continues with companies including Intel, Ford and Merck scheduled to report quarterly results today. Stock indexes in US ended sharply lower on Wednesday : the three main US stock indexes recorded losses ranging from 1.5% to 2.2% with American Express, Raytheon Technologies and Dow shares leading the retreat with losses exceeding 4%. European stock indexes are down currently after a three-session losing streak Wednesday. Asian indexes are falling today ahead of Japanese government announcement on easing of the nationwide “state of emergency.” NIKKEI is the loss leader currently down 1.7%.
Commodity Market news
Commodities
Change
Brent Crude Oil
+1.78%
WTI Crude
+1.64%
Brent is rebounding today following the US Energy Information Administration report Wednesday that US crude oil inventories fell an unexpected 700 thousand barrels last week, the first weekly decline after 15 consecutive increases. The US oil benchmark West Texas Intermediate (WTI) futures retreated yesterday as the Commodity Futures Trading Commission warned oil futures contracts could end up in negative territory again: June WTI lost 1.9% but is rising currently. July Brent crude closed 2.6% lower at $29.19 a barrel on Wednesday.
Gold Market News
Metals
Change
Gold
+0.06%
Gold prices are extending gains today. June gold added 0.6% to $1716.40 an ounce on Wednesday.
Note: This overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or а recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.
Peter Epstein of Epstein Research profiles the company that has the only permitted, primary cobalt refinery in North America.
Activity in the junior mining space for almost everything except gold and uranium has essentially ground to a halt. Yet, on May 4th, First Cobalt Corp. (FCC:TSX.V; FTSSF:OTCQX; FCC:ASX) announced the results of a Definitive Feasibility Study (DFS) on its 100%-owned, permitted, primary cobalt (Co) refinery in Ontario, Canada.
Unlike many junior miners that are 5+ years from production, First Cobalt, with Glencore as its strategic/funding partner, expects to reach commercial production within two years. Glencore proposes lending First Cobalt most, or possibly all, the capital needed to get the refinery up to full capacity by the end of 2021. Then, the companies would split the refinery’s economics (terms yet to be announced) for up to five years, aligning with the expected debt repayment period.
First Cobalt delivers robust DFS
The DFS, summarized in this detailed press release, is highlighted by a 53% after-tax internal rate of return (IRR), at a long-term cobalt price of $25/lb (all figures in US$ unless stated otherwise). Even at today’s spot price of ~$16.5/lb, the IRR would be 39%. Management commissioned a comprehensive industry report from prominent consulting group, Benchmark Mineral Intelligence. That report showed an average price of $26.81/lb, with several years above $30/lb, and as high as $36/lb later this decade.
Cobalt prices are increasingly tied to the pace of electric vehicle (EV) adoption. Many pundits now believe that globally there will be a tsunami of multi-year infrastructure bills (trillions of dollars) to combat the ongoing COVID-19-induced economic crisis. If true, I believe this would be very good for the rollout of EVs.
Importantly, management is actively exploring (with Glencore’s help) opportunities to enhance the refinery’s flow sheet to improve upon already robust economics. In addition to a 53% IRR, the after-tax NPV(8%) of $139 million is 2.5 times upfront cap-ex of $56 million (includes a $4.2 million contingency).
Notably, most of the cap-ex is spoken for as Glencore has pledged support for $40 million in loans, of which $5 million has been advanced. According to the press release, third-party lending and government funding options are also on the table. A funding package is expected to be in place by the summer.
Refinery restart now meaningfully de-risked
First Cobalt’s Refinery, ~600 km from the U.S. border, is a hydro-metallurgical facility in the Canadian Cobalt Camp of Ontario. It’s the only permitted, primary cobalt refinery in North America. This is a long-lasting, valuable hard asset with decades of use ahead, and >C$100 million invested in it since the mid-1990s.
Even at full proposed capacity {5,096 tonnes Co/year, equal to 24,857 tonnes battery-grade Co sulfate} the refinery would account for just 5% of the global (refined) Co market. There appears to be minimal risk of flooding the market with excess supply. On top of possible improvements in op-ex and cap-ex, management believes that the assumed 93% Co sulfate recovery rate has room to improve to 95% or 96%. This might sound trivial, but a 2.5% increase would equate to an additional $7.5 million in annual cash flow.
Glencore is strongly backing First Cobalt’s cobalt refinery with debt financing. Depending on prevailing Co sulfate prices, loan pay down would likely take about five years. Note: If First Cobalt were to keep 50% of refinery economics, and remit most of it to Glencore, it could repay $56 million in 45 years.
Peak borrowings could come in below $56 million as management is in discussions with a dozen or more funding parties, some of which could provide grants or invest at the project level. Numerous NDAs have been signed. Unless First Cobalt defaults on its debt obligations, it will retain 100% ownership of an increasingly valuable, globally-significant refinery asset.
Cobalt market looks promising for next few decades
Benchmark Minerals forecasts cobalt demand from EV batteries alone will exhibit a compound annual growth rate (CAGR) of ~18% from 2019 to 2040. If reasonably accurate, cobalt prices would likely move higher, perhaps by a lot. Supportive of a strong cobalt price is the simple fact that two years ago, cobalt was trading at >$40/lb.
Also underpinning stronger cobalt prices is the industry’s dangerous over-reliance on supply (~67%) from the Democratic Republic of Congo (DRC). While it’s beyond the scope of this article, there are a number of reasons why producers in the DRC face growing operating risks.
Unfortunately, we need to add COVID-19 to the list of risk factors. This once-in-a-century coronavirus will exacerbate pre-existing problems in the DRC and surrounding countries.
Will there be significant cobalt supply disruptions?
Look no further than the uranium sector to see the considerable impact that an unexpected supply shock can have. The uranium spot price is up ~41% in the past six weeks. COVID-19 has barely shown up on the African continent. Confirmed cases have reached ~50,000, only about 1.4% of the global total. Yet, Africa is home to 18% of the world’s population.
Perhaps more important than a near-to-intermediate-term increase in Co prices is the reminder or warning that an industry sourcing two-thirds of a critical material from a single country is a terrible idea! And then there’s China, controlling 79% of the global market. Will Canada and the U.S. continue to allow China to have so much leverage on such a critical material?
Readers should take a closer look at First Cobalt. In past articles and interviews I’ve mentioned a spectacular board, retained advisors and management team. But most important, if there’s one thing that readers should take away from this commentaryin uncertain times it’s impossible to overestimate the benefits of being partnered with a giant mining industry company like Glencore.
While the refinery restart is significantly de-risked, and well situated in North America, it will take a considerable amount of time for debt amassed this year and next to be repaid.
Debt in excess of US$50 million might appear unsettling. But, after paying it off, 100% of operating cash flow would accrue solely to First Cobalt. Make no mistake, the plan to incur $50+ million in debt is risky. However, Hatch estimated the replacement value of just the refinery complex buildings and housed equipment at close to $80 million.
It would take more than five years to design, permit, conduct studies, fund and build a new cobalt refinery. Time is money. Saving years of headache, expense and managerial resources is valuable to a company like Glencore.
Around that time, the newly unencumbered refinery complex would be worth quite a bit, especially to Glencore, who might want to acquire it even before the debt has been repaid. The refinery is worth considerably more in the hands of Glencore than First Cobalt. It would diversify Glencore’s operations, while providing incremental operating and trading flexibility, as well as cobalt/EV market intelligence.
The refinery economicsinstead of discounting cash flows at 8%, Glencore’s much lower cost of equity and debt capital means it could probably discount the project at 4% or 5%. All else equal, over an 11-year period, the after-tax NPV(4%) would be ~40% higher than a NPV(8%).
Looking at it a different way, how much might a refinery producing 11,234,757 pounds/year of battery-grade Co sulfate be worth as a multiple of gross revenue? In the chart below are a number of producing mining companies. On average, they’re trading at an Enterprise Value to trailing 12-month revenue ratio of 3.5x.
If First Cobalt’s refinery were to be worth half as much (a 1.75x multiple of revenue at full capacity), that would be C$660.6 million, (assumes Co price of $24/lb). Discounting that figure back at 15% for seven years (in seven years, loans to Glencore would be paid off) generates an approximate refinery valuation of C$248.3 million.
Other scenarios are provided at Co prices ranging from US$18-$33/lb and discount factors of 10%20%.
On May 4th, CEO Trent Mell said there’s no need for a private placement for the remainder of 2020. Still, assuming 15% equity dilution between now and the achievement of cash flow positive operations, an indicative share price at a valuation of C$243.9 million {11,234,757 pounds Co, sold at US$24/lb, discounted back 7 years @ 15%/yr.} = C$0.56. The current share price is C$0.16.
U.S. and Canadian exploration assets are out-of-the-money call options
Astute readers may have noticed that I’ve ignored the company’s considerable exploration assets in the U.S. and Canada. Admittedly, at current cobalt prices they don’t seem to garner much attention. But, think of First Cobalt’s 25 million (combined) Indicated & Inferred pounds in the U.S., plus brownfield exploration properties in Ontario, as out-of-the-money call options. If/when the Co price returns to, say, $30 or $35/lb, this unattributed value might be appreciated again.
How much is 25 million Indicated and Inferred pounds in the ground worth? The gross in-situ value is $750 million, but since half of the resource is Inferred, let’s call it $540 million. Early-stage copper juniors are trading at an Enterprise Value to pound of about $0.005 (a half penny). By applying that valuation metric to cobalt juniors, 25 million pounds might be ascribed a value of up to $35 million (~C$0.12/share) once animal spirits return to the battery metals space.
In addition to the U.S. exploration assets, the third leg of the investment valuation stool is First Cobalt’s Canadian land package that hosts 50 past-producing cobalt/silver mines in Ontario. Like the U.S. resources, these properties should attract a lot more attention in a better battery metals market.
By no means am I suggesting that the share price will more than triple in the near-term (I offer no predictions or price targets), but I believe First Cobalt (TSX-V: FCC) / (OTCQX: FTSSF) offers compelling risk-adjusted upside potential over the next 12 months. Especially if management notches notable successes in upgrading its DFS and/or the Co price rises back above $25/lb.
Peter Epstein is the founder of Epstein Research. His background is in company and financial analysis. He holds an MBA degree in financial analysis from New York University’s Stern School of Business.
Disclosures: The content of this article is for information only. Readers fully understand and agree that nothing contained herein, written by Peter Epstein of Epstein Research [ER], (together, [ER]) about First Cobalt Corp., including but not limited to, commentary, opinions, views, assumptions, reported facts, calculations, etc. is to be considered implicit or explicit investment advice. Nothing contained herein is a recommendation or solicitation to buy or sell any security. [ER] is not responsible for investment actions taken by the reader. [ER] has never been, and is not currently, a registered or licensed financial advisor or broker/dealer, investment advisor, stockbroker, trader, money manager, compliance or legal officer, and does not perform market making activities. [ER] is not directly employed by any company, group, organization, party or person. The shares of First Cobalt Corp. are highly speculative, not suitable for all investors. Readers understand and agree that investments in small cap stocks can result in a 100% loss of invested funds. It is assumed and agreed upon by readers that they will consult with their own licensed or registered financial advisors before making any investment decisions.
At the time this interview was posted, Peter Epstein owned shares of First Cobalt Corp., and the Company was an advertiser on [ER].
While the author believes he’s diligent in screening out companies that, for any reasons whatsoever, are unattractive investment opportunities, he cannot guarantee that his efforts will (or have been) successful. [ER] is not responsible for any perceived, or actual, errors including, but not limited to, commentary, opinions, views, assumptions, reported facts & financial calculations, or for the completeness of this article or future content. [ER] is not expected or required to subsequently follow or cover any specific events or news, or write about any particular company or topic. [ER] is not an expert in any company, industry sector or investment topic.
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