A Guide to Day Trading on Margin - Investopedia

On UP-C IPO, Reverse Merger and TRA : PRPL, PBF, GNW, CCC

On UP-C IPO, Reverse Merger and TRA : PRPL, PBF, GNW, CCC
Disclaimer : I'm not a tax attorney or CPA, I trade from my mom's basement and my day job is handing out flyers while wearing a hotdog costume.
Previous Post https://www.reddit.com/wallstreetbets/comments/ia18vv/prpl_lousyand_kind_of_shady_tax_receivable/
Right since wsb like small caps now, let's take a moment to learn about public companies with Umbrella Partnership C Corporation (UP-C) IPO structure. This won't actually give you any trading edge whatsoever, but will help you to lose money more slowly or flatten the loss porn curve shall we say. PRPL went public by a reverse merger with a shell company but ended up having pretty much the same corporate structure as a typical UP-C IPO.
We will compare last week favourite meme stock PRPL with other small caps PLC that also have UP-C structure. I couldn't do it with sector peers because none of TPX, SNBR and CSPR have it.
TRA and UP-C started in early 2000s have been gaining popularity since.

https://preview.redd.it/wdvyi08slkh51.png?width=696&format=png&auto=webp&s=401a90effe15f988b826f46f67ee88e9cb8b540d
Despite it's name, Tax Receivable Agreement (TRA) functions mostly as a way for pre-IPO owners to siphon cash from public companies. There are plenty of other ways for a public company to get step up basis on tax without TRA, it's just the only one that siphon cash back to the pre-IPO owners. It has always been somewhat controversial and challenged many times, several legislation was introduced but on all occasions congress chose not to pass it.
Now a UP-C IPO is when the income generating company is actually a LLC or partnership. in PRPL case this is Purple LLC. It's basically a clever way for the pre-IPO shareholders/partners to retain pass trough treatment of income and to avoid double taxation (corporate and shareholder level). Here's a small diagram of what it looks like

https://preview.redd.it/upzadeixlkh51.png?width=996&format=png&auto=webp&s=c2b72c62746cb77aaf1e673d5476c4f5c6905699
This UP-C structure have added inherent risk for public shareholders such as
  1. Dividends and assets
The public company have no material assets besides ownership of common units in the partnership, thus the ability to generate revenues and pay dividends will depend on the partnership results and distributions received.
  1. Control
The original partners may have majority voting power in the partnership after IPO, this is not the case for PRPL but this relates to PRPL income statement, where they state the income due to non controlling interest in EPS calculation
  1. Tax Receivable Agreement (TRA)
Which we are about to discuss

For PRPL, Purple LLC would be the original partnership and PubCo would be Purple Innovation PLC. Also similar is the class A and Class B stocks. Class B which are retained by the original partners exchangeable to Class A stock. When they actually exchange/sell the class B stock into Class A, on a typical UP-C this will trigger a step up basis under TRA(Tax Receivable Agreement).

https://preview.redd.it/1vy252zylkh51.png?width=544&format=png&auto=webp&s=b1e310c2ae1d16d473bcbe5bbc224420b6ec7fd1
So when the partners of the partnership sell, they not only get the proceeds but also a amortizable tax deductions from goodwill. Example of a simplified case; if the pre-IPO value is 10$ and current stock price is 30, the basis step up would be 20$ x amount of shares sold booked as liability in the public company. Say Partner X exchange and sells 1 million of class B stock in the market, besides getting 30 MM USD, he will also get a certain percentage of the step up basis (usually 80%) or about 20 MM USD * 0.8 = 16 MM USD. This 16 MM USD is booked as TRA liability in the public company. Payable by cash to the partner when that tax benefit is realized, on the basis of with/without calculation. Some TRAs may even include the Net Operating Loss (NOLs) and other tax assets in the partnership on stock sale. A typical TRA sharing percentage is about 80% for the partner and 20% for the public company with a duration of 10-15 years. TRA is not specifically tied to stock ownership, for example in PRPL, innoHold may sell all their stake when PRPL stock reaches an all time high. Besides the sales proceeds they would then continue to receive cash for realized stock benefit from the step up for 10-15 years after they ceased to be stock holders.
Furthermore the way this is recorded in the balance sheet may use a "more likely then not" threshold so it won't actually appear until the company starts making a taxable profit. But they usually have a little note in the income tax section regarding it.
FROM PRPL 10-Q Q1 in notes on financial statements (income taxes)
Early Warning of Possible Valuation Allowance Reversal in Future Periods
The Company recorded a valuation allowance against all of the deferred tax assets as of March 31, 2020 and December 31, 2019. The Company intends to continue maintaining a full valuation allowance on the deferred tax assets until there is sufficient evidence to support the reversal of all or some portion of these allowances. However, given the current earnings and anticipated future earnings, the Company believes there is a reasonable possibility that within the next 12 months, sufficient positive evidence may become available to allow the Company to reach a conclusion that a significant portion of the valuation allowance will no longer be needed. Release of the valuation allowance would result in the recognition of certain deferred tax assets and a decrease to income tax expense for the period the release is recorded. In addition, the full potential future TRA Liability will be required to be recognized. The exact timing and amount of the valuation allowance release are subject to change on the basis of the level of profitability that the Company is able to actually achieve.
FROM PRPL 10-Q Q2 in notes on financial statements (income taxes)
For the period ended June 30, 2020, and in assessing the realizability of deferred tax assets, management determined that it is now more likely than not that its net deferred tax assets will be realized and that a full valuation allowance for its deferred tax assets is no longer appropriate. As of the period ended June 30, 2020, the Company is no longer in a three-year cumulative loss position. As a result of the removal of this negative evidence and other items of positive evidence, the Company has determined that the deferred tax assets are now more likely than not to be realized.
Due to the release of the Company's valuation allowance on the deferred tax assets to which the Tax Receivable Agreement liability relates, only $78.7 of the $81.5 million has been recorded to date ($0.5 million in 2019 and an incremental $78.2 million through June 30, 2020). Of the total liability recorded during 2020, $45.3 million relates to current year exchanges and was recorded as an adjustment to equity and $32.9 was recorded to expense in order to reestablish the TRA related to prior year exchanges. The additional $2.8 million is expected to be recorded in the third and fourth quarters of the year ending December 31, 2020.
Great now that the company have started making money, time to surprise public stock holders with instant liability.
PRPL Balance sheet Q2
Another cool feature of TRA is the Indemnification/clawback obligations.
No assurance can be given that the IRS will agree with the allocation of value among our assets or that sufficient subsequent payments under the tax receivable agreement will be available to offset prior payments for disallowed benefits. As a result, in certain circumstances, payments could be made under the tax receivable agreement in excess of the benefit that we actually realize in respect of the increases in tax basis resulting from our purchases or exchanges of LLC Units and certain other tax benefits related to our entering into the tax receivable agreement
And even more wicked
Some companies pay interest on their TRA liability, even before the tax benefit is realized
To top it off on a few TRAs spotted in the wild
Furthermore, payments under the tax receivable agreement will give rise to additional tax benefits and therefore additional payments under the tax receivable agreement itself
Yep, paying the TRA will lead to another tax benefit attributed to the TRA leading to an increase in the TRA liability. It's like a perpetual motion machine.
Besides PRPL, The public markets have a history of underestimating and not fully understanding TRA impact
Let's take a look at PBF Energy TRA liability,
pre IPO it was estimated to be only about 96.8 MM USD
https://preview.redd.it/yttj5bg7mkh51.png?width=802&format=png&auto=webp&s=bdb041cf455bf0e74daf55ec2fef7ed42b97703d
The drop you see in 2017 was due to the TCJA legislation enacted reducing corporate tax rate. Because of rona PBF market cap has fallen off a cliff since then, but you get the point, TRA liability increases in size along with company market cap and assets.
In order to avoid the swelling cost of TRAs,
Some companies have negotiated a cap on TRA payments. For example, when Genworth Financial (GNW) entered into a TRA with General Electric following their separation, the companies agreed on a maximum aggregate payment to GE of $640 million. As described in Genworth’s March 1, 2005 10-K filing: To put that number in context, $640 million is 35% of Genworth’s 2004 EBITDA. PRPL currently doesn't have any such cap.
For getting out of a TRA,
Clarivate Analytics(CCC) recently sought early termination / buyout of their TRA
https://www.prnewswire.com/news-releases/clarivate-analytics-announces-buyout-of-tax-receivable-agreement-300905700.html
The amount is usually NPV of potential tax benefits, which as you can imagine is very imprecise and will depend a lot on partners discretion.

Comments from Tax Professionals on TRA:
TRAs fundamentally change the nature of IPOs by transferring value from public shareholders to the pre-IPO owners. This Article shows that TRAs have rapidly risen in popularity and have very recently evolved in ways that make them universally available to any IPO. This Article analyzes the ways that TRAs transfer wealth from public companies to pre-IPO owners, presents previously overlooked economic and disclosure issues arising in these transactions, and argues that the SEC should require companies to publicly disclose these material risks.
Vanderbilt Law Review
A few theories have emerged as to why the public markets do not factor a TRA in to the valuation of a business and its stock price. Foremost is the argument that public companies are valued in terms of multiples of their earnings before interest, taxes, depreciation, and amortization and that “accounting items like a reduction in a deferred tax asset or a tax expense aren’t reflected in EBITDA.”
Taxnotes, Special Report August 2017

What those lawyers are saying is basically that TRAs are made possible by retards buying stocks and not reading the fine print.

TL;DR: When you do DD on a company it's not just about topline and gross margin, verify the corporate structure and liabilities agreements so you won't be surprised come earnings.

submitted by indonesian_activist to wallstreetbets [link] [comments]

Top options trading mistakes that you should not make

This is my post on wsbelite. Repost here for all.
IMO, trading options have similarities to playing poker and in order to be successful in the long run you need to be disciplined and refrain from making common mistakes. I’m going to list common mistakes and some tips here. Please suggest more. Hope we all lose less tendies!
  1. Refrain to trade low volume options . These contracts will have really wild bid/ask spread, or really low volume, which reduces your chance to make profit significantly. For example how can you win if you trade $ROPE 100c when the bid ask spread is $69/$96 per contract?
  2. Refrain to trade very low price options (e.g 1-10 cents) because your broker commissions will eat up a significant amount of the transactions. Think how much commissions you have to pay to buy 10000 contracts of 0.01 $ROPE 1000c which costs $10000 of premium.
  3. Refrain to buy near-dated far OTM options, because this is almost a sure way to burn your money. Even worse, even if you guess the direction right, you may still have a substantial loss. Think $PEI 500% OTM 2DTE. Btw $PEI is a great stock to own. Example: on 04/13 you bought SPY 496c 04/17 when SPY=280. On 04/14 SPY rises to 285. Guess how much you made on your call options?
  4. Know when to select OTM vs ITM options: in general: OTM is higher risk/higher return. Have some sense of OTM price movement - even when you guess the direction right, far OTM options won’t make you money because of low delta. ITM is more expensive. ATM is typically a safe choice if you just want to make a directional bet.
  5. Know theta-crush. Your options will lose time-value every day, so refrain from buying short-dated options unless you know what you're doing.
  6. Know the effects of IV (VIX for SPY) on options price. Sometimes even when you guess the direction rights, you may lose money because of VIX movements. Know how to hedge for VIX movement.
  7. Refrain from using market orders when possible: limit orders will give you the price you want.
  8. Understand the margin impact of different options strategies.
  9. Understand the impact of your broker commissions.
  10. Bank management: never YOLO your entire portfolio into one position, because if you lose, there’s 0% chance to make it back. Learn http://www.thepokerbank.com/strategy/basic/bankroll-management/. If you want to get in a large (50K+) position, average in/out may be a good idea.
  11. Don't open too many positions unless you're a bot. It's hard to manage manually and easy to make mistakes.
  12. (Mostly) don't follow autist DDs that you can't explain.
  13. Learn the market hours!
  14. Options strategies can be complex to visualized. Use your broker's performance profile tool to understand the performance implications before making a trade.
Some risky options strategies that you should only do when you know what you’re doing
Less risky options strategies:
  1. Covered calls: very low risk. You hold shares, and sell OTM calls to cover them and collect the premium.
  2. Cash secured puts: sell puts but you have cash to cover it. This is good when you’re willing to buy the shares if it drops, otherwise you collect the premium.
  3. Diagonal: Simultaneously entering into a long and short position in two options of the same type (two call options or two put options) but with different strike prices and different expiration dates. Typically these structures are on a 1 x 1 ratio. This is less risky and can hedge you against IV as well. For example if you bearish on USO, buy a 4p 05/15 and sell a 3.5p 04/24, that way if USO moves upward on the week ending 04/24 you’ll collect the near-dated premium.
  4. Learn how to sell options. Every mistake you made as an option buyer is probably a chance for you to profit as an option-seller.
Practical tips
  1. Use tools to scan top volume options. https://www.barchart.com/options/volume-leaders . This can give you some confirmation.
  2. Use tools to scan unusual activity options. https://www.barchart.com/options/unusual-activity Try to think why people are making that trade. Your broker also has tools to scan these.
  3. Take advantage of L2 flow data if your broker provides.
  4. Sometime when you can't make a long-term directional bet, it may be profitable to day-trade or swing-trade (hold your positions for 1-3 days).
  5. Know common ETFs:
Tips to improve
Learn more about economics and business to improve your common sense.
Advanced topics: understand how MM works, gamma hedging, dark pool indicators, probably understand some TAs such as RSI.
Day trade dynamics: power hours.
Things to debate
  1. Should you use stop-loss orders or not?
  2. When to buy FDs and how much should you spend on FDs?
  3. What is the impact of the underlying delisted on put options? As example OILU closed on 03/29 https://materials.proxyvote.com/Approved/MC3724/20200316/SUP_421079.PDF
submitted by tinkerprophet to wallstreetbets [link] [comments]

High Growth Stocks for Q2/Q3 2020

Hey all,
Sorry I'm a little late with this post. I know many of you have been asking me to share my stock picks for Q2/Q3 2020. Here are a few stocks in my portfolio.
It's also important to note that 90% of my portfolio is in index funds and blue chip stocks. Growth stocks are high-risk speculative investments, and I generally don't swing more than 3-5% of my cash into these trades.
I've made significant gains on all 3 and I've started to trim my holdings to lock in profits, but figured I'd share info on these companies since there are hardly any posts on them on Reddit.
Inphi Corporation ($IPHI)

Cerence Inc. ($CRNC)

Inari Medical ($NARI) -- IPO'ed May 22, 2020

Feel free to drop me a line or message me directly if you have any comments/questions!

Edit 1: Thanks for the gold!
Edit 2 (8/4/2020): As of 8/4/2020, the performance from the date of the post of the 3 stocks above are as follows: $IPHI - up 11.1% / $CRNC - up 52.2% / $NARI - up 52%
submitted by ceud to stocks [link] [comments]

Reviewing Voltage Recommendations for Zen 2

There have been one or two reports of degradation on Zen 2 at surprisingly low voltages. We need to review this and figure out if the advice needs to change, and if so what to. But first, let’s cover how ‘safe voltages’ work, why 1.325V was recommended, and why these reports are very surprising.

Part 1: What makes voltage “safe” or “unsafe”

There are two (and a half) main types of failure related to voltage: electromigration, and oxide breakdown (or dielectric breakdown). Electromigration is most commonly considered, but with how aggressive Zen 2’s Precision Boost is it’s important to understand oxide breakdown in order to understand what can make voltage safe or unsafe on Zen 2. There are of course many other failure mechanisms for silicon chips, some of which do relate to voltage, but these two should be enough to understand for a sensible discussion.

1: Electromigration

Electromigration is a process where an electric current leads to physical damage to the conductor. This is described as being due to moving electrons physically hitting atoms – I don’t know if this is a theory or proven, but it’s a good way to understand it. You can see the physical effect of electromigration under an electron microscope here: https://upload.wikimedia.org/wikipedia/commons/5/5f/In_situ_electromigration.gif
Electromigration is described by Black’s Equation, which doesn’t include voltage as a parameter but does include current and temperature. As far as I know there isn’t a way to figure out the exact relationships between voltage and lifetime or temperature and lifetime without either experimentation or more information than is publicly available, but in general;
Note that this is about speed of damage, not ‘damage or no damage’. Unless you’re running at absolute zero, electromigration will always be taking place. More on this later.
Electromigration could in principle occur anywhere on a chip – ranging from a weak spot in a specific part of a chip, to a big power plane, or even parts of the package not on the silicon itself. Voltage affects electromigration directly because current is typically directly proportional to voltage. However, as long as the specific parts active aren’t too delicate, it’s possible that a lighter load that draws less current could be run at a much much higher voltage before electromigration would become a concern. Taking a simplified view, if the cores are robust but the internal power plane is delicate then you could run a very high voltage through one or two cores as this still wouldn’t be pulling too much current through the power plane, but an all-core load would need reduced voltage to keep the current under control.

1.5: Dielectric Breakdown

Dielectric breakdown, also known as oxide breakdown when applied to semiconductors, happens when the voltage across an insulator is enough to forcibly turn it into a conductor. For example, we can see air being subjected to a form of dielectric breakdown when a spark happens. Immediate dielectric breakdown shouldn’t occur in normal overclocking, but when a high enough voltage instantly kills a CPU, this is why.

2: Time-dependent Gate Oxide Breakdown

Time-dependent gate oxide breakdown happens as a result of a transistor being subjected to high voltage that isn’t enough for immediate dielectric breakdown, regardless of current. The mechanism doesn’t seem to be well understood, but the practical result is that random damage adds up over time. The main consideration for time-dependent gate oxide breakdown seems to be voltage, it seems probably that temperature would have an effect as well.
There are physics mechanisms by which voltage leads to oxide damage like hot-carrier injection, I would characterise time-dependent gate oxide breakdown as the observed effect of all the various mechanisms.
Because voltage affects time-dependent gate oxide breakdown directly, it doesn’t seem to me that how heavy the load is would affect it directly. However, any parts that are completely power gated would not be subject to time-dependent gate oxide breakdown while power gated. A single-core load would not intrinsically be any less at risk of time-dependent gate oxide breakdown, it could be mitigated by hopping the load between cores, but only to a fairly limited extent.

“Safe” vs “Unsafe”

Both electromigration and time-dependent gate oxide breakdown are processes that are always happening to a certain extent, as long as the chip is powered on. Reducing voltage reduces their rate, and increasing voltage increases their rate. Electromigration is also slowed down by reducing temperature, and both are reduced by lighter workload since as well as the reduced current drawn you can power gate more of the chip.
In a way this means there is no such thing as a “safe” voltage. Simply running a chip damages it, even at stock, regardless of voltage. So what we mean when we say “safe voltage” is effectively something like;
“The voltage at which it’s expected that the chip will not be damaged or destroyed so fast that we regret overclocking it”
“Safe voltage”, unless you’re undervolting, does not mean and has never meant that the lifespan of the chip is unaffected nor that degradation will never take place. However the expectation is that degradation should take many years to appear. “Safe voltage” is also, and I cannot stress this enough, not a magic value where there’s no value below it and loads above it. It’s just an arbitrary line in the sand.
This terminology and the concept of “safe” is in itself something that may need to be revisited at some point. In the past the tradeoff when overclocking was mainly increased power consumption above an arbitrary TDP, or eating into voltage margins. We now live in an era where turbo at stock takes chips well beyond their arbitrary TDPs anyway, and platform design is getting better at narrowing the voltage margins with Intel’s tightly regulated IVFIVR on some platforms and AMD’s clock stretching to deal with transients on a cycle-by-cycle basis.

LLC digression or “playing lawyer against the laws of physics”

In relation to “safe voltage” it’s also worth pointing out that there’s always an assumption that a sensibly low LLC level with a decent bit of Vdroop will be used. Some people will set the “safe” voltage then start pushing up LLC to get more and more load voltage. The chip is of course affected by the voltage and current actually going through it, not the bios settings, and will take damage just as it would at a higher set voltage with more Vdroop. When people think there’s somehow a loophole that lets them raise voltage without it being “unsafe voltage”, they can tell the chip that all they want, but it won’t listen to them and un-degrade itself. This isn’t directly relevant but is worth noting when talking about “safe voltage”. Similarly if you go the other way and have very high droop but tune to hit precisely the “safe voltage” according to monitoring software under load, with a set voltage well in excess, you’re running higher voltage at both idle and load than someone saying “X volts is safe” intends. Anyway…

Part 2: Where voltage recommendations come from

Traditionally there are three ways for the community to find out what voltage is “safe” for a particular chip;
Recently two more methods have been employed;
Variance between chips happens – different leakage means different current draw and therefore different electromigration at the same voltage, oxide layers will vary in thickness, and so on – and is rarely explicitly addressed, but when a manufacturer has had a hand in recommendations you can bet that it’s accounted for and the number given is close to being a lower bound. When numbers come from the community, ultimately there’s information about degradation that has been fed back, so that’s also reacting to the more delicate chips.

Part 3: Where 1.325V for Matisse comes from

I’m going to use more active voice for this part, as I’m talking about my personal thinking and choices.
If you’re reading this, you’re probably aware of The Stilt’s excellent “strictly technical” articles. The immediate reason for the 1.325V recommendation will seem obvious – The Stilt quoted 1.325V as the average value that a Matisse chip’s own firmware will allow for intensive loads. A subreddit user (I can’t remember the spelling of their name but they have a strong history of good contributions) also linked to this with a title along the lines of “Maximum all-core voltage for ryzen 3rd gen is 1.325V”. I also pinned this post for a while. The obvious reading is that this was seen out of context, taken as gospel, and the nuance discarded.
In fact, some information had already made its way to me already from very credible sources. This was very limited and what I can responsibly share is even more limited, because for some reason this is treated as super duper secret, and while I disagree with that it’s not my choice. I’ll also say now that I won’t be answering any questions at all about this, or engaging in conversation about it, nor will I be blinking a set amount of times or anything else. I understand that’s frustrating but I’m lucky to be able to even mention this.
The information I have indicated that the 1.325V value that was getting popular was if anything conservative. To be clear, this related to values given as friendly advice by people in the know – certainly assuming long-term use, but also assuming high-end cooling. And definitely not something anyone should be held to (I suspect not being held to anything is why this is so locked down). However this gave me an indication of what not to be alarmed by, that placed 1.325V squarely in the “not alarmed” box. I’m talking about this because it’s the truth behind what happened, and it does not take precedence over actual experiences.
It’s also worth nothing that many credible media outlets had shown overclocking results with much higher voltages, such as techpowerup who tested their 3700X with 1.4V.
The choice was therefore, rather than declaring a higher voltage than 1.325V or looking further into it, to accept and endorse the value that was getting popular on the basis that, as well as not going against the tide, it should be on the safe side. This was also supported by the public information – after all, The Stilt didn’t talk about messing with “reliability scalars” for Matisse. 1.325V average for Matisse appeared, in terms of safety, equivalent to 1.33V for Pinnacle Ridge – and short-term degradation for Pinnacle Ridge was only reported, to my knowledge, above 1.38V.

Part 4: Why 1.325V might not be a good recommendation for Matisse

There have been multiple reports of chips degrading in surprising ways. For example;
Now, these chips will all limit themselves to different voltages at stock when governed by SenseMI – different “FIT voltages” as they’re called – and it certainly seems likely for them to be less than 1.325V. However, as explored above, it’s not in itself unexpected that 1.325V would be above what’s practically a stock voltage. Again, even setting aside any whispers from any sources, even a chip with a very low 1.275V “FIT voltage” would be expected to last well at 1.325V based on how Pinnacle Ridge behaved. This means one way or another there’s something unexpected happening.
What it doesn't seem to be is user error. There are too many reports for that at this point, and while some may be a little above 1.325V the effects still wouldn't be expected this soon.

Part 4.5: Things about Matisse that might complicate the situation

Fair warning, there’s going to be speculation in this section.
I want to try and enumerate the possibilities to figure out what’s going on, and specifically avoid jumping to any conclusions. Frankly, I don’t think there is a single obvious conclusion. But first I want to talk about what we know.
What we know about how Matisse differs from past CPUs:

Part 5: Where do we go from here?

What we won’t do is say “don’t overclock”. There are always ways to tune performance – trading away power, eating into voltage margins by using a better than baseline motherboard, or improving cooling. But we need to look at the options.

Option 1: Reduce the suggestion for a “safe” fixed voltage

We could drop the blanket recommendation, say to 1.3v or 1.25V. If we go low enough it has to be safe – but it would probably make a fixed OC worse even all-core than stock on many chips. This does retain the benefit of giving users a single straightforward value.

Option 2: Tell people to determine their own safe voltage

This is the option that seems to be gaining mass popularity, and I guess would be the ‘path of least resistance’ now in the way 1.325V was previously. The idea is to still treat every chip as having its own concrete “safe voltage”, just per individual chip rather than per family as was done in the past and with option 1.
The way this works is having assumed there’s a specific “safe voltage” per individual sample, we then assume that an end user can experimentally determine this for themselves with reliable results. The recommend method I’ve seen is to enable PBO (thus lifting off power and current limits), run the heaviest possible all-core workload, and then use software voltage monitoring to see what voltage the chip is getting.
There are a couple of problems with this. Firstly, user error exists. Someone might pick the wrong prime95 setting, not assign enough threads, or have a background load that reduces the overall stress on the CPU. Secondly, if temperatures have an effect then someone might be testing at lower temperatures than they see under real load and still end up with an excessive voltage number. I also worry about this option because I already see some users arguing an obviously excessive voltage like 1.4V is fine because their chip runs it with PBO, and I can forsee some of the “Prime95 is overkill” crowd wilfully deciding to base their fixed voltage on a load that leads to a higher voltage.
Reasons temperatures could change include change of room temperature, increases in dust affecting the cooling, and extra GPU load dumping heat into the case. It’s also possible an impatient user would just not let the system reach equilibrium.
It’s my belief that this method is valid in many cases, but for the reasons above is not for everyone.

Option 3: Recommend PBO tweaking over fixed overclocks

Matisse chips seem to have a lot of room for tweaking without setting a fixed clock and voltage, and this also lets the chips boost higher for light loads compared to a fixed voltage as well as helping with idle behaviour. This also doesn’t mean we’d be banning discussion of fixed overclocks, just that it wouldn’t be the immediate recommendation for people with Matisse-based daily systems.
The safe voltage FAQ entry for Matisse would say something like;
For Matisse it is recommended NOT to use a manual overclock in most cases. The technologies AMD collectively refers to as SenseMI, including Precision Boost 2, provide a very aggressive boost in lighter workloads while maintaining safety in heavier workloads in a way that a fixed manual voltage cannot compete with.
You can of course still overclock Matisse chips but this is best achieved with Precision Boost Overdrive (PBO), which expands Precision Boost 2 power limits to trade power for performance (manual PBO limits can also trade performance to restrict power below stock).
It's my belief that this method would be the best to recommend. However I'd appreciate any and all constructive feedback people have.
submitted by HowDoIMathThough to overclocking [link] [comments]

High West Capital Partners Scam

High West Capital Partners Scam

FBI is on the way against High West Capital Partners
Most of us have probably worked jobs that weren’t quite what they seemed on the outside, but my time at High West Capital Partners is in a category of its own; they owe me $275k and have vanished with my money.
If you’ve ever seen the Tom Cruise movie The Firm, where a hotshot lawyer takes a well-paid role without asking too many questions and soon realizes he is working for the mob, you’ll recognize some of my experiences at High West - without the Hollywood ending.
I lost my job in 2008 after serving my time in Wall Street and for the next decade bounced around a couple of small brokerage firms. I still don’t know how they found me, but I was headhunted on LinkedIn in spring 2019 by an assistant for someone called Jim Locke, the apparent MD of High West Capital Partners, LLC. They promised me 10% commission and would cover all expenses. I agreed almost immediately, and a memo (not a contract) was sent over with the terms of the agreement.
I never spoke to or heard from James Locke during my time at High West Capital Partners, LLC. Does this supposed MD of a supposed investment vehicle that “reaches around the globe twenty-four-seven” even exist? I’ve asked myself this plenty of times over the last year. Most of my research, and that of the investigators I hired to help peel back some of the layers, would indicate no.
Who are High West Capital Partners?
With zero money and no contact from the firm for several months now I have tried to go as deep as possible into the company who were meant to be employing me, and found most of the roads leading to High West Capital Partners went nowhere.
The website promotes offices in Hong Kong, Singapore and Nevis, but for some reason visitors are greeted with an image of Paris, France. High West Capital Partners boasts of its financial intelligence but strange details and the strapline “custom goods made to order” which is not any kind of financial terminology I have heard in 20+ years make the site look more like an amateurish scam.
The Hong Kong address listed on the High West Capital Partners website, 15 Queen's Road, 75J5+65 Central Hong Kong, is in the centre of the fashion district.
It is home to many law firms, and is the location of choice for at least eight offshore funds, all shell companies registered in the British Virgin Islands (BVI) between December 2006 and September 2007. It is not home to High West Capital Partners as there is no record of a company of that name ever existing at that Hong Kong address.
During a trip to Hong Kong to meet a potential client in winter 2019 I swung by the building unannounced, out of curiosity. There was no trace of High West Capital Partners on any of the signage and the reception desk also could not find any data indicating the firm operated out of the building.
Hong Kong’s business register has no record of High West Capital Partners, and neither does the Securities and Futures Commission, Hong Kong’s finance regulator.
A six-minute walk away from 15 Queens Road is the Hong Kong Chinese Bank Building. Here, High West Capital Limited was registered in July 2020 by three foreigners; a German, Dr Thomas Robert Wetzer; and two Austrians, Alfons Mensdorff-Pouilly, and Alexander Spitzy.
All three are senior executives at Jebsen Group, a legitimate and longstanding investment management group. Mensdorff-Pouilly and Spitzy are senior managers at Jebsen, while Wetzer is a general manager of equity portfolio at the offshoot Jebson Capital.
High West Capital Limited has no website or any other identifying information, is registered at Suite 603, 6/F The Chinese Bank Bldg Nos 61-65 Des Voeux Rd Central, Hong Kong.
The trio make no mention of High West Capital Limited on their social media profiles, and there is no other financial paperwork lodged. They paid HK $1,000.00 to incorporate it, and the company secretary, which tends to be a law firm, is listed at the same address. It is called Kompliance Limited, a private company formed May 2017.
Look’s Securities was incorporated in August 2016, the same year Spanier and McClain were convicted and around the same time period where all the other bits of the puzzle fit together.
Looks Securities is a sister to Look’s Asset Management, which is listed with Hong Kong’s securities regulator as offering securities advice since 2016 and has much the same management, including the same complaints officer who is the point of contact for regulatory issues.
The first iteration of High West Capital Partners LTD was incorporated in St Kitts and Nevis, which has one of the most obscure and secretive company register databases in the developed world, in 2016. High West’s financials are firewalled by Southpac Trust.
On 21 August 2017, High West Capital Partners LTD registered at Kingston Chambers, Town Road, VG1110, British Virgin Islands (BVI) with the Legal Entity Identifier 549300J8JHMPPSYSI103. It has no operations and no collateral at that site. That address is used by at least 10 other shell companies using the tax haven to obscure trails of wealth.
High West Capital Partners PTE. LTD was registered in August 2018, in Singapore. The address is 8 Marina View, #43-01, Asia Square Tower 1, Singapore 018960 in the local business registry. A “management consultancy” this time, High West Capital Partners PTE. LTD is listed as having five owner-shareholders who paid a cash sum of $5,000 to register.
Registering as a management consultancy means they can circumvent Singapore’s requirements to file annual reports of their income and they do not have to declare other financial information or make other documents publicly available.
Other registries covering Singapore have them at numbers #07-04 Asia Square Tower 1, and the have moved around the building, presumably to help muddy the waters even more.
In March 2017, High West Capital Partners, LLC was incorporated by the process agent Allison Zeledon in New York in 2017, at 91 Pantigo Road in East Hampton. The residential address, unlike the others around it, is blurred on Google Maps street view.

High West Capital's alleged processing agent's address
In cross-border financing transactions, the parties to the agreement must decide on a choice of law clause specifying that any disputes will be determined in accordance with the law of a particular jurisdiction. It varies, but New York, Hong Kong and the UK are usually chosen.
The process agent is basically the main point of contact for all legal documentation. Allison Zeledon performs this role for a couple of the 10 very similar companies she is linked with around the Hamptons area. Like Jim Locke, if Allison exists, she never responded when I was trying everything to get the money they owe me.
Also registered to that residential address is Hampton Global Invest, L.P. to the names Davis Zeledon, Margarete Seidler (born 1926), and Hans H. Seidler.
Davis Zeledon is a Costa Rican who opened a short-lived fund called Satori Capital Management Ltd in London in 2015 with a German equities trader residing in Spain. Satori was registered to a notorious central London address with 107 other shell companies.
Satori filed no accounts or other financial data and was struck off the British business register in March 2017, the same month High West Capital Partners, LLC was opened in New York. It exited the UK market just before two new sets of corporate anti-corruption laws entered force that would require greater disclosure on sources of funds.
For the sake of completion, Hampton Global Invest was also incorporated in December 2016 as a foreign limited partnership under the jurisdiction of Delaware. Like so many other players in all of this, it appears to be a shell vehicle; there’s no investing and little evidence of any global footprint.
The New York address is the only link High West Capital Partners, LLC has to the US, and I understand it has been raided by the feds.
There is no real US office, but seemingly a presence in Florida and Miami, where I first met the one and only person I know for a fact exists, a young man called Chasen Nevett.
Here’s Chasen’s WhatsApp contact picture, as you can see, his face is obscured, and for good reason, he will be the scapegoat when the High West Capital Partners’ house of cards falls down.
Every time I traveled, expecting to meet Jim Locke, or Allison Zeledon, or one of the other agents, Chasen would call, make excuses for why the others were missing, and then direct my business.

Chasen Navett's social media profile picture.
I first met Chasen in a coffee shop in downtown Miami, where he let slip he was in town to meet two other High West Capital Partners agents. They went by the names Eric Disbrow, a realtor who is for some reason called “Joe” in his online reviews, and Daniel Giancola, who has sadly removed his LinkedIn profile picture since I started hitting it every day. Whether these are their real names, I have no idea.
I do know that Chasen also goes by the names Robert Klein and Gabriel Messorow. Those are the names he has on two passports (one British, one US) stashed in his drawer in the Singapore office that were found by an office representative of 8 Marina View, #43-01, Asia Square Tower 1, Singapore who had been spooked by a call from US federal prosecutors. I had to try and calm the man after turning up at the offices unannounced, as he began to shove paperwork at me; indictments, arrest warrants, asset seizure notices.

Federal Indictment issued for the two primary suspected ring leaders of the High West Capital Partners shell company
When I confronted Chasen, or Robert, or Gabriel, he got extremely nervous, and started mumbling about a guy called James Miceli, who I’ll come to shortly, Chasen did the classic move of excusing himself to go to the bathroom and ghosting.

United States Federal Indictment Warrant for the ringleaders of the High West Capital Partners scam
I never saw Chasen in person again, but we exchanged messages where necessary. Clients have told me he refuses to meet them too.
So, in summary, High West Capital Partners shares addresses in BVI, Singapore, Nevis, and Hong Kong with multiple shell companies because it is also in fact a shell company.
It does not have any employees and it is not traded on any exchange. It doesn’t make money nor provide customers with any kind of services. It exists purely to obscure the identity of the people behind the money and shields them from the eyes of US tax officials.
Taking High West Capital Partners to court won’t help; your money has been funnelled through one of their many tax haven offices and is long gone. That is if you even get a response when taking legal action, as High West Capital Partners’ US operation is just as much of a sham.
The stock loan fraud
Not too long after I began work it soon became clear the links to Asia that High West Capital Partners gassed about really only extended to using Look’s Securities Limited in Hong Kong to sell the pledged stock that clients were putting up as collateral. The problem, the borrower didn’t know this, as they had been promised their stocks wouldn’t be sold unless there was a default.
Look’s Securities was incorporated in August 2016, around the same time period where all the other bits of the puzzle fit together. Looks Securities is a sister to Look’s Asset Management, which is listed with Hong Kong’s securities regulator as offering securities advice since 2016 and has much the same management, including the same complaints officer who is the point of contact for regulatory issues.
It was set up to obscure the trail of sold stocks, which would be dumped on the Hong Kong or Singapore markets in Chinese.
Our clients were told High West Capital Partners may hedge some transactions in connection to minimize the risk of an increase or decrease in collateral value of the loan, but that was all lies. High West Capital Partners, via Look’s, sold the collateral, almost immediately, to fund the loan.
I would notify Chasen of a potential lead, and once the paperwork was signed, he would take over the handling of the collateral and bring Look’s into the picture. He said those were his “orders from above”, but I have no idea who was above him.
A borrower later shared that these loans were generally fixed, usually around three years. They had “lockout” provisions that stops the borrower from prepaying the loan until a specified period elapsed, usually twelve or eighteen months after the date of the agreement.
Borrowing against stock is a totally legitimate way for businesses to get operating capital or a boost of cash to grow - but when the company legitimately can’t get the stock back, especially when they’ve been promised it, a federal crime has been committed.
Hunting payments and the trail through the Hong Kong and Singapore stock exchanges proved near impossible for anyone who tried, and I did for a while.
The excuses from Look’s and Chasen as to what the hell happened were never-ending; Coronavirus, market volatility, the shorting of virus-hit stocks and the freezing of exchanges, riots in Hong Kong making it unsafe for staff, it was something new every day.
Two things happen when the transaction goes like that. One, a business makes interest payments every quarter to service the loan, only to find out after the debt is repaid that the stock is gone. Two, more likely, as I saw during my short time at High West Capital Partners, is this huge dumping of shares sparks a stock price collapse which triggers the ‘Margin Clauses’ buried in the contract, causing the borrower to default, crystalizing the fraud.
After a couple of, I presume now provisional, commissions on the back of deals I’d made, the money stopped coming, emails weren’t returned, and things turned really strange.
High West Capital Partners did not encourage me to visit any of their offices, and instead kept a shared Google drive of scripts and other sales documents. I saw a couple of names on the edits that overlapped with some stories I heard back in the day and started to do some digging.
It got to the point I had no contact with the company for four days, which is when I started poking around a bit more. They owed me $275,000 for a couple of trades, and they had gone quiet when it was time to pay. Calls and emails to Singapore, Nevis and Hong Kong went unanswered.
At this point, some clients were calling me in a rage, but there wasn’t much I could do; the truth is it had been dumped almost in order to fund the loans. I tried to direct some of them to Southpac and the High West Capital Partners LTD BVI office at Kingston Chambers, Town Road, VG1110, but then started getting emails from Chasen– who had been ignoring me until this point - warning me off. Did they have access to my email or something?
Argyll Equities, LLC., and Amerifund Capital Finance, LLC.
In typical half-assed High West Capital Partners fashion, some of the sales scripts and contracts on the share drive were not edited properly, and occasionally had the names Argyll Equities, LLC., and Amerifund Capital Finance, LLC inside the copy where High West or Look’s should have sat.
This was the clearest indicator the loan fraud scheme wasn’t just being executed in the exact same manner as the Argyll and Amerifund cases - it was being run by the same people.
Way back when, James T Miceli and Douglas McClain, Jr, operated Argyll Equities, and Jeffrey Spanier operated Amerifund Capital Finance LLC, the loan brokerage business which was often represented as the retail arm of Argyll.
Argyll was an institutional lender with big cash reserves that could be lent to corporate executives and other individuals. The shareholders would pressure Miceli, McClain and Spanier to push the loaned stock they had bought from clients towards Argyll, who sold it.
The FBI and SEC took the trio to court and secured convictions, despite some shaky evidence and
When the Argyll Equities thing blew up, Miceli killed himself protesting his innocence, unable to take what was happening. Jeffrey Spanier and Doug McClain had always said they were answering to people above them at Argyll and Amerifund Capital Finance, LLC. Spanier helped out the authorities from the start, his lawyers said, because he’d been acting on orders.
Everything pointed to the bosses of Argyll and Amerifund fleeing to Asia in late 2015 where they started the scam all over again. High West Capital Partners has no collateral, no cash reserves and no independent source of funding.
For Spanier and McClain, read Chasen, Giancola and Disbrow, whose name are on most of the contracts and will take the fall, whether they deserve it or not. For Argyll, read Look’s, which is dumping the stock in the Asian markets to ensure there is no trace of it.
High West Capital Partners activity
If you look at the performance of some companies today where High West Capital Partners are involved with stock loans, you’ll see the same patterns.
In July 2019, the CEO of tech firm ClearStar transferred 1,613,000 ordinary shares to High West as collateral for a loan in an off-market transaction. The announcement and press notices have no extra information or contact details for High West Capital Partners, and does not reference whether it is the New York, BV, or Singapore arm of the firm involved. Unlike the other players there are no contact details for High West Capital Partners or detail about their side of the transaction.

ClearStar INC, transfer of 1,613,000 shares to High West Capital Partners for Stock Loan.
ClearStar’s value has halved in that time and is still plummeting.

ClearStar price since entering into loan agreement with High West Capital Partners
In September 2017, a month after opening, High West Capital Partners, LLC entered into a share pledge agreement with Hattan Land Limited whereby 26,666,700 ordinary shares were transferred to an agent of High West.

Rule 728, Catalist Rules
Hattan Land’s share price is down 36% this year alone, and the company has lost 70% of its value since entering into an agreement with High West.

Hattan Land price since entering into agreement with High West Capital Partners
Note that this transaction took place in Singapore, but not through High West Capital Partners PTE. LTD of 8 Marina View #43-01, Asia Square Tower 1, Singapore but was handled by High West Capital Partners, LLC, of New York, the shell company with no assets.
High West boasts on its website of how its investment team “specializes in bespoke financing to achieve our clients objectives”, but there cannot be many companies out there who have the aim of losing millions and having their values slashed.
What do we know?
The exact same fraud perpetrated at Argyll Equities and Amerifund Capital Finance is being played out again by High West Capital Partners and Look’s Securities, by the individuals who were not jailed for the original crimes.
The High West Capital Partners executives Jim Locke, Daniel Ginacola, Eric Disbrow and Chasen Nevett are the subject of federal investigations over their fraudulent activities.
No client I spoke with, nor anyone else involved remotely has ever met anyone other than Chasen Nevett. Chasen himself has several identities, and it would not be a stretch to assume the others do too. The firm’s US process agent Allison Zeledon also has questions to answer, if she exists.
High West Capital Partners LTD, registered at Kingston Chambers, Town Road, VG1110, British Virgin Islands (BVI), is a shell company used to funnell ill-gotten gains from other ventures.
High West Capital Partners PTE. LTD of 8 Marina View, #43-01, Asia Square Tower 1, Singapore 018960 is another shell company used to route money out of Singapore in a manner that obscures the identities of the individuals behind the businesses.
High West Capital Partners, LLC of New York in 2017, at 91 Pantigo Road in East Hampton, is a shell company used to facilitate cross-border transactions and hide the identities of the individuals behind the scam.
These last few months, with the bills racking up and work slowing, have been brutal. Trying to get information out of High West is like nailing jello to the wall; I cannot do this by myself. I want the money they owe me $275,000, and I want the world to know what kind of company they are.
submitted by Ok-One9373 to u/Ok-One9373 [link] [comments]

Beginner's Guide for New WeBull Users April & May

Hello Webull's Friend,
We are all honored that we had many people joined Webull for the past few months. We do see many questions posted by you in the sub-reddit, so we think it's necessary to help you to getting to know Webull better. In this post, we collect some general questions about Webull to make an explanation. No matter you're new to Webull or our current active user, you'll bot get a better understanding about us.
Feel free to ask on the comments section below.
1.What is Webull Financial LLC?
Webull Financial LLC is a registered broker dealer with the SEC, and a member of FINRA and SIPC. It's a new investment app which allows you to make free trades across a variety of investments. Webull strive to keep its vast depth of news, real-time market data, analysis tools, and trading commissions completely free.

2.Why choose Webull?
0 commission fee, 0 account opening/maintenance fees, and 0 account minimum deposit.
Full Pre and After market trading hours. (4:00 a.m. - 9:30 a.m. and 4:00 p.m. - 8:00 p.m.)
21 technical indicators.
Candlestick and line charts.
Breaking news & Global market financial data.
Personalized portfolios and alerts.
Timely customer service responding.

3.Is my Webull account insured and protected?
Webull financial LLC is a member of SIPC, which protects customer securities up to $500,000 (including $250,000 for cash claims).

4.What types of account can I open with Webull?
Account Type
Cash Account
Net Value - No Limit
Day Trade - N/A
Leverage - No
Short Sale - No
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Net Value - $0-$1,999
Day Trade - 3 day trades in 5 business days
Leverage - No
Short Sale - No
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Account Type
Margin Account
Net Value - $2,000-$25,000
Day Trade - 3 day trades in 5 business days
Leverage - Buying Power up to Four (4) times
Short Sale - Yes
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Net Value - >=$25,000
Day Trade - Infinite
Leverage - Overnight Buying Power up to Two (2) times
Short Sale - Yes

5.How long does it take to open a Webull account?
Please tap on the "Trade" tab in the bottom navigation bar. This will direct you to the Webull Financial application form. Your application is normally approved within an hour. We will inform you by SMS and Email of its completion. Some applications may require additional verification. Please wait for Email guidance from Webull.
Some applications can take as little as 30 minutes and some as long as a week. If you do not receive any information on your application, you can reach out to Webull's customer support page on Facebook.

6.How to convert a cash account into a margin account?
Please print, sign, and scan the margin account agreement and send it to [[email protected]](mailto:[email protected]) from your registered Email address. All trades must be settled in the account before the conversion can be executed.
Convert account type

7.What brokers can I transfer from?
We support pretty much any brokerage with a DTC number. If your broker is not listed on Webull app, please slid to the bottom, click "Other Broker" and you can find out these ACATS brokers by searching broker's name or DTC number.

8.What is the charge for securities transfer?
Webull does not charge for any incoming transfers. Please check your current broker about their transfer fees.
Webull charges $75 for each outgoing transfer.

9.Can I trade in Pre and Post market with my Webull account?
Yes, Please select "YES" for extended hours while you are submitting an order.

10.When can I place orders with my Webull account?
From 4:00 a.m. to 8:00 p.m. EST on weekdays when the U.S. markets are open.
​11. Where can I see dividend payouts on Webull?
Currently that is not available on this platform, it is advised to use yahoo finance or another similar service you are comfortable with using.
12.What kind of securities can I transfer to my Webull account?
Most U.S. listed equities and ETFs are supported, However few stocks and ETFs limited to trade by Apex, the clearing firm. (Currently, bonds, options, mutual funds, penny stocks on OTC markets are not supported)
Please make sure whether the specific security you would like to transfer is tradable or not in Webull with the following method:
Tap on "Trade" in bottom navigation bar
Tap on "Trade" button on the middle left
Search the symbol or company name. If no results, it is not tradable in Webull

Referral Program
Sometimes there are bonus stocks you can receive during certain periods of the year.
Currently between April 17th 2020 - May 11th 2020, "During this promotion, when you successfully refer TWO (2) people to join us, you'll receive a bonus stock for each referral, each stock is values between $12-$1400!"
For example, you successfully refer Mary to join. You receive two stocks. You successfully refer John to join. You receive two stocks. You then receive 1 ADDITIONAL stock for each of those people. (Mary) 2+1 and (John) 2+1 equals 6.
The first bonus referral only counts if you have never had a referral on your Webull account. AWAITING CONFIRMATION FOR THIS
Without promotions this will be the normal referral program You can get a free stock valued up to $1,000 if it's your first time open a trading account with Webull. If you already had an account with Webull before, you can share your referral link with your friend. You and your friend will both get a free share of stock when their application is approved.
Please make sure your friends use YOUR referral link to sign up and open a trading account by using the same registered account.
To see your current invites status. Tap "Menu" in the bottom right hand corner> "My Free Stock"> Scroll down to the bottom of the page in small letters "My Invites"
On the "My Free Stocks" page, you will also see your current free stocks you have received. If you have any stocks you currently need to claim that will be at the very top of the page in gold letters. You can also see deposit bonuses, invitation bonuses as well as your referral code by clicking "Invite Friends"
I opened an account today and made a deposit.
1) When do I get the free stocks?
2) When will my deposit be available?
When you deposit status is completed and the funds have settled you will receive your free stocks. Then 7 days after you claim for free stocks you will be able to use them. Settled funds take normally 5 business days.
"Once you transfer funds, WeBull will release your deposit in the form of conditional buying power. You can access up to $1,000 in buying power instantly when you make a deposit. The incoming funds usually take about five business days to settle."
Thanks for reading and gook luck to you all!
Leave your comments below and I shall add more questions and information to this post in later if I missed something.
I will be fixing the formatting as I can.
Last updated April 21st 2020
submitted by dranide to Webull [link] [comments]

Beginner's Guide for WEBULL 2020

Hello Webull's Friend,
We are all honored that we had many people joined Webull for the past few months. We do see many questions posted by you in the sub-reddit, so we think it's necessary to help you to getting to know Webull better. In this post, we collect some general questions about Webull to make an explanation. No matter you're new to Webull or our current active user, you'll bot get a better understanding about us.
Feel free to ask on the comments section below.
1.What is Webull Financial LLC?
Webull Financial LLC is a registered broker dealer with the SEC, and a member of FINRA and SIPC. It's a new investment app which allows you to make free trades across a variety of investments. Webull strive to keep its vast depth of news, real-time market data, analysis tools, and trading commissions completely free.

2.Why choose Webull?
0 commission fee, 0 account opening/maintenance fees, and 0 account minimum deposit.
Full Pre and After market trading hours. (4:00 a.m. - 9:30 a.m. and 4:00 p.m. - 8:00 p.m.)
21 technical indicators.
Candlestick and line charts.
Breaking news & Global market financial data.
Personalized portfolios and alerts.
Timely customer service responding.

3.Is my Webull account insured and protected?
Webull financial LLC is a member of SIPC, which protects customer securities up to $500,000 (including $250,000 for cash claims).

4.What types of account can I open with Webull?
Account Type
Cash Account
Net Value - No Limit
Day Trade - N/A
Leverage - No
Short Sale - No
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Net Value - $0-$1,999
Day Trade - 3 day trades in 5 business days
Leverage - No
Short Sale - No
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Account Type
Margin Account
Net Value - $2,000-$25,000
Day Trade - 3 day trades in 5 business days
Leverage - Buying Power up to Four (4) times
Short Sale - Yes
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Net Value - >=$25,000
Day Trade - Infinite
Leverage - Overnight Buying Power up to Two (2) times
Short Sale - Yes

5.How long does it take to open a Webull account?
Please tap on the "Trade" tab in the bottom navigation bar. This will direct you to the Webull Financial application form. Your application is normally approved within an hour. We will inform you by SMS and Email of its completion. Some applications may require additional verification. Please wait for Email guidance from Webull.
Some applications can take as little as 30 minutes and some as long as a week. If you do not receive any information on your application, you can reach out to Webull's customer support page on Facebook.

6.How to convert a cash account into a margin account?
Please print, sign, and scan the margin account agreement and sent it to [[email protected]](mailto:[email protected]) from your registered Email address. All trades must be settled in the account before the conversion can be executed.
Convert account type

7.What brokers can I transfer from?
We support pretty much any brokerage with a DTC number. If your broker is not listed on Webull app, please slid to the bottom, click "Other Broker" and you can find out these ACATS brokers by searching broker's name or DTC number.

8.What is the charge for securities transfer?
Webull does not charge for any incoming transfers. Please check your current broker about their transfer fees.
Webull charges $75 for each outgoing transfer.

9.Can I trade in Pre and Post market with my Webull account?
Yes, Please select "YES" for extended hours while you are submitting an order.

10.When can I place orders with my Webull account?
From 4:00 a.m. to 8:00 p.m. EST on weekdays when the U.S. markets are open.
​11. Where can I see dividend payouts on Webull?
Currently that is not available on this platform, it is advised to use yahoo finance or another similar service you are comfortable with using.
12.What kind of securities can I transfer to my Webull account?
Most U.S. listed equities and ETFs are supported, However few stocks and ETFs limited to trade by Apex, the clearing firm. (Currently, bonds, options, mutual funds, penny stocks on OTC markets are not supported)
Please make sure whether the specific security you would like to transfer is tradable or not in Webull with the following method:
Tap on "Trade" in bottom navigation bar
Tap on "Trade" button on the middle left
Search the symbol or company name. If no results, it is not tradable in Webull

Referral Program
Sometimes there are bonus stocks you can receive during certain periods of the year.
Currently between February 20th 2020 - March 31st 2020, the first referral you get you will receive 4! FREE stocks. 2 of them once they make a deposit, 1 after you claim those 2 stocks, and 1 on April 13th. After that, any additional referrals at this time will grant you 2! FREE stocks. Remember your friends must deposit and have it's status completed. Which means that their funds must be settled.
The first bonus referral only counts if you have never had a referral on your Webull account.
Without promotions this will be the normal referral program You can get a free stock valued up to $1,000 if it's your first time open a trading account with Webull. If you already had an account with Webull before, you can share your referral link with your friend. You and your friend will both get a free share of stock when their application is approved.
Please make sure your friends use YOUR referral link to sign up and open a trading account by using the same registered account.
To see your current invites status. Tap "Menu" in the bottom right hand corner> "My Free Stock"> Scroll down to the bottom of the page in small letters "My Invites"
On the "My Free Stocks" page, you will also see your current free stocks you have received. If you have any stocks you currently need to claim that will be at the very top of the page in gold letters. You can also see deposit bonuses, invitation bonuses as well as your referral code by clicking "Invite Friends"
I opened an account today and made a deposit.
1) When do I get the free stocks?
2) When will my deposit be available?
When you deposit status is completed and the funds have settled you will receive your free stocks. Then 7 days after you claim for free stocks you will be able to use them. Settled funds take normally 5 business days.
"Once you transfer funds, WeBull will release your deposit in the form of conditional buying power. You can access up to $1,000 in buying power instantly when you make a deposit. The incoming funds usually take about five business days to settle."
Thanks for reading and gook luck to you all!
Leave your comments below and I shall add more questions and information to this post in later if I missed something.
I will be fixing the formatting as I can.
Last updated March 10th 2020
submitted by dranide to Webull [link] [comments]

Interview Series #12: Matthew Milstead, Facet Rough Dealer & Owner of Milstead Gemstones

Interview Series #12: Matthew Milstead, Facet Rough Dealer & Owner of Milstead Gemstones
Matthew Milstead is a 23-year-old facet rough dealer, well-known within gem circles for bulldozing onto the gem scene and quickly establishing himself as a household name. His rough videos are easily recognizable by the high-quality rotating shots of fine singles.
A pile of montana sapphires
A large, clean pink rhodolite garnet
I had the opportunity to chat with Matt about how he established himself in the industry, the role networking plays in rough dealing, how he shops for stones and got to see some of his favorite rocks!
I know you began collecting stones at a very young age. What drew you to facet rough over mineral specimens?
I always loved the treasure hunt, I would go on to be called the “horse trader” at a gem shop near my home. It was there I learned cabbing at around age 14. I never developed the passion so I figured I'd give faceting a go. That also didn’t take--my favorite part was looking at the rough.
I knew I wanted to do something in gemstones, but it took me a while to find exactly what that was. I started with trading faceting stones, and found myself selling rough just because I was drawn to it. The problem with that of course, is the barrier to entry in rough dealing is extremely high.
I think rough is interesting because of the challenges it presents. The little difficulties rough hides, the challenge of communicating quality that can’t necessarily be seen in an image (clarity, etc).
You said the barrier to entry (for rough dealing) is high--how did you break that?
It was sort of a freak accident. I was selling whatever rough I could get on my Instagram, which if you aren’t one of 5 or 6 people in the US isn’t much. I then graduated to Facebook. Funny story there, it took me so long to get a Facebook because I was afraid my age would deter people from buying from me. Instagram could of course be a stand alone account, not associated with a profile. Remember I was 16, looked like I was 12, and trying to sell stones to adults. Looking back I don’t believe it would have hurt me, but who’s to say.
Anyways, I got a bit of a Facebook presence and a deep pocket dealer started to criticize me publicly for this, that and the other thing. This fella brought me close to a few incredible friends who responded to the dealer's negativity by helping me out a bit, and I’ve built on those relationships to where I am now.
What convinced you to take the leap and start an official business?
I had a job as a barista in high school. Didn’t like jobs and LOVED gemstones. I was actually selling stones when there were no customers in the shop. Snapping pictures next to the espresso machine and posting them. It couldn’t be anything else, just what’s right for me.
Can you speak to a bit about how the industry is shifting now that it's become easier to buy rough online? How are people shopping for rough now compared to how they shopped 10 or 20 years ago?
Well, I can only lean on what I’ve been told for 10-20 years ago. Of course it was much harder to get for the average consumer. I know one dealer used to send out a catalog in the mail, and get checks in the mail back! Very different to how things are now. Of course the internet didn’t just increase availability to cutters, but also availability of pricing to sources. Margins have shrunk considerably, and there is more competition in buying as well as selling.
How do you decide whether or not to purchase a parcel of gems from a supplier?
Depends on the situation. I would say the three things I always consider is 1) is it something I want to offer to my customers 2) price 3) who is it selling.
Why does #3 matter?
What if the purchase is a foot into an important door but you lose money? What if it makes someone happy that has always been good to you? It’s really about relationships.
How much traveling do you need to do for work? Do you buy most of your rough online?
I don’t buy anything until after my hands have been on it, and it's been like that for years now. I’m very picky, people will send to me and I will accept and reject things. Either that or in person. I will be traveling more and more as I get the office fully staffed and able to handle my absence for longer.
What's your favorite piece of rough currently in your inventory?
So many! The one that has my attention now is this mystery tourmaline, alluvial, purple, Nigerian, 6 grams, minor copper content.
30 carat Nigerian tourmaline with minor copper content, per the GIA
I also am really excited about this parcel of original-stock mahenge garnet I just received.
Matt's mahenge garnets, between 1 and 2 grams each
Why do you think Mahenge garnets have become so popular?
The original find stuff was so unique. I believe they became popular after they were seen cut— bright dispersive gems that almost never black out after cutting. That range of colors I have seen before from other locales but in limited numbers. Mahenge garnets are also generally clean, characteristically not having silk*. I have sold thousands of them. Maybe ten had silk and they were probably mixed in from elsewhere. Those types of inclusions are generally not characteristic and I look at anything presented to me as Mahenge that has silk with caution. They really aren’t found any more to my understanding in any substantial quantity.
What is something new you are looking forward to?
I’m looking forward to bringing forth more facet rough materials that come from outside Africa, where the majority of my stones are sourced. New adventures, mostly.
Look, everyone! It's Matt!
You can view Matt's many pretty pieces of facet rough here, and follow him on instagram here. If you have any questions about rough dealing, please feel free to ask here in the comments! Matt is not an experienced redditor but has agreed to take some questions (I may paste in answers for him).
*Matt is referring specifically here to the famous run of Mahenge garnets. Other garnets found in Mahenge may more commonly contain silk.
All opinions expressed are those of the interviewee and do not necessarily represent the views of the SPG moderating team.
submitted by earlysong to Shinypreciousgems [link] [comments]

Trying to understand the whys and hows of negative price in crude oil

Disclaimer, this is going to be a long message.
With the oil market gone mad recently, I would like to have some insights from someone who is on the field. FYI, I have never worked in/with the oil industry, but as an opportunistic and enthusiastic learner, I would like to know what it takes to pull off a deal that would allow one to get paid for taking delivery of WTI crude oil.
So here are my thoughts and interrogations. Some of my questions can overlap with each other but anyway. All of them can be summed up in one question: "If the same scenario of negative price occurs again in May for June's contract, how to proceed if I want panicked CL owners to pay me to take delivery of their crude oil? Then come the second top level question, how do I actually take delivery of this crude oil?"
But let's try to break this down into more elementary questions that have risen along my readings on the internet.
  1. First about the delivery process. I don't understand very well how roles are split between different actors.
1)a) In CL contract specs, they talk about a Clearing House. What is it exactly? A quick tour on Google brought me to Oil & Gas Asset Clearinghouse, is that the one? Is there an only one Clearing House?
1)b) Referring to that CL contract again, it's written that "The Clearing House shall allocate Delivery Notices and Notices of Intention to Accept by matching size of positions to the extent possible". Do I understand right if I say that it's the Clearing House that puts, nominatively, a bid in front of an ask? Isn't it up to the financial market to do that?
1)c) Apparently, some margin shall be submitted so the transaction can occur. What they call a margin in this CL contract is like a deposit, am I correct? Under which form this deposit has to be done? Money? How much? The equivalent of the whole transaction? Can you enlighten me about this margin thing? Especially when prices are negative, how this margin works?
1)d) Still in CL contract, they mention two companies: Enterprise Products Partners L.P. and Endbridge Pipeline (Ozark) LLC. Are they the only one companies handling pipelines and deliveries for CL contracts? Do they handle storage as well?
1)e) Are those two companies considered FCM? Or are FCM's completely different actors? How do FCMs interface with the Clearing House and the two companies mentioned in 1)d) ?
1)f) Can you explain me the difference between book-out, in-tank transfer and in-line transfer please? I'm definitely not familiar with those terms.
1)g) I read somewhere that delivery shall be made in accordance with all applicable Federal executive orders and all applicable Federal, State and local laws and regulation. Where can I find all those orders, laws and regulation?
1)h) Could you point me toward a FCM company?
1)i) What is the minimum amount of barrels required to be purchased so one can proceed to a delivery? I’m guessing that FCM/Clearing House/CME/Pipeline companies/Funds (big or small) won’t be interested in small transaction? What’s the smallest they toletate? I'd like to have an idea of the kind of money we are talking about.
1)j) CL contracts deal with WTI Light Sweet Crude Oil that is delivered to Cushing. Does this mean that WTI Light Sweet Crude Oil cannot be delivered anywhere else? Is any other type of crude delivered to Cushing?
  1. Then, relatively to storage itself, I can't find any clear picture of storage capacity, that's quite confusing
2)a) I thought that the US Gulf coast is now equipped with plenty of storage capacity, like 55% of US capacity (in Houston, LOOP in Louisiana...). How come everyone talks about storage issues in Cushing? It feels like there is only Cushing in the US (only 13% of storage capacity). Isn't it possible to transfer that glut of oil to storage farms elsewhere?
2)b) Is it really an issue of storage shortage or is it more about midstream infrastructures (I mean for transportation) not being able to keep up with this abundance of crude?
2)c) What regulatory requirements do storage facilities have to meet? Where can I find them?
2)d) What if I decide to store the crude abroad? Will US authorities have a say in the regulatory requirements met (or not...) by the facility receiving the crude?
2)e) Is there an easy way to get the big picture/map of storage capacity in the US, in the Caribbean, in Central and South America?
  1. About the trading/acquisition of barrels on financial markets aspects; I believe not anybody can buy CL contracts (therefore purchase barrels) on classic financial markets with classic brokers.
3)a) How to get access to this kind of transactions? I assume they are only large scale transaction aren’t they?
3)b) I didn't understand very well the difference between CME Globex and CME ClearPort... What use to do of those two ones? I got the impression that I had to be on one of those two ones to trade CL contracts.
3)c) How CME Globex and CME ClearPort are different from NYMEX? Isn't NYMEX supposed to be the exchange where CL contracts are traded?
3)d) What is traded exactly? USO or CL contracts?
3)e) I have identified some main stake holders from a financial/market point of view:
-CME Group, apart from creating/emeting the CL contratcs and handling/supervising crude delivery in Cushing, what do they do?
-USCF, which is a Fund that has created USO which is also a fund. If I understood correctly, USO shares are traded (under the form of an ETF) on NYMEX. This USO ETF is somehow (how?) related to CL contracts
-This USO Fund would be managed by Bank of New York Mellon (BNYM). Why not directly by USCF?
-ALPS, which is the distributing broker and handles the trading operation on the fund USO
3)f)i)Did I get the whole picture in terms of main players involved?
3)f)ii)Why does Bank of New York Mellon manage USO instead of USO itself or USCF?
3)f)iii) How CME Group and their CL contracts on one hand, and USCF/USO/BNYM/ALPS on another hand are related?
3)f)iv) Generally, can someone explain how all those players interact?
3)f)v) If prices go negative again, and I want to get paid to get crude delivered so that I can store it somewhere, which of those players do I need to get in touch with?
3)g) Is there any contract, other than CL of CME Group, that deal with WTI Light Sweet Crude Oil? Or do I have to assume that CME Group got the exclusivity on that type of oil?
3)h) In case I can't (for some reason) buy a very big bundle of CL contracts to big players like institutional funds (USCF, etc), how would it be possible to buy as many CLs to different retailer traders, make it a whole bundle myself and proceed to one big delivery?
3)i) USO has 30% of long CLs for June. What/Who is the second biggest detainers of CL contracts?
3)j) I have read that CME can force USO to shut down because with 30% of the contracts, USO could go bankrupt and in the end CME would have to take all the deliveries attached to the contrats. How can CME force USO to close? What's the deal between the two them? How are they related?
Thanks for reading this until the end and thanks in advance for your answers.
submitted by anth0971 to investing [link] [comments]

Trying to understand the whys and hows of negative price in crude oil

Disclaimer, this is going to be a long message.
With the oil market gone mad recently, I would like to have some insights from someone who is on the field. FYI, I have never worked in/with the oil industry, but as an opportunistic and enthusiastic learner, I would like to know what it takes to pull off a deal that would allow one to get paid for taking delivery of WTI crude oil.
So here are my thoughts and interrogations. Some of my questions can overlap with each other but anyway. All of them can be summed up in one question: "If the same scenario of negative price occurs again in May for June's contract, how to proceed if I want panicked CL owners to pay me to take delivery of their crude oil? Then come the second top level question, how do I actually take delivery of this crude oil?"
But let's try to break this down into more elementary questions that have risen along my readings on the internet.
  1. First about the delivery process. I don't understand very well how roles are split between different actors.
1)a) In CL contract specs, they talk about a Clearing House. What is it exactly? A quick tour on Google brought me to Oil & Gas Asset Clearinghouse, is that the one? Is there an only one Clearing House?
1)b) Referring to that CL contract again, it's written that "The Clearing House shall allocate Delivery Notices and Notices of Intention to Accept by matching size of positions to the extent possible". Do I understand right if I say that it's the Clearing House that puts, nominatively, a bid in front of an ask? Isn't it up to the financial market to do that?
1)c) Apparently, some margin shall be submitted so the transaction can occur. What they call a margin in this CL contract is like a deposit, am I correct? Under which form this deposit has to be done? Money? How much? The equivalent of the whole transaction? Can you enlighten me about this margin thing? Especially when prices are negative, how this margin works?
1)d) Still in CL contract, they mention two companies: Enterprise Products Partners L.P. and Endbridge Pipeline (Ozark) LLC. Are they the only one companies handling pipelines and deliveries for CL contracts? Do they handle storage as well?
1)e) Are those two companies considered FCM? Or are FCM's completely different actors? How do FCMs interface with the Clearing House and the two companies mentioned in 1)d) ?
1)f) Can you explain me the difference between book-out, in-tank transfer and in-line transfer please? I'm definitely not familiar with those terms.
1)g) I read somewhere that delivery shall be made in accordance with all applicable Federal executive orders and all applicable Federal, State and local laws and regulation. Where can I find all those orders, laws and regulation?
1)h) Could you point me toward a FCM company?
1)i) What is the minimum amount of barrels required to be purchased so one can proceed to a delivery? I’m guessing that FCM/Clearing House/CME/Pipeline companies/Funds (big or small) won’t be interested in small transaction? What’s the smallest they toletate? I'd like to have an idea of the kind of money we are talking about.
1)j) CL contracts deal with WTI Light Sweet Crude Oil that is delivered to Cushing. Does this mean that WTI Light Sweet Crude Oil cannot be delivered anywhere else? Is any other type of crude delivered to Cushing?
  1. Then, relatively to storage itself, I can't find any clear picture of storage capacity, that's quite confusing
2)a) I thought that the US Gulf coast is now equipped with plenty of storage capacity, like 55% of US capacity (in Houston, LOOP in Louisiana...). How come everyone talks about storage issues in Cushing? It feels like there is only Cushing in the US (only 13% of storage capacity). Isn't it possible to transfer that glut of oil to storage farms elsewhere?
2)b) Is it really an issue of storage shortage or is it more about midstream infrastructures (I mean for transportation) not being able to keep up with this abundance of crude?
2)c) What regulatory requirements do storage facilities have to meet? Where can I find them?
2)d) What if I decide to store the crude abroad? Will US authorities have a say in the regulatory requirements met (or not...) by the facility receiving the crude?
2)e) Is there an easy way to get the big picture/map of storage capacity in the US, in the Caribbean, in Central and South America?
  1. About the trading/acquisition of barrels on financial markets aspects; I believe not anybody can buy CL contracts (therefore purchase barrels) on classic financial markets with classic brokers.
3)a) How to get access to this kind of transactions? I assume they are only large scale transaction aren’t they?
3)b) I didn't understand very well the difference between CME Globex and CME ClearPort... What use to do of those two ones? I got the impression that I had to be on one of those two ones to trade CL contracts.
3)c) How CME Globex and CME ClearPort are different from NYMEX? Isn't NYMEX supposed to be the exchange where CL contracts are traded?
3)d) What is traded exactly? USO or CL contracts?
3)e) I have identified some main stake holders from a financial/market point of view:
-CME Group, apart from creating/emeting the CL contratcs and handling/supervising crude delivery in Cushing, what do they do?
-USCF, which is a Fund that has created USO which is also a fund. If I understood correctly, USO shares are traded (under the form of an ETF) on NYMEX. This USO ETF is somehow (how?) related to CL contracts
-This USO Fund would be managed by Bank of New York Mellon (BNYM). Why not directly by USCF?
-ALPS, which is the distributing broker and handles the trading operation on the fund USO
3)f)i)Did I get the whole picture in terms of main players involved?
3)f)ii)Why does Bank of New York Mellon manage USO instead of USO itself or USCF?
3)f)iii) How CME Group and their CL contracts on one hand, and USCF/USO/BNYM/ALPS on another hand are related?
3)f)iv) Generally, can someone explain how all those players interact?
3)f)v) If prices go negative again, and I want to get paid to get crude delivered so that I can store it somewhere, which of those players do I need to get in touch with?
3)g) Is there any contract, other than CL of CME Group, that deal with WTI Light Sweet Crude Oil? Or do I have to assume that CME Group got the exclusivity on that type of oil?
3)h) In case I can't (for some reason) buy a very big bundle of CL contracts to big players like institutional funds (USCF, etc), how would it be possible to buy as many CLs to different retailer traders, make it a whole bundle myself and proceed to one big delivery?
3)i) USO has 30% of long CLs for June. What/Who is the second biggest detainers of CL contracts?
3)j) I have read that CME can force USO to shut down because with 30% of the contracts, USO could go bankrupt and in the end CME would have to take all the deliveries attached to the contrats. How can CME force USO to close? What's the deal between the two them? How are they related?
Thanks for reading this until the end and thanks in advance for your answers.
submitted by anth0971 to FuturesTrading [link] [comments]

ATIS: An Undervalued Micro-Cap Conglomerate with Hidden Assets (0.35; 01/22/20)

TL;DR at the very bottom. Not sure if I'm completely delusional or there's actually something here. Let me know what ya think.

Business Overview

Attis Industries, formerly known as Meridian Waste Solutions, is a conglomerate with business operations in the healthcare, medical waste, and environmental technology sectors. Their main operations are split into three segments; Attis Healthcare, Attis Innovations, and Flux Carbon LLC (JVCo 80% Ownership). Attis Industries currently sells on the OTC markets at a market capitalization of less than $2,500,000 and has a total of 6,680,000 common shares outstanding.

Operations Overview

Attis Innovations leverages its ability to source low-cost renewable feedstocks with proprietary conversion technology to produce high performance, sustainable materials for everyday products.
Attis Healthcare strives to improve patient care and enable better patient outcomes by providing cost-saving opportunities through innovative and comprehensive diagnostic and therapeutic solutions for patients and healthcare providers.
Flux Carbon LLC (JVCo 80% Ownership) holds the rights to an expansive portfolio of clean technologies and manages existing engineering and licensing businesses.

Investment Thesis

Attis Industries is currently undergoing a transition from a waste management company to a multi-oriented conglomerate. They are delinquent on multiple SEC filings and this has turned into a major catalyst for the company's share price. While delinquent financials usually spell trouble for a company, Attis Industries has become a special situation whereupon the completion and submission of their financial reports, the market will hopefully realize the true value of the company’s assets. From what I’ve gathered, Attis’ current book value of $13,700,000 does not represent the fair value of the company's assets. Upon completion and submission of their financial reports, true book value will be closer to $50,000,000 due to financing and recent acquisitions not stated in Attis' most recent filing. Not only are Attis' asset values extremely understated, but revenues are grossly understated aswell. The company's latest filing states a revenue figure of only $1,070,000. Attis' full-year 2020 revenue projections are stated at roughly $160,000,000. While the timeline for the posting of Attis' financials is still unclear, they have taken many positive steps in the right direction over the last year and made this statement upon delisting on 11/19/19:
“Attis is continuing to work tirelessly with its independent accounting firm to bring all of its delinquent filings current. Once all of the filings have been completed and filed with the Securities and Exchange Commission, and all other listing requirements have been met, the Company plans to immediately begin the reapplication process with the Exchange to elevate Attis’ publicly available securities back to the NASDAQ Stock Exchange.”
In Attis’ case, I would say actions speak louder than words and the crux of this thesis is dependent on them following through on this promise. The notable actions they have taken over the last year include the recent hiring of an SEC Financial Reporting Director, the transition to BDO as their independent auditor, and the implementation of strict accounting procedures across all business segments. While these changes don't point to an exact filing date, they have significantly increased the odds of Attis coming through on their promise to update their filings and will bring forth much-needed clarity and transparency from the company to the public markets when financials are finally posted.

Financial Projections

As stated before, Attis' operations can be split into three operating segments; Attis Innovations, Attis Healthcare, and Flux Carbon LLC.
Attis Innovations is expected to have generated $150,000,000 in "guaranteed" revenues by the end of full-year 2020. These revenues are guaranteed through a 10-year off-take agreement with Sunoco at Attis' Fulton Ethanol Plant. Attis purchased the Fulton Ethanol facility from Sunoco in June of 2019 at a price of $20,000,000 and the facility was recently appraised at a value of $57,000,000. If you compare Attis' Fulton operations to a competitor like Valero, you'll find that Fulton's operating profit could be in the range of $3,000,000 to $5,000,000 by the end full-year 2020. Attis has plans to take Fulton from an 85,000,000 gallon ethanol facility to a 100,000,000 gallon facility adding an additional $20,000,000 to revenues upon completion of the upgrades.
Attis Healthcare has stated that upon full rollout of their operations, they expect revenues to be close to $100,000,000. Robert Dunn, president of Attis Healthcare, has projected full-year 2019 healthcare revenues to have been between $10,000,000 and $12,000,000. He made this statement in late 2018 (press release dated 10/22/18):
"Deep market analysis has led Attis Healthcare to design and build its current lab infrastructure to handle samples that would produce revenue of $10-$12 million and margins between 20-25%. With further lab and infrastructure build-out and a concentrated effort by our contracted sales force, I believe we can double our expected revenue in the next 12 to 18 months.”
With revenues of approximately $10,000,000 and a gross margin of between 20 to 25%, operating profits for the segment should be somewhere around $1,000,000. The total acquisition costs attached to Attis' healthcare segment since inception is roughly $7,000,000.
Flux Carbon LLC is said to be producing roughly $14,000,000 in annualized revenues as of 06/21/18, with gross margins close to 70% and an operating profit at least $4,000,000. The total cost of Attis' 80% ownership of Flux Carbon LLC is estimated to be around $30,000,000. As a side note, Attis, along with its JVCo partner Greenshift Corporation, launched an appeal in September of 2018 to overturn a summary judgment in a patent infringement case, where, if won, Flux Carbon LLC) could see over 90% of the corn ethanol industry paying royalties to them for patents they own. While chances of a favorable ruling appear slim, if won, this would be a huge added bonus to what Attis has already accomplished. If lost, I see the end result being a short-term, temporary set back that may provide an even better buy-in opportunity for future shareholders and signal the end of a company quiet period.
Financing for the company’s ambitions does not appear to be an issue as Attis has, within the last year, received non-dilutive financing for the purchase of their Fulton ethanol facility, received financing for their planned upgrades to their Fulton facility, and received financing for both their commercial and federal labs. Attis is also in the process of restructuring debt in an attempt to eliminate future dilution.
In conclusion, by the end of full-year 2020, Attis is projecting to have produced $150,000,000 in guaranteed revenues, $24,000,000 in non-guaranteed revenues, and an estimated $8,000,000 in operating profit across all segments. Today, Attis Industries currently trades on the OTC markets at a market capitalization of less than $2,500,000. Upon completion and filing of their financials, I can easily see Attis' market capitalization being no less than a conservative $20,000,000, a possible 10x return.

Overview for the remainder of this post:

Catalysts


Delinquent Filings

As of 01/06/20, Attis is delinquent on the following filings:

The Formation of Attis

On 02/20/18, Meridian Waste Solutions sold their waste management service operations to Warren Equity Partners for $90,000,000 and the remaining operations were rebranded as Attis Industries. The transaction eliminated $87,000,000 of debt and allowed the newly formed entity, Attis Industries, to pursue new business opportunities in higher-margin industries. The remaining assets, not sold in the deal, were expected to generate $3,000,000 in pre-tax earnings and cut the company’s debt burden by 90%, according to Jeff Cosman, Attis Industries CEO.
Since the formation of Attis in 2018, the company has made multiple acquisitions, formed multiple partnerships, and launched an appeal to overturn a summary judgment in a patent infringement case tied to their subsidiary, Flux Carbon LLC. First, we will tackle the acquisitions and partnerships they have made since inception. For the sake of structure, I have organized the partnerships and acquisitions under four banners; Attis Innovations, Attis Healthcare, Flux Carbon LLC, and Other. The “other” category pertains to acquisitions and partnerships that have not been finalized but are still “in the works.”


Acquisitions & Partnerships

Attis Healthcare Acquisitions
DxT Medical
Welness Benefits LLC, LGMG LLC (verify Resource Group), Integrity Lab Solutions LLC
EnviCare
Quality Rx Returns LLC
Attis Healthcare Partnerships
Macon County General Hospital
New Representative Group
North Crest Medical Center of Springfield
Oklahoma Clinic

Attis Innovations Acquisitions
Fulton Ethanol Plant
Attis Innovations Partnerships
American Science and Technology Corporation (ASTC)
Plastics Industry Association
Jordan Forest Products
Gyeuongbuk Institute of Science and Technology
Novozymes
Iowa State University
Advanced Biofuels Association
Specialist Nutrition

Flux Carbon LLC Acquisitions
Advanced Lignin Biocomposites LLC & UT Battelle LLC Partnership
Genarex FD LCC 49% Interest
FLUX Carbon LLC 80% Interest(JVCo)
Flux Carbon LLC Partnerships
GreenShift
Noveda Technologies

Other Acquisitions
Custom Cable Services Purchase Agreement (TBT)
Barnesville Biorefinery Site Selection (TBT)


Certifications & Grants

COLA Accreditation
CLIA License
CMS License
USDA Grant


Break Down of Current Operations

Attis Healthcare
Federal & Commercial Labs
Revenue Estimate
Known Financing
Attis Innovations
Fulton
Revenue Estimate
Known Financing
Flux Carbon LLC
Licensing and Engineering Business
Revenue Estimate
Known Financing
Current Operations Summary
Revenue Estimate
Known Financing


Break Down of Potential Operations

Custom Cable Services (Possible Announcement)
Revenue Estimate
Known Financing
Barnesville Biorefinery
Revenue Estimate
Known Financing
Potential Operations Summary
Revenue Estimate
Stated Financing


Leadership

Board Members
Jeff Cosman
Joe Ardagna
Maggie Arvedlund
Thomas J. Cowee
Jackson Davis
David E. Rivers, DHL

Management
Jeff Cosman, CEO of Attis Industries
Gregory Pilewicz, President of Attis Industries
David Winsness, President of Attis Innovations
Robert M. Dunn Jr., President of Attis Healthcare


Disclaimer: I'm not your investment advisor and I am not responsible for any of your investment decisions. This post is for informational purposes only and any decisions made after reading this post are yours, and yours only. Please, please conduct your own research and verify information when making investment decisions or consult an investment advisor.
Disclosure: I hold investments in both Attis Industries (ATIS) and GreenShift Corporation (GERS).


TL;DR

Ticker: ATIS
Market Cap: $2.5m
Shares Outstanding: 6.68m
Guaranteed Revenues: $150m
Non-Guaranteed + Guaranteed Revenues: $174m
Net Debt: $35m
Low End Earnings Estimate: $4.8m
High End Earnings Estimate: $7.4m
Current Book Value: $13m
True Book Value: $40m+
Core Assets: Fulton Ethanol Plant, Commercial Lab, Federal Lab, Licensing Business, Patent Portfolio.
Key Partnerships: Sunoco, Novozymes, Specialist Nutrition, Greenshift Corporation.
Catalysts: Patent litigation appeal wrap up, End to quiet period, Bringing financials up-to-date, Acquisition announcements, Rollout and implementation of patent portfolio.
If you'd like a list of other resources (such as ceo interviews, investor update transcripts, news articles, etc. let me know and I can send them your way.)
submitted by tmh0312 to SecurityAnalysis [link] [comments]

Gross Margin and Gross Margin Percentage Explained Margin Call (2011) - Peter Sullivan discovers the firm's ... General Trading (GT104) - Order Types Retail Tip: Gross Profit Margin - YouTube Reesha General Trading LLC

The FX option margin calculation does not apply to Touch options, however open positions will affect the amount you have 'Available for Margin Trading' as displayed in the Account Summary. Therefore, if margin positions are held on the account, the 'Margin Utilisation' will increase when adding Touch option positions. Note. In general, when one uses IRA funds to invest in an active business, such as a restaurant, store, factory that is operated through a passthrough entity such as a Limited Liability Company or Partnership or used non-recourse financing, such as a non-recourse loan or margin in a stock or trading account, a percentage of net profits or income View Jumi International General Trading, in Food Stuff Trading category. Read the reviews and write yours, find contacts, view 1 pictures, discover how to get there. HiDubai, Dubai knows you. A trader eligible for trader tax status can deduct business and home-office expenses and make a timely Section 475 election on securities for tax loss insurance and a potential QBI deduction. Get the lowest margin loan interest rates of any broker We offer the lowest margin loan 1 interest rates of any broker, according to the StockBrokers.com 2019 online broker review.; Global Trading on a Single Account Invest globally in Stocks, Options, Futures, Forex Bonds, and Funds from a single integrated account.

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Gross Margin and Gross Margin Percentage Explained

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