Fake Capitalism

The free trade merchants have existed for all the centuries in the history of mankind. But the capitalism that Adam Smith has defined in his famous book (the wealth of nations, 1776) with some features and specific characteristics is already dead.The Adam Smith capitalism system was defined to promote better production, full competition, and create equal opportunities. Todays, none of these features are alive. The equal opportunities and healthy competitions are declining. The gap between poor and rich is widening. The social, economic, educational, and political inequalities are growing. The business ethics are diminishing and CEOs only mission is to   maximize the investors' wealth regardless of the well-being of consumers and workers.As Marx argued in the first volume of his book named “Das Kapital” Published in 1867, The capitalism will not be a stable economic system because it is based on private profit with no boundaries. Capitalists will become increasingly powerful and control all the means of production while working people will become increasingly poor and fall into poverty.Although Marx did not say when this will happen, but some analysts believe that the true capitalism died in 1929 when the great depression happened. Since then the western economic system has changed and the law of supply & demand cannot work effectively and freely anymore. The mischiefs of human nature which is created by their greed does not let the societies to live with equal opportunities. Today a fake capitalism is in place and control the world economy.These days, the big corporations have monopolized the world economy. Big companies have ruined the healthy competition, restricting the freedom. Facebook, Google, Amazon are the tech gate keepers. Big Banks, pharmaceutical companies, airlines have made the distribution of power unequal. It is said that 40% of the US airports belong to one airline. This list can go on and on.What we call capitalism does not offer any kind of equality today. From economy to social and political opportunities, all are in favor of the wealthy people and the working and middle class all around the developed societies are feeling injustice. This situation can not last forever.
On the other side, many analysts believe that another crisis is on its way due to many reasons such as unsolved causes of 2007 crisis, US deregulations and protectionism policies, and increasing global debts to 1.7 times more than 2007. All developed countries have been taking expansionary monetary policies since January 2019 and starting to cut their interest rates to avoid another crisis.So, let’s pray that the coming financial crisis do not ignite a big social unrest in the western world, which if it happens, the costs and consequences would be so huge and undefinable to the extent that the world will witness a new world order.Mahmoud Gonabadi, June 12, 2019

Dare not raise the interest rates

Dare not raise the interest rates

“Undetected Shadow banking has been in place all around the world since the crisis 2007 and has loaded the whole world including China with the low rates loans. Today no developed country dare raises its rate much in fear of market crash. However how long could the countries keep their rates unchanged?” MG. Nov. 22, 2018

Apparently, the major world economies not only have dared not to raise their interest rates but also have decided to adopt the expanding and accommodating monetary policies. It is not a big surprise if later in 2019 they start reducing the rates back toward 0.5%. In the first week of 2019, China decreased its "required bank reserves" to stimulate the economy in response to its economic slowdown. The US federal reserve bank also said that the bank might not raise the rate in 2019 and would adjust the process of its balance sheet normalization.

On Thursday January 3th, China reduced its “bank reserve” requirements rate from 17% to 14% which was an aggressive step toward easing the monetary policies. On Friday January 4th, 2019, few surprising economic indicators were published which supported the US FED policy announcement that the rate might not be raised in 2019 and the bank balance sheet normalization process would be adjusted

These measures by China and US were strongly positive for the market and changed the global equities markets direction to positive trends. Both US and China central banks actions and announcements in the first week of 2019 had a big positive impact on the equities market on Friday Jan. 04. They have also started the trade talks since January 7, 2019 which is another positive sign for the global equities markets.

Now the question is that how long these bullish trends will last? The global equity prices have been declining in the second half of 2018 drastically which is far from a simple correction. The current global economy is not healthy at all and loaded with huge debts. The interconnected global financial system is not ready to protect itself against any fraudulent acts, social movements, and hackers attack.

these easing and expanding policies are only buying time and opportunity for the policy makers to address and solve the main issues that the financial system is facing. Unless the trade war is stopped.  the global financial system is reformed, and the global debts which have spread out among governments, corporations and people all around the world is addressed.

This positive market trends will not last long and bounce back to a speedy decreasing trend again and continue to fall as a leading indicator of the coming financial crisis. As Mr. Gordon Brown, the UK Prime minister during the last crisis is saying: “whatever created the 2007 crisis is not gone away and it will create another crisis soon. today’s leaderless world is sleep walking toward a huge economic depression”. 

Mahmoud Gonabadi. Jan 12, 2019

Financial crisis, the repeating cycles in capitalism.

Is capitalism falling?

(2)

“whatever created the 2007 crisis is not gone away and it will create another crisis soon. today’s leaderless world is sleep walking toward a huge economic depression”.  Gordon Brown. UK PM (2007-2010)

There have been an increasing number of economists, former FED chairs and authorities, experts and global financial institutions that are all warning of another huge financial crisis in the recent months. They believe that the state of the world economy is very fragile due to the rising presence of few well-known destructive facts and clues that caused the 2007 crisis such as deregulated financial market, inflated asset prices, high volume of low rate loans. Besides, the US protectionist policies and the emerging populist leaders in Europe who are promoting the nationalism have increased the uncertainties about the future of the global economy and order. Unfortunately, the global fragile economy and the protectionism movements together have a synergic power that potentially could cause a huge financial crisis and long-lasting global depression that ends the US capitalism leadership and devaluates the dollar as a world reserve currency. Who knows maybe the global economy will choose another leader when the world gains back its economic order.

Trade war & Protectionism

Gordon Brown, the Prime Minister of UK during the financial crisis (June 2007 to May 2010) presented a well analysis in September 2018 and declared strongly that “whatever created the 2007 crisis is not gone away and it will create another crisis soon”. He says, “today’s leaderless world is sleep walking toward a huge economic depression”. As the UK prime minister running the country during the crisis, he was well informed about the main roots to that crisis and today he is saying nothing has been done to address the problems that created the last crisis and we should expect for worst of all crisis.

He says if the global economy goes down, the world can not get together like 2007 due to the current protectionism movements in the world. One of the main causes that the great depression lasted very long was that the big economies were not working together. Prime minister Gordon Brown in his analytical presentation says that it is difficult to guess what would trigger the next crisis which is imminent. But the world economy is in the second part of economy cycle meaning the growth is going to decrease for sure.

Deregulated financial market

Since January 2017, the President Trump economists have been actively revoking many regulations. The Dodd Frank Act which was the key in keeping the financial institutions safe and sustainable is cut to many pieces and the Volker rule has been substantially changed and neutralized. Now the small banks can do both investment and commercial banking. The capital requirements, mandatory reporting, and pressure tests are all reduced to a point that are not able to do what they were designed for.

Many are concerned that once again the financial institutions have a chance to exploit and pollute the market in the absence of the monitoring and necessary regulation to keep the bankers honest. Nowadays, the US financial system is becoming less regulated, monitored, less transparent, and more speculative and risky market which is susceptible to any economy distress and political/social challenge. The Former Fed Chair, Dr. Janet Yellen said on Wednesday December 19, that she was worried about the next financial crisis. She said that the corporate debts had been growing and the financial safeguard’s such as Dodd Frank Act that were put in place after the 2007 crisis were being reversed which is worrisome.

the global debt, 1.6 times more than 2007

The International Monetary Fund (IMF) warned in October 2018 against another financial crisis that threatens the world economy. Christine Lagarde, the IMF’s head says the global debt, in both the public and private sectors, has increased by more than 60% in the last ten years. Currently the total amount of global debts is estimated to be between 182 to 220 Trillion dollars. 1.6 times more than the global debts in 2007.

The IMF annual report says that there is a list of concerns over the world economy that one might think it is going to be a dead end for the capitalism. While the global financial system needs restructuring more than ever, the US government is aggressively removing the rules that were made to keep the financial institutions honest and in control. It is said that the Dodd Frank Act has been cut to thousand pieces. 

Undetected Shadow banking

IMF says that the shadow banking operations have loaded the whole world with low interest rate loans by shadow bankers during the last ten years. Today many governments, corporations and consumers all around the world including Asian developing countries and China are in deep debts. These loans are mostly denominated in US dollars and any dollar strength or rate increase has a negative impact on the global markets and developing economies. The Shadow bankers have loaded the Chinese corporations and consumers with high volume unqualified debts, and china has failed to control these financial institutions.

Stock market is a leading indicator

The stock market is an important leading indicator that reflects the future trend of the economy. These markets have been losing the ground since September and all three major American indexes have lost around 20 percent of their value meaning the market is already in recession mode and all financial asset prices have lost their value and deflated which has a big negative impact on the GDP if continues.

The Goldman’s derivatives strategist John Marshall published an article in October and said that there have been increasing evidences that the market is going toward another crisis. professional investors reducing their positions and /or getting out of the market, the bond buyers have been increasing, the spreads are increasing, and the corporations are not borrowing any more.

So, the stock markets which are always the leading indicators of the future economy have been also signaling us about the coming economy slow down. Afterall the growing global debts have initiated a paradox with nationalism movements and have created a non-sustainable world economy in the less regulated market.

Conclusions.

The capitalism is trapped in a repeating periodical crisis cycle for the last one hundred years with similar causes or symptoms such as high debts, deregulations, speedy growth, high level of liquidity, Inflated assets, and low inflation. Unfortunately, these causes are all present today in the world economies and will make another financial crisis and long-lasting economic depression sooner rather later.

the amount of the global debts (Governments, corporations, consumers) is 1.6 times more than 2007. Undetected Shadow banking has been in place all around the world since the crisis 2007 and has loaded the whole world including China with the low rates loans. Today no developed country dare raises its rate much in fear of market crash. However how long could the countries keep their rates unchanged. If they don’t raise their rates, then the inflation starts getting out of control because of the tons of potential liquidity in the whole world market. So, in order to absorb these liquidities and control the inflation without raising the rates, they have been deregulating the financial markets to promote the investment (like 2004-2006) and again ignoring the human greed.

The financial hurricane is coming back for sure. but the timing depends on the monetary policies and decisions that will be made by the developed economies. If China and US stop the trade war and start negotiating, and/or if the US ,the European and developed Asian countries keep their rates unchanged, then the markets will perform better for a while , but the inflation will rise and ultimately the rates must be raised which in that case, the market falls and another financial crisis will be imposed on people.

In my opinion the interest rate is the starting key to this crisis. If it starts going up, the financial markets and the global economy will start going down. So, it should be handled very cautiously, otherwise they will have to reverse it down like 2006.

However, it is not all bad news. It is bad for those who are not aware of it. If we become aware of the coming market fall, we can take the best financial advantage out of it. there are very famous and successful investors in the history that have made millions in these kinds of situation. Some cash out and wait for the market to hit the bottoms and then buy very cheap as Warren Buffet did it in 1970s. Some hedge fund managers make millions of dollars by investing in alternative financial products.

You do not have to be super smart to take advantage of the coming crisis. Naturally the asset prices are going to deflate and decline very much and each of us could make some good investment in this process and divert threats to opportunities.

Thanks. Mahmoud Gonabadi

Speech Notes: Nov 22^nd. 2018. North Vancouver

Financial crisis, the repeating cycles in capitalism.

Is capitalism falling?

(1)

Studying the history of fiscal and monetary policies and the role of economists who created and enforced these policies since the first world war have been an interesting area of my studies during the last 12 years.

There have been numerous researches about the 2007 financial crisis among which many discuss about the similar state of the economy in the years prior to 1929 and 2007 crises. The speedy growth, excess liquidity, low inflation, high speculation, Lack of regulations, and less transparency were all visibly present in the years before these two huge crises.

Are we going to experience another financial crisis in near future? Are the financial crises the essential cycles for capitalism to Survive?

Nowadays, the state of the US economy and the monetary policies are again like the pre-crisis era of the yrs. 1929, and 2007. Besides, the danger of a global trade war, protectionism in Europe and slowing economy in China are also threatening the global economy and adding to the likelihood of another huge financial crisis in the early future.

Studying the history of these crisis and the role of the government policies, one could easily conclude that the root causes to these financial crises cycle have always been the government fiscal and monetary policies that drive the economy in the road of capitalism.

prior to any crisis there is a period when the market and economy go mad and behave recklessly with less transparency and supervision. In other words, long before a crisis happens, there are similar feeding factors that show up vividly and tell us that a new crisis is coming, but the human greed does not let us remember the past and we go through the same road again and again.

There has been a nonstop battle between the two different economy schools of thought in the western world since the great depression in 1929. One inflates the economy and repeal and decrease the rules and regulations, and the other deflates the economy with more regulations and supervisions.

The classic school or the free market economists generally believe that the market is smart and could regulate itself and decides when, how, what to produce. They believe that the markets do not need much of rules and regulations imposed by the governments. On the contrary, the other school or” Neo- Keynesians” believe the government mild intervention is necessary to protect the public, maintain the fairness, employment and prevent the market failure.

Mr. Greenspan as a Neo-classical capitalist served for 18.5 years (1987-2006). He and his colleagues such as Dr. Milton Friedman kept the interest rate low for 16 years and deregulated the financial and credit markets to be able to absorb all the liquidities flowing into US economy from wealthy oil countries and emerging Asian markets. They did not raise the wages and salaries due to existing excess labor coming from the eastern Europe.

In 2004, while supporting the President Bush tax cuts, Mr. Greenspan also started raising the interest rates slowly but continuously in every policy announcement from June 2004 to January 2006 meaning that the FED and monetarists economist were concerned and aware of excess liquidity and inflated credit markets. He raised the interest rate 14 times in his last 18 months of service from 1% to 4.5% until his term was finished in Jan 2006.

In February 2006 Dr. Bernanke became the US FED chair and continued the raising rate policy to cool down the housing market. But after three raise and when the interest rate stood at 5.25%, the market could not stand it anymore and the FED stopped raising the rate to avoid a total economy melt down. Too little too late. The new sophisticated financial products and services in a deregulated market had already spread out and polluted the Financial Industry during the last 19 years of free market economy.

Monetarists such as Dr. Greenspan kept the interest rate low, deregulated the financial market for 19 years and revoked many effective rules such as the Glass Steagall Act which was designed to prevent the bad banking practiced. Is the current state of economy like the years prior to 2007 crisis? Yes, precisely.

In February 2006, Ben Bernanke, a Neo- Keynesian economist became the new FED chair. His views were totally different from Dr. Greenspan. He Believed that the government must be supervising the economy and have an active role in guiding the economy toward a moderate growth, full employment and controlled inflation.

Dr. Bernanke had been studying and writing about all aspects of the 1929 depression for many years and was probably the best man to become the chair of FED and save the US and global financial systems skillfully. His findings about the great depression helped him to stop the crisis from spreading out to the whole economy.

He and his Keynesian colleagues such as Dr. Janet Yellen, Volker, Dodd Frank and other members of the FOMC committee proactively responded and reduced the market stress and did not let the crisis effect the other sectors of economy. Their transparent policies and plans worked well; they initiated a transparent interest rate policy announcement to avoid any market surprises and applied some Innovative rules and regulations while helping the financial institutions to survive and regain their power through initiatives such as the quantitative easing programs. They also introduced some new regulations such as Dodd Frank act and Volker rules to keep the financial institutions under systematic control in terms of their sustainability and compliance.

The neo Keynesians run the economy for twelve years and delivered it to the monetarist economists that are working for president trump at the present time. Although Dr. Yellen stayed until January February 2018, but the neo classics have been running the economy since 2017 with the same agenda to unleash the financial institutions to lend, borrow, and invest speculatively for themselves and others which reminds us of the same scenario that was played in the years prior to the 1929 and 2007 financial crisis. Isn’t it an avoidable repeating scenario? Maybe not. Is Capitalism dying? Maybe.

Speech. Feb. 2018 in North Vancouver.

To be continued.

Mahmoud Gonabadi

Dec 21, 2018

“Durable Competitive Advantage”, Companies’ Hidden Wealth

Durable Competitive Advantage (DCA) is certainly a hidden wealth and a valuable quality for any company to possess. Mr. Warren Buffet company selection process is based on this concept through which he identifies and isolates these companies and invest in them when their prices are falling and historically cheap.

Mr. Buffet selects the companies which have a durable competitive advantage in the market. This is the main pillar of his investment wisdom. Nowadays, investors are applying a growing number of excellent investment methodologies and great hedging strategies to enhance their investment return and manage their risk. But investing strictly in the companies which possess “DCA” in the market when their share prices are falling is a profitable investment strategy and works forever in every market around the globe.

This approach cleverly selects the best companies to invest at the time when their share prices are falling. Mr. Buffet is acting on his teacher advice “Ben Graham” who believed that there was not such a thing as good or bad stock. a share is either expensive or cheap and "value-investing" is all about buying the undervalued stocks.

However, competitive advantage must be durable and last for many years as Coca-Cola or Hershey has been selling the same products for the last half a century. Their products have not changed and are not expected to change in the future because they own a piece of the consumer’s mind. These companies could grow without spending large sums of capital for the machinery and/or R&D to stay competitive. Warren says investing in the “low- cost” producers with durable competitive advantage are profitable and safe if one buys them in the bear market.

Warren believes that investors should not invest based on the belief that a company is going to grow and change the market. Instead, they should focus on the companies with “low cost durable competitive advantage”. He targets the low-cost companies that produce unique products or services that people need them repeatedly. Brand names, fast foods, advertising, cleaning, credit cards, big retailers’ industries are among them.

A brand name or regional monopoly is considered a competitive advantage that enables a company to control the price of its products and services due to its monopolistic position and earn steady increasing profit. Coca-Cola, Hershey, H&R Block, Visa, Walmart, Costco are some examples of such businesses

The certainty of the outcome is the cornerstone of Mr. Buffet's philosophy. He is a “selective contrarian investment strategist who identifies and selects the companies with durable competitive advantage and then he waits for the right time to invest in them. The right time to buy for a contrarian is when the prices are falling which happens in an in a bear market, a correction or a panic sell-off during a bull market.

The investor might successfully identify many companies with "low-cost" durable competitive advantage, but he must be very cautious not invest in them unless their share prices are falling and look historically cheap.

Short sellers generally avoid these companies because of their strong business economics and take a contra Buffet approach to draw a shorting strategy. A contra approach is a two-step approach:

First, the short seller looks for the companies with Price Competitive Disadvantage in the industries such as manufacturers, airlines and so on and specifically identifies the less known companies that their products or services are not unique and not considered a certain need for the public.

And at the second step, he monitors and waits for the market and/or the identified stock prices to fall. Generally, the best time to short is the last stage of the bull market when the share prices are historically and irrationally inflated. Shorting the selected stocks solely when their prices are historically expensive is the key to the certainty of the outcome.

May 01, 2018

BPIs are warning of possible market corrections or crash in 2018

After the Second World War, the investment industry felt the need for an index to measure and quantify the “market risk “. Consequently, in 1955, Mr. Abe Cohen developed the concept of “Bullish Percent” and introduced the Bullish Percent Index (BPI). This index is designed to evaluate and measure the “market risk” and help the investors to deal with all kind of market situations. It is vastly used in the “P&F” technical analysis methodology to plan the market entries and investment strategies.

As an example, if the Bullish Percent for “S&P500” is 36%, it means only 180 (500*0.36) stocks in this index are having a buy signal in the “P&F” technical analysis system, and the 320 stocks remaining have sell signals. Scary?!

The first step to a successful investment is to evaluate the market condition. Studies have shown that three-quarters of investment risks are hidden in the general market conditions and the active industries in the market. In other words, good stock selection accounts for 25% of risk involved with our investments. So watching the BPI as a market risk indicator will definitely enhance our investment return and keep the market risk in control during the volatile markets in the coming months. The Bullish Percent Index (BPI) shows us that the market is bullish or bearish and its extent of bearish or bullishness. So in order to appraise and measure the current market risk, let us look at the “BPI” for three US major Indices:

Dow Jones Bullish Percent

The BPI for Dow Jones Industrial Average ($BPINDU) is 30% as of today Monday, April the 2nd of 2018. It means that only 30% of the Dow Jones stocks show buy signal in “P&F” technical methodology and the remaining 70% are carrying sell signals. According to this “P&F” chart, the Dow Jones average BP has gone to Bear Confirmed signal since March 20th, and since then it has been falling without showing any sustainable strength and rebounding signs

S&P500 Bullish Percent

The S&P500 Bullish Percent ($BPSPX) is standing at 36% as of today Monday, April the 2nd of 2018. It means that only 36% of the 500 stocks in S&P maintain the buy signal in “P&F” technical methodology and the remaining 64% are carrying sell signals. According to this “P&F” chart, the S&P Bullish Percent has gone to Bear Confirmed signal since March 23rd, and since then it has been falling without showing any sign of strength and recovery.

NASDAQ Composite Bullish Percent

The Nasdaq Composite Bullish Percent Index ($BPCOMPQ) is standing at 54% as of today Monday, April the 2nd of 2018. It means that 54% of the 2500 stocks in Nasdaq Composite show buy signal in “P&F” technical methodology and the remaining 46% are carrying sell signals. According to this “P&F” chart, the Nasdaq Composite Bullish Percent has gone to Bear Confirmed signal since March 29, and since then it has been falling without showing any sustainable sign of strength and rebounding.

So when the Bullish Percent for all the three major US indexes signaling that the markets are falling, the investors should be alerted and take these bear sell signals as a serious warning of a possible crash or deep correction in the coming months. Stay Alert and good luck.

اخطار شاخص درصد صعودی (شاخص ریسک بازار)

شاخصی که ریسک بازاررا اندازه میگیرد وآشنایی با آن برای  سرمایه گذاران غیرحرفه ای جدا ضروری است . زیرا ارزش سرمایه گذاری آنها  را دربرابر سقوط و نوسانات بازاردرماههای آینده بیمه خواهد نمود.

در نیمه اول قرن بیستم و پس از جنگ دوم جهانی نیاز به یک شاخص متفاوت در بازار که بتواند بدون وزن و تعلق شرایط بازار را ارزیابی کند احساس می شد، تا اینکه در 1955 آقای کوهن مفهوم درصد صعودی را ابداع نمود و با استفاده از این مفهوم، شاخصی حاصل شد که شیوه تعامل با بازار را به روشنی دیکته می نمود و مفهومی بسیار پراهمیت و حیاتی تلقی شد. شاخصهای موجود در بازارهای سرمایه گر چه شرایط بازار را منعکس می کنند و نشان از شرایط اقتصادی و بازار دارند، اما در بسیاری مواقع نه تنها برای سرمایه گذاران پیامی ندارند، بلکه باعث ضرر و زیان او نیز گردیده اند.

شاخص های موجود در جهان، مصرف تحقیقاتی و اقتصادی دارند و نمی باید مورد استفاده سرمایه گذاران در تشخیص شرایط بازار و زمان یابی ورود و خروج از بازار قرار گیرند. شاخص درصد صعودی در 1955 برای سرمایه گذاران ابداع گردید و امروز کمتر سرمایه گذار حرفه ای است که از این شاخص بهره نگیرد. شاخص درصد صعودی به سرمایه گذار جهت می دهد که در مقابل بازار چگونه عمل نموده و با آن تقابل نماید.

اجازه دهید شیوه ساده محاسبه "درصد صعودی" را به عرض برسانم تابه ساختارواهمیت آن درشناسایی زودهنگام خطرسقوط بازار اشراف حاصل نمایید.شاخص "S&P500" را در نظربگیرید. "درصد صعودی" این شاخص امروز 31 مارس معادل  42% میباشد.این به زبان ساده بدان معنی است که 42 درصد از 500 سهم موجود درشاجص "ُS&P500" خوب و 58% بقیه بد و در سیستم تحیل نقطه و شکل "”Point & Figure” دارای سیگنال فروش هستند. این عدد همچنین اخطارمیدهد که بازار ریسکی است و اکثریت قاطع سهام بازار در تحلیل نقطه و شکل دارای سیگنال فروش هستند.

توصیه می شود سرمایه گذاران حساب شاخص "درصد صعودی" را از شاخصهای معمول بازار جدا کنند، زیرا شاخصهای بازار عملکرد یک دسته سهام خاص را نشان می دهند. شاخص درصد صعودی به سرمایه گذار جهت می دهد که در تقابل با بازار چه نوعی از استراتژی های تدافعی یا تهاجمی را اتخاذ کند. این مفهوم بهترین شاخص و اندیکاتور بازارهای سرمایه محسوب می شود.

آقای کوهن مبتکر شاخص درصد صعودی معتقد بود که شاخصهای بازار سرمایه گذاران را گمراه می کنند و هنگامیکه قیمت ها گران هستند، توصیه به خرید می کنند و در زمانی ارزانی سهام تصویری ترسناک از بازار ارائه می دهند.

شاخص "درصد صعودی" برخلاف خرد بازار و سرمایه گذار امروزی که منبعث از شاخصهای بازار است عمل می کند. سیستم تحلیل نقطه و شکل تحلیل را از شاخص درصد صعودی که تعیین کننده استراتژی ورود به بازار است، آغاز می کند. شاخص درصد صعودی سرمایه گذار را به سوی سهامی سوق می دهد که ارزش بازار آنها کمتر از ارزش ذاتی شان می باشد که از این جهت شبیه به تحلیل های بنیادی "ارزش پایه" بدنبال سهام زیر قیمت می گردد.  در روزهای آینده گزارش مهمی از وضعیت بازار و ریسک سقوط سهام را دوستان ارایه خواهم داد. با تشکر. َMarch 31, 2018

محمود گنابادی Ph. D.  , F.C.S.I