There are personal reasons to sell a stock. And there are investing-related reasons to sell a stock.

Most often, personal finance drives the decision to sell a stock because you need the money. You need to pay your child's tuition. You need to pay the IRS. Your dog tore her ACL and she's going to need a bionic knee (apparently). One reason we all invest is to have the money we need when we need it. 

Whenever you sell, though, you're giving up the long-term growth potential of your investment capital. There are times when you want or need to do that, but it's important to keep that general principle in mind.

By contrast, sometimes you should sell a stock because you've made an investing mistake. Your initial analysis turns out to have been wrong, you've lost faith in management, or the company has done something else to change your mind about its future. For me, though, it's the personal reasons that are more painful. Here's why.

2022 is a bear market

This is a bad year to be selling stock. Ideally, you'd have a cash cushion to cover unexpected financial needs. That way, you wouldn't have to sell stocks in a down market.

I take a different approach. I'm usually 100% invested in the market, because unfortunately for me, I don't have a saver's mentality. If I have cash, I want to spend it. When I was a kid my father once gave me $20 to put in my wallet for emergency situations. You know what I did with that $20? I spent it. "I really need this video game, it's an emergency." So to trick my brain, I "spend" money investing in stocks.

The problem with that approach is that when an actual financial emergency pops up, I don't have that cash to cover it. Instead, I have to find a stock to sell, even though I hate doing it.

The advantage of this approach is that it has worked to instill patience in my investing most of the time. If I don't need cash, then I just don't sell. That's helped me stick with a stock even when it goes through a bad period.

A case study: My dog Vanna just tore her ACL

Still, it can be painful when those emergencies happen. When my dog tore the canine equivalent of her ACL, I had to raise some cash. Which of my favorite stocks am I going to sell to raise some cash? This is going to hurt. But I love my dog more than my stocks. So I had to sell something.

The problem is that I hadn't lost faith in anything about the companies whose shares I owned. Ironically, I ended up choosing Freshpet, Inc. (NASDAQ: FRPT), which like many stocks has had a terrible year.

I know why Freshpet has seen its share price fall. inflation is awful, and people are cutting costs and nobody wants to spend a lot of dollars on high-end meat for their dogs. The other day I was shopping in the grocery store. And some guy, out of the blue, started talking to me about how crazy it was that people are buying refrigerated food for their pets.

I didn't mention that I do that (I try not to argue with strangers in grocery stores). But it occurred to me that a lot of people don't like spending a lot of money on their dogs, especially in bad economic climates. 

Sometimes I talk up my stocks with strangers. And dog people, we're always running into other dog people. So I'd say, "Hey, have y'all tried Freshpet? My dog loves it."

They would say, "Oh yeah, how much does that cost?"

I would say, "It costs a lot. It's on the high end."

They would say, "I really don't want to spend that much."

Forced to make a decision between Freshpet and the other high-conviction stocks I own, conversations like that would lodge in my brain. It is expensive dog food. Maybe it caters to a more high-end niche and a lot of people don't want to spend the money. In the end, my Freshpet investment went toward saving my dog.

Have a cash cushion!

No hard feelings, though. I love my dog more than my Freshpet shares. And I'll be back when I raise the cash.

If I had a bunch of cash in a savings account, or even a checking account, I would still have my Freshpet shares. I'd be able to participate in what I hope is a big rebound, as I still think Freshpet could be a 10-bagger from here.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

The post When should you sell stocks? appeared first on The Motley Fool Australia.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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Taylor Carmichael has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Freshpet. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

Investing is a very serious business. If you buy the right stocks, they can pay for your house, your retirement, or your child's education. Investing can make you a millionaire. But thinking about money can cause stress. And, ironically, if you worry about your investments a lot, you might well turn out to be an underperforming stock investor.

What I've discovered is that if you can reduce your stress level with stock investing, it makes it less scary -- especially as your stocks increase in value dramatically over time. Here are four tips about how to put the odds of the stock market in your favor.

1. Stay in the market and give your investments time to grow

Many investors get very competitive, wanting to make money fast. One mistake many make early on is actively managing their portfolios, buying and selling stocks. Most day traders find their performance turns out to be mediocre at best.

It's counterintuitive, but if you stop paying as much attention to the stock market, it can be more effective in doing its work in building up your wealth. Your stocks don't need you to micro-manage them. More often than not, your stocks just needed you to leave them alone.

2. Forget about the money

Amazing investments can be highly volatile in the short term. When you buy a high-flying stock, your portfolio might drop thousands of dollars in a day. Overcome by fear, you might remove your money from the market at the worst possible time. And that's how people lose money in the stock market.

Think about it: On bad days in the market, billionaires lose billions of dollars. Those losses happen all the time. In the short term, stocks can do anything. Those whose wealth is tied to the market feel the impact of those movements constantly.

So many people succumb to greed and cash out when they've made some short-term money. Or they succumb to fear and cash out when they've lost some short-term money.

If you give in to these impulses, though, you'll almost certainly underperform the stock market dramatically. You'll miss out on the gains you could have made by holding onto winning stocks over time.

3. Winners might look like losers in the short term

Aggressive investors swing for the fences and try to find the best winners in the stock market. I love the high flyers. But doing so means getting a lot of calls wrong.

The experience is especially humbling because companies often mount comebacks from seemingly impossible challenges. Those who've held winners like Amazon (NASDAQ: AMZN), and hold them through all the volatility, are rich. But that's easier said than done. Amazon had several 50% drops and one scary 90% drop.

AMZN data by YCharts

Imagine sitting on that 92% loss. Indeed, Amazon wasn't the only stock seeing losses of that magnitude. There were lots of internet stocks that cratered. Many of them never came back.

But in Amazon's case, the dramatic ups and downs would fade in importance over time and yield huge gains. Now, all you see is that magnificent chart, up and to the right.

AMZN data by YCharts

4. One or two massive winners could make you rich

What's strange about stock picking is that you don't know which picks will turn out to be massive winners and which ones will produce complete losses. You might have some good (or bad) feelings in the short term. But the real game of amassing riches is what your stock does over a decade or two.

To be a successful investor, you need to take smart risks. Indeed, every stock investment is a risk, because you might lose your money. And then you have to be patient and let the story play out. Risk-taking and patience aren't two character traits that usually go together. One of them will probably come naturally to you, and the other one you might have to work on.

Yet it doesn't take many stocks producing returns of 10,000%, 25,000%, or even 100,000% or more to make up for a whole bunch of 100% declines. Find those one or two winners, and they'll define your success as an investor.

The lesson here is obvious: If you find an amazing stock, keep it.

Investing is a very serious business

The toughest challenge in investing is understanding that paying too much attention to your stocks' performance can be just as damaging as not paying enough attention. If you focus on your companies and how their businesses are doing, you will be rewarded over time.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

The post 4 ways to win in the stock market appeared first on The Motley Fool Australia.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Taylor Carmichael owns Amazon. The Motley Fool owns and recommends Amazon. The Motley Fool has a disclosure policy.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

I don't know about you, but my portfolio has been bleeding red since the beginning of the year. Multiples have been contracting, and a lot of former high-flyers are amazing bargains right now. On Monday, I started buying my favorite crypto again. (trading disclosure rules prevent me from saying which one.) And happily, that coin was up nicely on Tuesday. So maybe we've reached a bottom in crypto. And I've noticed a few of my big stock losers, like Smile Direct Club, were up big on Tuesday, too.

Overall, the Nasdaq is down 11.6% since the beginning of the year (as of Wednesday afternoon). That's a pretty big hit considering the index is dominated by mega-caps like Apple, Amazon, and Microsoft. Let's take a look at some prior crashes -- September 2001, the Great Recession of 2008-09, and the coronavirus sell-off in 2020 -- and see how the stock market responded after these sell-offs. 

1. Sept. 20, 2001 -- Nasdaq has dropped 13%

After the terrorist strike against Wall Street, the stock market panicked and there was a quick sell-off. Nine days after the towers fell, the Nasdaq was down 13%. There would be one more ugly day. And then the stock market took off. A month after the terrorist attack, the stock market was back to where it was before.

^IXIC data by YCharts

The absolute bottom was about a 16% drop for the Nasdaq. But people who bought when it was down 13% definitely benefitted.

Of course, the September 2001 crash was caused by a specific event. Today it's more like a death from a thousand cuts. How does the market respond when bad news comes in waves? Let's look at the Great Recession in 2008-09, and how that affected the Nasdaq.

2. Oct. 1, 2008 -- Nasdaq has dropped 13%

The real estate crash was particularly scary for the markets. A lot of banks imploded, and some went out of business. The government had to rescue others. The crash started in September 2008, and a month later Nasdaq investors were seeing double-digit percentage losses.

Of course, the Nasdaq is a tech-heavy index. It's not dominated by real estate companies or banks. And you might think that stocks like Amazon or Microsoft would be immune to this sell-off. But fear is contagious. And those optimistic bulls who figured that "down 13%" might be a buy signal for the Nasdaq, well, they were slaughtered.  If you bought the Nasdaq on Oct. 1, 2008, this is what happened next.

^IXIC data by YCharts

Ouch! The Nasdaq continued to plummet. The crash got worse, and worse, and worse. Finding a bottom is always tricky. And there is no "the Nasdaq has dropped 13% and it has to go up now" rule. So lesson No. 2 is that short-term pain today does not mean there will be short-term happiness tomorrow. Bear markets can hurt for a while.

But will the markets recover? Of course! They always do. In this case, it took almost a year for the Nasdaq to get back to prior levels.

^IXIC data by YCharts

Over the next decade, the Nasdaq would almost quadruple! So while it definitely feels scary (and stupid) to buy stocks when the markets are shedding value, over time that's a great move. The key, of course, is to make sure you're buying the right stocks. When the market is killing stocks indiscriminately (which is happening right now, in my opinion), it's always a great time to buy the best stocks in the world. When the panic subsides, those are the ones that will recover quickest, continue to soar, and take the Nasdaq back to positive returns.

3. March 1, 2020 -- Nasdaq has dropped 13%

The stock market was doing fine until Feb. 19, 2020. That's when people started to take alarm at what was happening in Wuhan, China, and at the fast-spreading virus that originated there. The Nasdaq lost 13% of its value in a couple of weeks. So if you bought stocks in an optimistic hope that this viral threat was overhyped, well, you were wrong. March 1, 2020, was a horrible time to buy stocks.

^IXIC data by YCharts

So the market's dropped 13%, and you buy, and the market drops another 20% from there. Brutal. But if we expand our time horizon a little, we see that this was actually a great investment. How did that "stupid" investor who bought on March 1 do in 2020? They made a nice 50% gain for the year.

^IXIC data by YCharts

These charts confirm what we know to be true. Nobody knows what will happen in the short term. Where will the stock market be next week? No idea. But these sharp sell-offs can be wonderful entry points for patient, long-term investors. And some fantastic stocks are on sale right now. We don't know when stocks will recover. But the future is bullish. Up and to the right is the long-term trend for the stock market, and the Nasdaq.

^IXIC data by YCharts

Don't get caught up in any short-term fright. Stay focused on the long term, continue buying shares of the strongest companies in the world, and you'll do fine. 

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

The post The Nasdaq is down 11% in 2022 — 6 charts suggest what will happen next appeared first on The Motley Fool Australia.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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Teresa Kersten, an employee of LinkedIn, a Microsoft subsidiary, is a member of The Motley Fool’s board of directors. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Amazon, Apple, and Microsoft. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. recommends Nasdaq and recommends the following options: long March 2023 $120 calls on Apple and short March 2023 $130 calls on Apple. The Motley Fool Australia has recommended Apple. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

Fantom (CRYPTO: FTM) is under the radar right now, but probably not for long. The crypto had an amazing run-up last year. The coin sold for $0.02 a year ago. Now it's trading at $3 a coin.

Fantom is jumping because it's a layer 1 protocol with super-fast speeds, like Solana (CRYPTO: SOL). In 2021, those two coins skyrocketed in value 14,000% and 11,000%, respectively. Fantom is a lot smaller with a market cap of $7 billion versus $43 billion for Solana. I think part of that discrepancy is because Solana, unlike Fantom, can be bought and sold on Coinbase (NASDAQ: COIN), the biggest crypto exchange. (You can buy the coin on another exchange, Gemini.)

I'm expecting the smaller coin to outperform Solana yet again in 2022. Here's why you might want to own Fantom coin.

1. It might be the fastest blockchain out there

Last year the crypto markets went crazy for Ethereum (CRYPTO: ETH) competitors. Ethereum is the major platform for the crypto universe. But interest in crypto is skyrocketing, and the Ethereum network is creaking under the strain. The "gas fees" (the cost of validating a transaction on the Ethereum blockchain) hit $300 at one point. In comparison, a transaction on Fantom or Solana costs a fraction of a a penny.

Why are the fees so cheap? Speed. Solana averages 50,000 transactions per second, versus 14 per second on Ethereum. Fantom is not as fast as Solana, but it's still way ahead of Ethereum; in a test run back in 2018, its blockchain processed 25,000 transactions per second. But Fantom has a pretty solid claim to being the fastest blockchain if you look at time to finality. This is arguably the most important statistic, as that's the moment when a transaction has been fully validated on the chain. Fantom's time to finality is about a second, versus 13 seconds on Solana and more than a minute on Ethereum.

Fantom is also rocking the total number of transactions on the blockchain. A year ago, Fantom averaged of 4,000 transactions a day. Now the network is averaging 750,000 a day. That's an amazing growth rate. Fantom is already fifth in the number of transactions, and it has zoomed past much bigger coins like Avalanche (CRYPTO: AVAX). 

 

Image source: CoinMarketCap.

2. It's compatible with Solana and Ethereum

One of the challenges in the blockchain universe is compatibility. It can be hard to move a virtual wallet from one blockchain to another. So in the blockchain universe -- like Silicon Valley -- a lot of these blockchain networks are frenemies. They're all competing and want to win. But they also must play nice and work together.

Fantom, like most Ethereum competitors, is compatible with the Ethereum Virtual Machine (EVM). This makes it easier for engineers experienced with Ethereum to develop decentralized apps (dApps) for the Fantom blockchain. And it makes it easy for dApps on the Ethereum blockchain to migrate to the Fantom blockchain to save money. 

Solana is something of a maverick in that it's not Ethereum compatible. That puts its blockchain outside the Ethereum universe. But what's fascinating is that Fantom is also in the Solana ecosystem. That flexibility is a strength. Regardless of who comes out on top, Ethereum or Solana, Fantom should be just fine because it's compatible with both systems.

3. Major players are backing the coin

If you've done any crypto investing, you've probably heard of Sam Bankman-Fried. He's No. 58 on the Forbes 400 list with a net worth of $26 billion, making him the richest crypto magnate on the list. 

Bankman-Fried made a lot of money by starting up the crypto trading exchange FTX (CRYPTO: FTT). But he's also a notable (and early) investor in Solana. Bankman-Fried once got in a Twitter fight over the price of the coin. He and a Twitter user named CoinMamba debated the worth of the Solana coin at $2, $2.05, and $2.38. Finally, on Jan. 9, Bankman-Fried tweeted, "I'll buy as much SOL has you have, right now, at $3. Sell me all you want." The tweet became famous as the coin skyrocketed to $149 by the end of the year.

Bankman-Fried is also a major backer of Fantom. His firm, Alameda Research, bought $35 million in Fantom coin back in February. This happened at the same time that Fantom started to integrate its blockchain with the Solana network.

While Bankman-Fried might be the richest backer of Fantom, the most important is probably Andre Cronje. He's the founder of Yearn Finance (CRYPTO: YFI) and is one of the architects of the decentralized finance (DeFi) revolution. Cronje is a technical advisor to Fantom and helped develop its blockchain. He's already created a non-fungible token (NFT) marketplace on Fantom that's a direct competitor to OpenSea, the largest NFT marketplace. Cronje is also working on a secret project to be released on the Fantom blockchain later this year.

Given its support by major players in the industry, its amazing speed and stratospheric growth rates, and its low valuation versus other major coins, Fantom's crypto is likely to soar even more in 2022. While it probably won't repeat the 14,000% growth of last year, the upside potential here is still very high. I own this coin and I'm buying more. 

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

The post Could this crypto be the Solana of 2022? appeared first on The Motley Fool Australia.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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Taylor Carmichael owns Coinbase Global, Inc., Fantom, and Solana. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and recommends Coinbase Global, Inc., Ethereum, Twitter, and Yearn.finance. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

I am late to the crypto space. That might be why I like Solana (CRYPTO: SOL) so much. I have no investments in Bitcoin (CRYPTO: BTC) or Ethereum (CRYPTO: ETH). Once you invest in something, you start to have a bias in its favor. Those early coins have made investors a lot of money. So it's natural for people who have won big with those coins to think they will continue to win.

I believe it's still early days in the crypto revolution. And while Bitcoin and Ethereum have definite advantages, so does Solana. Its tech is super fast compared to those older blockchains. And it's this dramatic increase in speed that makes Solana so important. Here's why. 

The market recognizes what's happening

Solana has already had an insane run this year. Its value has skyrocketed from nowhere to the number 5 crypto (measured by market cap) in less than a year. Its price change since the beginning of the year is charted below.

Solana Price data by YCharts

Solana is up 10,000% year to date. I could compare it to Shopify or Square, but I wouldn't want to embarrass my favorite stocks. Silvergate Capital is up 600% and it looks like an anthill next to Solana.

Solana is now the third crypto to have its price data reported on the Bloomberg terminals to traders every day, after Bitcoin and Ethereum. That institutional decision indicates that Solana is a significant coin and people need to hear about it on a daily basis. But why is this relatively small ($66 billion) coin getting mentioned in the same breath as Bitcoin and Ethereum?

It's super fast 

Bitcoin is popular because it's highly secure, and it's never been hacked. But it's also slow as molasses. Visa averages 1,700 transactions per second on its network. Back in 2019, Bitcoin averaged 4.6 transactions per second. It's gotten up to 7 transactions per second.

Solana averages 50,000 transactions per second. That's 7,000 times faster than Bitcoin. And it's 29 times faster than Visa's network. So that's why Solana was my very first purchase. Speed is critical for scalability and widespread adoption. And Solana is winning this race. It's not even close.

Solana is smaller, so it has a way bigger upside. Even after its fantastic run, the coin could easily jump another 1,000% or more. 

It's super cheap

"Gas fees" are the transaction fees that users pay to miners to get their transactions included on the blockchain. While the fees shift all the time, Bitcoin's fees are insanely high, comparatively speaking. Back in April, it would cost on average of $59 to get your transaction on its blockchain. So Bitcoin is very secure, very slow, and very expensive. 

Ethereum has become the number 2 blockchain (its market cap is over $500 billion), because so many other coins are building off its blockchain. Ethereum gas fees are also incredibly expensive as more and more people try to get on that network. The price was under $10 for most of its history, but earlier this year, it spiked to $70 a transaction. On average it's about $39.

Solana's fees, on the other hand, are way less than a penny. Its average cost per transaction is $0.00025. So if you're wondering why the coin has spiked 10,000% this year, that's why.

Solana is a no brainer

I'm a newbie at crypto, and I'm learning as I go. I'm sure I will make a lot of mistakes as I make investments in this area. But it seems to me that Solana has a key advantage in speed and cost right now. Its blockchain is both super fast and super cheap. While older blockchains that are built on Ethereum might have switching costs, going forward it seems to me the vast majority of new projects will be built on Solana. So I think this coin is going to be more and more valuable in the future. I believe it's going to supplant Ethereum. And it might even give Bitcoin a run for its money. 

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

The post My first crypto buy: Solana appeared first on The Motley Fool Australia.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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Taylor Carmichael owns shares of Shopify, Silvergate Capital Corporation, Solana, and Square. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Bitcoin, Ethereum, Shopify, Square, and Visa. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

Moderna Inc (NASDAQ: MRNA) stock is down 9% on Monday after Bank of America analyst Geoff Meacham downgraded his opinion on the stock from neutral to underperform and kept his $150 target on the shares. Moderna, which traded hands at $185 on Friday, opened at $173 and dropped down to $154 in early trading.

The biotech stock skyrocketed in 2020 because of the COVID-19 pandemic, running up from $19 a share to $111. Moderna's messenger RNA (mRNA) platform allows it to find vaccines quickly and get them into clinical trials before its rivals.

Meanwhile, Pfizer signed a collaboration agreement with another biotech, BioNTech, another mRNA specialist, to develop its COVID-19 vaccine. Moderna and Pfizer were neck-and-neck all year in the race to get COVID-19 vaccines to the public. The Food and Drug Administration (FDA) granted emergency-use authorisation to both companies in December.

Moderna has a wide-ranging platform with 27 molecules in its pipeline, so long-term investors could be rewarded if it finds success in any major programs including vaccines for cytomegalovirus and certain cancers.

While the market was already bullish about Moderna prior to the pandemic, the huge run-up in valuation is undoubtedly due to its ability to produce (and get clearance) for a highly effective COVID-19 vaccine in under a year. Moderna's phase 3 data and the FDA's resulting decision is seen as a proof-of-concept for Moderna's mRNA platform. Moderna expects to bring in $11 billion in revenue from its vaccine this year.

However, there is a serious downside to Moderna's vaccine and the class of mRNA vaccines in general: distribution issues. Pfizer's drug has to be frozen, and Moderna's vaccine has a 30-day window before it starts to go bad. As a consequence, other vaccine makers like Johnson & Johnson and Novavax might end up taking a larger market share if and when they cross the regulatory finish line, and that could put downward pressure on Moderna's stock.

Investors should probably wait for a cheaper price to buy Moderna.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

The post Moderna stock: Buy the dip? appeared first on The Motley Fool Australia.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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Taylor Carmichael owns shares of Novavax. The Motley Fool Australia's parent company Motley Fool Holdings Inc. recommends Johnson & Johnson and Moderna Inc. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.