The Collar Strategy
Market Recap:
Stocks vacillated at the open as market participants waited for the FOMC minutes and Dr. Bernanke’s speech. As the 2 o’clock hour came closer optimism reigned on Wall Street driving the DJIA to a triple digit gain. By the time the closing bell rand, stocks reversed their gains and posted ½% losses across the board. The sell-off appears to have been driven by Dr. Bernanke’s comments that although the Fed would keep its current asset purchase plan in place and at its current pace, the board of governors would spend the next few meetings discussing the timing and velocity of a reduction in the pace of purchases. Technology shares underperformed, and the 10 year Treasury Yield soared above 2%.
Looking Ahead:
Overnight, European and Asian bourses reacted negatively to the Fed Chairman’s comments, causing a broad sell-off around the world. The Japanese Nikkei lost over 7% overnight, while Japanese interest rates rose above 1% for the first time in years. In spite of the overnight sell-off, we continue to be constructive on the markets and anticipate new highs being made before year end. Specifically, we continue to see significant value in lower-volatility small cap stocks, which are represented in our Small-Cap Buster Program, as well as select high-quality, high-dividend paying stocks, represented in our Dividend Buster Program. More aggressive and trade oriented investors may consider an option collar strategy our President wrote about earlier this week (Link here: http://www.minyanville.com/trading-and-investing/options/articles/Collar-Profits-With-S2526P-500-255EGSPC/5/22/2013/id/49957).
A New Beginning:
Today marks an important day in the (future) history of Gary Goldberg Financial Services. For more than 27 years, since 1984, Gary Goldberg, our Founder and CEO has been the host of Money Matters with Gary Goldberg on various Hudson Valley regional radio stations. Today will be the last day of our daily program as we gear up for an awesome opportunity to join WOR 710 AM, one of the most powerful and most listened to AM radio stations in the New York Tri-State area. Beginning Sunday June 2nd, Money Matters with Gary Goldberg will have a new home, a new (and hopefully current) audience with a full 1 hour program which will air from 2:00 PM to 3:00 PM each Sunday. We hope you join us for our inaugural program, when we will be speaking to Muriel Siebert, the first women to be a member of the New York Stock Exchange, discussing the current graduation season and sharing tips and ideas on making college tuition more affordable as well as having Bill “The Tax Man” Carbonari join us to discuss strategies on how to reduce the amount of taxes you might pay on your investments. Visit our www.ggfs.com for details, or click on this link http://bit.ly/MMFN to listen live.
Download our Mobile App today.
by thebetafund.com
Montebello Partners LLC
Opinions express herein are those of Oliver Pursche, and are subject to change without notice and may differ or be contrary to the opinions or recommendations of Gary Goldberg Financial Services or Montebello Partners, LLC. These opinions are not investment advice, recommendations, or an offer or solicitation to buy or sell any securities. Any price or quotation contained herein are indicative only and do not constitute an offer to buy or sell any securities at any given price. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness, reliability, or appropriateness of the information or methodology contained in this material. Opinions expressed are not investment recommendation or advice and should only be considered as a single factor in any investment decision. Investors should consult with their own investment advisor prior to making any investment decisions. Gary Goldberg Financial Services, Montebello Partners, and/or their affiliates may have an interest long or short and may be actively trading the securities mentioned in this report and may in fact be executing a strategy contrary to the opinion shared within this report. Gary Goldberg Financial Service, Montebello Partners, LLC, its directors, officers and employees, including Oliver Pursche, do not accept any responsibility or liability for any loss or damage arising out of the use of all or any part of these materials.
“The Song Remains the Same”
Market Recap:
“The Song Remains the Same”…. Although stocks started on the downside, they steadily climbed higher as investors brushed aside concerns and focused on tomorrows FOMC minutes release and speech by Fed Chairman Bernanke. S&P sectors were mixed, with healthcare shares gaining the most while telecom stocks underperformed. Commodities were mostly lower, after a report showed that Chinese imports of raw materials dropped slightly more than anticipated.
Looking Ahead:
Wednesday will be about Dr. Ben, who addresses the media and thereby global markets around 2:00 pm. Given recent statement by St. Louis Fed President Bullard and Dallas Fed President Fisher, investors should not expect any significant policy shift announcements. Rather, expect markets to focus on any inflation related talking points as well as any direct comments by Dr. Bernanke regarding US employment. Tune into Money Matters with Gary Goldberg at 10:05 AM to hear our latest analysis and commentary.
Visit www.ggfs.com for details, or click on this link http://bit.ly/MMFNRadio to listen live. Listen for us on WOR Radio (710 AM) beginning Sunday June 2nd, when the program moves to a new format.
Download our Mobile App today.
by thebetafund.com
Montebello Partners LLC
Opinions express herein are those of Oliver Pursche, and are subject to change without notice and may differ or be contrary to the opinions or recommendations of Gary Goldberg Financial Services or Montebello Partners, LLC. These opinions are not investment advice, recommendations, or an offer or solicitation to buy or sell any securities. Any price or quotation contained herein are indicative only and do not constitute an offer to buy or sell any securities at any given price. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness, reliability, or appropriateness of the information or methodology contained in this material. Opinions expressed are not investment recommendation or advice and should only be considered as a single factor in any investment decision. Investors should consult with their own investment advisor prior to making any investment decisions. Gary Goldberg Financial Services, Montebello Partners, and/or their affiliates may have an interest long or short and may be actively trading the securities mentioned in this report and may in fact be executing a strategy contrary to the opinion shared within this report. Gary Goldberg Financial Service, Montebello Partners, LLC, its directors, officers and employees, including Oliver Pursche, do not accept any responsibility or liability for any loss or damage arising out of the use of all or any part of these materials.
The Forefront of Earnings Reports
Market Recap:
Stocks started the week with a slight downward bias as talk of ending or reducing QE weighed on investors. Sectors of the S&P were mixed with the traditionally defensive consumer staple sector underperforming, while financial and energy shares gained. Speculation that QE might come to an end as early as the end of this year drove precious metal prices lower, gold and silver declined for the 8th consecutive trading session.
Looking Ahead:
Consumer Goods and Retail Companies are at the forefront of earnings reports today and for the rest of the week. Expect some added volatility with a slight downward bias as a result. As earnings season comes to an end, analysts and strategists are beginning to review their second quarter outlook, generally lowering expectations. Historically this has meant that companies who report very early or very late in the cycle are less likely to be part of any sell-off as these strategists either already have or aren’t close to revising those companies estimates. Make sure to tune into Money Matters with Gary Goldberg every weekday at 10:05 AM to hear our latest analysis and market commentary.
Visit www.ggfs.com for details, or click on this link http://bit.ly/MMFNRadio to listen live. Listen for us on WOR Radio (710 AM) beginning Sunday June 2nd, when the program moves to a new format.
Download our Mobile App today.
by thebetafund.com
Montebello Partners LLC
Opinions express herein are those of Oliver Pursche, and are subject to change without notice and may differ or be contrary to the opinions or recommendations of Gary Goldberg Financial Services or Montebello Partners, LLC. These opinions are not investment advice, recommendations, or an offer or solicitation to buy or sell any securities. Any price or quotation contained herein are indicative only and do not constitute an offer to buy or sell any securities at any given price. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness, reliability, or appropriateness of the information or methodology contained in this material. Opinions expressed are not investment recommendation or advice and should only be considered as a single factor in any investment decision. Investors should consult with their own investment advisor prior to making any investment decisions. Gary Goldberg Financial Services, Montebello Partners, and/or their affiliates may have an interest long or short and may be actively trading the securities mentioned in this report and may in fact be executing a strategy contrary to the opinion shared within this report. Gary Goldberg Financial Service, Montebello Partners, LLC, its directors, officers and employees, including Oliver Pursche, do not accept any responsibility or liability for any loss or damage arising out of the use of all or any part of these materials.
Another Week of Gains for Stocks
Market Recap:
Another week of gains for stocks, as positive earnings and mixed economic data drove major averages to all-time highs. Nearly 90% of S&P constituents have reported Q 1 earnings. Of these, 67% have beaten earnings estimates while 47% have surpassed revenue expectation. Year-over-year average revenue growth has been 4.5% and average earnings growth has been 8.5%; while the S&P 500 has risen over 27% in the past 12 months.
Looking Ahead:
Increasing monetary policy intervention and capital market manipulation are likely to drive equity prices and volatility higher. Expect a busy end of the week with significant economic data and reports, starting Wednesday with the FOMC minutes.
Monday:
Campbell Soup {CPB} kicks off a consumer heavy earnings report week
Tuesday:
AutoZone (S: AZO), Home Depot (s: HD) and TJX Corp (s: TJX) report
Wednesday:
Lot’s of earnings reports, but the FOMC Minutes will dominate news
Thursday:
Jobless Claims, New Home Sales, Housing Prices, and PMI data are all Released
Friday:
Durable Goods orders report is released before the open.
Download our Mobile App today.
by thebetafund.com
Montebello Partners LLC
Opinions express herein are those of Oliver Pursche, and are subject to change without notice and may differ or be contrary to the opinions or recommendations of Gary Goldberg Financial Services or Montebello Partners, LLC. These opinions are not investment advice, recommendations, or an offer or solicitation to buy or sell any securities. Any price or quotation contained herein are indicative only and do not constitute an offer to buy or sell any securities at any given price. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness, reliability, or appropriateness of the information or methodology contained in this material. Opinions expressed are not investment recommendation or advice and should only be considered as a single factor in any investment decision. Investors should consult with their own investment advisor prior to making any investment decisions. Gary Goldberg Financial Services, Montebello Partners, and/or their affiliates may have an interest long or short and may be actively trading the securities mentioned in this report and may in fact be executing a strategy contrary to the opinion shared within this report. Gary Goldberg Financial Service, Montebello Partners, LLC, its directors, officers and employees, including Oliver Pursche, do not accept any responsibility or liability for any loss or damage arising out of the use of all or any part of these materials.
U.S. Equity Futures Pointing to a Slightly Higher Open
Friday, May 17, 2013, Market Commentary
Market Recap:
In spite of solid corporate earnings reports and benign inflation figures, stocks started and ended on a muted note as weaker than expected manufacturing data and higher than forecast jobless claims pressured stocks down. Technology shares were the only sector of the S&P that ended in the plus column as strong earnings by Cisco Systems pushed the sector into positive territory. Commodity prices were mixed, while Treasuries rallied slightly.
Looking Ahead:
In early morning trading US equity futures are pointing to a slightly higher open, while European and Asian bourses are trading near the flat line. Investors appear to be closely focusing on recent commentary by Fed officials, suggesting that the Central Bank may reduce the current asset purchase levels, which stand at $80 billion per month. To put this sum in perspective, when the US government bailed out AIG in 2008, it cost (including extending lines of credit) just over $145 billion – in other words; we are spending more than the AIG bailout every other month. I’d say a slow-down, if prudent and timely, is more than acceptable. As the New York Stock Exchange opening bell rings, investors will wait for the release of the University of Michigan Consumer Confidence Index as well as the Conference Board’s Leading Indicators data. Later in the day, several regional Fed Governors are set to speak, potentially adding to market anxiety. Make sure to tune into Money Matters with Gary Goldberg weekdays at 10:05 AM and beginning June 2nd at 2:00 PM every Sunday afternoon on WOR 710 AM Radio to hear our latest commentary and analysis. Visit our website www.ggfs.com for details, or click on this link http://bit.ly/MMFNRadio to listen live.
Download our Mobile App today.
by thebetafund.com
Montebello Partners LLC
Opinions express herein are those of Oliver Pursche, and are subject to change without notice and may differ or be contrary to the opinions or recommendations of Gary Goldberg Financial Services or Montebello Partners, LLC. These opinions are not investment advice, recommendations, or an offer or solicitation to buy or sell any securities. Any price or quotation contained herein are indicative only and do not constitute an offer to buy or sell any securities at any given price. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness, reliability, or appropriateness of the information or methodology contained in this material. Opinions expressed are not investment recommendation or advice and should only be considered as a single factor in any investment decision. Investors should consult with their own investment advisor prior to making any investment decisions. Gary Goldberg Financial Services, Montebello Partners, and/or their affiliates may have an interest long or short and may be actively trading the securities mentioned in this report and may in fact be executing a strategy contrary to the opinion shared within this report. Gary Goldberg Financial Service, Montebello Partners, LLC, its directors, officers and employees, including Oliver Pursche, do not accept any responsibility or liability for any loss or damage arising out of the use of all or any part of these materials.
Necessary Fuel for the Upward March
Market Recap:
Stocks started the day on the downside as investors looked to take a breather from multiple back-to-back days of new highs for most major indexes. But, after a positive housing and construction report was released in the mid-morning, stocks resumed their upward rally. Most sectors of the S&P were higher with healthcare and material shares underperforming. The 10-year Treasury yield continued to creep towards 2%. As we have been discussing for several weeks now, although a short-term market pullback is something investors should always be ready to contend with, a prolonged or deep correction appears unlikely at this time.
Looking Ahead:
US equities continue to rally as corporate earnings are providing the necessary fuel for the upward march, while loose monetary policy is providing the support to avoid a meaningful selloff. Given the overall global growth picture and subdued inflation expectations, it is not unforeseeable that further easing may come from Europe, Japan and several emerging economies in the North Africa Middle-East region and South-East Asia. All in all, as corporate earnings season comes to an end, we expect a short period of low volatility before a likely pickup in velocity of trading after Labor Day. Make sure to tune into Money Matters with Gary Goldberg weekdays at 10:05 to hear our latest analysis and commentary. Visit www.ggfs.com for details, and listen to us on WOR (710 AM) beginning Sunday June 2nd or click on this link http://bit.ly/MMFNRadio to listen live.
Download our Mobile App today.
by thebetafund.com
Montebello Partners LLC
Opinions express herein are those of Oliver Pursche, and are subject to change without notice and may differ or be contrary to the opinions or recommendations of Gary Goldberg Financial Services or Montebello Partners, LLC. These opinions are not investment advice, recommendations, or an offer or solicitation to buy or sell any securities. Any price or quotation contained herein are indicative only and do not constitute an offer to buy or sell any securities at any given price. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness, reliability, or appropriateness of the information or methodology contained in this material. Opinions expressed are not investment recommendation or advice and should only be considered as a single factor in any investment decision. Investors should consult with their own investment advisor prior to making any investment decisions. Gary Goldberg Financial Services, Montebello Partners, and/or their affiliates may have an interest long or short and may be actively trading the securities mentioned in this report and may in fact be executing a strategy contrary to the opinion shared within this report. Gary Goldberg Financial Service, Montebello Partners, LLC, its directors, officers and employees, including Oliver Pursche, do not accept any responsibility or liability for any loss or damage arising out of the use of all or any part of these materials.
Earnings Keep On Rolling
Monday, May 13, 2013, Market Commentary
Market Recap:
Equities reached all-time highs last week as positive economic news, further Central Bank easing by Australia and continued positive earnings all aided investor sentiment. So far, 86% of companies within the S&P500 have reported quarterly earnings. Of these, 67% have surpassed EPS estimates, while 48% beat revenue forecasts. On a sector basis, Utilities have shown the most consistent revenue beats, while Consumer Discretionary and Energy companies have shown the most frequent EPS surprises. The average company within the S&P has grown year-over-year revenues by 4.7% and grown earnings by 9.5%.
Looking Ahead:
While the debate over an eventual market correction continues, we are focusing our attention on sustainable growth and attractive valuations. As "crisis fatigue" continues to set in with investors, we expect high-quality small cap stocks to begin taking market leadership. Although we continue to see significant opportunities in high-quality large-cap dividend paying stocks, we anticipate a leadership rotation in the second half of the year. One of the reasons large-cap multinational companies have fared so well in recent years (and should continue to do so) is because of their perceived safety. As a result, valuations have become more reflective the companies intrinsic value and future return expectations should be reduced to high single-digit annual gains. Conversely, high quality small capitalization stocks have underperformed in recent years, and remain attractively valued.
This week’s market moving events:
Earnings keep on rolling in, as Q1 reporting seasons comes to an end. On the economic front, there is little to fret over this week, other than the usual weekly data releases. As investors have become more accustomed to inconsistent data points and news, as well as showing signs of apathy towards geopolitical driven events, expect volatility to remain subdued in the short-term.
Tune into Money Matters with Gary Goldberg weekdays at 10:05 AM to hear our latest analysis and commentary. Visit www.ggfs.com for details, or click on this link http://bit.ly/mmfnradio to listen live. Beginning Sunday June 2nd, we will be airing Money Matters with Gary Goldberg on WOR 910 AM from 2:00 PM to 3:00 PM. We look forward to you tuning in.
Download our Mobile App today.
by thebetafund.com
Montebello Partners LLC
Opinions express herein are those of Oliver Pursche, and are subject to change without notice and may differ or be contrary to the opinions or recommendations of Gary Goldberg Financial Services or Montebello Partners, LLC. These opinions are not investment advice, recommendations, or an offer or solicitation to buy or sell any securities. Any price or quotation contained herein are indicative only and do not constitute an offer to buy or sell any securities at any given price. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness, reliability, or appropriateness of the information or methodology contained in this material. Opinions expressed are not investment recommendation or advice and should only be considered as a single factor in any investment decision. Investors should consult with their own investment advisor prior to making any investment decisions. Gary Goldberg Financial Services, Montebello Partners, and/or their affiliates may have an interest long or short and may be actively trading the securities mentioned in this report and may in fact be executing a strategy contrary to the opinion shared within this report. Gary Goldberg Financial Service, Montebello Partners, LLC, its directors, officers and employees, including Oliver Pursche, do not accept any responsibility or liability for any loss or damage arising out of the use of all or any part of these materials.
Jobless Claims Numbers
Market Recap:
The S&P 500 and Dow Jones Industrial Average hit new record highs after advancing slightly during Wednesday’s trading session. Although trading volume was lackluster, market breadth was broad enough to lift most sectors of the S&P 500 with utilities being the sole underperformer. Oil and other key commodities rose across the board on better than expected German manufacturing data, while U.S. Treasury Yields rose.
Looking Ahead:
This morning’s Jobless Claims numbers are the only meaningful economic data to be released this week, and could therefore have a greater influence on market sentiment than normal. However, as has been demonstrated in the past few weeks, market fundamentals and stock valuations appear to be reasonable enough for most investors to continue to buy stocks on the belief that the extraordinary monetary policies and zero interest rate policy (ZIRP) will support and help stocks rise in the current economic cycle and earnings environment. Tune into Money Matters with Gary Goldberg weekdays at 10:05 AM to hear our latest analysis and market commentary. Visit www.ggfs.com for details, or click on this link http://bit.ly/MMFNRadio to listen live.
Download our Mobile App today.
by thebetafund.com
Montebello Partners LLC
Opinions express herein are those of Oliver Pursche, and are subject to change without notice and may differ or be contrary to the opinions or recommendations of Gary Goldberg Financial Services or Montebello Partners, LLC. These opinions are not investment advice, recommendations, or an offer or solicitation to buy or sell any securities. Any price or quotation contained herein are indicative only and do not constitute an offer to buy or sell any securities at any given price. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness, reliability, or appropriateness of the information or methodology contained in this material. Opinions expressed are not investment recommendation or advice and should only be considered as a single factor in any investment decision. Investors should consult with their own investment advisor prior to making any investment decisions. Gary Goldberg Financial Services, Montebello Partners, and/or their affiliates may have an interest long or short and may be actively trading the securities mentioned in this report and may in fact be executing a strategy contrary to the opinion shared within this report. Gary Goldberg Financial Service, Montebello Partners, LLC, its directors, officers and employees, including Oliver Pursche, do not accept any responsibility or liability for any loss or damage arising out of the use of all or any part of these materials.
Futures Indicate Moderate Lower Opening
Market Recap:
Stocks closed at new all-time highs on Tuesday, as strong corporate earnings drove share prices higher. The energy and materials sectors benefited the most, while technology shares underperformed. In a surprise move, the Bank of Australia lowered its key interest rate by 25 basis points and the head of the ECB indicated that further easing in Europe could be possible. Commodities and the US dollar were mixed.
Looking Ahead:
Futures are indicating a moderately lower opening so far, as investors seem ready to take a pause. Overnight, a report showed German Industrial Production growing at a more rapid pace than predicted and overall business sentiment being stronger than forecast. With stocks trading at what most view to be extended levels, we are still finding opportunities and value in various segments of the market. Given the current economic environment we believe our Dividend Buster Program, which focuses on high-quality companies, with strong balance sheets, positive cash-flow, and a sizeable dividend should continue to perform well. We also believe that small-cap stocks, in particular lower-volatility small-cap stocks, will perform well in the current environment (read our WSJ Marketwatch article on the topic here: http://www.marketwatch.com/story/a-case-for-small-cap-stocks-2013-05-08?link=MW_TD ). Our Small-Cap Buster program identifies high-quality small companies, all of which are profitable, growing revenues and earnings and many of which pay a dividend higher than the 10 Year Treasury. We invite you to contact us to learn more about investing in lower-volatility small-cap stocks by calling us at 800 433 0323.
Tune into Money Matters with Gary Goldberg weekdays at 10:05 AM to hear more of our analysis and market commentary. Visit www.ggfs.com for details, or click on the following link http://bit.ly/MMFNRadio to listen live.
Download our Mobile App today.
by thebetafund.com
Montebello Partners LLC
Opinions express herein are those of Oliver Pursche, and are subject to change without notice and may differ or be contrary to the opinions or recommendations of Gary Goldberg Financial Services or Montebello Partners, LLC. These opinions are not investment advice, recommendations, or an offer or solicitation to buy or sell any securities. Any price or quotation contained herein are indicative only and do not constitute an offer to buy or sell any securities at any given price. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness, reliability, or appropriateness of the information or methodology contained in this material. Opinions expressed are not investment recommendation or advice and should only be considered as a single factor in any investment decision. Investors should consult with their own investment advisor prior to making any investment decisions. Gary Goldberg Financial Services, Montebello Partners, and/or their affiliates may have an interest long or short and may be actively trading the securities mentioned in this report and may in fact be executing a strategy contrary to the opinion shared within this report. Gary Goldberg Financial Service, Montebello Partners, LLC, its directors, officers and employees, including Oliver Pursche, do not accept any responsibility or liability for any loss or damage arising out of the use of all or any part of these materials.
Consumer Confidence Data / Earnings Report
Market Recap:
Enjoy the Silence was the theme on Wall Street to start the week. On the three year anniversary of the “flash-crash” where the Dow Jones traded in a 1000 point range, stocks moved less than 50 points from peak to trough. The absence of economic news and palatable earnings reports kept stocks, commodities and Treasuries in a tight range, with most of the sectors of the S&P ending slightly higher.
Looking Ahead:
Consumer Confidence data and a few earnings reports in the consumer sector will greet investors in the early trading hours on Tuesday morning. However, the overall absence of news around the world is likely to make for another muted day. International bourses are all higher as of 5:30 New York time, and U.S. market futures are indicating a higher open. The Central Bank of Australia lowered interest rates by ¼% overnight and ECB head Mario Draghi stated that further monetary steps to support the continents economies are possible. Tune into Money Matters with Gary Goldberg weekdays at 10:05 AM to hear our latest analysis and market commentary. Visit www.ggfs.com for details, or click on this link http://bit.ly/mmfnradio to listen live.
Download our Mobile App today.
by thebetafund.com
Montebello Partners LLC
Opinions express herein are those of Oliver Pursche, and are subject to change without notice and may differ or be contrary to the opinions or recommendations of Gary Goldberg Financial Services or Montebello Partners, LLC. These opinions are not investment advice, recommendations, or an offer or solicitation to buy or sell any securities. Any price or quotation contained herein are indicative only and do not constitute an offer to buy or sell any securities at any given price. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness, reliability, or appropriateness of the information or methodology contained in this material. Opinions expressed are not investment recommendation or advice and should only be considered as a single factor in any investment decision. Investors should consult with their own investment advisor prior to making any investment decisions. Gary Goldberg Financial Services, Montebello Partners, and/or their affiliates may have an interest long or short and may be actively trading the securities mentioned in this report and may in fact be executing a strategy contrary to the opinion shared within this report. Gary Goldberg Financial Service, Montebello Partners, LLC, its directors, officers and employees, including Oliver Pursche, do not accept any responsibility or liability for any loss or damage arising out of the use of all or any part of these materials.
