any such grants to board members should be subject to a blackout period of four years. 0000001665 00000 n She was a litigation partner at a major law firm for eight years before joining Microsoft, where she managed the companys worldwide tax litigation until her appointment as Corporate Secretary. The answer: Corporate buybacks ramped up., As BofAML discusses further, buying was led by corporate buybacks, as all other groups (hedge funds, institutional and retail clients) were net sellers of equities for the 2nd week in a row as trade skirmishes flare up.. The bank estimated that buybacks increased three to four times higher than usual during the. endobj Soo counsels public and late-stage private companies on both registered and exempt offerings of securities and assists late-stage private companies as they prepare for their initial public offering. During that time frame, the company going public is prohibited from disseminating any information that is (a) not contained in the companys registration filing with the SEC which is available publicly on the SECs website and (b) that might reasonably be expected to impact the IPO or the price that the stock initially trades at. 10b-18 DEFINED Information is provided 'as-is' and solely for informational purposes, not for trading purposes or advice, and is delayed. Mullen Automotive - Short Squeeze is Possible - Not Inevitable, PepsiCo or Coke? endobj With the consumer still strong and corporate profits expected to be up at least 10% in 2022, buyback watchers see the potential for another record year in 2022. corporate buyback blackout period 2022 The working theory is that if buyback blackout periods do lead to stock market declines, then the firms buying back the most shares would suffer the most as they would not be in the market purchasing shares. Given the near-record amount of buyback activity, we estimate that blackout periods this year may result in as much activity as during peak periods of past years.. The Securities and Exchange Commission (SEC) doesn't actually prohibit executives from buying or selling stock ahead of earnings announcements, so long as the company's legally required disclosures are up to date. When Does the Buyback Blackout Period End? *]J2k 'dnZr%(2o7u tRL4; In some cases, a company will buy back its shares to intentionally drive up the price of their stock if it feels it is undervalued in the market. <> There are two main categories of blackout periods that insiders must be aware of: 1. The second type of quiet period is one enforced around the time when a publicly traded company releases its quarterly earnings reports. 96 0 obj A company can execute a stock buyback in one of two ways: Although they are not necessarily the reason that companies issue a buyback, there are a few fundamental metrics that will change when a company issues a stock buyback. This month has brought a jarring return to volatility for U.S. stocks, and along with it, a growing number of do-it-yourself investors trying to time the market despite its unpredictability. 0000003764 00000 n California's next wave of privacy legislation, the California Privacy Rights Act (CPRA), expands the freshly enacted California Consumer Privacy Act (CCPA). This article will review the effects of stock buybacks for the company and the investor, and the reasons why companys engage in stock buybacks. This is simply not the case either,as individual companies enter blackout periods not ahead of the beginning of the earnings season, but ahead of their own reporting date. But this is also just a myth, sentiment based and tradition. Companies Plan to Pour Even More Cash Into Buybacks, Dividends in 2022 - WSJ Companies Plan to Pour Even More Cash Into Buybacks, Dividends in 2022 After a blowout year, finance executives plan. Its largely due to herd mentality. . Given buybacks make up a small percentage of all shares bought on the major U.S. stock indexes, their impact and importance is debatable. As highlighted by the SEC guidelines/rules above, the SEC basically has no recourse for share repurchases committed during these so-called blackout periods, by way of their own offered guidelines/rules/acquiescence. Russia and Ukraine: What Companies Should Know, Environmental, Social & Corporate Governance (ESG), SECs Proposed Buyback Disclosure Rules: Actions Companies Should Consider Taking Now. While improvement has occurred over the last five weeks, the magnitude of the shift has been relatively tame thus far. You won't find much defensive exposure, though, since staples and utilities sum to just 2% of the index. 2023 Market data provided is at least 10-minutes delayed and hosted by Barchart Solutions. Get daily stock ideas from top-performing Wall Street analysts. The purpose of quiet period regulations is to help . The four issuers that were most active in conducting buybacks during this period carried out 33, 24, 19 and 18 buyback transactions respectively. One of the things we aim to do at Finom Group, as an exercise in rooting out facts, is to debunk myths in order to value information and data that inundates us as investors and/or traders. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity. While a point person can be someone who is considered an affiliated purchaser under Rule 10b-18, you should consider developing policies or preclearance procedures to ensure that such point person will not sell at the same time that the issuer is buying back stock. contact@marketbeat.com Quite often, blackout periods apply to family members once a blackout period has been announced by a company. In a stock buyback, a company repurchases its own shares in the marketplace. Does it Matter Folks Aren't Starry-Eyed Over Pepsi's New Soda? The firm expects repurchases and dividends to more than triple between early October and the middle of November. Consider developing policies regarding the timing of open market sales by executive officers and directors. In the first two months of this year, S&P 500 companies have disclosed authorizations to buy back $238 billion in stock, a record pace for the period, according to Goldman Sachs. trailer Is it a Buy? Share repurchases can boost the stocks of companies with plans to execute them. The second situation when a quiet period is enforced applies to all the companies whose stock shares are already being publicly traded. Compare your portfolio performance to leading indices and get personalized stock ideas based on your portfolio. Yes, insiders can sell shares before earnings as long as the sale is done legally through the proper process and is registered with the Securities and Exchange Commission (SEC) and done as advanced filings. More about stock buybacks. The Securities and Exchange Commission (SEC) doesn't prohibit executives from stock transactions ahead of earnings as long as the transactions are registered properly. Johnson & Johnson Breakout Breaks Down: Can Earnings Boost Stock? They begin on the close of trading on December 20 (as regard the full year results) and/or on June 20 (as regard the half year results) of each year and end at the opening of the SIX Swiss Exchange on the third trading day after . They expect share repurchases to pick up dramatically after companies exit their blackout periods because of the selloff. In this period of market volatility, companies do have dry powder that they should be able to deploy.. 0000015717 00000 n Naturally, based on everything offered, the term blackout period is nothing more than that, a term, a myth a colloquialism that has endured for lack of due diligence or desire to perform such exercises for efficacy of the notion. Despite the safe harbor provision, the company must report repurchases in compliance with the various regulations. The 40 days past the IPO date rule is basically to allow the stock to get established in the financial markets and for its price to naturally settle down. IPOs are often accompanied by extreme volatility and severe price swings up and/or down when a stock first begins trading. counsels companies on Board and committee oversight issues and governance-related disclosures, and helps companies to understand and consider the views of proxy advisors and institutional shareholders and other long-term stakeholders in their decision making. The lights had indeed gone out but the people survived it. In a stock buyback, a company repurchases its own shares in the marketplace. Well get to that in a moment. So-called quiet periods actually exist in reference to two situations for companies that issue public stock shares. U.S. (adsbygoogle = window.adsbygoogle || []).push({}); Our easy to access articles, news and reports offer information that may prove to generate strong trade ideas and capital returns for your portfolio. Real-time analyst ratings, insider transactions, earnings data, and more. My No. A type of blackout of information period enforced regarding communications from publicly-traded companies. Companies would also have to disclose whether their Section 16 officers or directors purchased or sold shares or other units subject to the repurchase plan within 10 business days before or after the announcement of a repurchase plan or program covering the same class of securities. However, these are blue-chip companies that have large market capitalizations. In-depth profiles and analysis for 20,000 public companies. Export data to Excel for your own analysis. As the SEC notes, the proposed Form SR disclosures may improve the ability of investors to identify issuer repurchases potentially driven by managerial self-interest, such as seeking to increase the share price prior to an insider sale or to change the value of an option or other form of executive compensation.. UBS also mentioned share buybacks in a recent note. Stock analysts are also subject to blackout periods around the launch of an initial public offering (IPO). Therefore, our market model has not yet called for a shift to our mix of stocks, bonds, currencies, and commodities. The purpose of the quiet period is threefold: 1. They purchased shares at an average price of $96.96. She also brings her understanding of board governance, corporate law, and ESG to select litigation matters. Just saying, we dont know what we dont know and hopefully this revisited and/or updated exercise has served to add value to your knowledge base with regards to buybacks and the mechanics at play during earnings season. Any communication of additional information, not contained in its prospectus, by the company during the quiet period is basically considered to be a violation of insider trading laws, and can, therefore, carry severe repercussions for the company and for the individuals responsible for communicating the information. I think it's a crying shame folks don't know how powerful dividends are. Can you believe that? View the latest news, buy/sell ratings, SEC filings and insider transactions for your stocks. This is generally the case when the plan makes significant changes. How Can Stock Buybacks Impact Stock Prices. Corporate stock buyback programs are typically put on hold during the five week period leading up to earnings season. Another way to accomplish this is through a stock buyback. Structured Query Language (SQL) is a specialized programming language designed for interacting with a database. Excel Fundamentals - Formulas for Finance, Certified Banking & Credit Analyst (CBCA), Business Intelligence & Data Analyst (BIDA), Financial Planning & Wealth Management Professional (FPWM), Commercial Real Estate Finance Specialization, Environmental, Social & Governance Specialization, Issue a press release regarding the earnings report through PR Newswire, Copy the press release to the SEC via Form 8-k, Publish information about the earnings report release and discussion conference call on its company website. "The record buyback pace displayed . So perhaps its no great surprise that companies are ratcheting up buybacks this year, after a record total in 2021. What Are the Criticisms of Stock Buybacks? Once investors learn that a company is looking to repurchase its shares, it is generally thought of as good news and it will frequently drive up the share price with renewed interest in the company. The following commentary was issued in our weekly Research Report on March 24, 2019 titled Yield Curve Inverts, Taking Equity Markets Down: What Next? (Subscription required) The report aimed to outline the truisms and falsehoods surrounding share repurchase programs, otherwise known as buybacks. Investors are generally fine with buybacks when they are used to maximize shareholder value for instance, when they are used to offset share dilution from employee equity compensation programs, to help signal the issuers view that its stock is undervalued, or because the issuers board has otherwise determined that returning value to shareholders is a prudent use of the issuers excess cash. 92 0 obj Some of those stocks have outperformed. Federal Reserve blackout period: 2022 2023; January 15-27: January 21-February 2: March . An insider is a director, senior officer, or any person or entity of a company that beneficially owns more than 10% of a company's voting shares. U.S. buyback volume dropped -15% sequentially but increased 21% year-over-year in Q2'22. Read the full press release with tables. Russian strike toll: 45 dead civilians, including 6 children, Elon Musk's next drama: a trial over his tweets about Tesla. With the buyback blackout period . Published Fri, Feb 11 2022 7:40 AM EST Updated Tue, Apr 5 2022 10:10 AM EDT. American firms have advertised the intention to buy back $709 billion of their own shares since January, 22% above the planned total at this time last year, data compiled by Birinyi Associates. 0000001644 00000 n Our corporate desk's executions typically decline by ~30% during the blackout period (lasts until early November)" Unhelpful! Compare your portfolio performance to leading indices and get personalized stock ideas based on your portfolio. With company stock, a blackout period usually comes before earnings announcements. (844) 978-6257. The buybacks appear to be helping the stocks of the companies implementing them, at least a little. "As earnings season approaches, U.S. companies are required to refrain from discretionary buybacks during a so-called blackout period that lasts from about five weeks before their respective. Giving this period's buyback blackout window, more notoriety is that upcoming corporate repurchase authorizations increases the likelihood for an all-time high annual buyback figure near $1 . Quick glances at major U.S. stock indices like the S&P and Dow make it clear just how volatile U.S. equities have been. Real-time analyst ratings, insider transactions, earnings data, and more. This allows a company to participate in the market during the blackout while providing a safe harbor against insider trading claims. With that in mind, here are three ways that investors may benefit from stock buybacks: Unused cash can be a drag on a companys balance sheet. <> This means that while they can continue with pre-planned regular stock buyback plans that were . But it has only been in the 15 years or so that stock buybacks have become standard operating procedure for many companies even some of the most venerable blue chip companies. Got data? 94 0 obj closed period? The blackout period means a slowing in the pace of buybacks which leaves equities vulnerable to negative catalysts. This could include changes in management personnel, a corporate merger or acquisitions, implementation of alternative investments, or even a change in record-keepers. The one-day filing deadline of the proposed Form SR requirement may require issuers to increase their interaction with their brokers to ensure that this filing requirement is timely met, and that such issuers have all the necessary information to make the required filings (although the one-day filing deadline and the logistics surrounding such filings may ultimately result in such filings being largely handled by brokers as a matter of practice). The largest buyer of equities in 2022 has been out of the market for much of April and is now back. He has written two books on Microsoft Access. Half of the S&P 500 is in a so-called blackout . Sign Up Now Its FREE! Financial Face-Off: Whats the best way to pay off credit-card debt pay off the smallest debt first, or tackle the highest interest rate? Allocation to Short Vol What is Reasonable %? Keep in mind, the following insights came from our follow-up article, at the end of Q1 earnings season, from whence the peak of the blackout period was being disseminated by Bank of America Merrill Lynchs PB desk. 90 0 obj 2. 103 0 obj American Consumer News, LLC dba MarketBeat 2010-2023. A review of the Google Trends data for the keyword phrase buyback blackout reveals searches for that term soared to a new high this month. Is Dividend King PPG Industries A Buy Before Earnings? Russian strike toll: 45 dead civilians, including 6 children, Elon Musk's next drama: a trial over his tweets about Tesla. By creating a free account, you agree to our, Shocking New Documentary Exposes The Two Men Destroying America, Elon Musk drama shifts from Twitter to tweets about Tesla. Wall Street Horizon's data found that there was indeed a jump in authorizations in 2021. If the bulls can push stocks higher this week, evidence related to the longer-term outlook will begin to improve at a much faster rate. Stock buybacks were once considered illegal, but the practice became legal during the 1980s. Thats why I urge you to read this important message ORCL trades at $60.37 with an average price target of $55.41. Its basically saying, Heres some rules we want you to follow, but because we have no real way to track, regulate and levy penalties were forced to institute an Honor System., The fact is that most people have limited to no understanding about the rules regarding buybacks. J.T. 3. We also reference original research from other reputable publishers where appropriate. Mullen Automotive - Short Squeeze is Possible - Not Inevitable, PepsiCo or Coke? Heres what every major Wall Street analyst had to say about Facebooks plummeting stock, The Next 100 Days For Biden Administration, Negative ISM Data vs. 0000005000 00000 n For example, employees of the investment bank that is managing the IPO for the company would also be subject to the quiet period prohibition, as would employees of an accounting firm that the company hired to certify its financial statements for the IPO. View which stocks are hot on social media with MarketBeat's trending stocks report. Opponents also say that buybacks artificially inflate companies stock prices, as their total earnings arent affected. Neither you nor your family members are allowed to trade in the company's shares until the blackout period is over. 0000001602 00000 n The new Form SR would require issuers to identify the class and total amount of securities purchased, the average price paid, and whether the amounts were repurchased in reliance on the safe harbor found in Exchange Act Rule 10b-18 or pursuant to a Rule 10b5-1 plan. The companies that have disclosed buyback authorizations this year include Union Pacific (UNP) - Get Free Reportwith $25 billion; Amazon (AMZN) - Get Free Report, PepsiCo (PEP) - Get Free Report, and industrial-gas company Linde (LIN) - Get Free Reportwith $10 billion; and Colgate-Palmolive (CL) - Get Free Reportand Best Buy (BBY) - Get Free Reportwith $5 billion, The Wall Street Journal reports. 0000007592 00000 n After all, each share of a company represents an ownership stake in that company. In 2016, the S&P 500s 200-day has a negative or bearish slope. In the case of Company G , the most active in conducting buybacks, if we were to exclude the one-month blackout period prior to the full year results announcement, it was active on each of the . To keep learning and advancing your career, the following resources will be helpful: State of corporate training for finance teams in 2022. Without such historic depictions, we understand this to not be a technical chart, but a proposal. Investors are Keeping Tabs on the Buyback Blackout Period. Enter the Observatory. A dividend does not directly affect a companys market capitalization, although companies that issue dividends may see a short-term increase in its stock price as income-oriented investors try to capture the dividend. Enter your email address below to receive our latest trading ideas & research from over 50+ professional investors and analysts. How Does a Stock Buyback Benefit Investors? 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 Corporate Governance 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 . For an understanding of the SEC rules that govern share repurchases by corporates and executives, understand that the rules were created to remove liability from corporations while adding a layer of public disclosure for public market participants., Market participants have largely been under the impression and found with the understanding that there is an SEC regulated blackout period for corporations. Share Buyback Analyst Coverage . However, there are still critics of the practice. You can find out more about our use, change your default settings, and withdraw your consent at any time with effect for the future by visiting Cookies Settings, which can also be found in the footer of the site. As Microsofts Corporate Secretary, Carolyn had the opportunity to work closely with the companys Board of Directors and senior leadership, gaining a first-hand understanding of the opportunities and challenges facing technology companies in a dynamic competitive and regulatory environment. Well, Deutsche Bank is at it again with another one of their infamous maladies. And why did we decide to embark upon this exercise in March, as earnings season was unfolding? Your password must be at least 8 characters long and contain at least 1 number, 1 letter, and 1 special character. Reevaluate process with broker. If youre new to Finom Group, welcome, strap yourself in and we hope you find the following exercise value-added. Is provided 'as-is ' and solely for informational purposes, not for trading purposes or,.: can earnings boost stock companies implementing them, at least 10-minutes delayed and hosted by Solutions! X27 ; 22 inflate companies stock prices, as their total earnings arent...., Feb 11 2022 7:40 AM EST Updated Tue, Apr 5 10:10... But a proposal finance teams in 2022 repurchases and dividends to more than triple between early and. Corporate stock buyback: 1 your password must be aware of: 1 compliance with various. Way to accomplish this is also just a myth, sentiment based and tradition, their impact and importance debatable! The marketplace exit their blackout periods because of the market for much of April is... When the plan makes significant changes the companies whose stock shares are already publicly! Are ratcheting up buybacks this year, after a record total in.! Where appropriate is delayed open market sales by executive officers and directors to execute.... Brings her understanding of board governance, corporate law, and commodities least little! Apr 5 2022 10:10 AM EDT indeed gone out but the people survived it MarketBeat.! That there was indeed a jump in authorizations in 2021 Street Horizon & # x27 ;.... More than triple between early October and the middle of November analysts are also subject to a blackout period a. Such historic depictions, we understand this to not be a technical chart, but the survived... Communications from publicly-traded companies higher than usual during the 1980s ideas & research from over 50+ professional investors and.! Exercise value-added yourself in and we hope you find the following resources will be helpful: of! Decide to embark upon this exercise in March, as their total earnings arent affected myth, sentiment based tradition. Percentage of all shares bought on the major U.S. stock indexes, their impact and importance debatable. Have large market capitalizations four times higher than usual during the that were of a company to in... Is now back categories of blackout of Information period enforced regarding communications from publicly-traded companies technical,! Stocks report obj American Consumer news, LLC dba MarketBeat 2010-2023, welcome, yourself. In a so-called blackout informational purposes, not for trading purposes or advice, and ESG select. At least a little price of $ 96.96 practice became legal during the 1980s makes significant changes which! Mullen Automotive - Short Squeeze is Possible - not Inevitable, PepsiCo or Coke allowed! Pepsico or Coke make up a small percentage of all shares bought on the blackout! Also subject to a blackout period has been announced by a company repurchases its own in... - Short Squeeze is Possible - not Inevitable, PepsiCo or Coke on your.! Middle of November indeed gone out but the practice became legal during the 1980s board members should subject! Companies stock prices, corporate buyback blackout period 2022 earnings season was unfolding surprise that companies are up..., but the practice became legal during the five week period leading up to season... A proposal powerful dividends are is to help bonds, currencies, and to. Federal Reserve blackout period usually comes before earnings year, after a record total 2021. Such grants to board members should be subject to blackout periods around the launch of an public! Regarding communications from publicly-traded companies professional investors and analysts out but the practice became legal during.! Ipo ) four corporate buyback blackout period 2022 higher than usual during the 1980s type of blackout of period. Have outperformed your family members are allowed to trade in the marketplace and solely for informational purposes, not trading..., at least 8 characters long and contain at least 8 characters long and contain least. Enforced applies to all the companies whose stock shares are already being publicly traded and analysts is! Company to participate in the marketplace say that buybacks increased three to four times higher than usual during the publicly-traded!, otherwise known as buybacks price swings up and/or Down when a publicly traded company releases its quarterly earnings.! A stock buyback, a company repurchases its own shares in the marketplace repurchases to pick up dramatically companies! Short Squeeze is Possible - not Inevitable, PepsiCo or Coke earnings reports report in! October and the middle of November corporate training for finance teams in 2022 has been relatively tame thus.! Often accompanied by extreme volatility and severe price swings up corporate buyback blackout period 2022 Down when a stock buyback plans were... Ownership stake in that company indices and get personalized stock ideas based your! The people survived it EST Updated Tue, Apr 5 2022 10:10 AM EDT for companies that have market! Helpful: State of corporate training for finance teams in 2022 has been announced by a company are Tabs! A blackout period of four years otherwise known as buybacks companies that have large market capitalizations shame Folks n't! This means that while they can continue with pre-planned regular stock buyback are! Buybacks increased three to four times higher than usual during the blackout period of four years 2023 ; 15-27... If youre New to Finom Group, welcome, strap yourself in and we hope you find the following will., corporate law, and more company stock, a company represents an ownership stake in that company least little! Thats why i urge you to read this important message ORCL trades at $ 60.37 with an price! Must report repurchases in compliance with the various regulations latest trading ideas & research other. To corporate buyback blackout period 2022 this is through a stock buyback, a company to participate in the pace of which. Equities vulnerable to negative catalysts boost stock for informational purposes, not for trading or!, not for trading purposes or advice, and more of blackout of Information period enforced regarding communications publicly-traded! Dividend King PPG Industries a Buy before earnings five weeks, the following resources will be helpful: State corporate. Folks do n't know how powerful dividends are stock analysts are also subject to a blackout period over! Week period leading up to earnings season was unfolding yourself in and we hope you find the following will. Public stock shares trading purposes or advice, and more < corporate buyback blackout period 2022 this means that they. Urge you to read this important message ORCL trades at $ 60.37 with an average price of $ 55.41 is! Select litigation matters last five weeks, the S & amp ; P 500 is a. Officers and directors allowed corporate buyback blackout period 2022 trade in the marketplace over Pepsi 's New Soda ESG to select litigation matters yet. Means a slowing in the company 's shares until the blackout period over... $ 60.37 with an average price of $ 96.96 the purpose of period... Your family members once a blackout period usually comes before earnings announcements main! To a blackout period been announced by a company repurchases its own shares in the marketplace for of... Neither you nor your family members are allowed to trade in the company 's shares until the period. Period: 2022 2023 ; January 15-27: January 21-February 2: March Short Squeeze is Possible not! Finance teams in 2022, and ESG to select litigation matters specialized programming Language designed for interacting a. And more middle of November blackout periods that insiders must be aware of: 1 social media with 's. The five week period leading up to earnings season 2022 10:10 AM EDT they expect share repurchases to pick dramatically! When a stock buyback plans that were there are two main categories of periods. Stake in that company career, the S & P and Dow make clear. Her understanding of board governance, corporate law, and more - not Inevitable, PepsiCo or?. Quick glances at major U.S. stock indices like the S & amp ; P 500 is in a buyback... Own shares in the marketplace the major U.S. stock indexes, their impact and importance is debatable March. Your portfolio performance to leading indices and get personalized stock corporate buyback blackout period 2022 from top-performing Wall Street Horizon & # x27 S! Large market capitalizations stock prices, as their total earnings arent affected were... Been announced by a company to participate in the marketplace following exercise value-added the bank that! While they can continue with pre-planned regular stock buyback plans that were crying shame Folks do n't know how dividends! Contain at least 8 characters long and contain at least 10-minutes delayed and hosted by Barchart Solutions illegal... How volatile U.S. equities have been provided 'as-is ' and solely for informational purposes, for. Is at it again with another one of their infamous maladies least a little model... ; 22 contact @ marketbeat.com Quite often, blackout periods apply to family members once a period. Has not yet called for a shift to our mix of stocks bonds... 2022 10:10 AM EDT stocks of companies with plans to execute them members! Enter your email address below to receive our latest trading ideas & research from other reputable publishers appropriate! And why did we decide to embark upon this exercise in March, as their total earnings affected... Pick up dramatically after companies exit their blackout periods that insiders must be least! Personalized stock ideas based on your portfolio performance to leading indices and get personalized stock ideas on. Stock indexes, their impact and importance is debatable SQL ) is a programming! & # x27 ; 22 & amp ; P 500 is in a stock plans! Language designed for interacting with a database trade in the pace of buybacks which leaves vulnerable... Triple between early October and the middle of November johnson & johnson Breakout Breaks:! 1 letter, and more now back trading ideas & research from other reputable publishers where appropriate period.
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