3 Reasons Realty Income Is The Ultimate High-Yield SWAN Stock

Summary

• I'm a huge proponent of buying top-quality blue-chip and sleep well an night or SWAN dividend stocks at good to great prices.
• When it comes to high-yield SWANs, Realty Income is one of the best stocks you can own.
• That's because of one of the safest dividends on Wall Street, strong competitive advantages supporting its low-risk, recession-resistant business model, and a quality management team you can trust.
• However, today the REIT is in a bubble and about 22% overvalued. No matter how wonderful a company, grossly overpaying (and ahead of a potential recession in 2020) is a poor use of investing capital.
• No dividend stock, even a SWAN like Realty, is a true bond alternative. If you'll need money to pay bills during a recession, you actually need to own cash/bonds, which are likely to appreciate when stocks crash.

(Source: imgflip)

Over 23 years of investing, I've tried pretty much every strategy to generate market-beating returns. But ultimately I've concluded that Warren Buffett was right and that "fat pitch" investing, meaning buying quality income producing assets at good to great prices for the long-term is the easiest and most effective method for achieving my financial goals.

And since most of my readers are in the same boat as me (and aim to live off safe and exponentially rising dividends in retirement), I've spent the last few weeks building out a proprietary quality scoring system to apply to all my watchlist holdings.

This lets me systematically determine what companies can be trusted with your money, which are higher-risk and only worth buying at deep discounts, and which are true SWAN (sleep well at night) stocks you can buy with confidence at fair value or better.

My 11 point Sensei Quality Score is based on three important criteria that historically is what leads to great investing results

• dividend safety (5 points, based on payout ratio, balance sheet, and cash flow stability)
• business model (competitive advantages, moat, and ability to generate returns on investment above cost of capital)
• management quality (capital allocation track record, including dividend friendliness)

I then apply these scores to determine what's a good valuation to buy a dividend company

• 9+ = SWAN (fair value or better)
• 8+ = blue-chip (fair value or better)
• 7 = "dirty value" (deep discounts and high margins of safety only)
• 6 or below = high risk, avoid

I'd like to walk you through my assessment of Realty Income (NYSE:O), the beloved monthly paying REIT, to show you the 3 reasons I consider this to be the ultimate SWAN stock. What's more, at the right price, Realty is a must own position in nearly any diversified income portfolio.

But as importantly, I need to warn you that Realty is currently in a bubble, and NOT a bond alternative that's safe to buy ahead of a potential recession coming in 2020.

While Realty (and most REITs) might currently be treated as such by many investors, the crucial fact is that overpaying for any dividend stock, no matter the quality or safety of the dividend is a bad idea. So is treating dividend stocks like bond alternatives because dividend stocks and bonds are totally different asset classes and tools whose roles in your portfolio are unique and not interchangeable.

If you need to sell assets to pay the bills during a recession (like retirees on the 4% rule or if you lose your job), then you actually need cash/bonds to avoid selling SWANs like Realty at what's likely to be deeply undervalued valuations in a future bear market.

Reason 1: 5/5 Dividend Safety

45% of my quality score is based on dividend safety, because at the end of the day this is what pays the bills and lies at the heart of my (and most of my readers') investing strategies.

Realty Income's dividend is among the safest on Wall Street, thanks not just to an 83% cash flow payout ratio (based on 2019 guidance) but the stability of that recession-resistant cash flow.

(Source: Realty Income)

Reality is America's largest triple-net lease REIT, with 5,800 properties in 49 states (not Hawaii), Puerto Rico, and DC. That gives it incredible geographic diversification and minimizes the risk of regional economic troubles impacting its adjusted funds from operation or AFFO (REIT equivalent of FCF and what pays the dividend).

The REIT's tenants pay for maintenance, property taxes, and insurance, meaning Realty's costs are minimal and its AFFO margin is 70% (one of the most profitable companies in America).

While it's true that Realty generates 82% of cash flow is from retail, the REIT has 262 tenants in 48 industries and its long-term contracted rent (9.2-year average remaining lease) is both diversified and safe thanks to financially strong tenants.

(Source: earnings supplement)

You can tell from the REIT's strong rental coverage ratio (operating cash flow/rent) which is 2.9 and has been steadily rising over time (including during the "retail apocalypse").

(Source: Investor Presentation)

Realty's management is focused on both recession-resistant and e-commerce resistant tenants, which is why just 4% of cash flow is at risk of either short-term or long-term disruption.

(Source: Investor Presentation)

The REIT also has less than 1% of rent coming from bankrupt retailers, putting to bed fears that the "retail apocalypse" will endanger the dividend.

(Source: Investor Presentation)

And in case you think management is lying about the resilience of its tenant base take a look at the REIT's occupancy.

(Source: earnings presentation)

98.6% occupancy is one of the highest not just in the triple-net industry, but one of the best in all of REITdom. And lest you think this is merely the result of the longest US economic expansion in history (as of July 2019) rest assured that Realty's occupancy has been incredibly stable over time.

(Source: Realty Income)

On a full year basis, the REIT's occupancy has never dipped below 96.8% (and that was during the height of the Great Recession). The worst quarterly result was always above 96% as well, which explains why Realty's cash flow is so stable. (Source: earnings presentation)

So is its FFO/share growth, which has been positive in 21 of the last 22 years. And in the lone year of negative growth, Realty's cash flow decline was 3.5X smaller than the median REIT's.

(Source: earnings presentation)

Super stable cash flow growth, in all market, economic, and interest rate environments (including 10-year yields of 7%) is what has allowed Realty Income to deliver 25 consecutive years of dividend growth, and makes it America's newest dividend aristocrat. (Source: earnings presentation)

What's more, Realty's low volatility (beta of 0.37 since IPO) has allowed it to deliver some of the best total returns and risk-adjusted returns of any investment of the past quarter-century.

But while a super stable stream of recession-resistant cash flow is great, a safe dividend requires a strong balance sheet as well. After all, it was high leverage (sector median of 8.8) during the Financial Crisis that caused 87% of all equity REITs to cut or suspend their dividends during the Great Recession.

(Source: earnings presentation)

Realty's leverage peaked at 5.9 and it was always able to access low-cost credit, which is why its dividend track record is among the best of any REIT in America.

(Source: F.A.S.T Graphs)

In fact, Realty Income was recently upgraded to A- by S&P making it just one of 14 REITs (out of 285 tracked by F.A.S.T Graphs) with an A- or better credit rating.

(Source: earnings supplement)

Upon getting that upgrade Realty was able to renegotiate an expanded revolving credit facility (at lower interest rates) that today gives it nearly $3 billion in liquidity to grow its business.

(Source: earnings supplement)

Not just is 95% of Realty's debt fixed-rate but it has no major debt maturing until 2022, long after the next recession is likely to end (2020 and 2021 are the years investors need to worry about).

(Source: earnings supplement)

And even if a recession hit tomorrow, Realty is nowhere near violating its debt covenants. Those are credit metrics it must maintain or creditors can call in loans immediately. Covenant violations (or the risk of them) is what forced all but 12 REITs to cut or suspend dividends during the Financial Crisis.

The point is that Realty's dividend safety is exceptional, earning it a 5/5 on my dividend safety score. This generous monthly dividend is one you can rely on no matter what the stock market, economy, or interest rates are doing.

Reason 2: Low-Risk Business Model That Delivers Consistent Growth Over Time

Dividend safety is largely a function of current business conditions but all dividends and profits are earned in the future. Thus it's important to know how safe a company's business model is by looking at disruption risk, moat, and competitive advantages that allow a dividend payer to grow profitably over time.

(Source: Investor Presentation)

Realty had a busy year in 2018, with $1.8 billion in acquisitions (second biggest ever). And while its 6.4% cash yields on those 764 new properties is on the low side of the industry range (6% to 8%) that's by design. Management is steadily improving the quality of the property portfolio by targeting stronger and safer tenants, which naturally come with lower cash yields.

But what determines profitability (and AFFO/share and dividend growth) is the investment spread meaning the weighted cash cost of capital vs the cash yields on new properties. Thanks to its bullet-proof balance sheet and high share price (Realty's premium to NAV is typically very high due to its SWAN status) the REIT enjoys a cost of capital of just 4.3%. This allows it to choose quality over quantity and avoid "reaching for yield" while still generating good and incredibly consistent investment spreads.

(Source: Investor Presentation)

That's even during times of high and rising interest rates and recessions, which is the kind of stable growth profile that income growth investors want to see in their dividend stocks.

But the biggest competitive advantage of all that makes Realty a must own SWAN stock (at the right price) would be the quality of its conservative and disciplined management team. This is ultimately who investors have to trust with their hard earned money and Realty's management has a fantastic track record of compounding both income and wealth over time.

Reason 3: Superb Management That You Can Trust To Invest Your Money Wisely

Realty is one of the oldest REITs in the world, being founded in 1969 (it IPOd in 1994). Today it's led by CEO Sumit Roy, who took over the top job in October 2018.

Previously Roy was COO for four years overseeing

• Acquisitions
• Dispositions
• Asset Management
• Portfolio Management
• Information Technology
• Internal Audit and Human Resource
• Chairman of the Investment Committee and a member of the Executive Management Team

Mr. Roy joined Realty in 2011 (and is currently overseeing the same executive team in place for the past seven years) and before that he was an Executive Director at UBS for seven years. While at UBS he was responsible for more than $57 billion in profitable real estate deals. Prior to joining UBS, he worked in investment banking at Merrill Lynch, and as a Principal in technology consulting at Cap Gemini (the French business consulting giant).

Realty's management culture has always been conservative and focused on quality over quantity.

(Source: Investor Presentation)

Last year, Realty looked at $32 billion in potential property acquisitions but pulled the trigger on just 6% of them.

(Source: earnings supplement)

Management expects to invest roughly the same amount in 2019 driving about 3% AFFO/share growth. But Realty often exceeds its guidance and given how low its cost of capital is right now (due to its share price being in a bubble) I wouldn't be surprised to see the REIT deliver its largest acquisition year ever, and achieve 4% to 4.5% growth.

According to FactSet Research analysts currently expect the S&P 500's earnings to grow at 3.8% this year, meaning Realty might be able to deliver stronger than average cash flow growth in 2019.

The key to steady growth for a REIT is not just sourcing quality and profitable properties, but also overall capital allocation. When a REIT's share price is overvalued (like today) smart REIT executives tap into the equity markets to fund property purchases with more stock than debt, allowing them to sustain strong cash flow growth while deleveraging the balance sheet.

When shares prices are weak (like in 2017 or during a recession) then a REIT can tap low-cost debt to avoid diluting investors and keep AFFO/share and dividends growing like clockwork. Realty has proven a master of good capital allocation across several economic cycles. That's not surprising given that the REIT is now 50 years old and has plenty of experience with both good economic times and bad.

But good management is also about good property portfolio management, especially when it comes to the tenants cutting the rent checks.

(Source: Investor Presentation)

Realty Income has proven itself very adaptable, not just diversifying its tenant base over time (to reduce cash flow disruption risk) but also in replacing weaker tenants with stronger ones.

This ability to actively manage its asset/tenant portfolio to steadily improve cash flow and dividend safety, all while maintaining remarkably consistent 4% to 5% growth, is what earns Realty Income a 3/3 for management quality.

• dividend safety: 5/5
• business model: 2/3
• management quality: 3/3
• Total Sensei Quality Score: 10/11 (SWAN)

Add it all up and Realty's nearly unbeatable combination of a low-risk, recession-resistant business model, very strong dividend safety, and industry-leading management quality, translates into the ultimate high-yield SWAN stock.

But as great as Realty Income might be, that doesn't mean it's a strong buy today. In fact, I consider today to be a terrible time to open or add to a position for most investors.

Why Buying Realty Income Today Is Likely A Bad Idea

(Source: Ycharts)

While it's been a great year for REITs in general, Realty Income has been on fire, and one of the hottest stocks on Wall Street. But that means that like in mid-2016 (when 10-year yields hit their lowest level in history) REITs are in a bubble, especially this slow-growing SWAN.

(Source: F.A.S.T Graphs)

For dividend blue-chips (whose business models and growth rates are relatively stable over time) historical multiple comparison's is one of the most time tested and effective means of determining whether a stock is a good buy.

(Source: Tipranks)

Chuck Carnevale, SA's valuation guru, has built his F.A.S.T Graphs empire on this approach and according to Tipranks, he's among the top 1.5% of all analysts they track (out of 12,000). I'm #111 right now, thanks to a similar dedication to historical valuation comparisons (via dividend yield theory).

P/FFO	10-Year Average P/FFO	Implied Long-Term Growth Rate	5 Year FFO/Share Growth (Analyst Consensus)	Estimated Discount To Fair Value
23.4	19.1	8.6%	4.8%	-23%

Click to enlarge

(Sources: Management guidance, Simply Safe Dividends, Fast Graphs, Benjamin Graham)

Right now Realty Income is trading at a nose bleed cash flow multiple that implies almost 9% long-term growth. For context over the past 20 years the FFO/share growth has been 4.3% CAGR and over the past 10 years 6%.

Analysts are currently expecting about 5% long-term growth, a reasonable estimate in my view, given the REIT's track record and ever-rising access to low-cost capital.

However, if we go by the 10-year average P/FFO then Realty appears about 23% overvalued right now. This means it's likely a terrible time to open or add to a position right now.

To show you why, let's turn to my favorite valuation model for blue-chip dividends stocks, Dividend Yield Theory or DYT. This has proven highly effective since 1966. That's when asset manager/newsletter publisher Investment Quality Trends began using it exclusively to generate decades of market-beating returns, with about 10% less volatility to boot.

(Source: Investment Quality Trends)

According to Hulbert Financial Digest over the last 30 years, IQT has the best risk-adjusted total returns of any investment newsletter in America. This indicates that DYT applied to blue-chips like Realty is indeed a great long-term investing strategy.

DYT simply says that for dividend stocks, like Realty Income, where the growth rate is stable over time, yields are mean reverting. That means they cycle around a relatively fixed point that approximates fair value. Buy when the yield is significantly above this historical norm, and when the yield comes back down, shares will appreciate faster than cash flow and dividends, thus boosting your total return.

But buy when the yield is below fair value yield, and shares will end up lagging cash flow and dividends as the valuation eventually returns to normal over time.

Yield	5-Year Average Yield	13-Year Median Yield	Estimated Fair Value Yield
3.7%	4.5%	4.8%	4.5%

Click to enlarge

(Sources: Simply Safe Dividends, GuruFocus)

Given the fact that long-term interest rates are not likely to be as high as in the past, I consider the five-year average to be a good approximation of Realty's fair value.

Discount To Fair Value	Upside To Fair Value	Valuation Boost (10 Year CAGR)	Expected Total Return From Fair Value	Valuation Adjusted Long-Term CAGR Return Potential
-22%	-19%	-2.1%	8.5%	6.4%

Click to enlarge

(Sources: Dividend Yield Theory, Moneychimp, Simply Safe Dividends, GuruFocus)

DYT agrees with the historical P/FFO assessment that Realty is highly overvalued, about 22% in this case. That implies that over the next decade, a return to fair value would sap 2% off your total returns and that Realty is likely to deliver about 6% long-term returns over time.

REIT	Yield	2019 AFFO Payout Ratio	5-Year Projected AFFO/Share Growth (Analyst Consensus)	10 Year Total Return Expected (From Fair Value)	Valuation Adjusted Long-Term Total Return Expectation
Realty Income	3.7%	83%	4.8%	8.5%	6.4%
S&P 500	1.9%	33%	6.4%	8.3%	2% to 8%

Click to enlarge

(Sources: Management guidance, Simply Safe Dividends, GuruFocus, Fast Graphs, Multipl.com, Gordon Dividend Growth Model, Dividend Yield Theory, Morningstar, BlackRock, Vanguard, Moneychimp, Yardeni Research, Analyst Estimates)

Mind you, that's likely to at least match, or even beat the S&P 500 over the coming five years, based on 2% to 8% long-term CAGR total return expectations that most analysts have (according to Morningstar).

(Source: F.A.S.T Graphs)

But don't forget that one reason investors love Realty is that sensational track record of market-crushing returns (and with 63% less volatility than the S&P 500).

If the REIT returns to a more sane cash flow multiple over the coming five years (like 18.0) then total returns will be even weaker, about 4%. Keep in mind that the last time the REIT was growing about 5% the average P/FFO was 17 meaning that even that modest forward return forecast might prove excessively bullish.

But perhaps the biggest reason of all to not buy Realty right now (it's a "hold") is because of why the price is soaring so high right now.

Realty Income Is NOT A BOND ALTERNATIVE (No Dividend Stock Is)

One reason that Realty (and most REITs) have been so hot recently is that many high-yield investors have a mistaken idea that they are bond alternatives (and long-term yields have been falling due to recession risks rising). This is a potentially disastrous mistake because NO DIVIDEND STOCK IS A TRUE BOND ALTERNATIVE.

Proper portfolio construction and asset allocation is the most crucial part of risk management and as Buffett famously said when it comes to investing there are two important rules.

"Rule No. 1: Never lose money. Rule No. 2: Never forget rule No. 1."

Asset allocation just means what mix of stocks/cash (T-bills)/bonds you own.

(Source: Morningstar)

Here's a good example of a well-diversified portfolio. You'll note it has a lot of cash (T-bills) and bonds. The reason for that is because bear markets are inevitable and healthy parts of the market cycle.

Since 1926 the average bear market has seen stocks fall for about a year and last three years (from market peak to fresh all-time highs).

The last thing you want to do if you need money (to pay bills or cover unexpected expenses like unemployment) is to be a forced seller of quality stocks at fire-sale prices (average peak decline for S&P 500 is 30%). This is where cash and bonds come into play.

As you can see, bonds and T-bills are usually countercyclical to stocks, meaning that when equities are crashing in a recession/bear market, cash and bonds are rising (the longer the duration the more they increase in value). That's due to the key difference between bonds and stocks (of all kinds).

• US Treasury bonds: "risk-free" asset (though rate sensitive) due to being backed by full faith and credit of the US government (which has never defaulted on its bonds or interest payments)
• Stocks: ownership stake in a company, the lowest position in the capital stack (wiped out in bankruptcy) but with the most upside if the business grows over time.

Stocks are a "risk-asset" and US Treasuries are a "risk-free" asset. Basically, they are totally different tools that are meant to do different things. The entire reason bonds exist is to give you a risk-free, appreciating income-producing asset to sell (if you have to) in a bear market, so you don't have to touch your stocks.

(Source: Ycharts)

A lot of investors will look at a chart like this and think "Wow! Realty Income goes up in a crashing market! It's a higher-yielding bond alternative!" That's a big mistake. Notice that during the last 3 weeks of the last correction (the worst in 10 years) Realty also started plunging.

That correction was due to fears of a recession coming in 2019, which were not justified at the time (by the actual economic fundamentals). As I'll shortly explain we're in a much weaker economic environment today.

There has been just one recession in which Realty Income acted like a bond alternative, the tech crash of 2000 to 2002.

(Source: Ycharts)

BUT it's important to remember that due to the market's insane obsession with high-flying tech stocks many quality dividend stocks were trading at insanely low multiples at the start of the tech crash. Realty was yielding 10% and trading at under 8 times FFO vs a 20-year historical average of 16.3

At the end of the tech wreck (which included the mildest recession since WWII) Realty was trading at about 15 times FFO and basically only went up because of valuation regressing to its historical mean.

Buying Realty Income at over 23 times cash flow is highly unlikely to result in positive returns during a bear market. In fact, very few dividend stocks ever post positive returns during such times which is why you need to make sure your asset allocation is right for your needs.

Why are people worried about a recession coming soon (including me)? Because the best recession predictor in history just went off. According to two studies by the San Francisco Federal Reserve, the 10y-3m yield curve is the most accurate recession forecasting tool yet discovered.

According to the Cleveland Fed since 1966 the 10y-3m curve inversion has predicted 9/8 recessions (just one false positive and an 89% accuracy rate).

The reason the curve is so accurate is likely because, according to a Dallas Fed survey of bank loan officers, a prolonged and moderate inversion of the curve causes banks to pull back on lending to consumers and businesses. This self-fulfilling prophecy results in banks fearing a recession and thus causing the very recession they fear.

On March 22nd, the 10y-3m curve officially inverted, for the first time since 2007.

(Source: Bianco Research, Marketwatch)

That puts us at high risk that a three to 16-month recession clock starts counting down unless the curve un-inverts (turns positive) by Thursday, April 4th. Since 1969 any time the curve has spent 10 consecutive days inverted, a recession has always followed within 16 months (average lead time 10 months).

• Friday, March 22nd: -1 basis point
• Monday: -3 bp
• Tuesday: -5 bp
• Wednesday: -6 bp
• Thursday: -5 bp
• Friday, March 29th: +0.4 bp

Now of course 7 data points does NOT a statistically significant sample size make. The nature of all long-term economic models, including using leading indicators like the 10y-3m yield curve, is probabilistic in nature. That means it's only a rough estimate of what's likely to happen, not a guarantee of what will happen. There are no crystal balls on Wall Street.

Friday's positive closing of the curve resets the 10-day confirmation window. But with the curve essentially at zero, any worse than expected economic news could send it negative for two weeks and begin the three to 16-month recession countdown clock.

Again, there is no 100% certainty in finance but given the historical accuracy of the yield curve, a leading economic indicator with the best track record at forecasting economic downturns, the prudent move is for investors to make sure their portfolios are as recession-proof as possible. That's what I've done with my own retirement portfolio, which is now

• margin free
• almost entirely focused on blue-chips and SWANs
• 9% in long-term bonds (to be sold during a bear market to buy deeply undervalued blue-chip dividend stocks)
• Offers a safe 5% YOC with double-digit dividend growth

My point is that ahead of a possible recession and a bear market in 2020 investors need to use the right risk-management/asset allocation tools. That means NOT buying Realty Income as a speculative bet that it will defy market panic and all valuation common sense and appreciating in value.

Does that mean I recommend selling Realty Income? Not unless your portfolio is too stock heavy and you need to trim some equity positions to buy cash/bonds (then locking in gains might be a prudent move).

Long-term owners of Realty can safely sit tight and hold onto their low-cost basis shares, whose yield on cost is potentially in the double-digits.

(Source: investor presentation)

For example, if you bought Realty back in late 2008 then your investment is paying you almost 12% per year in safe and steadily rising dividends. The market's historical return since 1871 is 9.1% meaning you're earning market-beating returns on dividends alone.

My personal goal is to get my portfolio's YOC to 5+% and then maintain double-digit dividend growth over time. Since I'm at 5% YOC now and last year my dividend growth was 16.5%, I have no reason to sell a single share of any company I own. Especially now that I'm sitting in 94% blue-chip stocks and 100% of my holdings have recession-resistant cash flow, good balance sheets, quality management and I have zero risk of becoming a forced seller of stocks, no matter how bad a future bear market might be.

The point is that risk management is essential to achieving your long-term investing goals. And while offense might win ball games (soaring stocks get the headlines), it's defense that wins championships.

That's what asset allocation is all about, not necessarily maximizing your total returns in the short-term, but avoiding catastrophic losses (and realizing them by becoming a forced seller) and thus maximizing your portfolio's total value and income over time.

Bottom Line: Overpaying For SWAN Stocks Is Never A Good Idea, Especially Heading Into A Possible Recession In 2020

Realty Income, as a 10/11 SWAN stock is one of the highest quality and lowest risk high-yield investments you can make. The REIT benefits from an incredibly lucrative business model, that's both recession-resistant, and a source of rock solid, recurring cash flow that supports one of the safest dividends in REITdom (or in corporate America).

The strong competitive advantages created by the bullet-proof balance sheet, access to a mountain of low-cost capital, and a conservative and disciplined management team, makes for a nearly unbeatable combination of generous, safe and steadily growing dividends (paid monthly) no matter what the stock market, economy or interest rates are doing.

BUT as wonderful as Realty may be, there are two key fundamental truths I can't stress enough.

1. Valuation ALWAYS Matters

2. Dividend stocks are NOT bond alternatives (no matter how high-quality/low risk they may be).

Realty Income is currently in a bubble (as are many blue-chip REITs) and paying over 23 times cash flow for a slow-growing business, possibly ahead of a 2020 recession and bear market is just asking for several years of disappointing returns.

If you need stable/appreciating assets to make ends meet in the next few years there is no alternative to cash/bonds (VGLT is my personal bond ETF and MINT is what I use as a cash equivalent).

If you own Realty already, and your cost basis is low enough, (and your asset allocation is right for your risk-profile) then Realty is a "hold" right now. I personally look forward to buying this ultimate SWAN stock during the next bear market, whenever that may be.

But always remember that patience is the ultimate virtue of smart investors and never feel like you have to pay any price for a company, no matter how great it might be. As Buffett famously said:

“The stock market is designed to transfer money from the active to the patient.”

Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. 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.