The Weekly Summary
You know what the market did last week. Whether it started with political malaise or the spread of viral outbreak fears, the selling was savage, almost universal (93% of all stocks lost ground, most by 11% or more) and the BMR universe was as susceptible as everything else. All seven our portfolios took a big step to the downside, wiping out what was a healthy YTD gain in the process. Here's what the week looked like. You might recognize a few favorite stocks in that sea of red:
Performance in these conditions is measured by how well you limit your losses compared to the market as a whole. By that standard, the profit we accumulated early this year acted as a shield. We're only down 6% for 2020 so far now, avoiding the brunt of what has become a full-fledged correction for the S&P 500 and the rarefied Dow industrials. While we know we'll all eventually recover, deeper losses generally take a bigger toll on both time and patience. We have plenty of patience but recognize that it's always a limited resource. The more we can conserve on what could be routine market gyrations, the better.
Despite the unknown impact of this virus on both the global economy and human lives, we are inclined to consider this a routine correction for now. Over the decades we've come to expect 2-3 significant downswings per year and this one is right on schedule. Stocks looked rich at 19X anticipated earnings while near-term growth was elusive for the market as a whole . . . as we've discussed, our recommendations have been much more dynamic, but even they were priced to match. Clearly a pause was in the cards sooner or later.
Every downswing has its trigger, of course. Very few end up doing material damage to the market in the long term, but when we're at the mercy of the news cycle it can be hard to look beyond the headlines. The disease has come to North America and people around the world are dying. We don't know how far it will spread or what it will take to stop it. Schools in affected areas may have to close temporarily. Businesses may have a hard time staying open as well. Flights may get cancelled or simply take off with lighter loads as infection-wary passengers make other plans.
The best economic estimates we've seen suggest that U.S. Gross Domestic Product will slow 0.2% in this quarter and then recover that lost growth by early summer. It is similar to an unusual winter weather snap, keeping people inside for a few weeks while building up retail appetite for the moment when the skies clear and people get back to work. Flu season almost never stretches into summer. This will end.
In China, for example, the bad flu seasons run to April and then even mutant outbreaks like SARS are largely over by mid-May. Chinese stocks only fell 5% last week, which raises questions over how serious the link between this correction and the disease really is. If the market at the economic epicenter of the epidemic (80,000 known cases) is relatively resilient while ours (under 100) suffers the worst week in a decade, the deep logic points back to investors and not at the stocks themselves. We suspect a lot of people are simply searching for a sell signal, much as they seized on the ebola or zika virus or any number of Fed pivots to justify previous corrections.
And we're struck by the way the Fed is ready to ease any real economic shock here. As we'll discuss, the odds of another "safety" rate cut on March 18 have swelled to nearly inevitable. Nobody wants to take any chances making a fragile situation worse . . . the Fed least of all. If the outbreak lingers through the spring, we could see as many as three rate cuts taking lending costs all the way back to a 2017 level of 0.75%. That's enough to compensate for a lot of earnings deterioration in the meantime. We don't see that ahead, but only time will tell. Right now, this looks more like a temporary slowdown at worst, taking some profit away in the current quarter and then giving Corporate America a windfall three months from now. For the last 100 years Wall Street has climbed every wall of worry to date. This is another.
And we find the fear especially unconvincing when defensive stocks fall as hard as more economically sensitive sectors. Our Aggressive portfolio outperformed the market as a whole by 3 percentage points, which simply doesn't add up when you consider that these are our most speculative and volatile recommendations. The High Yield group actually did a little worse while Healthcare suffered along with the market as a whole. REITs are only incidentally vulnerable to a slowdown in China and normally hold up extremely well against domestic economic disruption, but they performed worst of all our portfolios last week. For most of these companies, a rate cut will be an unexpected gift, and in the meantime reliable dividends will cushion shareholders through any rough patches ahead.
There’s always a bull market here at The Bull Market Report! Gary Jefferson will be chiming in later in the week, but between The Big Picture looking at valuations and The High Yield Investor taking a fresh look at a few of our recommendations, we have plenty to think about as we greet tomorrow. All of our stocks are significantly discounted from where they were a week ago. The Special Opportunities portfolio provides the best value of all from a relative perspective . . . so this is a great time to refresh our thesis on those names and see if it's time to change course on any of them.
Key Market Indicators
BMR Companies and Commentary
The Big Picture: What We're Paying For Growth
We've spent a few weeks talking about how dynamic BMR companies are relative to the market as a whole. The S&P 500 collectively drifted for four full quarters before managing to eke out a fraction more profit than it did a year previously, testing shareholders' nerve in the process. Now that the year-over-year trends point up again (even if it's only at a minimal 0.9% slope in the aggregate), the viral outbreak provokes a crisis of confidence. Are we paying too much for that trickle of growth? And if so, how far have do stocks that got ahead of their fundamentals need to recede before they make sense again?
In our view, the answer to both questions is rooted in the fact that we only worry about "the market as a whole" in the abstract, as a benchmark against which we gauge overall sentiment and our favorite stocks. We work with individual stocks. When investors are in a bad mood around the market as a whole, the best stocks on our radar look even better . . . and even so-so companies can become blockbusters when stacked up against a lackluster landscape.
Right now the mood is bad. The S&P 500 was unable to support 19X multiples on the reality of 0.9% growth in the previous quarter and the prospect of 7% earnings expansion in the coming year. The correction hasn't affected our fundamental outlook at all yet, but it has reduced the overall multiple on the market to under 17X earnings. While that's still a little high on a historical basis, we can't argue with it in a world when the Fed is cutting interest rates whenever it sees an opportunity. Liquidity is king right now. The fundamentals can wait.
And our stocks have demonstrated some of the strongest fundamentals in the world. The BMR growth profile has been dazzling and if not for the fact that so many of our recommendations delivered a better 4Q19 than expected while refusing (for now) to raise guidance, we'd be contemplating 18% earnings growth this year. Once the viral cloud lifts, we suspect the outlook from many of these companies will improve in line with the prevailing trends, raising our overall growth forecast accordingly. If not, the odds of a string of big upside surprises increase accordingly. After all, when the business environment is tracking better than expected, expectations need to come up to match reality.
In the meantime, we aren't asking subscribers to pay a lot for that growth. Factor out our recommendations that are too early in their trajectories to be profitable at all and a few stocks that are only now on the verge of making money and our universe is valued at 14.8X forward earnings. You read that right. If you're worried about multiples, just ignore the more Aggressive names on the list and buy the ones with a track record of profitability, and you're getting a discount compared to the market as a whole.
(Those stocks on the cusp, by the way, have strong enough expansion rates to grow into currently high valuations before too long. We're primarily talking about Shopify (SHOP), Zscaler (ZS) and Alteryx (AYX) here.)
One age-old rule of thumb incorporates growth rates into earnings multiples in what's called a "PEG" ratio . . . if the price (P) divided by earnings (E) is lower than the annualized earnings growth rate (G), a stock is generally an attractive investment relative to everything else on the market. You're getting enough growth to justify a high earnings multiple because you know that the company is expanding fast enough to generate more earnings in the near future, relieving pressure on the price.
On those terms, many of our stocks are extremely attractive in absolute terms, even leaving the market as a whole and its lackluster 2.25 PEG ratio aside. AstraZeneca (AZN), for example, is on track to grow exactly as fast as its 21X multiple currently supports. A year from now, if drug sales continue on their current trajectory, either the company will be much less highly valued (with a multiple dropping to 17X earnings) or the stock will have to climb 21% simply to maintain its current multiple. We'd be happy either way, but since we know the market will tolerate AstraZeneca at 21X earnings, the odds are good that the stock will be worth more a year from now.
Almost everything on Wall Street is significantly discounted from where it was a week ago. If you're looking for bargains, we suggest starting with our stocks where growth is available for less money. That's AstraZeneca, The Carlyle Group (CG) at 13.6X earnings and on track to grow 23% this year, MetLife (MET) at a lowly 7X earnings with the potential to give us 10% growth, Blackstone (BX) at 18X and 35%, and as of Friday, Visa (V) at 12.8X and 13%.
We also have to mention Facebook (FB), which we suspect will turn in 43% earnings growth this year to justify what's currently a 21X multiple. It's richly valued in absolute terms, but the growth rate justifies that valuation and more. While we love all our stocks, these are the names we'd start with.
The Carlyle Group (CG: $28, down 10% last week)
Carlyle Group is down 10% in the last week. We are not trivializing this move. It’s just that we aren’t getting worked up about it since it comes with the general downturn in the overall market. Even with the latest downward movement, the price gained 60% over the last year. We’re not greedy – we’ll take that any day of the week.
Carlyle is in the Asset Management industry. It is not just any run-of-the-mill company that manages money. The company, which has been around for more than three decades, manages $225 billion in assets, with their professionals spread across six continents. We assume there isn’t much need to open one in Antarctica - otherwise, management would have seized the opportunity.
The investment areas are not broad, but the company’s expertise is deep. They are in Private Equity, Real Estate, Energy, Infrastructure, and Credit. This approach has proven successful. In 2019, revenue rose 39% year-over-year, from $2.4 billion to $3.4 billion. The two biggest components, management fees ($1.5 billion, up 16%) and investment income ($1.6 billion, up 94%), were strong drivers. Income nearly quadrupled from 2018’s $330 million to 2019’s $1.2 billion.
The stock has more liquidity with its conversion to a corporation from a limited partnership that took effect at the start of the year. Other investment firms have already made the leap. This opens the pool of buyers since investors such as mutual funds are allowed to own the shares. Since the passage of the massive tax law in 2017, the tax incentive for maintaining a limited partnership has diminished.
With the new structure came a new dividend policy. Previously, the payouts were volatile. Currently, the board of directors pays a steady $0.25 quarterly rate, which works out to a 3.4% yield.
BMR Take: Buying stock in a high-quality asset management company is a rare find. With strong results and a bigger pool of buyers, we believe further gains are on the horizon. Adding the dividend makes this an attractive total return investment. We have a $34 Target Price. After this week’s move, the stock is now below our $29 Sell Price. So, we leave it up to you to decide whether it is appropriate to exit your positions based on your own risk/reward profile.
Financial Select Sector SPDR Fund (XLF: $27, down 14%)
We admit it hasn’t been pleasant watching a lot of big stocks drop 15% over the past week. This is nothing more than the reaction to the overall market. Naturally, a fund that invests in Financial stocks is going to get hard hit when equities fall. We still like this exchange-traded fund (ETF).
No surprise given the name, the ETF tracks the Financial Select Sector Index, which represents the S&P 500’s Financial sector. If you want exposure to the biggest companies in this field, this is the way to go. The ETF allows you to invest in the largest Financial institutions, which have remarkable staying power. You don’t have to choose one company – investing in the ETF allows you to own a piece of a whole bunch.
What does the ETF hold? Great companies like Berkshire Hathaway (13% weight - one of our favorites), JPMorgan Chase (12% weight), Bank of America (8%), Wells Fargo (5%), and Citigroup (5%). The fund also has roughly a 2% weighting in each of the following: American Express, CME Group, Chubb Limited, U.S. Bancorp, and Goldman Sachs.
Naturally, the ETF is concentrated in Financial Services but you do get diversification across different business lines. Banks have the largest weighting at 41%. Capital markets (22%), Insurance (19%), and Diversified Financial Services (13%) follow.
BMR Take: The coronavirus has walloped the equity markets. In turn, Financial Service companies have also turned down. Barring a complete meltdown, which we don’t expect, Financials should continue to do well. Adding to its appeal, the Financial Select Sector fund has a 2.5% dividend yield. We have a $35 Target Price. This is another stock that is now below our $28 Sell Price. As always, we place the decision in your hands.
MetLife (MET: $43, down 17%)
MetLife is now in negative territory over the year, down 6%. It is always good to re-examine stocks periodically, particularly after a rough patch, and we have done that here. The fundamentals remain sound. If anything, we like MetLife even more. Why do we feel that way? MetLife reported 4Q19 results a few weeks ago and we liked what we saw.
Revenue grew 9% year-over-year, from $15.7 billion to $17.1 billion. Most of the increase was generated from increased Premium and Fee revenue, which rose from $11.1 billion to $13.8 billion. Net Investment Income was also strong, growing $1.2 billion to $4.6 billion. MetLife’s top line was held back by derivatives, which turned into a $1.5 billion loss versus a $940 million gain. This doesn’t concern us since this is volatile and it is not a significant part of the company’s revenue.
Its quarterly profit did fall from 2018’s $2.0 billion to $535 million. This was due to higher benefit claims ($11.7 billion versus $9 billion) and increased interest paid to policyholders ($1.5 billion versus $485 million). We believe this is an issue of timing, with benefit claims moving in the right direction for 9M19, falling to $41.5 billion compared to 9M18’s $42.7 billion.
MetLife is a household name, with global operations in Insurance, Annuities, Employee Benefits, and Asset Management. It is particularly strong in Group Benefits (e.g. Life, Dental, and Disability).
BMR Take: We believe patient investors will be rewarded. This is evident in out $56 Target Price. While waiting for price appreciation, you can reap the 4.1% dividend yield. Trading below our $45 Sell Price, we believe it will bounce back but you need to decide if you have the same level of conviction. But we’ve got to say, this one is way overdone. We don’t like to overuse the words “buying opportunity” but if we were ever going to say this, we’d say it here!
Salesforce.com (CRM: $170, down 10%)
Like the overall market, Salesforce.com did not have a good week, falling 10% from $189 to $170. After the company reported fiscal 4Q19 (ended January 31, 2020) results on Tuesday, the stock dropped from $182 to $176 the next day. The stock is still up 4% over the last year even with the recent sharp decline.
The earnings report was solid. Quarterly revenue rose 35% year-over-year, to $4.9 billion. This was led by the core Subscription and Support revenue, which increased from $3.4 billion to $4.6 billion. Salesforce.com did post a 4Q19 loss of $250 million compared to income of $360 million in the year-ago period. This wasn’t surprising since management increased costs to keep up with growth. Total operating expenses expanded from $2.5 billion to $3.6 billion. This was primarily due to Marketing & Sales ($2.3 billion versus $1.6 billion) and R&D ($830 million versus $520 million), which will result in higher sales down the road.
Fiscal 2021 revenue guidance was also strong (basically the year of 2020). Management expects revenue to come in at $21.0 billion, 23% year-over-year growth versus FY19’s $17.1 billion, although they anticipate earnings per share to dip a bit to $0.13 compared to $0.15.
Salesforce.com generates a lot of cash flow. Last year, the company produced $4.3 billion in operating cash flow. After capital expenditures of $650 million, free cash flow was $3.7 billion. The company has been using part of this to repay debt, including $500 million last year. Debt is too high in our view. Cash is at $6.5 billion and debt is at exactly the same. Not good. This is the only negative we can see about this great company.
It wasn’t the earnings or guidance that caused the stock’s decline. The market hates uncertainty, and management dropped a couple of surprises on investors with 4Q19 results. First, co-CEO Keith Block announced his departure. But he is leaving the company in great shape. We have no doubt that someone will step up to fill his sales and operational leadership. As the company continues to report strong revenue growth, which they will, these fears will subside. Marc Benioff remains as the sole CEO, leaving the company in good hands. Great hands.
The second surprise was the $1.3 billion acquisition of Vlocity, the latest in a string of deals. Salesforce.com has a lot of familiarity with the company since it was already an investor. There are strong business reasons to bring Vlocity into the fold since its applications are built on Salesforce’s platform. Management stated that they are taking a pause on major deals this year and focusing on integrating the previous acquisitions, which should comfort investors.
BMR Take: Salesforce provides a critical function for businesses, customer relationship management. We believe this pullback presents investors with a unique buying opportunity. We have a $190 Target Price and our Sell Price is $145.
Twitter (TWTR: $33, down 13%)
The stock is now trading at $33, where it was trading before it reported 4Q19 earnings in early February. Why is this significant? Twitter jumped 15% on February 6, from $33 to $38 after releasing the quarterly results. We are excited about the prospect of picking up shares at the same level.
Revenue continued its strong growth, rising 11% year-over-year, from 4Q18’s $910 million to 4Q19’s $1.0 billion. The number of users, which Twitter calls monetizable daily users, rose to 152 million from 126 million in the year-ago period. Advertising revenue represents most of Twitter’s top line, and this increased by 12%, to $885 million.
4Q19 income fell to $120 million versus $255 million. R&D rose from $140 million to $200 million, Sales & Marketing increased by $30 million to $240 million, and G&A was bumped up by $20 million to $100 million. Of course, we would like to see profit advance along with revenue. Management is focused on expanding user growth, which we expect to pay off in accelerating revenue growth and higher profitability.
There’s a lot of cash at $6.6 billion, but debt is at $3.3 billion. Twitter also generates a nice amount of operating cash flow, which was $1.3 billion in 2019.
BMR Take: When a company becomes a phenomenon – both a verb and a noun – it is time to climb on board, especially when it produces strong revenue growth and is profitable. When the stock falls a few weeks after a strong quarterly earnings report, especially when the decline has nothing to do with the underlying fundamentals, we like it even more. We have a Target Price of $47 and our Sell Price is $30.
Universal Display (OLED: $159, down 9%)
The market has meted out punishment to Universal Display with the stock faltering by 11% since reporting 4Q19 results on February 20. After reaching $218 in mid-January, the stock has collapsed by 30%. But we have not wavered in our support. The stock’s all-time high, reached last year, was $230, and we believe the stock could get back there with a strong stock market and continued growth in revenues and earnings, all of which we foresee.
Turning to the results, 4Q19 revenue grew a strong 45% year-over-year, from $70 million to $100 million. Better yet, this translated into higher profits. Income rose from $20 million to $25 million. This caps off a year when top-line growth was 65%, reaching $405 million, and profit more than doubled from $60 million to $140 million. This company is amazingly profitable.
Some may have been disappointed with management’s 2020 revenue guidance. They expect revenue of $450 million. This is “only” 11% higher than the 2019 figure. It includes an anticipated $50 million hit due to the coronavirus. If you add that back, revenue growth is a more respectable 25%.
Universal Display is a leading researcher and developer of organic light emitting diode (OLED) technologies. These are thin, lightweight, and power-efficient devices that emit light, and continue to gain a greater share of the display market. We are excited about OLED’s long-term prospects, and, by extension, Universal Display, with its strong market position and products. These are thinner, brighter, have better color, and are more battery efficient. They are used in a ton of devices, too.
Mobile phones are a huge opportunity, especially as they transition to 5G. There are other areas, such as televisions, tablets/laptops/personal computers, augmented/virtual reality, and automotive markets. This translates into a huge growth opportunity. Universal Display will continue expanding production capacity, always a good sign.
BMR Take: We believe Universal Display’s prospects are bright. After all, the company is only worth $7.5 billion. Someday we just might see a $25 billion company here. However, we understand if you decide to shed your stake with the stock trading far below our $195 Sell Price.
The High Yield Investor
By Larry Rothman
VP High Yield Investments
The Bull Market Report
Examining the national economic data, it all pointed in the right direction. The 4Q19 GDP reading came in at 2.1%. Consumer confidence remains high. This is positive for economic growth since confident consumers are apt to spend, which drives a lot of GDP growth. Speaking of which, personal income and personal spending both rose. Core inflation (stripping out food and energy prices) rose a tepid 0.1%.
There is concern that the coronavirus will negatively impact economic growth. This has led to rumblings that the Federal Reserve could cut interest rates in the near future, which has raised concern over the global economic outlook. Federal Reserve Chairman Jerome Powell stated that “The fundamentals of the U.S. economy remain strong. However, the coronavirus poses evolving risks to economic activity. The Federal Reserve is closely monitoring developments and their implications for the economic outlook. We will use our tools and act as appropriate to support the economy.”
Currently, the Fed Funds futures contract tells us the market is predicting a 95% chance of a rate cut at March’s Open Market Committee meeting. That indicator has never been wrong. We’re always happy to be reminded of how the Fed is on our side. Driven by a flight to safety and a future Federal Reserve rate cut, Treasury yields continued to contract. The 2-year yield tumbled to 0.86% from 1.34% while the 10-year yield dropped from 1.46% to 1.13%. The 2-10 spread stands at 27 basis points compared to 12 basis points a week ago, still not inverted. Whew.
These are risk-free assets. The yield spread on riskier assets, meanwhile, has widened as global money looks for safe havens. We believe any effects on GDP going forward from the coronavirus, including on Travel and other industries (e.g. Tech) are temporary and will rebound once the spread of the illness slows down.
Since we view the effects on profitability and GDP growth as transient, The Bull Market Report believes this as an opportunity to pick up yield. Equity Residential, offering about a 190 point yield advantage over the 10-year Treasury is on the more conservative side. For those willing to move up the risk scale, Ventas (480 bp yield advantage) and Office Properties Income Trust (650 bp yield advantage) are attractive investments. Let's review our thoughts on each.
Equity Residential (EQR: $75, down 14%, yield = 3.0%)
Equity Residential offers a way to own apartments in major cities that have attractive rental markets for a variety of economic and demographic reasons. They own 310 properties encompassing 80,000 apartments in Boston, New York, Washington D.C., San Francisco, Seattle, Denver, and Southern California. Two demographics that the company targets are Millennials and Baby Boomers. These have large populations, and, fortunately for the company, many are renting for a host of reasons and want to live in a major city. This is great for Equity Residential.
Revenue remained strong in 4Q19, rising 5% year-over-year, from $655 million to $685 million. Income nearly tripled from $120 million to $300 million. This was caused by a $180 million gain from the sale of properties. Funds from operations, a proxy for cash flow, grew 8%, from $0.84 to $0.91 a share. On a same-store basis, which is useful to compare apples-to-apples, revenue grew by 3% in 4Q19. Occupancy was 96% and renewal rates increased by about 5%. All of these are signs that Equity Residential’s markets remain strong.
Last year, most of its markets performed well. This was particularly true in New York, Boston, and Washington D.C., which had strong occupancy and pricing. Equity Residential (Target Price: $85) has a 3.0% dividend yield. Certainly, there are higher paying REITs, but remember, this is a more conservative investment and there is something to be said for a proven track record accumulated over half a century. It has become so prominent that it is included in the S&P 500. This company has seen it all over 50+ years. It has raised the dividend payout over the last few years, from a quarterly rate of $0.50 in 2017 to the current $0.57.
Office Properties Income Trust (OPI: $29, down 18%, yield = 7.6%)
This REIT has different properties than Equity Residential. Its real estate holdings are focused largely on leasing to single tenants. Office Properties Income Trust limits the credit risk by renting to high-quality tenants. Traditionally, these were government entities. Over the last few years, the company has diversified after acquiring First Potomac Realty Trust in 2017 and Select Income REIT, adding a total of about 170 properties. There are now a total of 190 properties (92% occupancy) after selling 64 properties last year, which brought in $1 billion.
First Potomac Realty added Washington D.C. office rentals in the private sector. Select Income further broadened Office Properties Income Trust’s office space beyond the government. Now, 25% of its rental income comes from the federal government, down from nearly 50% in 2018. We view this positively since the U.S. government has been looking to reduce office space. It also moved the company into triple-net leases in which the tenant bears the responsibility for the property’s expenses.
Office Properties Income Trust generates its revenue from rental income. Management is focused on driving revenue growth from higher rents from its current portfolio. For 4Q19, it increased by 55% versus a year ago, from $105 million to $160 million. The bottom line turned around, with a $65 million profit versus a $40 million loss.
Office Properties Income Trust (Target Price: $36) still focuses on single-tenant office space. It has successfully diversified its tenants away from the government. The downward move in the stock has boosted the dividend yield by 130 basis points, to 7.5%. The selloff in this stock is WAY overdone. We can’t guarantee anything in our world, but we sure can see this one back up to $34 where it was just a week ago.
Ventas (VTR: $54, down 15%, yield = 5.9%)
Ventas is in the Healthcare space. The 1,200 property portfolio is comprised of Senior Housing Communities, Medical Office Buildings, Research Centers, Inpatient Rehabs, Long-term Care Facilities, and Health Systems. About one-third of the portfolio is under triple-net leases. The properties are located throughout the United States, Canada, and the United Kingdom. Its exposure to the U.S. government’s reimbursements, which are typically under pressure annually, is limited.
Senior Housing Communities generate the largest portion of revenue. Last year, it accounted for 68% of the company’s top line. These are independent and assisted living communities as well as those that provide specialized care for Alzheimer’s or other forms of dementia. Medical Office Buildings (15%) and Research Centers (7%) are the next two largest revenue generators.
Revenue rose 8% in 4Q19, to $995 million from 4Q18’s $925 million. Ventas generates revenue from a variety of sources, and all rose. Resident Fees, which is the largest revenue generator, was particularly strong, increasing from $515 million to $570 million. Income shrank from $65 million to $15 million. This was largely due to higher depreciation and amortization. We liked Ventas (Target Price: $72) last week, and our feelings have only intensified since then. The yield is now 5.9%, 90 basis points higher than a week ago.
Todd Shaver, Founder and CEO
The Bull Market Report