Delivering the truth about US stock investment: Shigenobu Kawada's "Media-Strengthened US Stock Investment Course" [Vol.17] distributed October 4, 2021

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Delivering the truth about U.S. stock investing

Shigenobu Kawada’s “Training in U.S. Stocks through the Media”

［Vol.17］ Distributed October 4, 2021

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*** Table of contents ***

1. Market recap

2. This week's Snapshot!

3. This week's pick of articles

【United States and China Heading Toward “Bipolarization”】

【Senior employment: How to proceed】

【Fumio Kishida: Competing with the ‘Listening Power’】

【Selecting Investment Trusts for Tsumitate NISA】

4. Investment tips

【NISA allocations: Take risks and grow bigger】

【New series: “Everything about wealth-building using U.S. stocks”】

5. Kawada’s stroll

【Inokashira Park】

6. Activity information

7. Q&A corner

Next issue will be November 29

Progress toward 20 million yen

Source: Financial Services Agency, based on asset management simulations prepared by ExeTrust Co., Ltd.

※The figures above are for simulation purposes only and do not guarantee future investment results. Also, fees and taxes are not considered.

How to read: assumed yield and target year

3–4% over 30+ years: this is how wrap funds and balanced funds perform

5–7% over 25 years: this would apply to non-U.S. stock funds

8–10% over about 20 years: this is a modest view of S&P 500 gains

S&P 500 performance history (dividends reinvested 1970–2021)

Reach 20 million yen early with proper risk-taking

Kawada’s message is wonderfully simple. To reach 20 million yen, let as much of your excess funds work as efficiently as possible. For that, it’s essential that participants understand the meaning of risk and reward. Before reading the weekly newsletter, glance at this table and confirm the proper investing attitude.

Now, start the countdown to 20 million yen immediately!

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1. Market recap (September 27–October 1)

＜Major indices＞

・Dow Jones -1.4%

・S&P 500 -2.2%

・Nasdaq Composite -3.2%

＝Snapshot version＝

As the quarter ends, the stock market faced pressure from rising long-term rates due to concerns over U.S. debt ceiling and tightening measures. Growth stocks fell on higher rates, and economically sensitive stocks also declined due to concerns about the Chinese economy.

＝A bit more detail＝

Orders for capital goods beat expectations, lifting the Dow on Monday, but midweek long-term rate rises weighed on equities. The rate rise was driven by the combination of heightened expectations for tighter policy after the prior week’s FOMC meeting and the U.S. government debt-ceiling issue. Fears of a government shutdown with the new fiscal year and weaker Chinese data also contributed to the declines. Tech stocks led declines due to higher rates, with Nasdaq posting the largest drop among the major indices, and the S&P 500 logging its second-worst weekly drop since late February. On Friday after the quarter-end, the indices rebounded on solid economic data.

S&P 500 chart, last 12 months

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2. This week’s Snapshot!

A column delivering the information you absolutely need to know.

Big drop after a long time

Last week, the S&P 500 fell 2.2%. It was the second-largest drop in a long time since the week ending February 26, which fell 2.4%. The immediate cause was the 10-year yield rising to around 1.5% for the first time since mid-June. However, caution is needed when interpreting the drivers of rising yields.

U.S. default risk? Not likely

Perhaps the most alarming scenario cited was the U.S. government defaulting on its obligations. The debt ceiling is set by law, and as long as the federal budget deficit continues, the government must raise the ceiling to pay interest and principal. It is the Congress, not the government, that must raise it. The debt ceiling had temporarily been suspended, but it was reinstated in August, and debt is nearly at the limit, with the Treasury managing cash across agencies.

Yet Yellen warned that by October 18 the U.S. could run out of options and default. Some articles make it seem this would trigger rising rates, but that would be a short-sighted view. There have been many close calls on debt-ceiling resolutions, but always a higher ceiling has been enacted. This time should be the same.

Besides debt-ceiling worries, explanations for stock declines included shutdown fears and signs of a slowing economy. Shutdown fears are almost a ritual, and since a temporary funding measure passed, there should be no problem at least until early December. Signs of a slowdown are based on some indicators and China’s economy, and while not entirely negated, their impact may be limited to a subset.

If debt-ceiling fears push prices down, that could be a buying opportunity

In the end, I think last week’s market adjustments were “end-of-quarter factors.” As profits from a strong quarter were realized and buying activity paused, these factors overlapped. In fact, after the quarter ended, major indices rebounded and long-term rates fell on Friday.

That said, as of now the debt ceiling has not been raised, and there is a possibility it won’t be until October 18. If that happens, rates could rise and stocks could fall, creating a buying opportunity. Since October 18 falls on Monday the following week, a similar moment may come in the latter part of next week. Of course, this is a short-term trading scenario; long-term investors should simply continue their regular contributions.

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3. This Week's Featured Articles

A corner that selects items worth noting from information I have gathered for asset formation, ranks them, and comments with my very private views.

【1】 Nikkei Newspaper“Toward Bipolarity”: Former Editor of The Economist, Bill Emmott9/30

• Disappointed by U.S. leadership under President Biden even before the Afghanistan withdrawal. Biden appears inward-looking, failing to engage globally on vaccine rollout, climate change, U.S.-China relations, and global economic rebuilding. The sharp partisan divide in U.S. politics is a major reason.

• Looking ahead 20 years, the world will continue to be split between the U.S. and China. It cannot be called a new Cold War, because their economic interdependence is too strong.

• The question is whether the U.S. can remain strong; the risk factor is a severe crisis in American democracy.

• What I see as most likely is a recovery in the United States and a robust economy, similar to the era of President Reagan. I hope for a leader who can purely inspire the people.

Reference: Amazon.co.jp: Bill Emmott: Books

【Kawada's Comment】

This person is famous for 1990’s “The Sun Also Rises—Japan’s Power and Its Limits.” I haven’t read it. He has consistently tackled themes such as civilization, nation, geopolitics, and gender. A quick look at Amazon shows his books such as

“The Future of Japan Will Be Determined by Women!” 2019/6/20

“The End of the ‘West’: How to Restore Global Prosperity” 2017/7/6

“Why Do Nations Collapse?” 2012/8/9

“Three Kingdoms of Asia” 2008/6/6

and more.

【2】 Nikkei NewspaperHow to Promote Senior Employment (Part 1): Reforming from Your 40s

Naohiro Yashiro, Vice President, Showa Women’s University10/1

• The essence of the retirement age system is “age-based discrimination.”

• The status of being a regular employee ceases at retirement age.

• Rehiring after retirement becomes a “kept on a leash” effect.

• From the 40s onward, it is necessary to shape a career that actively utilizes diverse employee abilities and to create a system where senior employment does not become costly.

• (In Japan, wages are structured to compensate for early career low wages with higher wages in later years to retain trained employees.)

• If an individual’s job type isn’t clear, some employees may freeload off others.

Yashiro Naohiro, born 1946. Ph.D. in Economics from the University of Maryland. Specializes in labor and social security.

Amazon.co.jp: Naohiro Yashiro: Books

【Kawada's Comment】

I find Professor Yashiro’s reasoning the most convincing. Yet it might be too reasonable and not fully applicable to Japan’s realities. The direction of reform is correct but progress is slow.

For my generation, there should be many people whose “work muscles”—the mind, skill, and body—remain strong even after retirement age, but opportunities to utilize their motivation are being unfairly taken away. However, as many retirees have lost their work muscles, their PC skills, concentration, and stamina for researching have declined. Me? I’m following with tears in my eyes.

■ Intergenerational Dependency

Also, “Why do Japanese companies force retirement for people in their 60s who can still work?” Yashiro says it is to protect employees who have undergone in-house training from voluntary early retirement by compensating for low wages in youth with higher wages in later years.

In a sense, this resembles intergenerational dependency. In that sense, Japanese companies are both employment systems and part of social security. They aim to create shareholder value while maintaining employment. By contrast, American companies prioritize profits and shareholder returns, with less concern for stable employment and social security. This highlights the difficulty of making profits from Japanese stocks.

【3】 Nikkei NewspaperKishida Fumio: From a prestigious faction, “He Who Listens”9/30

① 'Crime and Punishment'

Kishida’s favorite reading list included three books.

'Crime and Punishment' Dostoevsky

'Musashi' (Yoshikawa Eiji)

'Kenkirou' (Riku Mo Taro no Mitsu Kagami?; actually Kakimatsu)

Right now I’m turning over ‘Crime and Punishment’ on my commute.

“Plot: describes the crime and punishment of the protagonist Raskolnikov. He, who killed an old woman with his own beliefs, is tortured by guilt. Striving against his weakness, with the help of his best friend, family, and the prostitute Sonya, he regains a human heart and is revived.”

【Kawada's Comment】

The setting is roughly 150 years ago in St. Petersburg, an artificial city built by the first Tsar Peter the Great. Poverty and corruption were rampant then.

The names of characters are hard to remember and there are many variants used in context; it is, frankly, hard to approach.

The work was published in 1866, and the social milieu likely remains faithful to that era.

① All characters are endlessly poor.

② The protagonist often faints; this feels odd. Is it so easy to faint?

③ People are mentally ill and there is abundance of economic and personal breakdown; they are destitute.

④ There are devastating alcoholics everywhere.

⑤ People at rock bottom are unusually religious.

■ Understanding Christianity is Essential

The story is based on Christianity (Russian Orthodox). Without knowledge of the Bible, the author's intent may not be fully understood.

The protagonist holds a chosen-people’s mindset, believing “in pursuit of a noble purpose, means do not matter and actions are justified by history.” He commits murder, realizes his error, confesses, and is exiled. In the latter half, biblical phrases appear multiple times, illustrating how deeply religious life and daily life are intertwined.

Now, when rummaging through my bookshelf, I found

“So you read Crime and Punishment. Dostoevsky 66 Messages for Success in Work and Life”. By the way, used copies are about 400 yen.

Author Ikio Kiyoshi Kameyama is a former president of Tokyo University of Foreign Studies and a master of Russian literature, especially Dostoevsky. This book contains several key points on how to read Dostoevsky’s works.

■ A Simple Question: Why are there so many heavy drinkers in Russia?

“In Russia, drunks are the most decent people. The most decent are also the biggest drinkers.” (p98) According to Kameyama’s explanation, “Under long-standing autocratic rule, in Russia, only those who drink and appear naked in public could win trust.”

On the other hand, for rulers, vodka was the best tool to quiet the people's anger (p98).

In Japan, alcohol fosters communication and joy, and is essential for celebrations. In Russia, however, alcohol may be used as a drug to keep people in line, similar to religion.Under Russia's brutal autocratic rule, what can the people do besides drinking? They drift into oblivion.

In the mud, people wear ragged coats, drink until unconscious. Women scream hysterically; men and women alike have long since lost their sanity. The narrative unfolds in a chaos far beyond Meiji-era Japan, and thus seeks salvation in God, though even God seems to have abandoned them. It resonates with Endo Shusaku's Silence in its sense of absurdity.

② Kishida’s origin of entering politics

“I accompanied my father, a bureaucrat, to local public schools. When our class went on a zoo trip, the teacher urged the children to hold the hands of the neighbor. The white girl next to Kishida frowned and would not take my hand. It was the first experience of racial discrimination. Understanding the situation, I resolved: I want to eliminate such absurdities — this sparked my interest in politics that values diversity.”

【Kawada's Comment】

Kishida’s America was in 1963 for three years, over 50 years ago. 1963 was Kennedy’s assassination; 1968 was Martin Luther King Jr. assassination; further events like Watergate (1972) and the end of the Vietnam War (1975) followed.

“Understanding the situation” likely refers to hindsight rather than the moment itself. Children at that age have lower barriers to communicate; they interact more freely, while non-white minorities are present when they go abroad. Children learn a lot that adults cannot. Our daughter probably has similar experiences. I just asked them, and they said “It’s not that simple.”

For us adults, communication is hampered by language, culture, and values, leading to a natural division. The raw intercultural experience in childhood is valuable. I have high expectations for Kishida, a native son returning home.

Bonus: Kishida’s English

Kishida’s English ability? Check through a speech video! Also about the education of returnees

There are people who research all sorts of things.

【4】 Nikkei NewspaperChoosing funds for NISA: Focus on overseas stocks, and assess risk9/25

The NISA (tax-free small-sum investment) scheme has been in place for about 3.5 years. Below are questions from beginner investors and answers based on the article.

Question: What is the difference between General NISA and Tsumitate (small-sum) NISA?Answer: Tsumitate NISA limits investments to products meeting conditions defined by the Financial Services Agency. The annual investment limit is 400,000 yen, smaller than General NISA’s 1.2 million yen. General NISA allows a 5-year investment period, after which you can either withdraw to a taxable account or transfer all to the next year’s tax-free limit, but the program is set to end in 2023 currently.

Answer: Because the investment targets are restricted by the FSA and the tax-free period is longer, for beginners or for longer-term asset management, Tsumitate NISA is more convenient. Moreover, you cannot use General NISA and Tsumitate NISA simultaneously.

Question: How should I view standard deviation?

For example, among funds eligible for Tsumitate NISA, the highest annual return is about 18% with a standard deviation of about 20%. This implies a roughly 70% probability that returns will move within the range of minus 2% to plus 38% around 18%. If two funds have the same annual return, the one with a lower standard deviation has smaller price fluctuation and is a more efficient investment fund.

Question: Which funds have performed well since Tsumitate NISA started?

Answer: Many top funds tracked overseas indices such as the US S&P 500 or MSCI All Country World ex Japan, driven by the rise of tech stocks like Apple and other “GAFAM” companies.

Reference: Investment Trusts Association

What is General NISA? – Overview and Mechanics –

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4. Investment Tips

A corner that covers not only investment methods and stock recommendations but also notable metrics, statements, and movements in society and politics.

NISA: Take risks to grow more

This time of year, I receive notices from brokerages about NISA five years ago. This year, I must decide what to do with the 2017 1.2 million yen.

This tax-advantaged scheme was refreshing for me. Since its inception in 2014, I have aimed to use the full limit. The investment limit was 1 million yen in 2014 and 2015, then 1.2 million yen thereafter. Five years later, the extra amount can be fully rolled over, which is quite attractive.

Some people use this scheme as a tax-free trading window. I think that’s silly, but it’s a personal choice.

■ My NISA is a model of stellar performance

Below are my results, though with NISA there is no real “battle”; I just bought and held. I have acted in line with the purpose of NISA.

Total investment over 2014–2018 was 5.6 million yen (100X2 years + 120X3 years). I used about 5.18 million yen of that. Hmm, perhaps I didn’t use the full limit. This mystery appears in the Russell 2000 ETF (1588).

In the table below, the 2014 limit has rolled into the 2019 limit. Yet even combining the 2019 NASDAQ-100 and S&P 500 ETF investments, it amounts to only about 730,000 yen. I also invested in 1588, but it matured in 2018, making that portion wasted. That’s another risk of the NISA limit.

The total investment of 5.18 million yen in the first five years has grown to about 13.63 million yen recently, roughly 2.6 times.

Kawada's NISA Performance Special Release

■ Long-term investing: Take on risk

There are many investment magazines and online sources advising on NISA use, but most recommendations assume a conservative approach with low expected returns. Why can’t they boldly say, “Aim for a 10% annual return!”?

As a work in progress, my NISA currently holds a lot in 1545 (NASDAQ-100 ETF). In fact, that is basically all of it, and it has grown substantially.

Incidentally, the 1545 ETF was 3,848 yen at the end of 2013; by 2021-09-30 it was 16,850 yen. Over 7.75 years, it rose about 4.38x, corresponding to an annualized return of a little over 21%, including dividends.

From 2014 onward, I added to my holdings using a dollar-cost-averaging approach, and this has increased my assets by about 2.6x. I consider this an excellent performance.

■ Long-term target: 10% annually

Since the 2009 financial crisis, major U.S. indices have performed well, though they also crashed in 2008. I began tracking investment performance in 2005; from then through September 2021, the 16 years and 9 months annualized returns were 7.94% for the S&P 500 and 14.09% for the NASDAQ-100. Over the past ~50 years, the S&P 500, with dividends, has generally converged around 10% or so.

TO Shown: Tokyo Stock Exchange NASDAQ 100 ETF 1545 chart since 2011

■ Will there still be NISA in 2024 and beyond?

Now, NISA has been extremely beneficial to me, but what happens next?

According to Nojiri Tetsuji’s article in Nikkei Valit’s Aug 22 issue, “Withdrawal NISA” (Nojiri Tetsuji)

*There are about 6.54 million people aged 60+ with General NISA accounts. When evaluating the new NISA, their challenge may be less about attracting new funds and more about whether they can roll over from General NISA into the new scheme.

*“The annual cap of the new NISA is 1.22 million yen for floors 1 and 2 combined; however, rollovers can exceed this limit, and at least through 2024–2028 five years can be rolled over again.”

In other words, NISA begun in 2014 rolled over in 2019. The rollover would mature in 2023, but the extra funds can be rolled over one more time. The five-year window starting in 2024 ends in 2028.

Nojiri says he will consider selling then when he reaches 70. And 2029 will be the 2015 rollover, when he would be 71. I’m not ready to unwind yet, but I wonder if there will be another rollover under NISA. If so, I’d like to roll over again.

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New Series “All About Asset Formation Using U.S. Stocks”

Introduction

This time, I will start a series covering the fundamental aspects necessary for asset formation. The overall structure will be as follows.

1. What kind of era are we living in?

2. Self-reliant Japanese people and asset formation essential for independence

3. Is the stock market only in the United States?

4. Differences between Japanese and American stock-market cultures

5. Key characteristics of the U.S. market you should know

6. What is the S&P 500?

7. Why is the United States strong?

8. Recommended investment strategies — Core and Satellite investing —

9. Core investment strategy

10. Satellite investment strategy

11. What should I buy?

12. Sources of information and investing

Episode 1: What era are we living in? Part 1

In starting this series, I have the following understanding.

■ What era are we living in now?

With the end of the Cold War in 1989, liberal economies were booming, but then regional conflicts in the Middle East grew unstable, and in 2001 the U.S. mainland faced terrorism.

Furthermore, as globalization advanced, China’s state capitalism grew, and the world economy came to be dominated by the two powers, the U.S. and China. Japan’s stock market lost momentum after its 1989 peak, and over the past 30 years inequality has widened globally, with Japan not being an exception. Work styles are also transforming; the era of stable lifetime employment is fading.

■ Let us face the reality in front of us.

Globalization and market economies have spread across the world. For many Japanese people, the downsides have outweighed the benefits, resulting in relative poverty. To show this, economist Branco Milanovic famously illustrated the “ elephants’ trunk” shape to depict the past 30 years where high-income earners in advanced economies and middle-income earners in developing economies rose sharply, while middle-income earners in advanced economies declined.

■Keyword “Elephant Curve”

In 2012, economist Branko Milanovic’s “Elephant Curve” became a hot topic as a symbolic representation of global inequality.

That is, as shown in the figure,

＊From 1988 to 2008, incomes of high-income groups in rich countries and middle-income groups in developing countries rose sharply, while middle-income groups in rich countries declined.

Because the graph resembles the trunk of an elephant, it is called the “Elephant Curve.”

Globally, inequality is shown to be decreasing, but incomes of people in developing countries are approaching those in rich countries.

On the other hand, among advanced economies, the gap between high- and middle-income earners has widened, which some attribute to events like Trump's rise in the U.S. and Brexit in the U.K., reflecting current international dynamics.

What we Japanese must recognize is that many Japanese belong to the middle class of developed nations, i.e., we are becoming relatively poorer.

■ Japan’s GDP compared to world major economies

Once, Japan was among the top advanced economies. However, over the past two decades Japan’s GDP has not grown. Relative to other major economies’ nominal GDP growth, Japan’s GDP has gradually declined, indicating Japan’s economy is smaller in the world.

In the world, the middle class in advanced economies is becoming poorer, and Japan, with a large share of such middle class, is seeing its own ranking slide in the world.

Episode 135: Japan is called the “third-largest economy in the world,” but

■ Wage growth and labor share shrinking

So, what is the status of individual Japanese people?

Over the past 40 years, global interest rates have fallen. This means income is shifted from lenders and depositors to borrowers (governments and corporations).

Banks earn from the interest margin on deposits; that margin has thinned, and deposits yield less. Meanwhile, governments and corporations use the funds for public works and profit-seeking activities. If government funds go to social security, the primary beneficiaries are the elderly; if profits go to corporate activity, profits go to companies.

Looking at the labor share, it has declined over the past two decades. Labor receives less of the profits than before.

This trend is global among advanced economies. In the U.S., much of profits are distributed as dividends and stock buybacks, benefiting stockholders. Japan, by contrast, remains committed to protecting employee employment, and in uncertain times tends to save rather than spend. Thus Japanese companies generally do not lavishly spend profits.

From another angle, average Japanese wages have declined over the past 30 years, especially over the last 20 years. Japanese workers have become poorer.

“Companies became stingy; the Japanese economy declined”

■ Why are wages falling?

What causes wage stagnation? In other words, why are Japanese companies no longer profitable? And why has profit distribution declined?

In addition to the globalized environment described above, Japan's corporate and social structures also contribute significantly to these effects.

Rapid aging and declining birth rate

→ Decrease in working-age population (15–64) by about 10 million between 1995 and 2015

→ Decline in domestic corporate sales

→ Stagnation in corporate earnings

→ Companies suppress wage growth to preserve profits

→ Worsening consumer sentiment among many workers due to stagnant wages

→ Intensified price competition among firms wanting to sell goods

→ Further corporate earnings decline

→ Companies further suppress personnel costs to preserve profits

■ On the future of “middle-class decline and fixed inequality”

What trend will globalization and market economies take in the future?

In the United States, once seen as a model of democracy, President Trump, a pronounced populist, was elected in 2016, leading to numerous unexpected events.

In financial markets, the economy improved and stock prices rose. Corporate taxes and income taxes were cut, boosting corporate profits and making the wealthy even wealthier.

■ The COVID-19 crisis accelerates DX (digital transformation)

The COVID-19 crisis in 2020 further accelerated the already rapid DX, exacerbating the divide between the haves and have-nots.

That is, lower-income groups in restaurants, leisure, and travel were directly affected by layoffs or furloughs, while the crisis spurred a rapid acceleration of digital transformation in the tech sector, giving white-collar workers in those fields increasing advantage.

■ Will the Biden administration change this?

Since Biden became president in 2020, he has attempted to address income inequality, but the trend remains unresolved. The pandemic period has also radically changed work styles and education methods. This crisis may normalize such behavioral shifts.

If so, those with the skills to adapt to new industries and work styles, those with the motivation to learn and the time and energy to do so, will thrive; those who lack time and funds to learn may be swept away by the changes. We are increasingly in an era where we must safeguard our own livelihoods. (To be continued)

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5. Kawada's Walk

◇◇Inokashira Park◇◇

【5】 Nikkei NewspaperTakako Sato: “Shaberedomo Shaberedomo” Tokyo's Inokashira Park10/2

I live near Inokashira Park and often wander around on weekends. The Nikkei Evening Edition's final page features a “Literary Circuit,” and I happened to see a novel about a rakugo artist living near Inokashira Park. However, I don’t know this author, Sato.

The park’s emblem, Inokashira Pond, was a hunting ground for the Tokugawa shoguns. The well at “Ochanomizu” (photo) is said to have water still bubbling from its spring.

■ Weekend self-training course: Inokashira Park

My routine on Saturdays is early morning. I wake around 3 a.m., read Nikkei and Nikkei Veritas, then head to the park around 5:30 and return home by about 7:30. Sundays begin after the closing of Barron’s Digest and the morning meeting, and I walk for about two hours. The routine mainly includes strength training and walking, with occasional jogging, ending with a brisk run on the “Nishizono” track. The workout includes 20 sets of 10 bodyweight squats and 10 push-ups; I push myself to keep going.

■ My routine route

To help you, I’ll share the usual route, basically: leave Nishizono, circle around the pond.

From the map, start on the left, pass the “Tennis Courts,” reach “Nishizono.” Cross the “Firefly Bridge” and head toward Inokashira Park Street, then pass the site of the old Tokugawa Ieyasu era (Historic site in Mitaka-Shi, Inokashira) and then see the Benzaiten shrine on the left. Here you will see people bowing deeply or praying.

Then proceed to the “Hyotan Bridge” with ups and downs. Near Inokashira Park Station, a few middle-aged white men loiter; they are muttering about Japanese people. There is no map for this, but I’ll turn around at Mitaka-dai Station.

On the return, the route goes past “Yoshikira Bridge,” then “Suimon Bridge,” with the outdoor stage to the right of the direction. On Saturdays this area gets busy around 6:30 a.m., and I pass through the crowd doing radio calisthenics. A very energetic old man plays piano on the radio and I smile wryly and move on.

Passing by the “Noguchi Ujo song monument” and then turn right toward Ochanomizu, then race up a steep slope. Return to Nishizono and do stretches and sprints. The return trip includes stopping by a convenience store, bakery, and taiyaki shop “Suekki.” The entire loop typically takes about two hours and is the most refreshing part of my weekends.

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6. Upcoming Activities

◇Wednesday, October 6, 11:00 a.m.Stock Voice

◇Wednesday, October 20, 11:00 a.m.Stock Voice

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7. Q&A Corner

This week is a break. We welcome your questions.

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