Cross Holdings In Two 28% Yielding ETNs You Can Buy At Fidelity

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Includes: BDCL, CEFL, MORL, MRRL, REM, REML, SMHB, SMHD
by: Lance Brofman
Summary

The recent market declines have brought the yields on 2X leveraged mREIT ETNs such as REML to about 28% on an annualized monthly compounded basis.

There is much uncertainty as to the future path of the equity and bond markets. This suggests diversification may be more important than usual.

SMHB yields about as much as REML, and Fidelity now allows new purchases of both REML and SMHB, while prohibiting new purchases of the other 2X leveraged High-Yielding ETNs.

The overlap of some securities in the index upon which REML is based and the index upon which SMHB is based presents both problems and opportunities regarding diversification.

Returns on the 2X-leveraged mREIT-based ETNs

From its inception on July 13, 2016, through to December 26, 2018, the Credit Suisse X-Links Monthly Pay 2x Leveraged Mortgage REIT ETN (NYSEARCA: REML) has had a total return of 39.66% assuming reinvestment of dividends. That is an average annual return over the 2.45-year period of 14.58%. Prior to the sharp decline in the financial markets of the last two months, the total return on REML since inception was even higher. There are also another two 2X-leveraged mREIT-based ETNs that are sponsored by UBS Group AG (UBS). They are the UBS ETRACS Monthly Pay 2X Leveraged Mortgage REIT ETN (MORL) and a twin which is essentially identical in all economic respects, the UBS ETRACS Monthly Pay 2X Leveraged Mortgage REIT ETN Series B (MRRL). They are based on very similar index of mREITs as that used by REML and have shown similar returns. As I discussed in "With A Yield Of 28.7%, 2X-Leveraged MREIT-Based ETNs Are Worth The Risk," the behavior of the mREITs during the recent market decline appears to be part of the "sell everything" phase and may present a buying opportunity.

As I discussed in "Discount To Book Value And 22.6% Yield Make This ETN Attractive," I have used UBS ETRACS Monthly Pay 2x Leveraged Closed-End Fund ETN (CEFL), the UBS ETRACS 2xLeveraged Long Wells Fargo Business Development Company ETN (BDCL) and the ETRACS Monthly Pay 2xLeveraged US Small Cap High Dividend ETN (SMHD) as diversifiers for my core holdings of 2X leveraged mREIT ETNs such as REML, MORL and MRRL. The basis for that strategy is that if the economy is stronger than my forecast, 2X leveraged ETNs, such as CEFL, BDCL and SMHD that have relatively more equity exposure will do better in a strong economic environment than the 2X leveraged mREIT ETNs such as MORL, MRRL and REML that have less credit risk but more interest rate risk. Likewise, a weaker economy or a recession is good for interest rate-sensitive 2X leveraged mREIT ETNs but not so good for issues that have significant credit risks. CEFL, BDCL and SMHD are all based on indices with some components that contain credit risks. That is how they generate the very high current yields.

Investors with accounts at Fidelity are not now able to make new purchases of MORL, MRRL, CEFL, BDCL or SMHD. However they have always been able to buy REML. Not being able to buy CEFL, BDCL and SMHD precluded using them as very high-yielding diversifiers for REML and MORL or MRRL positions they may have acquired when Fidelity allowed their purchases. Recently, I have added the newly created UBS ETRACS Monthly Pay 2xLeveraged US Small Cap High Dividend ETN Series B (SMHB), which is based on the same index as SMHD as a diversifier. The yield on SMHB exceeds both CEFL and BDCL and is about the same as REML, MRRL and MORL. Significant for investors with accounts at Fidelity, they can now purchase SMHB.

Cross Holdings in 2X leveraged ETNs Present Problems But Also Opportunities

The index that SMHB and SMHD is based on, the Solactive US Small Cap High Dividend Index, contains 100 high dividend issues. The index that REML is based on, the FTSE NAREIT All Mortgage Capped Index (FNMRC), contains 34 mREITs. There is considerable overlap between the two indices. REML has 21 mREITs that are also included in SMHD and SMHB, and these comprise 40.92% of its weight. The first column of the table below indicates which of the mREITs in REML are also in SMHB. The mREITs contained in both REML and SMHB comprise 18.66% of the weight of SMHD and SMHB. Thus, there is significant correlation between SMHB and REML. This somewhat reduces the efficacy of using SMHB as a diversifier for REML, and also for MORL and MRRL, which are very highly correlated with REML.

The 78 components of SMHD and SMHB that are not also in REML are high-yielding equities that are sensitive to economic conditions and have significant credit risk. Thus, those 78 issues tend to move in the opposite direction of the mREITs. If one was going to hold only one of the 2X leveraged ETNs, SMHD and SMHB could be considered to be "self-hedged" to the extent that it contains issues that have less credit risk but more interest rate risk, as well as some that have more credit risk but relatively less interest rate risk. That could be useful for some with accounts at Fidelity.

One interesting aspect of SMHD and SMHB is that they may be relatively good diversifiers for CEFL. This is because closed-end funds are excluded from SMHD and SMHB. Originally, I looked at SMHD as a diversifier for MORL, since SMHD has many equity issues that would do well in an environment of higher levels of economic activity. However, SMHD and SMHB have a fairly large number of mREITs that are also in MORL. Since SMHD and SMHB excludes closed-end funds, there is no overlap with CEFL. Of the 41 business development companies (BDCs) that comprise the Wells Fargo Business Development Company index upon which the BDCL is based, 25 are also in SMHD and SMHB.

For diversification purpose, I focus on variation in the extent that each of the 2x Leveraged High-Yield ETNs is sensitive to either equity markets or fixed-income markets. All 2x leveraged high-yield ETNs have interest rate risk, since their dividends fluctuate inversely with the borrowing costs implicit in their leveraged structure. However, MORL, MRRL and REML have relatively greater exposure to interest rates than BDCL and CEFL. The reason for the difference in relative sensitivity to interest rate and equity market risk amount in the three 2x leveraged high-yield ETNs is due to the composition of the indexes upon which they are based. MORL and MRRL are based on an index of mREITs, similar, but not identical, to the index upon which REML is based. Interest rates impact mREITs in two ways. Higher long-term rates are a two-edged sword for leveraged mREITs like Annaly Capital Management, Inc. (NYSE:NLY). Higher long-term rates reduce the value of their mortgage portfolio and thus the book value of the shares. The other side of the two-edged sword is that higher long-term rates and lower prices of mortgage securities provide an opportunity for mREITs to reinvest the monthly principal payments they receive in higher-yielding mortgage securities. A highly leveraged mREIT with, say, 9-to-1 leverage and CPR of 11% would be generating new cash available for reinvestment from prepayments of principal each year approximately equal to the entire equity of the mREIT.

CEFL is based on an index of higher-yielding, closed-end exchange-traded funds. Some of the closed-end exchange-traded funds contain common stocks, usually the high dividend-paying variety. Some of the high dividend-paying issues contained in the higher-yielding closed-end exchange-traded funds are in the index that SMHD and SMHB is based on. Many of the closed-end funds in the index that CEFL is based on contain high-yield bonds. These junk bonds are considered to have some equity-like characteristics. However, to the extent that those bonds are longer-term obligations with fixed coupon rates, they are impacted by declines in the overall bond market, like those that have occurred when fear of tightening by the Federal Reserve has intensified. In contrast, it is highly unlikely that any of the BDCs that comprise the index upon which BDCL is based would hold any longer-term obligations with fixed coupon rates. The only debt securities that BDCs would normally hold in the course of their business would be loans to the companies that they have invested in. Those debt instruments would usually be convertible into equity and have adjustable interest rates. Thus, they would tend not to be directly hurt by higher interest rates. BDCL has the most idiosyncratic risk, since the BDCs that comprise the Wells Fargo Business Development Company index upon which the fund is based have specific credit risk factors that impact that sector.

Stocks and fixed-income securities, in a sense, compete for shares of investors' portfolios. A decline in the equity market can cause some investors to rebalance their portfolios to shift out of fixed-income securities into stocks. Likewise, a decline in the fixed-income market can cause some investors to rebalance their portfolio and shift out of stocks into fixed-income securities.

Federal Reserve tightening can hurt all financial markets simultaneously. Likewise, Federal Reserve ease can boost all financial markets simultaneously. The interaction between President Trump's willingness to overtly criticize the action of the Federal Reserve and how Chairman Powell might react to that creates additional uncertainty. One bullish scenario is that Chairman Powell might take a more dovish stance and even not hike rates or actually lower them in 2019 so as not to give President Trump an excuse to blame the Federal Reserve if the economy weakens. An recession would be particularly good for most of the mREITs in 2X leveraged high yield ETNs.

There are some concerns about SMHD and SMHB. The tracking fee is a relatively steep 0.85%, as compared to 0.40% for MORL and 0.50% for CEFL. As with any high-yielding instrument, there is usually some reason why it is trading at a level that results in a high yield. Thus, many of the components of that are depressed for various reasons. The two largest components of SMHD and SMHB are GameStop (GME) and Spirit Realty Capital Inc. (SRC).

Both of those components have had some problems in the past year but are still paying relatively large dividends. The components of the index upon which SMHD and SMHB are based are selected based in part on the security's "Forward-Looking Distribution Yield," which is more useful than historical data but in some cases involves educated guesses as to what the future dividends will be.

On October 9, 2018, UBS announced that it has suspended further sales from inventory of SMHD. That put SMHD in the same category as MORL, in that it can now trade significantly above its indicative (net asset) value. MORL has an essentially identical twin MRRL that is still being created and sold by UBS. Until September 6, 2018, MORL and MRRL traded very close to each other and to their net indicative (asset) value, which is identical for both.

The price relationship between MORL and MRRL changed after September 6, 2018. UBS announced that they would no longer issue any new shares of MORL. The price of MRRL has continued to closely track net asset value since that announcement. However, it began trading far above MRRL (and the net asset value of both). The spread between MORL and MRRL eventually widened out to $0.97 on September 17, 2018.

This enormous spread prompted my article "Sell MORL, Buy MRRL," which included:

... Just because MORL can possibly trade at a significant premium to net asset value does not mean that it should. This is especially true since the identical twin MRRL is still available at very close to net asset value. There may be some sort of a short-squeeze occurring in MORL. These are dangerous to participate in from either side. However, some short-term traders may want to get involved. For investors who own high yielding 2X leveraged ETNs for the very high current yields. If they are making a new purchase, MRRL is a better buy than MORL at present prices. Those that own MORL may want to take advantage of the historic spread and sell MORL and use the proceeds to buy MRRL...

The spread between MORL and MRRL narrowed dramatically soon after the article appeared on Seeking Alpha. The spread has bounced around since then, with MORL generally trading higher than MRRL but not approaching the spread levels seen on Friday, September 17, 2018, and on Monday, September 20, 2018, prior to the article appearing on Seeking Alpha. On December 24, 2018, MORL closed $0.17 higher than MRRL. I am using MRRL's price for yield calculations, since that would be the logical one to buy for most investors.

When SMHB started trading on November 9, 2018, it presented an arbitrage opportunity similar that exists involving MORL, MRRL and REM. MRRL and MORL are essentially identical. SMHD and SMHB are based on the same index, and thus, have identical components. However, their base levels are not identical. Thus, on December 24, 2018, SMHD closed at $12.00, while SMHB closed at $16.98. As with MRRL and MORL, the older version SMHD, which is no longer being sold by UBS, began trading above its net indicative (asset) value, while the new SMHB kept trading very close to net asset value. This prompted my article "Sell SMHD Yielding 21.5%, Buy SMHB Yielding 23.6%" that described how to adjust the prices of SMHD and SMHB so that it can be determined by how much SMHB is a better value relative asset value than SMHD at any given time.

Analysis of the January 2019 REML Dividend projection

While typically called dividends, the monthly payments from REML and the other 2X-leveraged ETNs are technically distributions of interest payments on the ETN note based on the dividends paid by the underlying issues that comprise the index, pursuant to the terms of the indenture.

My projected January 2019 REML monthly dividend of $1.0462 is a function of the calendar. Most of the REML components pay dividends quarterly, typically with ex-dates in the last month of the quarter and payment dates in the first month of the next quarter. The January, April, October, and July "big month" REML dividends are much larger than the "small month" dividends paid in the other months, since very few of the quarterly payers have ex-dividend dates that contribute to the dividends in the "small months." Thus, the $1.0462 REML dividend paid in January 2019 will be a "big month" dividend.

As can be seen in the table below, only three of the REML components - AGNC Investment Corp. (NASDAQ:AGNC), ARMOUR Residential (NYSE:ARR) and Orchid Island (NYSE:ORC) - now pay dividends monthly. In 2019, Dynex Capital Inc. (DX) will switch from quarterly to monthly dividends. If a component has a December 2018 ex-date, it contributes to the January 2019 dividend. As the table below indicates, every component except for iStar Inc. (STAR) and Great Ajax Corp. (AJX) will contribute to the REML dividend paid in January 2019.

There were some changes from the prior period that will impact the January 2019 REML monthly dividend. Ladder Capital Corp. (LADR) increased its quarterly dividend to $0.34 from the previous $0.320888. Two Harbors Investment Corp. (TWO) will be paying $0.47 in the 4th quarter of 2018 with an ex-date of December 28, 2018. It also paid $0.47 in the 3rd quarter of 2018. However, the 3rd quarter of 2018 payments consisted of $0.15837 paid with an ex-date of July 24, 2018, and $0.31163 paid with an ex-date of September 28, 2018. Thus, the $0.47 dividend will cause a larger contribution to the "big month" January 2019 REML monthly dividend than the contribution from TWO to the last "big month" dividend paid in October 2018.

Ellington Residential Mortgage REIT (EARN) decreased its quarterly dividend to $0.34 from the previous $0.37. Capstead Mortgage Corp. (CMO) decreased its quarterly dividend to $0.08 from the previous $0.11. Arbor Realty Trust Inc. (ABR) paid a special 4th quarter of 2018 dividend of $0.03 with an ex-date of December 27, 2018. That will contribute to the January 2019 REML monthly dividend. ABR also paid a regular 4th quarter of 2018 dividend of $0.27 with an ex-date of November 14, 2018, which contributed to the December 2018 REML monthly dividend. Thus, while ABR increased its total 4th quarter of 2018 dividends to $0.30 from the prior regular 3rd quarter of 2018 amount of $0.25, only the $0.03 special dividend will contribute to the January 2019 REML monthly dividend. Anworth Mortgage Asset Corp. (ANH) decreased its quarterly dividend to $0.13 from the previous $0.14.

My projection for the January 2019 REML monthly dividend of $1.0462 is calculated using the contribution by component method. The table below shows the ticker, name, weight, price, dividend and ex-date for all of the components. Additionally, it includes the contribution to the dividend for the REML components that will contribute to the January 2019 REML monthly dividend. The first column in the table indicates which REML components are also in SMHD and SMHB.

The iShares Mortgage Real Estate Capped ETF (REM) is a fund rather than a note and does not employ the 2X leverage that REML does. REM also pays dividends quarterly rather than monthly. As a fund, the dividend is discretionary by the fund management as long as it distributes the required percentage of taxable income to maintain its investment company status. Thus, it does not lend itself to contribution by component dividend projections as an ETN like REML, which must pay dividends pursuant to an indenture.

Conclusions and recommendations

My view regarding the Federal Reserve has been a significant aspect of my decision to buy mREITs and then 2X leveraged mREIT ETNs when MORL appeared in 2013. In 2013, the recovery from the financial crisis that began in 2007 was well underway. Many were forecasting that higher interest rates were imminent. My contrarian view was based in part on my opinion that the Federal Reserve was not artificially depressing short-term, risk-free interest rates, but rather, was preventing them from declining even more. In 2013, I said in my article "Federal Reserve Actually Propping Up Interest Rates: What This Means For mREITs":

... Most investors now believe three things about the Federal Reserve, money and interest rates. They think that the Federal Reserve is artificially depressing rates below what would be a "normal" level. They believe that in the process of doing so the Federal Reserve has enormously increased the supply of money and they believe that the USA is on a fiat money system.

All three of those beliefs are incorrect...

I updated that article on August 23, 2018, with "Federal Reserve Actually Propping Up Interest Rates: What This Means For mREITs: An Update," which presented new evidence supporting my original conclusions that the Federal Reserve has been and still is keeping interest rates higher than what a free market in risk-free, short-term, fixed-income securities would be.

Even if one accepts the premise that the Federal Reserve is keeping interest rates higher than what a free market would result in, there is no reason why the Federal Reserve cannot keep doing so or even accelerate the rate at which it is raising rates, possibly to punish politicians for what it considers odious policy decisions. This is probably one of the most significant risks to the mREITs and, especially, the 2X leveraged mREIT ETNs.

In theory, the more rapidly the Federal Reserve raises short-term rates, the more the likelihood of a recession occurring sooner than later. A recession is usually the best time to own mREITs. However, monetary policy and, in particular, the impact of interest rates on economic activity, works with long and extremely variable lags. In any case, it's always good to remember, as Keynes famously said: "The market can stay irrational longer than you can stay solvent."

If you are reading this, you probably are an investor in, or at least a potential investor in 2x leveraged ETNs, such as REML, MORL, MRRL, CEFL, BDCL, SMHD and SMHB. In my article "BDCL: The Third Leg Of The High-Yielding Leveraged ETN Stool," I said that BDCL is correlated to the overall market but may be a very good diversifier for those investors seeking high income who are now heavily invested in interest rate-sensitive instruments.

Previously, I pointed out in "17.8%-Yielding CEFL - Diversification On Top Of Diversification, Or Fees On Top Of Fees?" that those investors who have significant portions of their portfolios in mREITs and, in particular, a leveraged basket of mREITs such as MORL could benefit from diversifying into an instrument that was correlated to the S&P 500.

I am still willing to collect the close to 28% yield that REML, MRRL, SMHB and MORL pay, while waiting to see if my views of the future course of interest rates and economic conditions prevail. Those views are that despite all of the risks posed by the exploding Federal Budget deficit, the massive shift in the tax burden away from the rich and onto the middle class will eventually bring interest rates down. This argument is based on the fact that the wealthy clearly have a lower marginal propensity to consume than do the non-rich. My rationale was explained in the Seeking Alpha article, "A Depression With Benefits: The Macro Case For mREITs."

Some have expressed concern regarding the call provisions in ETNs that can be redeemed at net indicative (asset) value if the value falls too low or too quickly. That's not really economic call risk, since - unlike a call on a bond, where the issuer has the right to buy back the bond at a specified price below the market value that the bond would have without the call - the ability to redeem at net asset value has no intrinsic option value.

Some comments in Seeking Alpha articles have asserted that while MORL and MRRL can be called, REML cannot. Fidelity does not allow new purchases of any of the UBS 2X leveraged ETNs such as MORL and MRRL, but does allow new purchases REML (for now). Conversations with people at Fidelity seem to have led some to believe that REML cannot be called. This is not correct, as can be seen from the REML prospectus:

Our Call Right: On any Business Day through and including the Maturity Date, we may, at our option, call all, but not less than all, of the issued and outstanding ETNs. To exercise our Call Right, we must provide notice to the holders of the ETNs (the "Call Notice") not less than sixteen (16) calendar days prior to the Call Settlement Date specified in the Call Notice. Upon our call in the event we exercise this right, you will receive a cash payment equal to the Call Settlement Amount, which will be paid on the third Business Day following the Call Valuation Date (the "Call Settlement Date")...

The possibility of SMHB being redeemed early is more remote than that of SMHD. This is due to a number of reasons, including SMHB's higher base value and lower acceleration threshold. Possibly, that is why Fidelity allows new purchases of SMHB but not SMHD.

My calculation projects a January 2019 REML dividend of $1.0462. The implied annualized dividends would be $5.1725, based on annualizing the most recent three months, including the January 2019 projection. This is a 24.9% simple annualized yield with REML valued at $20.77. On a monthly compounded annualized basis, it is 28%.

Aside from the fact that with a yield above 25%, without any reinvestment of dividends, you almost get back your initial investment in four years and still have your original investment shares intact. If someone thought that over the next five years markets and interest rates would remain relatively stable, and thus REML would continue to yield 28% on a monthly compounded basis, the return on a strategy of reinvesting all dividends would be enormous.

An investment of $100,000 would be worth $342,957 in five years. More interestingly, for those investing for future income, the income from the initial $100,000 would increase from the $28,000 initial annual rate to $96,027 annually.

REML Components and Contributions to the Dividend

SMHB Inclusion

Ticker

Name

Weight (%)

Price

ex-div

Dividend

Frequency

Contribution

NLY

Annaly Capital Management Inc.

17.36%

9.89

12/28/2018

0.3

q

0.2257

AGNC

AGNC Investment Corp.

12.40%

17.45

12/28/2018

0.18

m

0.0548

(NRZ)

New Residential Investment Corp.

8.41%

14.41

12/28/2018

0.5

q

0.1251

(STWD)

Starwood Property Trust Inc.

7.89%

19.85

12/28/2018

0.48

q

0.0818

(BXMT)

Blackstone Mortgage Trust Inc.

4.68%

32.05

12/28/2018

0.62

q

0.0388

SMHB

(CIM)

Chimera Investment Corp.

4.60%

17.47

12/28/2018

0.5

q

0.0564

SMHB

(ARI)

Apollo Commercial Real Estate Finance Inc.

4.45%

16.87

12/28/2018

0.46

q

0.0520

SMHB

(MFA)

MFA Financial Inc.

4.18%

6.61

12/27/2018

0.2

q

0.0542

TWO

Two Harbors Investment Corp.

4.14%

13.21

12/28/2018

0.47

q

0.0631

SMHB

(IVR)

Invesco Mortgage Capital Inc.

3.25%

14.63

12/24/2018

0.42

q

0.0400

SMHB

LADR

Ladder Capital Corp.

2.90%

15.31

12/7/2018

0.34

q

0.0276

SMHB

(RWT)

Redwood Trust Inc.

2.58%

14.67

12/13/2018

0.3

q

0.0226

SMHB

(PMT)

PennyMac Mortgage Investment Trust

2.38%

18.41

12/28/2018

0.47

q

0.0260

SMHB

(HASI)

Hannon Armstrong Sustainable Infrastructure Capital Inc.

2.26%

19.55

12/24/2018

0.33

q

0.0164

SMHB

ARR

ARMOUR Residential REIT Inc.

1.75%

20.34

12/14/2018

0.19

m

0.0070

SMHB

(NYMT)

New York Mortgage Trust Inc.

1.62%

5.81

12/13/2018

0.2

q

0.0239

SMHB

(GPMT)

Granite Point Mortgage Trust Inc.

1.53%

18.05

12/28/2018

0.42

q

0.0153

CMO

Capstead Mortgage Corp.

1.35%

6.78

12/28/2018

0.08

q

0.0068

STAR

iStar Inc.

1.31%

9.05

11/14/2018

0.09

q

SMHB

(TRTX)

TPG RE Finance Trust Inc.

1.31%

18.26

12/27/2018

0.43

q

0.0132

SMHB

ABR

Arbor Realty Trust Inc.

1.10%

9.96

12/27/2018

0.03

q

0.0014

SMHB

(MITT)

AG Mortgage Investment Trust Inc.

0.99%

15.97

12/28/2018

0.5

q

0.0133

SMHB

ANH

Anworth Mortgage Asset Corp.

0.85%

4.13

12/28/2018

0.13

q

0.0115

SMHB

(WMC)

Western Asset Mortgage Capital Corp.

0.79%

8.66

12/28/2018

0.31

q

0.0121

SMHB

(JCAP)

Jernigan Capital Inc.

0.75%

19.92

12/31/2018

0.35

q

0.0056

SMHB

(ACRE)

Ares Commercial Real Estate Corp.

0.75%

12.22

12/27/2018

0.31

q

0.0082

SMHB

ORC

Orchid Island Capital Inc.

0.68%

5.98

12/28/2018

0.08

m

0.0039

SMHB

(KREF)

KKR Real Estate Finance Trust Inc.

0.67%

18.97

12/27/2018

0.43

q

0.0065

SMHB

DX

Dynex Capital Inc.

0.66%

5.52

12/28/2018

0.18

q/m

0.0092

(XAN)

Exantas Capital Corp.

0.65%

10.08

12/28/2018

0.175

q

0.0048

SMHB

(CHMI)

Cherry Hill Mortgage Investment Corp.

0.59%

17.55

12/28/2018

0.63

q

0.0091

(RC)

Ready Capital Corp.

0.53%

13.98

12/28/2018

0.4

q

0.0065

AJX

Great Ajax Corp.

0.42%

11.98

11/15/2018

0.32

q

EARN

Ellington Residential Mortgage REIT

0.23%

10.41

12/28/2018

0.34

q

0.0032

Disclosure: I am/we are long REML, MORL, MRRL, SMHD, SMHB, AGNC, BDCL, CEFL, REM, ORC, TWO. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.