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How Will Emerging Markets “Emerge” From 2020?

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It’s no doubt that U.S. equities remain the protagonist of the past decade. The longest U.S. economic expansion, coupled with the blossoming of numerous tech stocks like Amazon and Tesla, helped the S&P 500 climb to record highs. That was soon followed by the U.S. stock market’s astounding recovery in 2020, which continues to capture the attention of global investors.

Many forget, however, that the decade before looked entirely different. Back then, we had an entirely different “darling” called emerging markets which left the S&P 500 in the dust.

Data spanning 12-31-1999 to 12-31-2009

During the 2000’s, emerging market investments drastically outperformed the S&P 500 by 188.1% on a total return basis. Steadying economic data and optimistic outlooks for EM nations including Brazil, Russia, India, and China, or the BRIC nations, painted narratives of a new global convergence. Meanwhile, U.S. stocks continued limping from the aftermath of the dotcom bubble.

The Case for Emerging Markets

EM investments invest in the securities of a less developed country with improving economic conditions and increased involvement with the global economy. Aside from the BRIC nations, this includes countries such as Vietnam, Indonesia, Africa, and Argentina. EM regions are attractive for the following reasons:

  • Growing Contribution to GDP: Over the past few years, emerging economies contributed an increasingly higher percent share to global productivity. EM contribution to GDP was 56.9% in 2019, while advanced economies contributed 43.1%. The International Monetary Fund (IMF) forecasts this trend to continue into 2024, making emerging markets an attractive long-term investment opportunity.
Data as of 6-30-2020. Source: IMF
  • Favorable Demographics: 85% of the world’s population, or about 6 billion people, reside within emerging countries. Over 50% of the global population under the age of 30 live in EM nations. This will fuel a rising-middle class in years to come. Increased productivity amongst large-working populations will also uplift the region’s standard of living.
  • Hot Spot for Disruptive Innovation: Emerging markets typically lack the infrastructure and technologies of developed nations. This presents ample opportunity for the region’s younger, more tech-savvy population to embrace innovation. Global leaders including the World Bank have also recognized the tech disparity and have provided funding for infrastructure enhancements.

COVID-19 in Emerging Markets – Some Juggle While Others Struggle

Contrary to expectations, emerging markets have weathered the pandemic better than expected. A younger population and lower obesity rates have helped certain emerging countries wither down mortality rates. Accommodative fiscal and monetary policy through asset purchases and fiscal stimulus modeled after developed nations helped keep many economies afloat.

East Asian countries, China in particular, have exemplified great handling of the Coronavirus. As a result, EM has rallied 24.3% since the market bottomed (data spanning March 23 to December 8). China is also the only country expected to report positive GDP growth for 2020. Although it’s best to view Chinese data with a skeptical eye, investors cannot deny the nation’s swift return to economic activity.

Data as of 12-08-2020

Nevertheless, China’s success isn’t shared by all. Developing nations dependent on oil exports, tourism, or general commodities have and will continue to struggle as trade activity remains low. Certain EM hotspots including Russia and Brazil are also finding difficulty with containing virus spread. Highly indebted economies face risks of debt sustainability with limited room for policy enactment.

The Emerging Markets Story…to be Valued

EM equities experienced a mass exodus in March as investors questioned whether the infrastructure and economic inexperience of developing countries could properly combat the Coronavirus. Fund flows faced pressures until investors began acknowledging fruitful economic and health responses to COVID-19. Even after rallying this year, the long-term valuations for emerging markets look attractive.

Data as of 9-30-2020. Source: StarCapital

According to StarCapital research, emerging markets have the cheapest cyclically adjusted price to earnings ratio (CAPE) and price-to-book (P/B) ratio relative to developed countries over the next 10-15 years. Factor in the expected structural improvements, emerging markets exhibit ample opportunity for value appreciation should the demographic and technological trends fall in line. You may also find comfort in knowing that emerging markets are expected to have the sharpest recovery post COVID-19.

Data as of 10-16-2020. Source: Wall Street Journal

What Will the Next Decade Look Like?

Despite some commendable pandemic responses and attractive valuations over the next decade, it is imperative to consider COVID-19’s impact on the region’s secular trends. Take China’s “Great Rebalancing,” for example. After years of export-driven GDP growth, the country adopted a “Great Rebalancing” plan to generate their economic prowess from organic consumer-driven activity rather than overseas trade.

When the Coronavirus struck, both Chinese businesses and consumers halted activity. Unwilling consumers, shocked by the events in Wuhan, emptied the streets as factories shut down. Once a recovery was en-route, business activity quickly climbed back to pre-pandemic levels, but scarred consumers left their homes thrift-conscious and hesitant. This led some to believe that China’s “Great Rebalancing” plan was at stake.

The Chinese customer today, has regained confidence, mainly from the government’s ability to eliminate almost any possibility of second wave. As we said earlier, China’s success is not shared by all, and whether or not secular trends will hold in other emerging nations — who have varying health and economic conditions – will be a mixed bag.

Bringing It All Home

Although prudent investors can exploit opportunities in countries that have exhibited short-term resiliency, the ability to maintain a long-term perspective and understand the landscape of your investments is keen. Here at Warren Street Wealth Advisers, our focus is not only to avoid home-country bias and to uncover the next areas of outperformance, but also to educate our clients about our long-term decision making.

For any questions regarding international investments, emerging markets, or wealth management, please call 714-876-6200 or email phillip@warrenstreetwealth.com. 

Phillip Law, Portfolio Analyst

Wealth Advisor, Warren Street Wealth Advisors

Investment Advisor Representative, Warren Street Wealth Advisors, LLC., a Registered Investment Advisor

The information presented here represents opinions and is not meant as personal or actionable advice to any individual, corporation, or other entity. Any investments discussed carry unique risks and should be carefully considered and reviewed by you and your financial professional. Nothing in this document is a solicitation to buy or sell any securities, or an attempt to furnish personal investment advice. Warren Street Wealth Advisors may own securities referenced in this document. Due to the static nature of content, securities held may change over time and current trades may be contrary to outdated publications. Form ADV available upon request 714-876-6200.

What to Expect For Expense Deductions if You’ve Taken a Paycheck Protection Program Loan

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Earlier in 2020 the “Paycheck Protection Program” was passed, which allowed for much needed aid for struggling small businesses during the Coronavirus pandemic. One of the main features of the Paycheck Protection Program was the ability to potentially have your loan amount forgiven, tax free. 

While this is a great benefit, one of the many grey areas that arose was whether or not expenses that were paid by the business using PPP funds were eligible for a tax deduction. While the funds may have been spent on business related items that would normally be tax deductible, it was unclear whether this same treatment would be available for those who received tax free PPP loan forgiveness.

On November 18th, 2020 the IRS and Treasury Department Secretary Steven Mnuchin issued some additional guidance to assist in clearing up some of the confusion. The statement issued expressed that “since businesses are not taxed on the proceeds of a forgiven PPP loan, the expenses are not deductible. This results in neither a tax benefit nor tax harm since the taxpayer has not paid anything out of pocket.” It then went on to state that “if a business reasonably believes that a PPP loan will be forgiven in the future, expenses related to the loan are not deductible, whether the business has filed for forgiveness or not.”  Therefore, they encouraged businesses to file for forgiveness as soon as possible. In the case where a PPP loan was expected to be forgiven, and it is not, the statement outlined that businesses will be able to deduct those expenses.

As you can imagine, this was not the desired outcome for many business owners. Currently there is a fight within Congress, the Treasury Department, as well as in the business and tax communities regarding this interpretation of the PPP language. Many in Congress from both sides of the aisle argue that this interpretation of the language in the Bill does not align with Congressional intent. For example, Senate Finance Committee Chairman Chuck Grassley (R-Iowa) and Ranking Member Ron Wyden (D-Ore.) released a joint statement expressing their opinion that the expenses should be considered deductible. With Congress currently negotiating both a spending bill and second stimulus package, many hope the rules around deductibility of these expenses will be specifically outlined soon.

If you are a business owner impacted by this, unfortunately the best course of action is to remain patient with hopes of some additional Congressional action coming shortly. As always with Congress, it is unclear when they will act and what will be in the final version of the Bill. Ideally, this will be addressed prior to Congress’ holiday adjournment on December 18th, 2020. For the time being we are forced to assume that these expenses will not be deductible until additional Congressional action says otherwise. As always, when it comes to anything tax-related, your best course of action is always to work directly with your CPA and tax professional.

Source – https://home.treasury.gov/news/press-releases/sm1187

Source – https://www.jdsupra.com/legalnews/the-irs-forgiven-ppp-loans-and-business-88352/#_edn25

Source- https://www.finance.senate.gov/chairmans-news/grassley-wyden-treasury-misses-the-mark-on-ppp-loan-expense-deductibility-guidance

Justin Rucci, CFP®

Wealth Advisor, Warren Street Wealth Advisors

Investment Advisor Representative, Warren Street Wealth Advisors, LLC., a Registered Investment Advisor

The information presented here represents opinions and is not meant as personal or actionable advice to any individual, corporation, or other entity. Any investments discussed carry unique risks and should be carefully considered and reviewed by you and your financial professional. Nothing in this document is a solicitation to buy or sell any securities, or an attempt to furnish personal investment advice. Warren Street Wealth Advisors may own securities referenced in this document. Due to the static nature of content, securities held may change over time and current trades may be contrary to outdated publications. Form ADV available upon request 714-876-6200.

Will Your Vote Move the Market?

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Election seasons are highly polarized and leave investors from both sides of the political aisle paralyzed by what-ifs and fear of the other. This seems more true now than ever. Given COVID-19, supreme court implications, and an incredibly divided nation in terms of policy wishes, we expect a volatile finish to 2020. Due to an expected record number of mail-in ballots due to the election, it’s even possible the results aren’t known for days or even weeks. It’s normal to be concerned, but does the data support it? Does taking investment action make sense?

Believe it or not, I wrote the above days before President Trump and the First Lady contracted COVID-19. Can 2020 have any more twists and turns? Our team at Warren Street sends our thoughts and well wishes to them both, their families, and their staff. We hope a speedy and full recovery ensues. The diagnosis for President Trump is undoubtedly troubling given his age and possible pre-existing conditions, it’s sure to inject additional doubt into investors’ minds. CDC data however is still dramatically in his favor and it’s safe to assume he’ll receive best-in-class care. Historically, election seasons have in-fact provided for increased volatility in the markets. In addition, the dispersion in results and returns has been all over the map especially in the short term. You should find comfort however in the fact that long term returns have generally been positive regardless of who’s been at the Presidential helm or a split vs. unified congress. More details to come.

Let’s start with volatility (chart below). Taking a look back to 1929 you’ll see that the election year realized volatility exceeds non-election year volatility in September-November by a rather dramatic amount as measured by daily standard deviation in returns. I can’t say whether the current September 2020  volatility is caused or simply correlated to this phenomena. With U.S. stocks down over 7% 9/1-9/23 there’s plenty going on in the world to not simply chalk this up to election hysteria.

Now that volatility is out of the way, let’s talk returns, starting with short term returns. It is abundantly clear what investors prefer, and it isn’t what you’d think. The President is less significant than the balance of power. Returns tend to be best with a split congress, or in the best performing case a Democrat for President with a Republican congress. Why might that be? Gridlock. Investors love the status quo, but more so corporations love the predictability that comes with it. The ability to invest, forecast, and produce without the prospects of a changing playing field often lends itself to unimpeded growth.

We all learned in 2016 that polling is VERY fallible. Here we find ourselves again with a rapidly changing landscape of polling results, and most of which seem to be consolidating into the margin for error. Meaning both the Presidential and the Congressional races can go any which way. If we were betting, we’d likely expect a blue wave (Biden win and Democrats take over the Senate). Most of this is because incumbents just simply don’t win while in a recession, it’s only happened once in the last 100 years. The bad news, a Democratic sweep is actually one of the worst outcomes for investment markets historically over the corresponding 2 years (blue below) post election. The good news, you can barely tell a difference after 4 years (light blue below) regardless of who is in office, Presidential or Congressional.

Source: FMRCo

So what do we do now? Proceed with caution. Obviously this election is unparalleled in so many ways, and because of that we can’t solely rely on historical data to give us permission to proceed with blinders on. Having said that, you can make a bullish case for U.S. and Global securities regardless of who wins. What types of companies and which geographies you favor might look very different however. Each party has a different impact on tax code, currency stability, trade relations, etc. It’s important to construct your portfolio with these varied outcomes in mind and not be married to one outcome to succeed.

If you want to review your current investment posture as we head toward the stretch of election season 2020, please don’t hesitate to reach out to our team.

Blake Street, CFA, CFP®

Wealth Advisor, Warren Street Wealth Advisors

Investment Advisor Representative, Warren Street Wealth Advisors, LLC., a Registered Investment Advisor

The information presented here represents opinions and is not meant as personal or actionable advice to any individual, corporation, or other entity. Any investments discussed carry unique risks and should be carefully considered and reviewed by you and your financial professional. Nothing in this document is a solicitation to buy or sell any securities, or an attempt to furnish personal investment advice. Warren Street Wealth Advisors may own securities referenced in this document. Due to the static nature of content, securities held may change over time and current trades may be contrary to outdated publications. Form ADV available upon request 714-876-6200.

Gold Rush of 2020

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In 1848, thousands of people grabbed their shovels and crossed land and sea to Sutter’s Mill with hopes of striking gold. Almost 150 years later in 2020, a similar parallel is happening not in San Francisco, but rather in the investable market for this hot commodity.

Year-to-date (YTD), gold has experienced more inflows than other broad stock and bond funds, including SPY and AGG which track the S&P 500 and Barclay’s Aggregate Bond Index, respectively. Amongst a myriad of asset classes, investors are choosing gold as their choice for safekeeping, thus driving gold prices to an all-time high. This year alone, gold is up 33.53% YTD compared to U.S. Stocks at 4.69% YTD and U.S. bonds at 7.83% YTD. But why exactly is a gold rush taking place in 2020?

Source: YCharts

Data as of 8/05/2020

You may attribute the surge in gold prices to the pandemic, but mine deeper and you will find more.

Source: YCharts

Data as of 8/05/2020

Source: YCharts

Low Yield Environment: Earlier in March, the Federal Reserve cut the federal funds rate to 0 – 0.25% to stimulate the economy amid an economic crisis. As a result, treasury yields fell drastically. The 10 Year Treasury rate started the year at 1.88% and now only yields an all-time low of 0.52%, or -1.05% adjusted for inflation. Although treasuries are often used as a safe haven during uncertain times, negative real yields alongside inflation expectations might make gold a more attractive store of value.

Inflation Expectations: Fiscal stimulus through a $2.2 trillion package, rapid money printing, and unprecedented quantitative easing has prompted investors to seek gold as an inflation hedge. Current levels of inflation, however, do remain low at 1.19% year-over-year relative to the Fed’s target of 2.0%, and are likely to stay low in the short term (due to aggregate demand and supply shocks). While there is no tell-all sign indicating future long-term inflation is upon us, the following is certain: whether gold investors are overreacting or whether U.S. inflation is a ticking time bomb remains to be seen.

A Weakening U.S. Dollar: With fiscal debt as a percentage of GDP and M2 Money Supply at an all-time high, confidence in the U.S. dollar is diminishing relative to other currencies including the Euro. This comes at a time where the European Union appears to maintain a tighter grasp on COVID-19 outbreaks, alongside newfound unity in the form of a centralized stimulus package and debt mutualization. Overall, supposed weakness in the U.S. dollar has turned investors towards gold to maintain the purchasing power of their greenbacks.

With this context, it seems like anyone would jump at the chance to own gold; but to avoid grabbing a handful of pyrite (fool’s gold), let’s evaluate gold’s performance and properties as an asset class. During the 1980’s and 1990’s, gold yielded less than ideal returns. In the late 2000’s, the metal’s performance accelerated as investor confidence faltered during the Great Recession, but subsequently dipped in the 2010’s when the U.S. economy proceeded onto its longest economic expansion.

Source: YCharts

Data spanning 1/01/1980 to 12/31/2019

Based on history, we can draw two conclusions: 1) gold’s volatile nature indicates that its current run may not be sustainable over long periods of time and 2) gold’s performance suffers when investors regain confidence and begin to adopt a risk-on posture. To see gold’s performance coming out of recessions, see Appendix A. (link)

5-Year Correlation Matrix (Rolling Monthly Returns)

Data as of 8/07/2020

Source: YCharts

Gold generates zero passive income, so why do investors hold it? One reason is simply because it’s different and provides a diversification benefit. This metal exhibits less correlation compared to broader asset classes, meaning it simply behaves differently. A correlation of 1 indicates that the assets’ return behaviors are identical, while a correlation of -1 means they move in completely opposite directions. Given gold’s weaker correlations, it is likely to thrive when stocks or other asset classes experience large drawdowns. In other words, gold zigs while others zag.

Having understood the nuances of gold as investable asset and its diversification benefit over a long-time horizon, Warren Street Wealth Advisors previously made the decision to maintain gold exposure through Gold Minishares (GLDM) in our Diversifiers sleeve. Our investment strategies are now reaping the benefits of gold’s recent rally and allow for different courses of action. For example, with current gold prices bid up relative to historical levels, we can trim profits to invest in cheaper assets classes with higher potential for appreciation. This in essence, is buying low and selling high.

Gold prices will likely stay in the headlines and continue to gain traction in coming months. Regardless, we encourage you to start with your long-term asset allocation in mind and refrain from overthinking market entry/exit timing on any specific asset class. Preventing permanent capital impairment and building portfolios for your short term and long-term needs remains our top priority. We will diligently tax loss harvest and perform recurring rebalances along the way to take advantage of tactical long-term opportunities we see appropriate. That to us, is striking gold in 2020.

Appendix A:

Phillip Law

Portfolio Analyst, Warren Street Wealth Advisors

Warren Street Wealth Advisors, a Registered Investment Advisor. The information contained herein does not involve the rendering of personalized investment advice but is limited to the dissemination of general information. A professional advisor should be consulted before implementing any of the strategies or options presented. Any investments discussed carry unique risks and should be carefully considered and reviewed by you and your financial professional. Past performance may not be indicative of future results. All investment strategies have the potential for profit or loss.  

Coronavirus: Here’s a Portfolio Treatment Plan

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Wow! Our last published piece on the blog was “2019: A Year for the Record Books”. Two months later and the peace and quiet of yesteryear seem a distant memory. Scary days have arrived, thanks to the concern over how coronavirus might impact our global economy. As we draft this update, headlines are reporting the biggest weekly stock market losses since 2008.

We do not know whether the current correction will deepen or soon dissipate. It is important to remember that what was good advice in mild markets remains good advice today. Given the current climate, let’s take a look at a sound unemotional treatment plan for your nest-egg.

We continue to advise against panicked reactions to market conditions, or trying to predict an unknowable future. That being said, we are aggressively looking for ways to help our clients make lemonade out of this week’s lemons – such as through disciplined portfolio rebalancing and strategic tax loss harvesting. On Friday February 28th, we executed both on behalf of our private wealth clients.

Other lemonade ideas include refinancing your mortgage as interest rates have hit historic lows or executing a ROTH conversion while your portfolio is down, turning the recovery into tax free growth. More than anything, as you’ll see below, a long term perspective during an epidemic pays.

*First Trust

In 11 of the 12 cases above, the U.S. Stock Market was positive 6 months after an epidemic broke out, with an average return of 8.8%. In 9 of the 11 cases the U.S. Stock Market was positive 12 months after with an average return of 13.6%. It’s also important to note diversification worked last week with U.S. Bonds actually netting a positive return while U.S. stocks were down 11.5%.

@StockCharts – US Market represented by SPY. US Bonds by AGG.

If we can be of assistance or you want to talk through any of this, please do not hesitate to reach out to our team. In the meantime, here are 10 things you can do right now while markets are at least temporarily tanking.

1. Don’t panic (or pretend not to). It’s easy to believe you’re immune from panic when the financial sun is shining, but it’s hard to avoid indulging in it during a crisis. If you’re entertaining seemingly logical excuses to bail out during a steep or sustained market downturn, remember: It’s highly likely your behavioral biases are doing the talking. Even if you only pretend to be calm, that’s fine, as long as it prevents you from acting on your fears.

“Every time someone says, ‘There is a lot of cash on the sidelines,’ a tiny part of my soul dies. There are no sidelines.” – Cliff Asness, AQR Capital Management

2. Redirect your energy. No matter how logical it may be to sit on your hands during market downturns, your “fight or flight” instincts can trick you into acting anyway. Fortunately, there are productive moves you can make instead – such as all 10 actions here – to satisfy the itch to act without overhauling your investments at potentially the worst possible time.

“My advice to a prospective active do-it-yourself investor is to learn to golf. You’ll get a little exercise, some fresh air and time with your friends. Sure, green fees can be steep, but not as steep as the hit your portfolio will take if you become an active do-it-yourself investor.” – Terrance Odean, behavioral finance professor

3. Remember the evidence. One way to ignore your self-doubts during market crises is to heed what decades of practical and academic evidence have taught us about investing: Capital markets’ long-term trajectories have been upward. Thus, if you sell when markets are down, you’re far more likely to lock in permanent losses than come out ahead.

“Do the math. Expect catastrophes. Whatever happens, stay the course.” – William Bernstein, MD, PhD, financial theorist and neurologist

4. Manage your exposure to breaking news. There’s a difference between following current events versus fixating on them. In today’s multitasking, multimedia world, it’s easier than ever to be inundated by late-breaking news. When you become mired in the minutiae, it’s hard to retain your long-term perspective.

“Choosing what to ignore – turning off constant market updates, tuning out pundits purveying the latest Armageddon – is critical to maintaining a long-term focus.” – Jason Zweig, The Wall Street Journal

5. Revisit your carefully crafted investment plans (or make some). Even if you yearn to go by gut feel during a financial crisis, remember: You promised yourself you wouldn’t do that. When did you promise? When you planned your personalized investment portfolio, carefully allocated to various sources of expected returns, globally diversified to dampen the risks involved, and sensibly executed with low-cost funds managed in an evidence-based manner. What if you’ve not yet made these sorts of plans or established this kind of portfolio? Then these are actions we encourage you to take at your earliest convenience.

“Thus, the prudent strategy for investors is to act like a postage stamp. The lowly postage stamp does only one thing, but it does it exceedingly well – it adheres to its letter until it reaches its destination. Similarly, investors should adhere to their investment plan – asset allocation.” – Larry Swedroe, financial author

6. Reconsider your risk tolerance (but don’t act on it just yet). When you craft a personalized investment portfolio, you also commit to accepting a measure of market risk in exchange for those expected market returns. Unfortunately, during quiet times, it’s easy to overestimate how much risk you can stomach. If you discover you’re miserable to the point of breaking during even modest market declines, you may need to re-think your investment plans. Start planning for prudent portfolio adjustments, preferably working with an objective advisor to help you implement them judiciously over time. 

“Our aversion to leverage has dampened our returns over the years. But Charlie [Munger] and I sleep well. Both of us believe it is insane to risk what you have and need in order to obtain what you don’t need.” – Warren Buffett, Berkshire Hathaway

7. Double down on your risk exposure – if you’re able. If, on the other hand, you’ve got nerves of steel, market downturns can be opportunities to buy more of the depressed (low-price) holdings that fit into your investment plans. You can do this with new money, or by rebalancing what you’ve got (selling appreciated assets to buy the underdogs). This is not for the timid! You’re buying holdings other investors are fleeing in droves. But if can do this and hold tight, you’re especially well-positioned to make the most of the expected recovery.

“Pick your risk exposure, and then diversify the hell out of it.” – Eugene Fama, Nobel  laureate economist

8. Tax-loss harvest. Depending on market conditions and your own circumstances, you may be able to use tax-loss harvesting during market downturns. A successful tax-loss harvest lowers your tax bill without substantially altering or impacting your long-term investment outcomes. This action is not without its tricks and traps, however, so it’s best done in alliance with a financial professional who is well-versed in navigating the challenges involved.

“In investing, you get what you don’t pay for.” – John  C. Bogle, Vanguard founder

9, Revisit this article. There is no better time to re-read this article than when the going gets tough, when yesterday’s practice run is no longer an exercise but a real event. Maybe it will take your mind off the barrage of breaking news.

“We’d never buy a shirt for full price then be O.K. returning it in exchange for the sale price. ‘Scary’ markets convince people this unequal exchange makes sense.” – Carl Richards, Behavior Gap

10. Talk to us. We didn’t know when. We still don’t know how severe it will be, or how long it will last. But we do know markets inevitably tank now and then; we also fully expect they’ll eventually recover and continue upward. Since there’s never a bad time to receive good advice, we hope you’ll be in touch if we can help.

“In the old legend the wise men finally boiled down the history of mortal affairs into the single phrase, ‘This too will pass.’”
– Benjamin Graham, economist, “father of value investing”

Blake Street, CFA, CFP ®
Founding Partner
Chief Investment Officer
Warren Street Wealth Advisors

Investment Advisor Representative, Warren Street Wealth Advisors, LLC., a Registered Investment Advisor

The information presented here represents opinions and is not meant as personal or actionable advice to any individual, corporation, or other entity. Any investments discussed carry unique risks and should be carefully considered and reviewed by you and your financial professional. Nothing in this document is a solicitation to buy or sell any securities, or an attempt to furnish personal investment advice. Warren Street Wealth Advisors may own securities referenced in this document. Due to the static nature of content, securities held may change over time and current trades may be contrary to outdated publications. Form ADV available upon request 714-876-6200.