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Steve Cook received his education in investments from Harvard, where he earned an MBA, New York University, where he did post graduate work in economics and financial analysis and the CFA Institute, where he earned the Chartered Financial Analysts designation in 1973. His 46 years of investment... More
My company:
Strategic Stock Investments
My blog:
Investing for Survival
  • The Morning Call---CPI -0.7%; Right On Fed Target

    The Market

    Technical

    The indices (DJIA 18214, S&P 2110) had a quiet but fractionally down day, ending within uptrends across all timeframes: short term (16669-19441, 1941-2922), intermediate term (16718-21869, 1762-2476) and long term (5369-18860, 797-???). They both closed above their 50 day moving averages and their mid-December highs. The S&P finished right on the former upper boundary of its long term uptrend. As you can see, it has to date been following the same pattern (i.e. hugging the upper boundary but not making a jail break above it) as it did from mid-November to late December. Meanwhile the Dow remains well below its comparable boundary.

    (click to enlarge)

    Volume was flat; breadth deteriorated. The VIX rose fractionally, closing within its short term trading range, its intermediate term downtrend and below its 50 day moving average.

    How volume and volatility are related (short):

    http://traderfeed.blogspot.com/2015/02/volume-and-volatility-what-they-mean.html

    The value of sentiment indicators (short):

    http://jeffhirsch.tumblr.com/post/112168261468/market-sentiment-indicators-are-not-so-contrary

    The long Treasury got whacked, driving it back to right on the lower boundary of its short term uptrend. It also finished within its intermediate and long term uptrends and above its 50 day moving average.

    http://www.zerohedge.com/news/2015-02-26/faith-fed-abilities-are-too-firmly-embedded-investor-class

    GLD was up, ending within its short term uptrend, its intermediate term trading range, a very short term downtrend and below its 50 day moving average. The lift of the last two days has been very timid and leaves me concerned about the reminder of our Portfolios' GLD position,

    Bottom line: the indices continued to meander around the flat line yesterday, and once again on light volume. GLD did virtually nothing. However, there were big moves in the long Treasury, oil and the dollar. This somewhat disparate pin action may be just noise but could be signaling something not obvious to me. But in the absence of anything new, my assumption is that momentum remains to the upside.

    Fundamental

    Headlines

    Yesterday's economic stats returned to their recent (disappointing) ways: January CPI fell 0.7%---much more than expected, the headline January durable goods were up more than estimates but ex transportation, the number was much less than anticipated, weekly jobless claims were up more than estimates and the February Kansas City Fed manufacturing index came in well below consensus. So unless we get some blow out data today, we are now looking at the fifth consecutive week of discouraging stats--- clearly increasing the burden of not lowering our outlook for economic growth.

    http://www.zerohedge.com/news/2015-02-26/economic-composite-index-suggests-restocking-cycle-over

    And speaking of the Fed (that's a joke, I know I wasn't), did you catch the connection or lack thereof between the long stated Fed objective to push inflation to 2% (presumably as a sign of higher economic activity) and yesterday's January report of CPI (-0.7%)? Who says that QEInfinity hasn't worked? You know, all we really need is QEIV to get that inflation rate right where the Fed wants it to be. Just kidding.

    Then again, there is always hope (medium):

    http://www.zerohedge.com/news/2015-02-26/3-things-high-yield-warning-yellens-employment-economy

    Greenspan on the Fed and the economy (short):

    http://www.zerohedge.com/news/2015-02-26/stock-market-great-economy-not-alan-greenspan-warns-great-depression-global-demand

    No international economic data was reported but the anti-austerity protests have, not unexpectedly, begun in Athens. They probably won't do much good, unless (pardon my cynicism) the new government wants the populous to 'force' it to reject the new bail out deal.

    http://www.zerohedge.com/news/2015-02-26/full-circle-first-anti-government-protest-greece-turns-ugly

    ***overnight, the German parliament approved the Greek bailout, consumer prices rose in Germany and Italy, India upped its forecast for economic growth, Japan reported retail sales down, inflation down, household spending down, unemployment up and industrial production up.

    Bottom line: the US economic numbers are back to having a terrible week. So has the Fed. What with Yellen being harassed by those mean old republicans and then the CPI missing the Fed's inflation target by a mile….well, more than that. At some point those guys and gals are going to quit focusing on fine tuning their Models which have seldom worked anyway and take a gander at the big picture---which is that QE has done little for the economy but has been successful in (1) leading to the wholesale misallocation of resources and mispricing of assets and (2) encouraging the other major central bankers to pursue the same irresponsible, unworkable monetary template in an attempt of 'beggar thy neighbor'. Yeah, this is going to end well.

    I can't emphasize strongly enough that I believe that the key investment strategy today is to take advantage of the current high prices to sell any stock that has been a disappointment or no longer fits your investment criteria and to trim the holding of any stock that has doubled or more in price.

    Bear in mind, this is not a recommendation to run for the hills. Our Portfolios are still 55-60% invested and their cash position is a function of individual stocks either hitting their Sell Half Prices or their underlying company failing to meet the requisite minimum financial criteria needed for inclusion in our Universe.

    More on valuation (medium and a must read):

    http://www.advisorperspectives.com/commentaries/20150226-advisor-perspectives-dshort-com-equity-valuations-recessions-and-stock-market-declines

    Countdown to a 2016 crash?

    http://www.marketwatch.com/story/stock-market-crash-of-2016-the-countdown-begins-2015-02-25?page=1

    Can stocks rise in spite of weak earnings (short):

    http://skrisiloff.tumblr.com/post/111959384520/can-stocks-rise-in-spite-of-weak-earnings-growth

    Thoughts on Investing from Barry Ridholtz

    Reality Check: What Are You Lying to Yourself About?

    By Barry Ritholtz -

    Michael: I don't know anyone who could get through the day without two or three juicy rationalizations. They're more important than sex.

    Sam: Ah, come on. Nothing's more important than sex.

    Michael: Oh yeah? Ever gone a week without a rationalization?

    -The Big Chill

    One of the things we all do as investors - indeed, as human beings - is to tell ourselves lies. Indeed, lots and lots of them. Some are little, some are giant, but they all have the same thing in common: We spend a lot of time and energy rationalizing our behavior, beliefs and decision making.

    We fool ourselves.

    It is part of our nature, we cannot help ourselves. But when it comes to investing, constantly lying to ourselves can be especially costly.

    Here is a short list of the lies we collectively tell ourselves:

    We can avoid allowing our emotions impact our thinking and behavior
    We don't have many biases that affect the way we perceive the world around us
    We can evaluate fund managers (mutual or hedge funds)
    We can predict the future
    We are saving enough for retirement
    We can pick stocks better than owning a broad index
    Even if we have biases, we are smart enough to be aware of them
    We are process, not outcome, focused
    The Media hasn't affected our thinking about a investment
    We know how well we are doing with our investments
    We are making good choices based on empirical evidence, not myths
    We don't allow hype to get us excited and drive us to making bad decisions
    We are not easily influenced by experts
    We understand the fees, costs, expenses and taxes impacting our portfolio
    We do not chase performance
    We have a good plan, we understand it intellectually
    We have the discipline to follow our plan, and not get distracted
    I won't make the same mistakes this time
    We can actively trade in and out and show a profit
    We are smarter than most of the people we know, therefore we are smarter than the market

    News on Stocks in Our Portfolios

    Economics

    This Week's Data

    The February Kansas City Fed's manufacturing index came in at 1.0 versus expectations of 3.0.

    http://www.calculatedriskblog.com/2015/02/kansas-city-fed-regional-manufacturing.html

    Revised fourth quarter GDP was reported up 2.2% versus the initial reading of 2.6% and a 2.1% forecast.

    Other

    The dollar and corporate profits (short):

    http://www.zerohedge.com/news/2015-02-26/do-not-show-jim-bullard-chart

    Politics

    Domestic

    International War Against Radical Islam

    Kerry's testimony before the House Foreign Affairs committee (short)

    http://www.powerlineblog.com/archives/2015/02/the-secretary-of-state-who-couldnt-shoot-straight.php

    US planning to invade Syria? You be the judge (medium):

    http://www.zerohedge.com/news/2015-02-26/stage-set-syrian-invasion

    More saber rattling (short):

    http://www.zerohedge.com/news/2015-02-26/provocation-nato-conducts-military-maneuvers-300-yards-russias-border

    Feb 27 9:05 AM | Link | Comment!
  • The Morning Call---Everyone Has Happy Feet

    The Market

    Technical

    The indices (DJIA 18224, S&P 2113) had a quiet day (Dow up, S&P down), ending within uptrends across all timeframes: short term (16657-19429, 1939-2920), intermediate term (16706-21847, 1762-2476) and long term (5369-18860, 797-???). They both closed above their 50 day moving averages and their mid-December highs. The S&P finished above the former upper boundary of its long term uptrend while the Dow remains well below its comparable boundary.

    NASDAQ's run (medium):

    http://streettalklive.com/index.php/blog.html?id=2621

    Volume was flat; breadth deteriorated. The VIX rose, closing within its short term trading range, its intermediate term downtrend and below its 50 day moving average.

    The long Treasury was up again, finishing within its short, intermediate and long term uptrends and above its 50 day moving average. Long term muni ETF's remain the largest segment in our ETF Portfolio. At the open this morning, our ETF Portfolio will Buy a position in BWX, the Barclay's International Treasury ETF.

    The rise of the bond market and its impact on portfolio allocation (medium):

    http://www.pragcap.com/the-rise-of-the-bond-market-its-impact-on-portfolio-allocations

    GLD was up, ending within its short term uptrend, its intermediate term trading range, a very short term downtrend and below its 50 day moving average. While GLD has remained above the lower boundary of its short term uptrend, it shows few signs of strength. If we get some upward momentum, our Portfolios may Add back shares. However, a break of the lower boundary of its short term uptrend will prompt a complete exit from this position.

    http://www.zerohedge.com/news/2015-02-25/what-happens-gold-currency-crisis-redux

    Bottom line: the indices rested yesterday and volume remained light. Still after the sprinting up on the positive news of the Greek bail out and Yellen's dovish Humphrey Hawkins testimony, a slow news day offers the opportunity for profit taking; and we got very little of that. That suggests continuing momentum to the upside.

    TLT had another good day and seems to have put the recent sell off behind it. I continue to believe that it is more likely that interest rates go lower rather than higher. Our ETF Portfolio will continue to look for value in this space. On the other hand, GLD's pin action is less inspiring and remains more of a trading vehicle than a longer term investment.

    Fundamental

    Headlines

    Finally, we get a day in which the economic numbers are just mixed: weekly mortgage applications fell but the more important purchase applications rose; January new home sales were down, just not as much as expected. Still these stats are not going to cause anyone to become more upbeat.

    Overseas, China's February flash PMI inched back into positive territory but exports declined.

    On a broader front:

    (1) Yellen spent another day charming our legislators and her dovish tone on monetary policy was unchanged,

    (2) there was little out of Greece/EU as we await approval of the latest bail out deal from several sovereign parliaments [Germany, Finland]. Voting is scheduled for this weekend.

    Greece's biggest problem (short):

    http://www.zerohedge.com/news/2015-02-25/biggest-problem-greece-isnt-debt-its

    No way for Greece to escape austerity (medium):

    http://www.nakedcapitalism.com/2015/02/ecb-imf-greece-no-escaping-austerity-hairshirt.html

    (3) while the shooting seems to be abating in Ukraine, the war is shifting to the economic [read, gas] realm (short):

    http://www.zerohedge.com/news/2015-02-25/putin-slams-ukraine-decision-cut-gas-east-genocidal

    Bottom line: yesterday's US economic numbers did little to assuage my concerns about the current trend in lousy stats. On the other hand, the recent tendency towards more mixed international economic data is a plus.

    I remain a skeptic as to how helpful/useful central bank easy money is improving the economic outlook. I worry about its potential negative impact via competitive currency devaluations. And I am convinced that it is grossly distorting global asset prices---a problem for which investors will pay dearly sooner or later.

    Following the Greek/EU/ECB/IMF agreement investors have their happy shoes on, assuming that no matter how negative an impact that the current monetary/fiscal policies are having on the PIIGS and no matter how dire the rhetoric becomes, the euros will always manage to 'muddle through'. I am reminded of a phrase from Herb Stein that basically said 'bad economic policy will remain in place until it can't'. I have no doubt that current EU monetary/fiscal policies will continue until they can't. The Market assumes that will be for a long time. I don't have quite that level of conviction. That said, the current assumption in our Economic Model is that the EU 'muddles through'. I just doubt that the odds are 100%.

    I can't emphasize strongly enough that I believe that the key investment strategy today is to take advantage of the current high prices to sell any stock that has been a disappointment or no longer fits your investment criteria and to trim the holding of any stock that has doubled or more in price.

    Bear in mind, this is not a recommendation to run for the hills. Our Portfolios are still 55-60% invested and their cash position is a function of individual stocks either hitting their Sell Half Prices or their underlying company failing to meet the requisite minimum financial criteria needed for inclusion in our Universe.

    Career risk as an investment principal (short):

    http://thereformedbroker.com/2015/02/25/qotd-career-risk-as-market-driver/

    Earnings season update: 90% of S&P companies have reported, 74% beat profit expectations, 56% beat revenue projections.

    Company Highlights

    CF Industries manufactures and distribute nitrogen and phosphate fertilizers in North America. The company, which went public in 2005, has grown profits from $.60 to $19.40 in 2014 and dividends from $.02 to $5.00 in the same time frame. It has earned between 12% and 20% return on equity. CF should continue its above average growth rate because:

    (1) capacity expansion,

    (2) recent acquisition of Terra has made it the leading global producer of nitrogen fertilizer,

    (3) stock buyback program,

    (4) falling natural gas prices, a key ingredient in the making of fertilizer.

    Negatives:

    (1) price competition with its domestic competitors,

    (2) its business serves a highly cyclical industry.

    CF is rated A by Value Line, carries a 49% debt to equity ratio and its stock yields 2.2%.

    Statistical Summary

    Stock Dividend Payout # Increases

    Yield Growth Rate Ratio Since 2005

    CF 2.2% 31% 27% 6

    Ind Ave 3.6 18 48 NA

    Debt/ EPS Down Net Value Line

    Equity ROE Since 2005 Margin Rating

    CF 49% 21% 3 21% A

    Ind Ave 36 17 NA 13 NA

    Chart

    Note: CF Industries stock made great progress off its March 2009 low, quickly surpassing the downtrend off its July 2008 high (straight red line) and the November 2008 trading high (green line). Long term, it is in an uptrend (blue lines). Intermediate term, it is an uptrend (purple lines). The wiggly red line is the 50 day moving average. The Aggressive Growth Portfolio owns a full position in CF. The upper boundary of its Buy Value Range is $286 (I have left CF on the Buy List despite its trading slightly above this boundary); the lower boundary of its Sell Half Range is $428.

    (click to enlarge)

    http://finance.yahoo.com/q?s=CF

    2/15

    Investing of Survival

    How retirement planning vastly underestimates inflation (medium):

    http://www.msn.com/en-us/money/retirement/how-retirement-plans-vastly-underestimate-inflation/ar-AA8VorY

    News on Stocks in Our Portfolios

    Medivation beats by $0.62, beats on revenue

    · Medivation (NASDAQ:MDVN): Q4 EPS of $1.96 beats by $0.62.

    · Revenue of $274.7M (+184.3% Y/Y) beats by $39.45M.

    Economics

    This Week's Data

    January new home sales declined fractionally versus expectations of a 2.2% decline.

    January CPI came in at -0.7% versus estimates of -0.6%.

    January durable goods orders rose 2.8% versus forecasts of up 2.0%; however, ex the highly volatile transportation sector, they were up 0.3% versus consensus of up 0.7%.

    Weekly jobless claims were up 31,000 versus an anticipated increase of 7,000.

    Other

    A review of the impact of US monetary/fiscal policy (short):

    http://www.zerohedge.com/news/2015-02-25/most-important-chart-future-worlds-reserve-currency

    Politics

    Domestic

    International War Against Radical Islam

    Our failed negotiations with Iran (medium):

    http://www.powerlineblog.com/archives/2015/02/iranian-shadows.php

    Iranian live fire demonstration (short):

    http://www.zerohedge.com/news/2015-02-25/iran-televises-major-naval-drill-against-fake-us-aircraft-carrier-persian-gulf

    Feb 26 8:59 AM | Link | Comment!
  • The Morning Call---Yellen Mews, Stocks Up

    The Market

    Technical

    The indices (DJIA 18209, S&P 2115) resumed their upward march yesterday, ending within uptrends across all timeframes: short term (16652-19424, 1939-2920), intermediate term (16695-21846, 1759-2473) and long term (5369-18860, 797-???). They both closed above their 50 day moving averages and their mid-December highs; and the S&P closed above the former upper boundary of its long term uptrend while the Dow remains well below its comparable boundary. Bottom line: (1) the Averages need to be in sync to validate a change in trend and (2) we wait for the S&P to re-set the upper boundary of its long term uptrend.

    Volume fell; breadth improved. The VIX declined 6%, closing within its short term trading range, its intermediate term downtrend and below its 50 day moving average.

    The long Treasury was up again, finishing within its short, intermediate and long term uptrends. Further, it ended above the upper boundary of the newly formed very short term downtrend (for the second day thereby negating that trend) and right on its 50 day moving average.

    GLD fell, returning to but not closing below the lower boundary of its short term uptrend. It remained below its 50 day moving average and within an intermediate term trading range and a developing a very short term downtrend.

    The case against gold (medium):

    http://www.dailyfinance.com/2015/02/05/gold-worst-investment-history/

    Bottom line: the indices resumed their advance yesterday, though volume remains light. Nonetheless, the S&P is starting to put some distance between itself and the former upper boundary of its long trend. That suggests continuing momentum to the upside.

    TLT had another good day, negating that very short term downtrend and finishing right on its 50 day moving average---two more steps in putting a bottom behind it. On the other hand, GLD was back to the lower boundary of its short term uptrend which is my line in the sand for retaining this holding.

    Fundamental

    Headlines

    Yesterday witnessed more subpar economic stats: the rate of growth on month to date retail chain store sales slowed, the December Case Shiller home price index rose much more than estimated, February consumer confidence declined more than forecast and the Richmond Fed manufacturing index was 0 versus an anticipated reading of 6.0.

    Center stage was the first day of Yellen's Humphrey Hawkins testimony. Consensus was that her comments were generally dovish and suggested that any rate increase would come later rather than sooner. That got investors in general and the speculators, hedge funds and carry traders in particular all juiced up, dreaming of easy money into infinity. Do I have to repeat that easy money hasn't done squat for this economy, as per the preceding paragraph? But does keep driving asset prices into ever higher overvalued territory.

    Here is the text of her opening statement (medium):

    http://www.crossingwallstreet.com/archives/2015/02/yellens-testimony-2.html

    Also helping to buoy investor sentiment was the acceptance by the EU/ECB/IMF of Greek (austerity?) proposals that would than allow their approval for an additional four months of bail out money. While 'muddle through' remains the assumption in our Models, I continue to believe that the risks that something will go awry are higher than current consensus. (medium):

    http://www.nakedcapitalism.com/2015/02/greece-dead-man-walking-2.html

    Germany's position (short):

    http://www.zerohedge.com/news/2015-02-25/schauble-germans-doubt-greek-promises-no-more-money-athens-until-all-commitments-met

    Bottom line: the US economic numbers continue to disappoint, though that hasn't impacted Street forecasts. Yellen continues to please the Market but at the expense I fear of creating an ever large bubble of mispriced assets. The euros continue to do what they do best which is to turn a blind eye to the economic disorder that they have created, kick the can down the road to an even greater state of disorder and arrogantly assume that they can defy both logic and history.

    Equity prices seem destined to go higher; but then so did Icarus.

    I can't emphasize strongly enough that I believe that the key investment strategy today is to take advantage of the current high prices to sell any stock that has been a disappointment or no longer fits your investment criteria and to trim the holding of any stock that has doubled or more in price.

    Bear in mind, this is not a recommendation to run for the hills. Our Portfolios are still 55-60% invested and their cash position is a function of individual stocks either hitting their Sell Half Prices or their underlying company failing to meet the requisite minimum financial criteria needed for inclusion in our Universe.

    Earnings revisions versus real GDP (short):

    http://www.zerohedge.com/news/2015-02-24/welcome-recession

    There is no differentiation between high quality and low quality companies anymore (short):

    http://www.zerohedge.com/news/2015-02-24/if-fed-continues-there-wont-be-any-active-managers-left-5-years

    ***overnight, China's February flash PMI returned to positive territory but exports fell markedly.

    Investing for Survival from Simon Lack

    Recently the Financial Times (NYSE:FT) noted that the number of U.S. companies raising their dividends had hit the highest level since 1979. Much research has been done on the merits of companies that pay out a large percentage of their profits in dividends (high payout ratio) and those that retain most of their earnings so as to reinvest in their business. Payout ratios have been falling steadily for decades and currently the FT notes that S&P500 companies pay out only 36% of their profits. However, share buybacks have increased over that period so one can't conclude that the total cash returned to shareholders as a percentage of profits has fallen.

    Buybacks are a more efficient way of returning cash because they create a return (through a reduced share count and therefore a higher stock price) without forcing each investor to pay tax on the cash distributed (as is the case with a dividend). Theoretically, publicly listed companies need never issue dividends since any shareholder desiring, say, a 2.5% dividend can always sell 2.5% of his holdings.

    One might think that companies with low payout ratios are retaining more of their earnings so as to invest in the high return opportunities they see in their business. This ought to lead to faster dividend growth in the future as the projects provide their payoff. I'm currently reading Successful Investing is a Process by Jacques Lussier, PhD, CFA. The author kindly sent me a copy as I'll be speaking at a CFA event in Montreal he's organizing later this year. Mr. Lussier notes some interesting research by Arnott and Asness in 2003 that sought to compare low dividend payout ratios with faster subsequent growth.

    In fact, they found just the opposite, that low dividends don't lead to higher dividends later on. In too many cases it seems that managements are overly optimistic about the opportunities to deploy capital either internally or on acquisitions. And in fact this is the real power of stable dividends with a high payout ratio. Rather than suggesting the company has few interesting projects and therefore nothing better to do than return capital to owners, it imposes a level of capital discipline on management that ultimately leads to higher returns. Companies that return more cash to shareholders have less to squander on ill-judged investments, and the shareholders ultimately benefit.

    Incidentally, Master Limited Partnerships (MLPs) represent an extreme case of this. Since they routinely distribute around 90% of eligible cash flows they have very little retained earnings and therefore have to raise new debt and equity capital for any project. This imposes a wonderful discipline on MLP managements in that they're always having to explain to underwriters and investors what exactly they're planning to do with the proceeds of a debt or equity offering. It's one of the reasons MLPs have had such consistently strong performance; so many of their management really focus on return on capital.

    It's all part of the Low Beta Anomaly, the concept that low volatility (or low Beta) stocks outperform on a risk-adjusted basis and even on a nominal basis. So far this year the returns to low volatility investing have been good (for example, the S&P500 Low Volatility ETF, SPLV, is +8.6% through June) as many of the high-flying momentum names crashed during the first quarter. Slow and steady dividends with growth may not appear that exciting, but boring is often better where you're money's concerned.

    News on Stocks in Our Portfolios

    Economics

    This Week's Data

    Month to date retail chain store sales growth slowed to 2.8% annualized versus the prior week's reading of 3.2%.

    The December Case Shiller home price index rose 0.9% versus expectations of +0.5%.

    http://www.calculatedriskblog.com/2015/02/case-shiller-national-house-price-index.html

    February consumer confidence came in at 96.4 versus estimates of 99.1.

    http://www.advisorperspectives.com/dshort/updates/Conference-Board-Consumer-Confidence-Index.php

    The February Richmond Fed manufacturing index was reported at 0.0 versus forecasts of 6.0.

    http://www.advisorperspectives.com/dshort/commentaries/Richmond-Fed-Manufacturing.php

    Weekly mortgage applications dropped 3.5% but purchase applications rose 5.0%.

    Other

    The author is correct about the absurdity of Fed policy. The problem is that it may be creating deflation instead of inflation (medium):

    http://news.investors.com/ibd-editorials-perspective/022315-740478-federal-reserve-policy-looks-a-bit-tipsy-these-days.htm

    More on student loans (short):

    http://marginalrevolution.com/marginalrevolution/2015/02/default-rates-on-student-debt-increase-with-lower-balances.html

    An optimist's take on the global economy---he hangs a lot on rising asset prices with which I would disagree (medium):

    http://scottgrannis.blogspot.com/2015/02/good-news-overseas.html

    Politics

    Domestic

    Salaries that Hillary pays (short):

    http://www.aei.org/publication/chart-day-hillary-clintons-28-15700-gender-pay-gap-2002-2008-senate-staff/

    Obama vetoes Keystone Pipeline bill (short):

    http://www.zerohedge.com/news/2015-02-24/obama-vetoes-keystone-pipeline-bill

    International War Against Radical Islam

    Feb 25 8:51 AM | Link | Comment!
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