Bad April Fools’ Joke for Investors Playing Out

Wow! Things must be good again. The stock market just had its best first quarter run in a decade, up 6.4% for the calendar quarter ended yesterday. The U.S. Labor Department said that 216,000 jobs were created in March and the unemployment rate has fallen to 8.8%.

Good times are rolling again. Luxury retail brand Prada says that its net income rose to $355 million in 2010, up 150% from the year before. Most of the luxury-brand stocks are rising again, and this morning we have the NASDAQ saying it wants to buy the NYSE for $11.3 billion. Deal-making is back, big-time.

My gut tells me that this will all turn out to be a bad April Fools’ joke for investors.

Sure, I may be the only economist and stock analyst out there today who is warning investors. But I was also the only one telling my readers to buy gold at $300.00 an ounce in 2000, telling them to get out of U.S. real estate in 2005, and predicting a severe recession in 2007 when the stock market was at a record high. It’s okay; I’m used to going it alone. (Maybe that’s why this investment e-letter continues to gain 30,000 new readers a month.)

Okay. Enough talk. Let’s look at what is unfolding here:

Phase I of the bear market: Bring stocks down to the point where investors bail out of stocks, and create deep negativity and fear surrounding stocks and the economy. This occurred during most of 2008 and early 2009, culminating with the Dow Jones Industrial Average collapsing to 6,440 on March 9, 2009. Only a few months earlier, in October 2007, the Dow Jones was trading at a record high of 14,164.

Phase II of the bear market: Bring the suckers back in. Slowly spread the feeling that “the economy is getting better again” and “the worst is behind us.” Bring stock prices higher, make investors feel they are missing the boat on the economic turnaround. This morning, the Dow Jones sits 91% higher than it did in March of 2009. Greatest turn-around story of our generation! Unfortunately, Phase II of the bear market is close to turning into Phase III.

Phase III of the bear market: Just when the great majority of investors and citizens feel that the economy has fully recovered, pull the carpet from under their feet again. Start bringing stocks back down, some weeks slowly, other weeks violently. Phase III of the bear market is not far off. Ideally, it will hit when the current bear market rally has risen 100% from when Phase I ended, which would be 12,880 on the Dow Jones or five percent to 10% either way of that number.

Please read my “Personal Notes” and “Where the Market Stands; Where it’s Headed” commentaries for today below, as they relate to the above.

Michael’s Personal Notes:

It’s absolutely ridiculous to see so many investors and analysts glued to the newswire this morning waiting to hear the U.S. job numbers report for March. By this point, I’ve trained my readers to be skeptical about the “official” unemployment rate posted by our government.

Keep the following in mind:

1)      The job numbers are always revised the following month. For example, this morning the U.S. Labor Department released the March unemployment rate and the “revised” job numbers report for February.

2)      There has been stark criticism of how the government determines the unemployment rate. In compiling the “official” unemployment rate, the following are excluded: people who have given up looking for work; prisoners (1.5% of the working population); retirees who have involuntarily accepted early retirement; part-time workers who want full-time jobs; and professional students who stay in school because they cannot find work.

3)      Eight million Americans lost their jobs during the 2008-2009 recessions. If the U.S. created 200,000 jobs every month for 40 months straight (which it will not), it would take over three years just to be back where we were before the recession started.

Bottom line: I never trust the job numbers report. As crazy as it sounds, when the U.S. Labor Department said this morning that the official unemployment rate is now 8.8%, I added 75% to that number to get a real unemployment rate of 15.4%. The “underemployment” rate (includes part-time workers who want full-time work and those people who given up looking for work) stands at 15.7%.

Where the Market Stands; Where it’s Headed:

It was an outstanding first quarter for the stock market, with the Dow Jones Industrial Average gaining 6.4% for the quarter ended March 31, 2011. This bear market rally has more steam to blow off. And I’m looking for one more shot above the Dow Jones’ post-crash high of 12,391.29 set this past February.

Yes, I continue to see stock prices rising in the immediate term. But short-term, the market’s internals are looking worse. The bear market rally that started in March of 2009 is getting “long in the tooth,” as they say, and getting close to finishing its run. Part III of this bear market rally, coming to us soon, promises to be a doozy.

What He Said:

“I’m getting very worried about the state of the U.S. housing market and its ramifications on the economy. The U.S. could be headed for its first outright annual decline in home prices on record, adjusted for inflation. And I really believe this could be a catastrophe for the U.S. economy.” Michael Lombardi in PROFIT CONFIDENTIAL, August 2, 2006. Michael started talking about and predicting the financial catastrophe we started experiencing in 2008 long before anyone else

Michael bought his first stock when he was 17 years old. He quickly saw $2,000 of savings from summer jobs turn into $1,000. Determined not to lose money again on a stock, Michael started researching the market intensely, reading every book he could find on the topic and taking every course he could afford. It didn’t take long for Michael to start making money with stocks, and that led Michael to launch a newsletter on the stock market. Today, Michael only employs the top market analysts and editors. Some of our recommendations have posted gains in excess of 500%! Michael has authored and published over one thousand articles on investment and money management. Along the way to building Lombardi Publishing Corporation, now with over one million customers in 141 countries, Michael became an active investor in real estate, art, precious metals and various businesses. Readers of the daily Profit Confidential e-letter are offered the benefit of the expertise Michael has gained in these sectors. Michael believes in successful stock picking as an important wealth accumulation tool. Married with two children, Michael received his Chartered Financial Planner designation from the Financial Planners Standards Council of Canada and his MBA from the Graduate Business School, Heriot-Watt University, Edinburgh, Scotland. Follow Michael and the latest from Profit Confidential on Twitter

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Bad April Fools’ Joke for Investors Playing Out

Wow! Things must be good again. The stock market just had its best first quarter run in a decade, up 6.4% for the calendar quarter ended yesterday. The U.S. Labor Department said that 216,000 jobs were created in March and the unemployment rate has fallen to 8.8%.

Good times are rolling again. Luxury retail brand Prada says that its net income rose to $355 million in 2010, up 150% from the year before. Most of the luxury-brand stocks are rising again, and this morning we have the NASDAQ saying it wants to buy the NYSE for $11.3 billion. Deal-making is back, big-time.

My gut tells me that this will all turn out to be a bad April Fools’ joke for investors.

Sure, I may be the only economist and stock analyst out there today who is warning investors. But I was also the only one telling my readers to buy gold at $300.00 an ounce in 2000, telling them to get out of U.S. real estate in 2005, and predicting a severe recession in 2007 when the stock market was at a record high. It’s okay; I’m used to going it alone. (Maybe that’s why this investment e-letter continues to gain 30,000 new readers a month.)

Okay. Enough talk. Let’s look at what is unfolding here:

Phase I of the bear market: Bring stocks down to the point where investors bail out of stocks, and create deep negativity and fear surrounding stocks and the economy. This occurred during most of 2008 and early 2009, culminating with the Dow Jones Industrial Average collapsing to 6,440 on March 9, 2009. Only a few months earlier, in October 2007, the Dow Jones was trading at a record high of 14,164.

Phase II of the bear market: Bring the suckers back in. Slowly spread the feeling that “the economy is getting better again” and “the worst is behind us.” Bring stock prices higher, make investors feel they are missing the boat on the economic turnaround. This morning, the Dow Jones sits 91% higher than it did in March of 2009. Greatest turn-around story of our generation! Unfortunately, Phase II of the bear market is close to turning into Phase III.

Phase III of the bear market: Just when the great majority of investors and citizens feel that the economy has fully recovered, pull the carpet from under their feet again. Start bringing stocks back down, some weeks slowly, other weeks violently. Phase III of the bear market is not far off. Ideally, it will hit when the current bear market rally has risen 100% from when Phase I ended, which would be 12,880 on the Dow Jones or five percent to 10% either way of that number.

Please read my “Personal Notes” and “Where the Market Stands; Where it’s Headed” commentaries for today below, as they relate to the above.

Michael’s Personal Notes:

It’s absolutely ridiculous to see so many investors and analysts glued to the newswire this morning waiting to hear the U.S. job numbers report for March. By this point, I’ve trained my readers to be skeptical about the “official” unemployment rate posted by our government.

Keep the following in mind:

1)      The job numbers are always revised the following month. For example, this morning the U.S. Labor Department released the March unemployment rate and the “revised” job numbers report for February.

2)      There has been stark criticism of how the government determines the unemployment rate. In compiling the “official” unemployment rate, the following are excluded: people who have given up looking for work; prisoners (1.5% of the working population); retirees who have involuntarily accepted early retirement; part-time workers who want full-time jobs; and professional students who stay in school because they cannot find work.

3)      Eight million Americans lost their jobs during the 2008-2009 recessions. If the U.S. created 200,000 jobs every month for 40 months straight (which it will not), it would take over three years just to be back where we were before the recession started.

Bottom line: I never trust the job numbers report. As crazy as it sounds, when the U.S. Labor Department said this morning that the official unemployment rate is now 8.8%, I added 75% to that number to get a real unemployment rate of 15.4%. The “underemployment” rate (includes part-time workers who want full-time work and those people who given up looking for work) stands at 15.7%.

Where the Market Stands; Where it’s Headed:

It was an outstanding first quarter for the stock market, with the Dow Jones Industrial Average gaining 6.4% for the quarter ended March 31, 2011. This bear market rally has more steam to blow off. And I’m looking for one more shot above the Dow Jones’ post-crash high of 12,391.29 set this past February.

Yes, I continue to see stock prices rising in the immediate term. But short-term, the market’s internals are looking worse. The bear market rally that started in March of 2009 is getting “long in the tooth,” as they say, and getting close to finishing its run. Part III of this bear market rally, coming to us soon, promises to be a doozy.

What He Said:

“I’m getting very worried about the state of the U.S. housing market and its ramifications on the economy. The U.S. could be headed for its first outright annual decline in home prices on record, adjusted for inflation. And I really believe this could be a catastrophe for the U.S. economy.” Michael Lombardi in PROFIT CONFIDENTIAL, August 2, 2006. Michael started talking about and predicting the financial catastrophe we started experiencing in 2008 long before anyone else

Michael bought his first stock when he was 17 years old. He quickly saw $2,000 of savings from summer jobs turn into $1,000. Determined not to lose money again on a stock, Michael started researching the market intensely, reading every book he could find on the topic and taking every course he could afford. It didn’t take long for Michael to start making money with stocks, and that led Michael to launch a newsletter on the stock market. Today, Michael only employs the top market analysts and editors. Some of our recommendations have posted gains in excess of 500%! Michael has authored and published over one thousand articles on investment and money management. Along the way to building Lombardi Publishing Corporation, now with over one million customers in 141 countries, Michael became an active investor in real estate, art, precious metals and various businesses. Readers of the daily Profit Confidential e-letter are offered the benefit of the expertise Michael has gained in these sectors. Michael believes in successful stock picking as an important wealth accumulation tool. Married with two children, Michael received his Chartered Financial Planner designation from the Financial Planners Standards Council of Canada and his MBA from the Graduate Business School, Heriot-Watt University, Edinburgh, Scotland. Follow Michael and the latest from Profit Confidential on Twitter

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Institutional Investors Are Buying & Rightly So

No doubt this is an equity market that wants to go higher. The market is due for a correction; it just experienced a small consolidation; but no matter what the economic analysis, institutional investors are buying. They are buyers right now because the earnings outlook is great, interest rates are low, and there isn’t anything else to invest in that has above-average return potential.

The S&P 500 Index seems to have broken through the 1,300 level, which has been a barrier for a while (though it could still retreat). With the number of earnings preannouncements low, 1,500 seems to me like a cakewalk for the index. My money is on rising stock prices, not the other way around.

The good news is that, even at 1,500, the S&P 500 Index won’t be expensively priced. I would say it would be fairly valued and this bodes well for the rest of the year. As we’ve seen recently, the economic data aren’t uniform. Revised fourth-quarter gross domestic product numbers were solid, yet February orders for durable goods were below expectations. I think this mixed trend in economic news will be with us for quite a while. I don’t see us having runaway economic growth anytime soon and, while things may be slow at the Main Street level, Wall Street will continue to bet on a brighter future. The present doesn’t matter on Wall Street—only the past and the future.

Stock picking in this market is also a choppy affair and, just like with the economic news of the day, some companies are doing better than others. It’s difficult to imagine an across-the-board acceleration in business conditions. As an investor, you really need a basket of special situation stocks in order to beat the market.

As we’ve been saying consistently for a number of years now, investing in gold remains a good idea, even if you’re a new investor. A number of smaller gold mining companies recently saw their stock prices accelerate significantly after reporting excellent financial growth in the fourth quarter. While the returns might be incremental, as so many gold stocks have already gone up, there is still plenty of good trading action in this sector if you like to speculate in gold shares. I still wouldn’t have a balanced equity portfolio without holding at least one gold producer. Global capital markets continue to be behind gold not only as an investment, but increasingly, as a store of value over some currencies as well.

The best stock picker I follow, Jim Rogers, figures that a correction is probable in stocks and commodities. But he always adds that, when it happens, it will be a good buying opportunity. He figures the commodity price cycle has another 15 years or more to play out.

Mitchell is a Senior Editor at Lombardi Financial specializing in small-cap stocks. He’s the editor of a variety of popular Lombardi Financial newsletters, such as Penny Stock Reporter, Micro-Cap Stocks, and Monster Profits. Mitchell, who has been with Lombardi Financial for thirteen years, won the Jack Madden Prize in economic history and is a long-time student of equity markets. Prior to joining Lombardi, Mitchell was as a stock broker for a large investment bank. While Mitchell is not working he enjoys fly fishing, motorcycling and tending to his hobby farm.

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Portugal is big warning flag for ALL investors!

Remember 2007 when the subprime mortgage crisis began to unravel? If you recall, the cracks in the real estate market were exposed. And the problems kept spreading. First it was small mortgage lenders that went bust. Then it became evident the entire financial system was going down.

But contrary to the glaring evidence, the three most influential figures in the United States — President Bush, Treasury Secretary Paulson, and Fed Chairman Bernanke — stood before cameras, time after time, telling the public not to worry. “The subprime crisis is contained,” they professed.

Soon thereafter, Paulson went to Congress asking for $700 billion to avert a total global meltdown.

After that, the message from government officials changed on a dime. The big three stood before the people telling them it was time to worry! They declared that the massive emergency Troubled Asset Relief Program (TARP) was absolutely critical.

“Otherwise,” they warned listeners …

“More banks could fail, including some in your community. The stock market might drop even more, which will reduce the value of your retirement account. The value of your home could plummet. Foreclosures could rise dramatically. And if you own a business or a farm, you’ll find it harder and more expensive to get credit.

“More businesses will close their doors, and millions of Americans could lose their jobs. Even if you have good credit history, it’ll be more difficult for you to get the loans you need to buy a car or send your children to college. And ultimately, our country could experience a long and painful recession.”

Well, they got the $700 billion. And we still got all of the above, plus more!

Those who bought into the confidence-massaging campaign were led like sheep to walk off the edge of the cliff. Many were caught on the wrong side of a collapse in global financial markets, a freeze in global credit, and were sideswiped by the sharpest downturn in global economies since the Great Depression.

While the fallout from this crisis remains with us today and the economic outlook uncertain, there’s another act to this saga that is ongoing. And the script reads in a similar way.

This time, however …

Its Roots Are in Europe

But it’s not private debt that’s exposing the world to another wave of global crisis, rather it’s public debt. And for the past year, we’ve witnessed more government campaigns to shore up confidence by European officials who have:

Said it was contained, Rolled out numerous plans to resolve the crisis, and Denied that any country in the euro zone would fail.

Yet we continue to see the dominoes of an unsolvable sovereign debt crisis in Europe fall, and the probability of the default of a European monetary union member country rise. They’ve managed to extend the timeline of the fallout, but they’ve done nothing to change what seems to be its inevitable fate.

Exposure to weak members puts a heavy burden on euro-zone banks.

The fact is the euro-zone debt crisis could make the subprime crisis look like just the opening act. Euro-zone banks are heavily exposed to sovereign debt of weak euro members. And asking creditors to take a haircut on their investments means banks in Europe would have to eat losses.

That’s exactly what European officials are trying to avoid!

Instead, through the rules set by the EU and IMF for doling out rescue funds, it’s the people who are asked to absorb all of the pain through tough austerity measures. But the people are beginning to rise up and demand that the burden be shared.

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Now we have …

Portugal, the Next Falling Domino

First it was Greece, then Ireland, and now Portugal looks like it’s days away from requesting a lifeline.

The Portuguese government’s austerity measures have triggered strikes and demonstrations.

This week, Portuguese Prime Minister Socrates presented his plan of tough austerity measures to Parliament, to reign in the unsustainable debt and deficits that have put the country on the edge of insolvency. Portugal’s parliament voted it down. Socrates promptly resigned.

Consequently, Portugal has sent a clear message to the EU/IMF leadership: The people are not willing to absorb all of the pain!

But if the weak countries reject a rescue, it would destabilize the financial system. And if the EU/IMF compromises its terms for rescuing the weak by making creditors share the burden, it would endanger the financial system.

Simply put: It’s a no-win all the way around.

The question is then: Will Portugal be the lynchpin that collapses the euro? If so, expect the reverberations to be felt across all markets.

Regards,

Bryan

Bryan Rich began his currency trading career with a $600 million family office hedge fund in London. Later, he was a senior trader for a $750 million leading global hedge fund in South Florida. There, he helped manage and trade a multi-billion dollar foreign exchange options portfolio. Today, Bryan is the editor of World Currency Trader, a service designed to give you everything you need to trade currencies that offer the greatest profit potential with the least amount of risk.

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Investors on Alert: Japan’s Nikkei Index Crashes 1000 Points In Less than a Week

Japan’s Nikkei Index, which measures the top 225 companies on the Tokyo Stock Exchange, went into an almost immediate freefall after Tsunami waves began washing up on the country’s northeast coast. The Nikkei 255 Index, which reached a high of 10,600 point on Wednesday, had tumbled to 10,250 points by Friday’s close. The earthquake off the coast of Japan hit at approximately 2:00 PM Japanese time on Friday, March 11.

By close of business Monday, as Japanese officials struggled to maintain order amid a potential nuclear meltdown at multiple reactors, stocks had dropped an additional 650 points, wiping out over 6% of the index’s market capitalization. The country’s central bank, the Bank of Japan, has responded to the disaster by injecting some 15 Trillion Yen ($183 Billion) into the financial system in an attempt to stabilize markets and stem panic.

Other stock markets around the world fared better than Japan as events on the ground, recovery efforts, and the Tsunami’s impact on the Japanese economy remain in question.  Japan is the world’s third largest economy after the European Union and The United States.

With northern Japan in ruin, tens of thousands still missing, and millions without power, Japan will most certainly see negative economic growth in the short-term. If the nuclear reactors, which some Japanese officials say are under control, were to go into complete meltdown and send radiation into surrounding areas and across the Pacific, the economic effects on Japan, Asia and the rest of the world would be felt within days, with stock markets providing a forewarning as panicked investors sell off assets, especially in consumer-related industries like manufacturing, transportation, and retail.

Most stock markets outside of Japan kept losses on Monday to under 2%, however, the legitimacy of the official news reports coming out of Japan are in question, especially with respect to the nuclear power plants. Mixed information has only added to the confusion, with some officials reporting that everything is under control, while others indicate that fuel rods are completely exposed and have melted down, or are in the process of melting down. Radiation exposure has been measured in residents on the ground, as well as on a US Naval vessel traveling through a radiation cloud, and US emergency response helicopters on which 17 members of the US Navy were treated for radiation contamination.

News reports continue to be mixed, leading to uncertainty, but not yet complete panic, in financial markets. Gold and other precious metals, which are considered to be measures of not just inflation, but global crisis sentiment, have seen minor gains on Monday suggesting that global investors have not yet shifted capital into safe haven assets.

With an already failing economic recovery in the US, a black swan variable such as the Japanese quake, Tsunami and nuclear crisis may very well be the tipping point that sends the entire world into a financial and economic catastrophe.

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The Most Important Price Chart for Investors

So, let me guess. You thought I was going to give you a price chart of the movement of oil, gold or interest rates. I don’t need to show you charts on them…you’ve been reading on these pages for months that they will continue to rise.

The most important chart for investors is about a transfer of economic power. It is about investors and foreigners leaving the U.S. dollar. It is about the repercussions that America will feel during its quiet devaluation of the greenback. It’s simply about America no longer being number one.

Somewhat of an economic history buff, I’ve come to learn that history does repeat itself. Only the places and people change. Countries gain economic power and world dominance, they get spoiled and lose their way, and then they lose the economic power.

By the end of World War II, the U.S. industrial revolution solidified the position of the U.S. as the world’s leading and largest economy. We became a creditor nation. We did more trade with foreign countries than anyone else. Investors the world over wanted American-made goods and U.S. dollars. In fact, we were so strong as an economic power that we were able to convince world central banks that they can sell their gold and replace their reserve currency with U.S. dollars. (Likely to be eventually recognized by historians as the biggest global financial scam of the 1900s.)

Just over half a century later, we became a debtor country that started importing more goods than we exported. Commerce-hungry foreign countries seized the opportunity to make goods cheaper and cheaper than we ever could. Now, I know I will get e-mails today telling me that the American manufacturing base is still strong. But the facts are the facts. We’ve gone from being a huge net exporter to a huge net importer in about three decades’ time.

In 1962, a man from Arkansas figured he could bring in goods from Asia and sell them to Americans at a savings they would enjoy. Today, Wal-Mart accounts for about 10% of all retail sales in the U.S. Along the way, other entrepreneurial American corporations figured they could open plants in Mexico, Indonesia, China, Taiwan, India and other low-wage countries and import goods to the American people.

The chart linked to below shows what all this American ingenuity has done for our currency: the greenback has been devastated. There is a very real risk that our currency will soon fall to a record low against a basket of other well-known world currencies. When that happens, our interest rates will rise, stock markets will fall and gold bullion will enter phase three of its bull market.

http://stockcharts.com/h-sc/ui

Whatever your portfolio consists of, whatever you would like to leave to your family or children, ensure your portfolio is properly structured to benefit from, or at least be protected from, the repercussions of your assets and investments being denominated in a second-tier currency.

Michael’s Personal Notes:

It’s December 1999 and I’m in a real estate closing. The two real estate brokers, who I didn’t know knew anything about stocks, are on the phone with their stockbrokers buying shares of Internet companies with no revenue. They are paying about $200.00 a share, because the IPO is almost sold out. I see this as investor euphoria, also known as investor panic buying on the upside. The NASDAQ is trading at 5,000 in December 1999.

Twelve years after the bubble burst, it is still down 44%.

It’s December 2005 and I’m in a restaurant in Miami, Florida. The waiter has just told me this is his last week working as a waiter, as he just got his real estate sales license. He tells me that condos in Miami will double in price by 2007. There is a new financing vehicle called a “No Income Validation” mortgage that is making it easy for consumers, investors and speculators to own multiple homes. By 2011, we will still be in the biggest real estate crash in American history with no bottom to the market in sight. Home prices in the U.S. have fallen an average of 30% since 2005.

The above are two true stories.

It’s December 2015 and the price of gold bullion has just surpassed $3,000 an ounce. Any company calling itself a gold miner is having no problem raising money for its IPO. In fact, investors are throwing money at the companies even though all they have is mineral rights to unproven properties. The shares of Barrick, Goldcorp, Newmont…they are all trading well above $100.00. Everyone wants in on the gold action.

The above story will become a reality, hence why you need to act and position yourself BEFORE the crowd moves.

Where the Market Stands; Where it is Headed:

The Dow Jones Industrial Average starts this final trading day of the week up 5.9% for 2011. I’m still of the opinion that the bear market in stocks that started in March of 2009 is still intact. Yesterday’s surprise 191-point advance by the Dow Jones Industrials confirms this opinion.

What He Said:

“For the economy, the message from retail stocks is quite clear: Consumer spending, which accounts for roughly 70% of U.S. GDP, is in jeopardy. After having spent like ‘drunkards’ during the real estate boom years, consumer spending is taking the same trend as housing prices, slowing down faster than most analysts and economists had predicted. As news of the recession continues to make headlines in the popular media, the psychological spending mood of consumers will continue to deteriorate, lowering earnings at most high-end retailers and bringing their stock prices down even further.” Michael Lombardi in PROFIT CONFIDENTIAL, January 28, 2008. According to the Dow Jones Retail Index, retail stocks fell 39% from January 2008 through November 2008.

Michael bought his first stock when he was 17 years old. He quickly saw $2,000 of savings from summer jobs turn into $1,000. Determined not to lose money again on a stock, Michael started researching the market intensely, reading every book he could find on the topic and taking every course he could afford. It didn’t take long for Michael to start making money with stocks, and that led Michael to launch a newsletter on the stock market. Today, Michael only employs the top market analysts and editors. Some of our recommendations have posted gains in excess of 500%! Michael has authored and published over one thousand articles on investment and money management. Along the way to building Lombardi Publishing Corporation, now with over one million customers in 141 countries, Michael became an active investor in real estate, art, precious metals and various businesses. Readers of the daily Profit Confidential e-letter are offered the benefit of the expertise Michael has gained in these sectors. Michael believes in successful stock picking as an important wealth accumulation tool. Married with two children, Michael received his Chartered Financial Planner designation from the Financial Planners Standards Council of Canada and his MBA from the Graduate Business School, Heriot-Watt University, Edinburgh, Scotland. Follow Michael and the latest from Profit Confidential on Twitter

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