bookbuildertm 31dec16

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Our BookBuilderTM portfolios aim at building the children's education fund so they do not leave school burdened like a borax mule with vitality sapping debt. Build your own deal book. Run your online trading income account with our “likeables” because you need "to save your own bacon."

Several quarters in a row now, the ‘professional’ portfolio managers have shown they are confused, do not know. It is proverbial to learn and gain wisdom, Proverbs 8:5 in fact, but provably the portfolio management class have no wisdom, only their confusion1. The real story is in brute methods of pension, insurance, ETFs and mutual funds managers. They blinked and lost $trillions of your money, not theirs. Your money, they put up for grabs in their zero-sum bubble2. Their confusion and indiscretion costs you dearly, again and again.

Fight their foolishness. Fend for yourself. Use our charity portfolios with our proprietary ‘likeables’ information to help you. Stoploss sets allow safety. Buy back at less than the stoploss and greater than SF. Hold’em is the best strategy when market movers play goofy, ‘Ain’t Mis-behavin’ Wink’n, Blink’n and Naughty. Their reaction to externalities is wild gossip they ply on each other. Balance sheet fundamentals of ‘likeable’ firms more slowly change. The Great Rotation was a burst bubble of Quantitative Eating created by the ‘market makers’ confusion3. China only slipped to 6% growth. Even India’s median income is now 20% higher than Russians (non-Oligarchs). There are a lot more joining the muddle class world. We cannot afford more ‘externality’ of fossil fuel pollution at our ‘commons’ expense as China used to grow, now others want for their GDP, not yours.

BookBuilder™ is about Simply Keeping It, Yours. Keeping it yours is your intention when you save. We enable you to build value. Build your own deal book in your online trading account to keep your capital safe and grow wealthy. Keep your money, obtain a hopeful return. Keep it yours.

The financial products industry covets spending your savings for themselves. They do not see your pocket as their restraint, rather their opportunity. These Artful Dodgers are just skilled pick-pockets, in suits they bought with your cash. Avoid these ‘Goats’ that come to just eat your grass, graze your wallet, and leave4. Do not loan them your pocket-book on empty promises they have never delivered. Avoid these traps laid by financial products conspiring to artfully exploit the small investor of hard-won savings. Don’t give them your wallet. “Save your own bacon."

of 17 December 2016 © Copyright StockTakers Limited, All Rights Reserved. Copying Prohibited.The author does not provide investment advice. In order to use reproduce or convey the material herein,in any way, written agreement must be obtained from the author or its agent Architypes Inc.StockTakers Limited is an Alberta corporation providing information on “likeables” equities.StockTakers Limited encourages your seeking tax law advisor for capital gains tax dispositions.

"for the value of money is also perishable." Jean-Baptiste Say , 1803

What investors expect of financial products is a way to secure their hard earned savings while growing their wealth. The circularity of ‘investment talk’ is what Alice gets at the Tea Party.

“Take some more tea,” the March Hare said to Alice very earnestly. “I’ve had nothing yet,” Alice replied in an offended tone: “so I ca’n’t take more.” “You mean you ca’n’t take less,” said the Hatter: “it’s very easy to take more than nothing.”

Pretty much, they have taken it all before you arrived. “Alice, meet Dr. Artful Dodger.”

Defending Your Capital BookBuilder™ is about Simply Keeping It, Yours

31 December 2016 Update

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Holding on to the value of what you have created is fundamental. Ancient wisdom is the feast we enjoy today will not be on our table tomorrow. You know that. You work earn save and build hopeful for future when you do what is in your heart and skills to do for yourself. Cash only has a temporary value that time erodes. Cash is powerful only when it is engaged in business processes creating more wealth, adding value. Cash must stay invested to hold and grow, adding value, earning an income. Invest with ‘likeables’ for your income and build your wealth for your future

You want to keep what you have saved, earn income on it. Wall Street pillages your wallet. That is their job, they say, making markets and venture capital loans running your money at your risk. You want your capital safe earning income hopefully above inflation. Wall Street disclaims talk about your earning income. Their job is selling risk, to you, and they’re good at selling risk5 for their fees.

The Finance Insurance and Real Estate (FIRE) industry just burns your money. You want to keep your money, hopefully, gain an income, above the corrosive rate of inflation. But, what can the small investor do with $5,000? With our ‘likeables’ we show, because, we can.

Our ‘likeables’ stocks portfolios do this while being risk averse. The full history of trades made in these charity portfolios in real time is shown. Our charity portfolios are proof of long term gain!

The Risk Price is our benchmark measure against the share price. It is our fundamental arbiter in segregating the B-class of firms6 worthy of investment. The $toploss settings we publish for these public portfolios should do the job of saving equity from serious harm due to market gossip induced volatility. We shun the likely rude wealth takers, the N-class, that are not ‘likeables.’ We very reasonably analyse balance sheets to identify and shun those doppelgängers of corporate fiction.

BookBuilder™ portfolios are of just our lowest cost ‘likeables’ our methods identify. Because we can, our proprietary information is given freely in charity to enable small investors to keep their savings growing into their wealth. Our method is proven in long term portfolios earnings consistently exceeding inflation. Grow your earned savings for children’s tuition, nest building or retirement income. Because you need to “save your own bacon" run your online trading account.

Our calculated Risk Price (SF) is provably the least stock price at which the company is “likeable” so we can use “risk aversion”. Equities trading above our SF benchmark Risk Price are those investors tend to like. Two of three continue to rise due investors’ behaviour. These are ‘likeables’ revealed by their Risk Price. This is based on new theory we prove works in the real world.

By using the mean 52 week price range to set the $topLoss on each, usually, the ‘laggards’ will be cut before they damage capital safety. With gossip driven market bursting bubbles we narrowed that ratio to avoid damage from persisting downside volatility fund managers made. They do not know value, worth, or which way to turn. By knowing firm worth the Risk Price is a bottom reference we can also exit and buy-back at a lower price to recover. Then continue making substantial gains as markets rebound. This is what we do when using the more active “collaring options7” to guide, profitably buy lower or exit. By reinvesting cash to capital your portfolio grows wealth through the long term while remaining "as good as cash” liquid whenever time comes you




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need some cash from dividends earned in your income portfolio. Patient risk aversion for long term double digit annual gain, that is new.

Throughout the immediate two years confused portfolio managers moved the massive holdings8 they claim in your name on news and gossip churn they and their confrere’s make-up. They are like the Mock Turtle “only took the regular courses” but they have no proof. Volatility they and their confreres make “surprising news” because they never know where they are9. Convictions they have, and plenty more10 are now finally indicted, but no reasons can they offer. No help for you comes from them, just their litigation bill, you pay costs of their business. Those Artful Dodgers’ baseless gambling with your money always pays them first, for their ‘reasons’ that do not help you.

Their rumours ping-pong nervous and unsure. They did not read or connect dots even when told, Taper-talk fear was hot-air volatility11 tales, ‘fat-tails’ wagging dogs gossip. The ‘dollar per word’ market mavens floated on Quantitative Eating. Yeah, the Fed said rates will rise when they see ‘full’ employment, but, business innovation has not risen. “No crisis, no trades, no fees.”.

The ‘Grexit’ crisis extends back to British, Dutch, French and German banks pursuing high profits in derivative backed loans, in 2007. IMF and ECB took over those loans to save those banks €214 Bn loses on their risky business. By law, the public is liable for Public Liability Corporations (PLC) defaults, as greatest of unsecured creditors. Which public, whose pockets pay for bank folly, is the political rhetoric. FSB is sending bankers back to the Medieval Diet of 50 years ago, high reserves and bland fees12 when C-suiters got sixty times a day labourer wage, not 60,000 times.

Austerity hangs everyone out to dry. Even before Keynes, US President Herbert Hoover in 1931 proposed international financial debt moratorium to fight the Great Depression. It was bank management failure of due diligence in creating unwarranted credit bubble margin lending crashed the liquidity needed for sound businesses of society that made ‘Hoovervilles’. Mellon partisan politicking saved bankers their balance sheets at greater public expense for PLC defaults. Demand grows economies. The business process creates ‘new money’ among its trading connections by adding value, cash flows, covering debt carried. That is capitalism. Business Schools miss that.

Cash must be engaged in effective business processes to gain from value added by valiant business ideas people and enterprises. Cash on balance sheets should be allocated to serve creating new demand and innovation creating jobs in the real economy as consumers spend and demand. Managers using QE cashroll for buying-in shares is an austerity measure that just helps them to share-package cash bonuses, not shareholders13, or growing business trading connections creating worth. Despite long evident small but strong real growth, capitalization in jobs by innovation has lagged, along with political leadership overwrought on fugitive tales from their dog-walkers.

All 4 of StockTakers NYSE charity portfolios had doubled in less than 3 years on that ‘swell’ of Quantitative Eating, then markets got dyspepsia of maven confusion14. Like surfers we rise up from the trough and ride below the crest. As our public charity portfolios show our reasoned ‘likeables’ analysis of firms managing their business debt structure is proven method. We prove by doing.




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We call that proof, evidence our method tends to 26% IRR gains. Those were outlier results in mixed markets confused by conventions, newspeak, jargon and aphorisms of the confused that do not know, and will not bother to learn. This past year the ‘small beer’ froth blow off shows the real economy steady and slow, but still far ahead of population growth, in three-fold GDP growth ratio.

We show our risk averse, capital safe, liquid ‘likeables’ investing based on Risk Price works, very likably. All the gossip and volatility the ‘dollar-per-word’ market mavens have mumbled is their business model ‘news’ for your trading. Those mavens whacked markets setback the August 2014 portfolios, just as in Q1-2013, trimming our outlier results. ‘Be Calm and Carry-on’ $toploss resets ride out market waves mavens make. Our simple risk averse $toploss does well for the long term.

Cash is powerful only when invested as capital to hold and grow value, adding to your wealth. Let others chase the gamblers’ risk/reward model that does not work. So called “financial advisors” at financial institutions are risk sellers, Capital Appreciation Robbers, CAR sellers of ‘funky chicken’ products for fee-taking, leaving none for you. Do not give those Artful Dodgers your wallet

Less risk for more reward sounds unusual but our ‘likeables’ prove risk aversion is rewarded. Our proprietary information given in charity empowers small investors to “save your own bacon.” But you can be charitable. Consider paying-forward our charity by donating our usual 2&20 fee to social charity. Good social and corporate works deserve15 your help building society’s wealth.

We seek accredited investors to advance what we have proven. Meanwhile enjoy our charity providing TaxCharityTM and BookBuilderTM portfolios as our public service, because we can. Use our proprietary ‘likeables’ information for the small investor to save your own bacon. Set the $topLosses indicated and get on with earning income from your business you know best. Expand your portfolio. You are ready for riding through more waves from comic behaviours in politics infused market gossip. Grow your wallet, ride those waves. You know how to work and save, so “save your own bacon” with our ‘likeables.’ Accredited investors should buy StockTakers 12% bond16 and relax, with us to doing the work.

BookBuilderTM Portfolios Update List – 31 December 2016NYSE BookBuilderTM ‘likeables’ Firms(30 November 2012)

MarketPrice

Symbol SF(Risk Price)

Stop/Loss

(See prior posts for early trading history)Buy-ins 30jun16 *100 shares eachAchillion Pharmaceuticals Inc. ($4.2 stopLoss 03nov16)

ACHN 2 2.4

Gannett Company Inc. ($11.5 stopLoss 09sep16) GCI:US 12 7.1Himax Technologies Inc. ($6.2 stopLoss 15dec16) 6.20 HIMX 7 4.5International Game Technology 25.52 IGT 14 20.7Two Harbors Investment Corporation 8.72 TWO 8 8.1Windstream Corp. ($8.4 stopLoss 11oct16) WIN 6 5.9Buy-ins 30sep16 *100 shares each




http://www.slideshare.net/HansGoetze/the-corporate-social-on-our-best

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Ford Motor Co. (N* $11.74 StopLoss 31oct15) F 12 11.3Buy-ins 31oct16 *100 shares eachARC Group Worldwide Incorporated 4.40 ARCW 2 3.2KCG Holdings Incorporated 13.25 KCG 11 11.8Petroleo Brasileiro SA ADR ($9.8 stopLoss 11nov16) PBR 4 8.0Windstream Corp. ($6.8 stopLoss 03nov16) 7.33 WIN 6 5.9Buy-ins 30nov16 *100 shares eachAchillion Pharmaceuticals Inc. 4.13 ACHN 2 2.4Cosan Limited 7.51 CZZ 19 6.4NRG Energy Inc. 12.26 NRG 11 9.9

NYSE BookBuilderTM 2012 Portfolio *100 Shares (incl. Dividendsª) 31 December 2016 / 30 November 2012

10377.70 /5460.00 Gain 49.0 months 90.07%

IRR pa 17.03%Net Cash Forward * 100 (after buy-ins 30apr16) 148.00Net Cash * 100 (after stoploss sales) 620.00Net Current Cash Forward * 100 768.00Buy-ins 31dec16 *100 shares each SF

(Risk Price)Stoploss

ChemoCentryx Incorporated 7.40 CCXI 6 5.6

Net Cash Forward * 100 (after no buy-ins 31oct15) 28.00

Cash Dividends earned 677.70Total Cash Available 705.70

NYSE BookBuilderTM 2012 Portfolio *100 Shares (incl. Dividendsª) 31 December 2016 / 30 November 2012

10377.70 /5460.00 Gain 49.0 months 90.07%

IRR pa 17.03%

Stop-loss settings intend to defend your capital from unusual negative market volatility in case of such irrational market mavens’ pressures of Q3-2014 through Q1-2016. Irrationally volatile swings occurred without regard for any reason. Stock prices sharply rebounded. Your capital was defended by stoploss settings as intended. Rebuilding your portfolio with successive replacement buy-ins worked. Staying in the market with ‘likeables’ is the way you gain for the long term.

We had progressively tightened our stoploss settings to less than a standard deviation on a 52 week rolling range17 of a stock’s price. That does incur an added ‘churn’ cost of buying after selling at the triggered stoploss setting. That is a consequence of exercising capital safety. There are benefits to doing that. Our ‘collaring options’ we prefer for good reason18 but takes our constant vigilance. of 17 December 2016 © Copyright StockTakers Limited, All Rights Reserved. Copying Prohibited.

The author does not provide investment advice. In order to use reproduce or convey the material herein,in any way, written agreement must be obtained from the author or its agent Architypes Inc.StockTakers Limited is an Alberta corporation providing information on “likeables” equities.StockTakers Limited encourages your seeking tax law advisor for capital gains tax dispositions.



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New NYSE 2013 Portfolio Buyins *100 shares(31 August 2013 )

4397.00

(See prior posts for early trading history) SF(Risk Price)

Stoploss

Buy-ins 29feb16 *100 shares eachBAE Systems PLC ORD ($6.7 stopLoss 15jun16) BAESF:US 6 6.7Frontier Comm. Corp. ($4.7 stopLoss 24jun16) FTR:US 5 2.7Opko Health Incorporated 9.30 OPK 8 8.0Sirius XM Radio Inc. ($3.8 stopLoss 07apr16) SIRI:NASDAQ 4 4.1ShoreTel Inc. ($6.6 stopLoss 29apr16) SHOR 6 6.4ZTE Corporation ADR (H Shares) ($2.8 stopLoss 05may16) ZTCOY:US

3 3.4

Buy-ins 30apr16 *100 shares eachARC Group Worldwide Incorporated 4.40 ARCW 2 3.2Glencore Xstrata PLC ORD 3.40 GLCNF 2 2.7ShoreTel Inc. ($7.0 stopLoss 20oct16) SHOR 6 6.4Buy-ins 31may16 *100 shares eachAdvanced Micro Devices Inc. 11.34 AMD 7 8.6SeaDrill Limited 3.41 SDRL 2 1.9Buy-ins 30jun16 *100 shares eachSprint Nextel 8.42 S 1 6.7Viavi Solutions Incorporated 8.18 VIAV 6 7.1Buy-ins 31jul16 *100 shares eachSeaDrill Limited 3.41 SDRL 2 1.9VimpelCom Limited ADR (N* $3.34 StopLoss 31oct15) VIP 4 3.4Buy-ins 31oct16 *100 shares eachEn’gy Co. of Minas Gerais ADR 2.28 CIG 2 1.9ShoreTel Inc. 7.15 SHOR 6 6.4

BookBuildersTM 2013 NYSE Current Portfolio (including dividendsª) 31 December 2016 / 31 August 2013

6379.70 /4397.00 Gain 39.0 months

45.09%

IRR pa 11.81%

This result is far less than our expected long term tendency. However, it is cause for celebratory hats and horns. This month has swung your way, gaining 5.59% this month, 23.47% in the past 2 months, a ’likeables’ tendency, as market rebound has occurred. This portfolio has gone through 22 months of volatile negative market behaviour, more than half of its interval. This portfolio demonstrates resilience even using the less effective stoploss regime. We know our pursuit of using options to collar exit or holds guided by the Risk Price is more lucrative.




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Over these 40 months this portfolio 45.09% gained performance confounds the ‘irrational’ convention bound ‘losing’ hedge funds composite of 7.50% behind inflation at 2.19%. This portfolio has proven stunningly better result for the small investor, is vastly better than any fund, bond or mortgage product the financial industry offers and always is liquid for the small investor needing access to use their own wealth to help themselves or dear ones when need arises.

Net Cash Forward * 100 shares 31jan16 Buy-ins 7.00Net Cash * 100 (after $toploss) 0.00Net Current Cash * 7.00Buy-ins 31dec16 *100 shares each SF


n/a

Net Cash Forward * 100 (after buy-ins 30pra2016) 7.00


BookBuildersTM 2013 NYSE Current Portfolio (including dividendsª) 31 December 2016 / 31 August 2013

6379.70 /4397.00 Gain 39.0 months

45.09%

IRR pa 11.81%(Pending Need for Change or investing new Savings)Peoples United Financial Incorporated 19.36 PBCT:US 14 17.8Smith & Wesson Holding Corporation 21.08 SWHC:US 20 18.1Western Union Company 21.72 WU:US 16 20.2Very likably this little ‘pending’ bunch of our ‘likeables’ has gained 16.86% in the 11 months since posting 31jan16. Hmmm, that is on pace for 18.40% gain for the year!

BookBuildersTM New NYSE 2014 PortfolioSet 31 August 2014

4925.00


Stoploss

Buy-ins 30apr16 *100 shares eachSprint Nextel 8.42 S 1 6.7Buy-ins 31may16 *100 shares eachAstrotech Corporation 1.50 ASTC 2 1.0Glencore Xstrata PLC ORD 3.40 GLCNF 2 2.7Groupon Inc. ($3.9 stopLoss31oct16) GRPN:US 3 2.4




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Groupon Inc. ($3.9 stopLoss31oct16) GRPN:US 3 2.4Sprint Nextel 8.42 S 1 6.7SeaDrill Limited 3.41 SDRL 2 1.9Buy-ins 31jun16 *100 shares eachVale SA 7.62 VALE 8 5.9Buy-ins 31jul16 *100 shares eachBallard Power Systems Incorporated 1.65 BLDP 1 1.3Banco Santander SA ADS 5.18 SAN 4 4.8Buy-ins 31oct16 *100 shares eachARC Group Worldwide Incorporated 4.40 ARCW 2 3.2Catalyst Pharmaceutical Partners Incorporated 1.05 CPRX 1 0.6Zynga Incorporated 2.57 ZNGA:US 2 2.2

BookBuildersTM New NYSE 2014 Portfolio(including dividends*) 30 November 2016 / 31 August 2014

4981.00 /4925.00 Gain 27.0 months

1.14%

Net Cash Forward * 100 shares 30nov16 Buy-ins 51.00Net Cash * 100 (after $toploss sales) 0.00Net Current Cash 51.00Buy-ins 30nov16 *100 shares each SF


n/a

Net Cash Forward * 100 (after buy-ins 30nov16) 51.00


BookBuildersTM New NYSE 2014 Portfolio(including dividends*) 31 December 2016 / 31 August 2014

4913.00 /4925.00 Gain 28.0 months

-0.24%

This portfolio started August 2014 seems an unwelcome outlier for us, hard luck dogged its group of low price ‘likeables’ in a highly negative volatility range. Finally this outlier rebounded after 22 months of negatives. We stay in the market, to resist loss and wait for the rebound, always liquid. This portfolio finally made a very nice jump up the past two quarters climbed the long hill back up. But only staying in the market can make that climb. This outlier has gained 29.98% since the end of June – NYSE nothing like that.

The biggest mis-call of the market gossips ‘sky fall’ is missing that world gross production still exceeds world population growth by a factor of 3. The world economy is growing19. Consumers of high value added production remain consuming near 13 times more than




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population growth in the Euro-American nations. That should be aligned if the world economies were near stagnant. Gossip of weak consumer spending seem odd as mid-market store sales revived. World GDP grew 0.7% first quarter, confirming outlook of 2.8% this year. Despite the banks doubled their margin, their little added tax on us all 20. Third quarter US results accelerated to achieve nearer 3.2%. NYSE is out of touch with reality. “Price is not worth,” confuses them21. ‘Likeables’ are about worth.

The greatest export of the occident to the world is the inspiration of individual agency that lies at the core of capitalism. We trade our time and treasure to build value in the enterprise allying with its trading connections, hopeful of its promise generating cashflow and our appropriate income. It is still a long road.

We embrace the innovative when acting to our better angels, because that which can be made to work will enhance us all, though exposing opportunity for the few ‘conniving cousins’ to skim. We grant our finances and licence to the architects of future business accepting their promise in our expectation we will enhance our expectations. That earned share is the core of capitalism.

The flow of ‘credit float’ we express to build those dreams ‘raises all our boats’ and why we created the fictitious person, the corporation, as a society bears as public liability the costs of its failure as we should enjoy distribution of its success and promise. We invest in the hopeful return of a future income coming from that inspired act of highest charity, investment, just as Maimonides encouraged, that we might gain strength to earn our own way through that endeavour. His truth is inspired in the conflation of cultures cooperative co-existence in medieval times.

These fundamentals driving international trade and macroeconomics the gossips are blinded from seeing by their conventions. However as one pundit said, politics is all local, so is conventional vision of economics a limited view, like tunnel-vison, plagued by not seeing the larger view. By our community of effort dark times always diminish.

Engage “Likeables” and save your own bacon.

Equities that tend to hold their value and gain are better than cash. We like risk aversion, Capital Safety and Liquidity because we have proven that works, for low risk and high AlphaSmartTMgains.

For small savings it is needful but arbitrary you stock your portfolio from the low price-point end of "likeables" found in the market. These “likeables” are used in the BookBuildersTM fitting criteria for small investor portfolio needs. What is essential in your portfolios is that you buy a full complement of at least eight or preferably more equities at any time. (We prefer equal blocks of 100 shares. That allows us 'collaring options' an aggressive exit strategy to maximize gains (instead of passive stop-loss) as many “likeables” rebound so ‘collaring’ lets us hold through volatility and earn more gains22).




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Do not expect perfect of Risk Price. Tendency for gain is not the same as pin-the-point on the mule as most claim, encourage or seek. That is just child’s play. Let others chase the gamblers’ risk/reward model temptation. It is how you play the market with better information of corporate value creation of worth, that does matter. Risk Price is what investors need to know. Risk aversion comes of a diverse range of our “likeables” in your portfolio. Our proprietary “likeables” information allows small investors to save your own bacon.

Portfolios Update List – 31 December 2016TSX 2012 BookBuilder TM “Likeables” Portfolio (set 30 November 2012)

MarketPrice

Symbol SF(Risk Price)

Stoploss

(See prior posts for early trading history)Buy-ins 31may16 *100 shares eachAtlantic Power Corporation 3.38 ATP 3 3.0Eldorado Gold Corp. ($4.5 stopLoss 30aug16) ELD.TO 4 3.3NuVista Energy Ltd. 6.94 NVA 4 5.7Buy-ins 31jul16 *100 shares eachLundin Mining Corporation 6.40 LUN 4 5.4Western Forest Products Incorporated 1.89 WEF 1 1.7Buy-ins 30sep16 *100 shares eachBallard Power Systems Incorporated 2.22 BLD 2 1.8Heroux-Devtek Inc 14.70 HRX 9 13.7IAMGOLD Corporation 5.19 IMG.TO 2 3.7Just Energy Group Inc. 7.34 JE 7 6.5New Gold Inc. ($5.6 stopLoss 14nov16) NG 6 5.0NovaGold Resources Inc. 4.71 NGD.TO 3 3.4Pengrowth Energy Corporation 1.93 PGF 1 1.4Silvercorp Metals Inc. ($3.3 stopLoss 07oct16) SVM.TO 1 2.1Buy-ins 31oct16 *100 shares eachKirkland Lake Gold Inc. ($7.8 stopLoss 11nov16) KLG 6 6.4Maxim Power Corp 2.95 MXG.TO 3 2.6Buy-ins 30nov16 *100 shares eachHudBay Minerals Inc. 7.68 HBM 3 5.8Kirkland Lake Gold Inc. ($7.67 Taken private 05dec16) 7.67 KLG 6 6.4Nevsun Resources Ltd. 4.15 NSU 4 3.8Semafo Inc. 4.42 SMF 3 3.4

TSX 2012 BookBuilder TM Portfolio Value (including dividendsª) 31 December. 2016 / 30 November 2012

8783.20 /6391.00 Gain 49.0 months

37.43%

IRR pa 8.10%Net Current Cash after 31oct16 Buy-ins *100 shares 9.00Net Cash * 100 (stoploss sales) 767.00




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Net Cash for Buy-ins *100 shares 776.00Buy-ins 31dec16 *100 shares each SF


Trilogy Energy Corp. 7.55 TET.TO 4 6.0

Net Current Cash after 30nov16 Buy-ins *100 shares 21.00


TSX 2012 BookBuilder TM Portfolio Value (including dividendsª) 31 December. 2016 / 30 November 2012

8783.20 /6391.00 Gain 49.0 months

37.43%

IRR pa 8.10%

Removal of ‘Quantitative Eating’ combined with oil and gas bloat made unusual down-side volatility in all markets these past 24 months. To fuel that, older Greece and newer China issues and then ‘Brexit’ added spooky gossip, a ‘sea-change’ of stoplosses were triggered. Commodities went underground for no reason then ‘popped’ back as the real economy just shrugged and carried on. The stock market is driven by ‘expectancy’ behaviours, too great and too little, swings and roundabouts, swilling their Kool-aid.

A huge infrastructure public debt financing is about to be heaped on Millennials by their elders given election premises further endowing the rich at public common expense. The paddling canoeists of the Great and Good Society23 got swamped by self-serving oligarch politics that has ridden high on the rest of the political body24 ponied into swamp-town on duping slogans. Small business universally known real engine of economic growth is hobbled as banks have installed their 3% add-no-value tax burdening everyone as titan-oligarchs buy their way to leviathans.

Balance sheets did not flip-flop. Portfolio managers did. Their expectations are unrelated to ‘fundamentals’ of value investing25. Our tighter $toploss values reduced risk of loss. All of the stocks in our public portfolios just rebounded. Those still trading well above Risk Price can be bought back for less. Take the ‘short-sell’ bonus and buy those back. We heard the ‘mooing’ as higher employment spread through Europe due stagnant oil price; amid, Russian and Chinese theatres of proxy conflict. Less gossip, more go-sip a tea on your break, gets things done, for you.

Collaring options we prefer using giving more gains but requires a lot more attention. Stoploss is a simpler approach. Again we must rebuild for gain hopeful calmer markets will soon return. Price has no mass - gravity like gossip fluctuates, apparently both being ‘dark energy’ forces.




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The reality is that ‘treacle-down’ never worked. Austerity is impoverishing in hard times when innovation and investment are needed to ‘credit float’ warranted investment in valiant business processes and enterprises in the real economy. Austerity drains ‘credit float’ from worthy enterprises as otherwise adds worth and wealth in business process, making ‘money’ to put in our pockets and allocate as we wish or save in ‘likeable’ equities hopeful of gain. Cash is better ‘cached’ into capital-creating ‘likeables’ equities, adding worth for you.

New TSX 2013 Portfolio Buyins *100 sharesSet 31 August 2013

6282.00


Stoploss

Buy-ins 31jan16*100 shares eachATS Automtn Tool Systems Inc. ($9.8 stopLoss 03feb16) ATA

9 11.4

Choice Properties REIT ($11.7 stopLoss 08feb16) CHP.UN 10 12.5Chorus Aviation Inc. ($5.1 stopLoss 10feb16) CHR.BIntertape Polymer Grp Inc. 25.18 ITP 14 22.7Just Energy Group Inc. ($8.8 stopLoss 10feb16) JE 7 6.5NovaGold Resources Inc. ($7.7 stopLoss 22aug16) NG 6 5.0Buy-ins 29feb16*100 shares eachExtendicare Incorporated ($8.8 stopLoss 16may16) EXE 8 9.2Guyana Goldfields Inc. ($7.7 stopLoss 25jul16) GUY 3 4.3Just Energy Group Inc. ($7.3 stopLoss 11aug16) JE 7 6.5Northland Power Inc. ($21.6 stopLoss 10nov16) NPI 15 21.2OceanaGold Corp. ($0.9 stopLoss 11nov16) OGC 15 21.2Premier Gold Mines Ltd. ($4.2 stopLoss 25aug16) PG 1 1.8Buy-ins 31may16*100 shares eachDundee Precious Metals Inc. ($3.2 stopLoss 25aug16) DPM.TO 1 1.4Extendicare Incorporated ($8.0 stopLoss 06jun16) EXE 8 9.2Buy-ins 30jun16*100 shares eachAdvantage Oil & Gas Ltd. 9.12 AAV 7 7.8Golden Star Resources Ltd. ($3.5 stopLoss 11nov16) GSC.TO 0 0.7Buy-ins 30jun16*100 shares eachB2Gold Corp. ($3.3 stopLoss 31aug16) BTO.TO 1 2.2Silvercorp Metals Inc. 3.13 SVM.TO 1 2.1Buy-ins 30sep16*100 shares eachBaytex Energy Corp. 6.56 BTE.TO 5 4.7Just Energy Group Inc. 7.34 JE 7 6.5NovaGold Resources Inc. ($5.6 stopLoss 14nov16) NG 6 5.0Premier Gold Mines Ltd. ($3.5 stopLoss 04oct16) PG 1 1.8




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Western Forest Products Inc. 1.89 WEF 1 1.7Buy-ins 31oct16*100 shares eachTrican Well Service Ltd. 4.60 TCW 1 3.5Buy-ins 30nov16*100 shares eachAimia Inc 8.88 AIM 8 8.1Birchcliff Energy Ltd. 9.37 BIR.TO 4 7.5Crew Energy Inc. 7.51 CR.TO 3 6.2TransAlta Corporation 7.43 TA 5 6.4

New TSX 2013 BookBuilder TM Portfolio(including dividendsª) 31 December 2016 / 31 August 2013

9531.20 /6282.00 Gain 40.0 months

51.72%

IRR pa 13.32%Net Current Cash after 31oct16 Buy-ins *100 shares 3.00Net Cash * 100 (stoploss sakes) 0.00Net Cash for Buy-ins *100 shares 3.00Buy-ins 31dec16*100 shares each SF


n/a

Net Current Cash after 30nov16 *100 share Buy-ins 3.00


New TSX 2013 BookBuilder TM Portfolio(including dividendsª) 31 December 2016 / 31 August 2013

9531.20 /6282.00 Gain 40.0 months

51.72%

IRR pa 13.32%(Pending Need for Change or investing new Savings)Advantage Oil & Gas Ltd. 9.12 AAV 7 7.8Choice Properties REIT 13.47 CHP.UN 10 12.5Great Canadian Gaming Corp 24.98 GC 14 22.0Hummin’ right along this spare bunch have gained 41.94% in 12 months this year, but, if you came later to our games, 25.56% in the past 9 months, 15.58% in the last 5 months, that is a nice, very nice, bunch of spare ‘likeables’

BookBuilder TM New TSX 2014 “Likeables” $5,000 Portfolio (31 August 2014 *100 share Buy-ins)

4871.00


Stoploss

Buy-ins 30jun16 *100 shares each




“

Fortuna Silver Mines Inc. ($9.1 stopLoss 05oct16) FVI.TO 3 5.2Nevsun Resources Ltd. ($3.9 stopLoss 03oct16) NSU 4 3.8NuVista Energy Ltd. 6.94 NVA 4 5.7Buy-ins 30sep16 *100 shares eachEldorado Gold Corp. ($4.5 stopLoss 26oct16) ELD.TO 4 3.3Wi-LAN Inc. ($2.0 stopLoss 14sep16) WIN 2 1.6Buy-ins 30sep16 *100 shares eachBallard Power Systems Incorporated 2.22 BLD 2 1.8Just Energy Group Inc. 7.34 JE 7 6.5Premier Gold Mines Ltd. ($3.5 stopLoss 04oct16) PG 1 1.8Buy-ins 31oct16 *100 shares eachEldorado Gold Corporation 4.32 ELD.TO 4 3.3Kirkland Lake Gold Inc. ($7.8 stopLoss 11nov16) KLG 6 6.4Nevsun Resources Ltd. 4.15 NSU 4 3.8Trican Well Service Ltd. 4.60 TCW 1 3.5Veresen Inc. 13.11 VSN 7 11.4Buy-ins 30nov16 *100 shares eachCalfrac Well Services Ltd. 4.76 CFW 1 3.8Premier Gold Mines Limited 2.56 PG 1 1.8OceanaGold Corporation 3.91 OGC 3 5.0

BookBuilder TM New TSX 2014 “Likeables” (including dividendsª) 31 December 2016 / 31 August 2014

5537.50 /4871.00 Gain 28.0 months

13.68%

IRR pa 5.65%Net Current Cash (after 31oct16 *100 share Buy-ins) 1.00Net Cash * 100 (on stoploss sales) 0.00Net Cash for Buy-ins *100 shares 1.00Buy-ins 31dec16 *100 shares each SF


n/a

Net Current Cash after 30nov16 Buy-ins *100 shares 1.00


BookBuilder TM New TSX 2014 “Likeables” (including dividendsª) 31 December 2016 / 31 August 2014

5537.50 /4871.00 Gain 28.0 months

13.68%

IRR pa 5.65%




“

This result is far less than our expected long term tendency using ‘collaring options’ using Risk Price guidance. However, it is catching-up, quickly. That is cause for celebratory hats and horns. It is heading toward double digit gain, as TSX enters waffling stage of ‘news’ in resources. This portfolio has gone through volatile negative market behaviour its entire 2 year interval, with TSX still down -1.26%. This shows resilience of our robust Risk Price driven methods even when using less effective stoploss regime. The modest ’short sell’ of not buying back at higher price than stoplost has limited capital erosion during these negative times, while showing the long term tendency for gain by staying in the market as it gyrates on gossip, disinformation and ‘news’.

Our options trading based on Risk Price indications testing the market is aggressive strategic investing which needs prompt diligence filtering put/call offers in the options market, that takes effort time and attendance the small investor cannot or should not take from what they do best to earn their incomes and save. Invest your savings with our Risk Price driven ‘likeables’ to earn income and build your own wealth from our charity in sharing enough of our proprietary data for serving the small investor building his own wealth. Accredited investors should buy StockTakers 12% Bond, and, we will do the work, because we can.

Risk Price is about knowing more than the rest, more than conventional fundamentals offer to the investor at any scale of portfolio. We know the pursuit of framing options to collar exit or holds guided by the Risk Price is more lucrative. That takes too much attention for the small investor who just wants to save and build wealth hopeful of gains better than inflation in the long term and be liquid always, ready for difficult times when they need some ready cash, drawing on their own wealth, for helping themselves or their dear ones. Stoploss does that passively, for you.

Engage “likeables” and save your own bacon.

The conventional investment industry cannot prove any of their assumptions underlying their methods, whose results are 1.03:1, like26 a coin toss. Avoid those Artful Dodgers playing dice with your wallet. Investors need a real compass27. Risk Price shows their way. Our TaxCharityTM gives proof. In the spirit and tradition of real science of Bacon and Newton we feign nothing; our demonstrations are in real time with real consequences obtaining real benefit to investors’ wallets, because we can.

In our Modal Geometry theory of the firm we make only two assumptions, clearly as follows: 1. there is a balance sheet of the firm (that the rule of law governs its information is possibly

weak assumption but at an accuracy to at least the modest degree accountants are prepared to be responsible for); and,




“

2. the firm will vigorously negotiate, “what it owns” (in order to stay in business “what is owed to it” with “what it owes” and vice versa, to make the best of what it has, that is in its trading connections).

The Modal Geometry theory of the firm has unfolded more by rigourous observation in the real world of corporate ledgers relation to balance sheets. That is aided with logic, epistemology, and some powerful mathematics, real science, not conventional assumptions with little relevance but gossip.

Our reasons for having any equity in our portfolios are clear, concise and consistent. “likeables” are equities shown valued by investors, tending to continuing gain, which investors have demonstrated a determination to buy and hold at stock prices above the Risk Price. “AlphaSmartTM gains, Capital Safety and Liquidity” are consequences we obtain through risk aversion that our Risk Price enables. That is proven.

Proof is positive, in our TaxCharityTM and BookBuilderTM portfolios, extending our proprietary information to small investors. The BST-Solo50KTM and ABC-ZsTM suit larger wallets. Because we can, while the entire financial industry is so busy blowing bubbles28 with cash from your wallet.

Know What You Have. Have What You Know.

Our risk averse view works. The proof of our method is clear and forthrightly shown. Of course we require 2&20 fees for doing that, or utilize our StockTakers 12% Bond. Mail us for your wealthy helping of what we can do for you. Because we can. You have proof.

It is the price of risk29 because that’s the price at which we can reasonably expect to get our money back with a possible and hopeful return that exceeds the rate of inflation. That proof is here in your hands, as we continue to show as above, because, we can.

Know What You Have, and only, Have What You Know.

Our view is risk averse. Of course we require 2&20 fees for doing that. Mail us for our help.

Hans Goetze, Architypes Inc. [email protected] and StockTakers Limited

Head Office76 351 Chemin Boulanger

Sutton, PQJ0E 2K0450 538-1270647-608-2176




http://riskwerk.com/2012/08/26/the-price-of-risk/

1 http://riskwerk.com/2012/06/05/economics-is-confusing/ 2 http://riskwerk.com/2015/08/27/pi-extreme-economics-the-worlds-bubble-wrap/ 3 https://riskwerk.com/2016/06/16/bn-the-w-syndrome/4 http://www.slideshare.net/HansGoetze/the-grail-and-the-goat-portfolios5 ‘Father’ of Modern Portfolio Theory, Peter L. Bernstein, became disaffected realizing it was exposing investors to risk while productive way for making the professionals a living http://www.e-m-h.org/Bernstein1999.pdf6 E. Goetze,“The Modal Geometry of the Firm and the Balance Sheet Worth of the Trading Connections”, 20067 http://riskwerk.com/2012/09/22/popovicius-volatility/ 8 http://www.economist.com/news/leaders/21676767-entrepreneurs-are-redesigning-basic-building-block-capitalism-reinventing-company?cid1=cust/ednew/n/n/n/20151022n/owned/n/n/nwl/n/n/n/email9 http://www.slideshare.net/HansGoetze/orienteering-among-magpies10 banks have paid nearly $230 billion in litigation costs since 2009 http://www.reuters.com/article/2015/01/13/us-banking-litigation-research-idUSKBN0KM10G20150113 11 http://www.marketwatch.com/story/only-a-black-swan-will-bring-back-stock-volatility-2014-05-18 These Goldilocks and the Black Swans are confused by the tales even the VIXens siren to investors.12 http://www.slideshare.net/HansGoetze/medieval-diet 13 http://www.economist.com/news/leaders/21676767-entrepreneurs-are-redesigning-basic-building-block-capitalism-reinventing-company?cid1=cust/ednew/n/n/n/20151022n/owned/n/n/nwl/n/n/n/email 14 https://riskwerk.com/2016/06/16/bn-the-w-syndrome/ 15 http://www.slideshare.net/HansGoetze/the-corporate-social-on-our-best 16 http://www.slideshare.net/HansGoetze/stocktakers-12-bond 17 http://riskwerk.com/2012/09/22/popovicius-volatility/ 18 https://riskwerk.files.wordpress.com/2017/01/exhibit-1-bn-follow-the-money-summary1.png see how this works https://riskwerk.com/2017/01/14/bn-extreme-economics-the-winds-of-change/19 http://www.economist.com/news/china/21701505-chinas-foreign-policy-could-reshape-good-part-world-economy-our-bulldozers-our-rules?cid1=cust/ednew/t/bl/n/20160630n/owned/n/n/nwl/n/n/n/n 20 http://www.slideshare.net/HansGoetze/new-bank-tithe the triumvirate tools, direct intervention in TARP; market intervention with Quantitative Eating; and interest rate setting have been exhausted into sluggish growth by banks raising average margin from 3 to 6% benefiting themselves at society expense (as a 3% sales tax piled on as if an interest rate rise displacing FED role mediating money market rate) to depress results of increased productivity on flat wages and low wage service jobs creation as corporate cash ratio on balance sheets remains high reduced only by mergers at inflated stock prices for management bonuses http://finance.yahoo.com/blogs/talking-numbers/222-years-interest-history-one-chart-173358843.html the average rate has been 5.18% since the start of this country’s history. “Any time we break above it, we get into trouble,” says Louise Yamada. http://www.money-rates.com/prime-rate-history.htm “Historically, the prime rate is set 300 points above the federal funds rate.”21 https://riskwerk.com/2013/08/07/the-god-stock-econo-speak/ 22 http://riskwerk.com/2013/05/03/the-sp-tsx-hangdog-market/ ; http://riskwerk.com/2013/05/21/the-sp-tsx-hangdog-market-2/ ; http://riskwerk.com/2013/08/10/the-sp-tsx-hangdog-market-3/ 23 J. K. Galbraith, The Good Society: The Humane Agenda, 1995, reconfirmes the aims of the Eisenhower-Kennedy-Johnson bipartisan ethos, identifying the necessary parts, distribution of wealth, “ban on forms of financial enrichment at the expense of others (p32)”; “The basic need … is to accept that… progressive taxation is central (p 65)”; warning of the downside ills of deregulation, “is an escape from thought (p 76)”; globalisation is a function of governments “coordination of social and economic policies … substantive programs of the modern welfare state (p 118)” not terms for corporate opportunism; corporate lobbyism, “two groups have become unequal in power and influence, democracy has become an imperfect thing (p 138)” and, he concludes, “With true democracy, the good society would succeed, would even have an aspect of inevitability. Libertarians opposition conceit enables they enrich from others, reaping zero-sum logic not recognizing trading connections role cooperating to add value.24 Libertarian agenda reduces to: free-for-them, fair to them and sustainable for them, all else are exploitable. Required is exclusion of others opportunity, fairness and sustenance. Our economy is built on cooperation among its trading connections hopeful of enriching all. Corporate law enabled the social need for scaling-up enterprises. See, J. Micklethwaite, The Compait ny, 2002.25 https://en.wikipedia.org/wiki/The_Intelligent_Investor 26 http://www.slideshare.net/HansGoetze/the-grail-and-the-goat-portfolios on North American markets the combined average result of ‘managers’ investment models is 1.03:1, statistically no better than monkeys tossing coins or dice as compared to Risk Price driven ‘likeables’ portfolio showing 2.28:1 of the equities gain for long periods, the rest is ‘gardening’27 http://www.slideshare.net/HansGoetze/orienteering-among-magpies 28 http://riskwerk.com/2013/10/14/asset-bubbles-day-october-14-2013/29 http://riskwerk.com/2012/08/26/the-price-of-risk/

http://riskwerk.com/2012/08/26/the-price-of-risk/

http://riskwerk.com/2013/10/14/asset-bubbles-day-october-14-2013/

http://www.slideshare.net/HansGoetze/orienteering-among-magpies

http://www.slideshare.net/HansGoetze/the-grail-and-the-goat-portfolios

https://en.wikipedia.org/wiki/The_Intelligent_Investor

http://riskwerk.com/2013/08/10/the-sp-tsx-hangdog-market-3/

http://riskwerk.com/2013/05/21/the-sp-tsx-hangdog-market-2/

http://riskwerk.com/2013/05/03/the-sp-tsx-hangdog-market/

https://riskwerk.com/2013/08/07/the-god-stock-econo-speak/

http://www.economist.com/news/china/21701505-chinas-foreign-policy-could-reshape-good-part-world-economy-our-bulldozers-our-rules?cid1=cust/ednew/t/bl/n/20160630n/owned/n/n/nwl/n/n/n/n

http://www.economist.com/news/china/21701505-chinas-foreign-policy-could-reshape-good-part-world-economy-our-bulldozers-our-rules?cid1=cust/ednew/t/bl/n/20160630n/owned/n/n/nwl/n/n/n/n

https://riskwerk.com/2017/01/14/bn-extreme-economics-the-winds-of-change/

https://riskwerk.files.wordpress.com/2017/01/exhibit-1-bn-follow-the-money-summary1.png

http://riskwerk.com/2012/09/22/popovicius-volatility/

http://www.slideshare.net/HansGoetze/stocktakers-12-bond

http://www.slideshare.net/HansGoetze/the-corporate-social-on-our-best

https://riskwerk.com/2016/06/16/bn-the-w-syndrome/

http://www.economist.com/news/leaders/21676767-entrepreneurs-are-redesigning-basic-building-block-capitalism-reinventing-company?cid1=cust/ednew/n/n/n/20151022n/owned/n/n/nwl/n/n/n/email


http://www.slideshare.net/HansGoetze/medieval-diet

http://www.marketwatch.com/story/only-a-black-swan-will-bring-back-stock-volatility-2014-05-18

http://www.reuters.com/article/2015/01/13/us-banking-litigation-research-idUSKBN0KM10G20150113

http://www.reuters.com/article/2015/01/13/us-banking-litigation-research-idUSKBN0KM10G20150113

http://www.slideshare.net/HansGoetze/orienteering-among-magpies



http://riskwerk.com/2012/09/22/popovicius-volatility/

http://www.e-m-h.org/Bernstein1999.pdf

http://www.slideshare.net/HansGoetze/the-grail-and-the-goat-portfolios

https://riskwerk.com/2016/06/16/bn-the-w-syndrome/

http://riskwerk.com/2015/08/27/pi-extreme-economics-the-worlds-bubble-wrap/

http://riskwerk.com/2012/06/05/economics-is-confusing/

bookbuildertm 31dec16

Economy & Finance