Research #15 Hempf for Dogs: True Leaf from Canada brings

May 27, 2016
Research #15
Hemp-based pet foods
Company Details
True Leaf Medicine International Ltd.
100 Kalamalka Lake Road, Unit 32
Vernon, BC V1T 9G1, Canada
Phone: +1 778-389-9933
Email: [email protected]
Shares Issued & Outstanding: 52,800,371
Canada (CSE)
Canadian Symbol (CSE): MJ
Current Price: $0.225 CAD (May 26, 2016)
Market Capitalization: $12 million CAD
That‘s what winners look like, that went to the dogs: Darcy Bomford, CEO of publicly-listed
True Leaf Medicine International Ltd., came to the Interzoo trade-show in Germany‘s Nürnberg
to launch its innovative dog treats, based on hemp and other plant-based “superfoods“, into
the European markets.
Hemp for Dogs: True Leaf from Canada
brings a special treat to the world‘s
leading trade-show Interzoo
Germany (XETRA)
German Symbol / WKN: TLA / A14NM1
Current Price: €0.164 EUR (May 27, 2016)
Market Capitalization: €9 million EUR
Research #15 | True Leaf Medicine International Ltd.
erman television broadcaster
Bayerische Rundfunk reported
as follows yesterday from
the Interzoo trade-show in Nürnberg,
Germany (freely translated):
Everything for the dog, cat, fish and bird
shows the 36th Interzoo in Nürnberg,
starting today until Sunday. The internationally leading trade-show of the pet
industry is experiencing record levels.
Almost 1,800 exhibiting companies will
give an overview on pet food and equipment, care products, garden and horse
sports articles, as well as services.
The manufacturers, wholesalers, distributors, and service providers are coming
from more than 60 countries. Their presentation of products and services at the
world‘s largest professional trade-show
for pet products is taking place on a record area of around 115,000 m2.
Visitor Information: Interzoo in Nürnberg
takes place between Thursday 26th and Sunday 29th May of 2016. Thursday-Saturday
from 9:00 am to 6:00 pm and Sunday from
9:00 am to 5:00 pm. Tickets at the venue.
True Leaf Director Kevin Bottomley goaloriented at the Interzoo 2016:
“In terms of quality and comfort,
the sophistication of pet owners is
on the rise. High-quality products,
Visitors from more than 100 countries
supporting a healthy diet and
The organizers expect up 40,000 visitors
from more than 100 countries. By far the
largest space at Interzoo is filled by products for dogs and cats. The second largest
exhibitors are from the aquaristics space
as well as articles for small animals and rodents.
development, are the revenue
The German love for pets
More than 40% of all German households
live together with pets. Their favorite pet is
the cat, 12.9 million live in German households. Followed by 7.9 million dogs. On
top of that another 5.1 million small mammals, whereas the most favorite are dwarf
rabbits. Of the 4.2 million caged birds, the
budgy is the most popular. Ornamental fish
live in 2 million aquariums and 1.6 million
garden ponds.
The German’s Favorite Pets
High-quality products, which grant a healthy
diet and development of pets, are one of
the growth drivers in the global pet industry, according to Gemeinschaft Zoologischer
Fachbetriebe. With 4.5 billion EUR, the total
revenues in the specialized pet and foods
markets grew by 2.2% over last year. 3.1 billion EUR fell under the category pet foods
and 953 million EUR under pet equipment.
generators. Health-oriented,
sustainably produced and nicely
designed articles are trendy.”
(Birgit Ropohl in ‘Nur das Beste für Hund,
Katze und Co.’, Mittelbayerische Zeitung,
May 26, 2016)
The True Leaf team at the Interzoo 2016, ready to launch its True Hemp product line europewide (from left to right: Director Kevin Bottomley, European Consultant Narcise Kaiser, CEO
& President Darcy Bomford, VP Marketing & Operations Alison Ruks):
Research #15 | True Leaf Medicine International Ltd.
True Leaf deserves your respect..
No, seriously
By Chris Parry on May 18, 2016
I’ve covered the North American marijuana
investment space since there’s been such a
thing, from the early days of the mining-toweed diaspora, to the latter day Kafka-esque nightmare that has been the MMPR
And through those several years, a lot of
companies that promised a lot failed to deliver anything at all. Others sputtered along,
but have yet to really get their business
plan firing. Some companies got it together
quickly enough to get big dollar valuations,
despite slow revenue growth, on the promise that one day it will all make sense.
– True Leaf didn’t just do what it promised,
but has grown while others have faltered.
But for the most part, it still doesn’t.
True Leaf (MJ.C) was an early MMPR applicant but quickly fell into the issue most
applicants fell into – the realization that the
system was never going to get around to licensing everyone.
So True Leaf management switched gears
toward something that took advantage of
the CEO’s sector background.
It moved into pet food.
The market gave precisely zero fucks about
this business plan and, I’ll be honest, I figured it was a long shot. But Darcy Bomford
had been there before, had built a pet food
company and found distribution and made
money doing it. So it figures he’d have a
shot at doing it again.
We’re a year further along now, and Bomford deserves credit. He nailed it.
Against all the bullshit on messageboards
that said his team were fly-by-nighters, that
there was no market for hemp dog treats, that
they were just flailing about looking for a way
to hinge themselves on the dot.bong movement, against the shorters and the bashers
and the cynics – at times, myself included
And if you think this jump is mere fluke, or
some sort of promo campaign result, not
so fast. Turns out someone is chomping
through as much stock as they can right
now, amassing an interest that has
effectively taken control of the company.
That someone is CEO Darcy Bomford. He’s
papering the walls with True Leaf stock
right now. He bought a bunch at $0.105 in
the recent financing, and he turned a bunch
of cash he’d loaned the company into more
stock still.
Look at that chart. Even if you took away
the recent explosion in share price, from
$0.05 to $0.15 is a solid triple in less than a
year, while the jump in the last few weeks
has taken it to nearly a five-bagger.
Now ask yourself, would Bomford be
doing this if he thought True Leaf’s future
was going to be a long slow haul? Hell no,
he’d be running around finding lithium
properties like everyone else.
A lot of this is coming from sales results. In
early March, the company launched True
Hemp pet chew treats. By March 29, they
were in 3,500 stores. By April 29, they were
in 6,000 stores.
I’m not a consultant to True Leaf, don’t have
True Leaf stock, they’re not a site sponsor
and I get no benefit from pointing this out
other than to lay some much deserved
respect at the feet of a guy who did what
he said he would.
Hemp doggy treats, man.
True Leaf is legit. And it’s just getting
— Chris Parry
Research #15 | True Leaf Medicine International Ltd.
Superfoods: Pet food tracks
another food super trend
By Debbie Phillips-Donaldson on
May 12, 2016 on
The ingredients list on the cat food bag
sitting in my kitchen reads like something
out of a foodie’s dreams, with foods like
peas, salmon, flaxseed, sweet potatoes,
alfalfa, blueberries and cranberries. Often falling under the category of so-called superfoods, their use in pet foods and
treats is not all that new or revolutionary;
ingredients such as these and pumpkin,
kale and chia seeds have been appearing
on pet food labels for at least a few years
now and are especially popular in premium and superpremium products, including pet treats.
That’s because pet food makers the world
over understand that the pet owners driving real, continued growth in the market,
particularly highly involved pet parents,
who also often enjoy higher incomes, increasingly seek to feed their furry family
members similarly to how they feed their
human ones. Which means searching for
the same ingredients on pet food labels
that they look for in their own food—and
more and more, superfoods fit that bill.
New research from Mintel’s Global New
Products Database shows a whopping
202% rise in the number of new human
food and beverage products launched
globally between 2011 and 2015 that included the terms “superfood,” “superfruit” or “supergrain.” Last year alone saw a
36% increase in such product launches.
While “superfood” and similar claims
are essentially marketing terms used to
describe foods (typically whole, natural
ones) that are supposedly nutrient dense, there is no official or regulatory definition for the terms, under any regulatory
body worldwide. “Generally speaking, superfoods refer to foods—especially fruits
and vegetables—whose nutrient content
confers a health benefit above that of
other foods,” reads an article by the Eu-
ropean Food Information Council (EUFIC).
Scientific research backing the claims surrounding superfoods is limited to just a
few of the foods that usually fall into this
category, and the studies themselves are
often limited. “At first glance, they appear
to lend weight to the existence of certain
superfoods—certainly, the nutrients in
these foods have been shown to have several health-promoting properties. But a
closer look reveals the difficulty in applying
the results of these studies to real diets,”
the EUFIC article says. “This is because
the conditions under which foods are studied in the lab are often very different to
the way these foods are normally consumed by people in their everyday lives.
“One major characteristic of research in
this area is that very high levels of nutrients tend to be used,” the article continues. “These are usually not realistically
attainable in the context of a normal diet.
On top of this, the physiological effects of
many of these foods are often short-term.”
Seeking natural nutrition
Yet, as with human foods labeled natural—another term that has no official
or regulatory definition, at least in the
US—consumers are still drawn to labels
touting superfoods. Mintel ties this to the
strong consumer demand for highly nutritious products in general. For example,
73% of Italian consumers, 72% of French
and Spanish shoppers, and 71% of German consumers believe that health-promoting benefits of natural foods (such as
fruits and vegetables) are preferable to
the benefits of functional additives.
Similarly, in the US, among consumers
who prefer to purchase food products with “free from” claims (promoting what the
foods do not include), 84% say they buy
those products because they are looking
for more natural or less processed food,
according to previous Mintel research.
Granted, superfoods are mainly a phenomenon in developed markets. Most of
the superfood and “superdrink” launches
in 2015 occurred in the US, with 30% of
all new superfood products globally, followed by Australia (10%), Germany (7%),
the UK and Canada (6% each). And, it’s
not limited to just fruits and vegetables
but has also expanded to ancient grains
and pulses. “Between 2014 and 2015,
there was a 70% increase in the percentage of food and drink products launched
containing chia, while launches of food
and drink products containing teff rose by
31%,” Mintel said. “Meanwhile, the number of food and drink products containing
quinoa rose by 27%.” In addition, 30% of
UK consumers say they think pasta made
with ancient grains is healthier than regular pasta, and 41% of US consumers have
eaten ancient grain-based cereals.
While the United Nations has declared
2016 as the year of the pulse, pulses have
been used in pet food for some time now,
particularly in grain-free products, and
are certainly making their mark in human
food, too. Over the past two years, food
and drink product launches containing
green split peas have increased 126%,
while ones with coral lentils have grown
62% and products containing yellow split
peas have risen 21%, according to Mintel.
Chia seeds, which we’ve seen appear increasingly in pet treats, are also on the
rise in human foods. The number of food
and drink products with chia seeds has
grown 70% globally over the past two years, ones with pumpkin seeds have risen
27% and products with sunflower seeds
have increased 22%.
Despite the lack of definition, regulation
or in-depth research backing superfoods,
they seem destined to capture the imagination, appetite and wallets of more and
more consumers, especially in developed
markets. This will likely continue to be as
true for pet food as for human food.
Research #15 | True Leaf Medicine International Ltd.
Herbal Remedy for Pet!
By Herbal Medicine Fans
Are you a pet lover? If so, then I am
sure that you don’t want your pet to
be afflicted by some illnesses, right?
However, we cannot really escape the
onset of some diseases, and so all we
have to do is to find some possible
solutions for treating whatever form of
illness our pets experienced. For that
matter, here is a few of the great herbal
remedy for pet that is marketed online.
Read on.
Herbal Remedy for Pet Birds:
In the early days, there were no
guidelines and no dosages for the use
of herbal remedy for pet birds. So, only
those most experimental-minded of
bird keepers were able to apply herbs.
However, as the drug industry realized a
less potential for harm of herbal remedy
for pet birds than that of the over-thecounter medications, they greatly began
to acknowledge aloe vera as a great
herbal remedy for pet birds.
Aloe vera is actually the most popular
herbal remedy for pet birds, specifically
for parrots. One of its applications is a
topical spray that is intended to comfort
the irritated skin of birds that engage in
feather plucking. This herbal remedy for
pet birds gives relief to pain of plucking
and it also aids to prevent bruising.
Aside from that, this herbal remedy for
pet birds helps to prevent the yellowing
of the purple, black, and blue colors of
the parrots.
Aside from aloe vera, garlic is also
known as an effective herbal remedy
for pet birds. It has anti-oxidant and
anti-parasitic qualities which eventually
kill the intestinal parasites. Besides,
this herbal remedy for pet birds shields
the liver from the damage of chemical
pollutants in the air as well as in food
and water supply.
Herbal Remedy for Pet Dogs:
specifically, one of those is the Evening
Primrose Oil Liquid. This herbal remedy
for pet dogs is manufactured from
premium grade Evening Primrose Oil
that contains Gamma Linolenic Acid as
well as Vitamin E in order to maintain
the skin in good condition. This comes
in liquid form and is administered by
dropping directly into the mouth, adding
to the food, and by means of dropping it
onto the nose.
Just like the birds, dogs are also
greatly affected by some diseases. So
to protect the dogs for some of the
common illnesses like anemia, many
herbal supplement manufacturers have
developed some of the notable forms
of herbal remedy for pet dogs. And
Today, these mentioned forms of
herbal remedy for pets are now widely
distributed and marketed anywhere in
the world. So, whenever you need some
of those, many animal health outlets and
even veterinarians are there as sources
of such herbal remedies.
Research #15 | True Leaf Medicine International Ltd.
Germany will legalize medical
marijuana next year
By Bernie Canter on May 4, 2016
Germany’s health minister announced
Monday that the nation will federally
legalize medical marijuana by next
The country’s imminent medical
marijuana plan will provide safe
access to patients with chronic
insurance companies will be allowed
to cover the cannabis expenses for
these patients if the patients cannot
afford their medicine.
That caveat would make Germany
one of the few places where health
insurance applies to medical marijuana
purchases. Federal Health Minister
Hermann Grohe issued a press release
“Our goal is that seriously ill people
are looked after to the best of our
It’s unclear whether Germany will set
up a dispensary system or provide the
medical cannabis through traditional
The nation’s supply of medical cannabis will likely be overseen by the government and not independent growers.
Late last year, Germany created a
special government agency to handle
the production of medical cannabis.
That production may or may not have
begun, but should mean that Germany
has begun or soon will begin growing
medical marijuana for its patients.
Germany joins other nations like
Jamaica, Uruguay, and Canada that
have all recently federally legalize
medical marijuana.
Research #15 | True Leaf Medicine International Ltd.
About True Leaf
Besides its pet food business in Canada,
USA and Europe,. the company has
also filed an application under Health
Canada’s Marihuana for Medicinal
Purposes Regulations (MMPR) to
become a licensed producer.
Analyst Coverage
Research #14 “True Leaf pushes the gas
pedal and brings True Hemp to Europe“
Research #13 “True Leaf conquers the US
Pet Food Market”
Research #12 “True Leaf To Sell HempBased Products in 3500 Stores in the US”
Research #11 “True Leaf‘s Product Line
Now Available in 47 Canadian Retail Stores”
Research #10 “True Leaf‘s Selling Fast”
Hemp is Not Marijuana
True Leaf’s pet product line contains hemp as one of the primary ingredients; providing the health benefits of hemp is what sets True Leaf apart from the competition.
Hemp anCd marijuana are different varieties of the same plant species of ‘Cannabis Sativa’. Marijuana plants contain high levels of THC. Hemp, on the other hand,
is non-psychoactive and contains very little THC (less than .3% by law), but certain
cultivars contain cannabidiol (CBD). Hemp seed oil, a major component of hemp
seed itself – and of True Leaf Pet’s product line – has a variety of beneficial properties and is showing great promise on its own as a supplement. Because hemp oil
is extracted from the industrial hemp plant, it contains no psychoactive reactors.
Hemp seed oil is extremely high in omega-6 and omega-3 fatty acids in the ratio of
3:1, which is required by dogs for optimal health and well-being. Hemp contains
known antioxidants from tocopherols and hosts a variety of other beneficial properties including anti-inflammatory compounds from terpenes, plant sterols and
methyl salicylate – a relative of acetylsalicylic acid or ‘aspirin’. Hemp oil helps to
support the moisture level in a dog’s skin and fur, and supports the body‘s ability
to heal skin disorders such as dry nose, dog acne, dog eczema, dog rash and dog
dandruff. Further, hemp seed oil supports the body‘s ability to enhance blood circulation, stimulate a dog’s cognitive thinking and can help thicken fur texture and
lessen shedding.
Hemp is legally refined in industrial factories for textile and nutritional use: it is
often consumed and mixed into other products including cereal, granola bars and
hemp dog treats. Hemp chews for dogs are increasing in popularity because of its
significant potential health benefits that may include joint pain reduction, skin and
coat nourishment and antioxidant support.
Research #9 “True Leaf Expands to
Research #8 “True Leaf Unveils New
Product Line”
Research #7 “Another Key Piece for the
True Leaf Puzzle”
Research #6 “True Leaf Pet’s Hemp Chew
Product Line to be Distributed Across
Research #5 “Interview with True Leaf‘s
CEO Darcy Bomford“
Research #4 “One Step Closer Becoming A
Licenced Medical Marijuana Producer“
Research #3 “True Leaf on its way to
Research #2 “True Leaf To Enter The Pet Food
Market With Hemp Products In Fall of 2015“
Research #1 “True Leaf Medicine International Ltd. Goes Public“
Vancouver Commodity Forum
June 14, 2016 at Hyatt Regency Hotel in Vancouver
Click Here to Register
12:00 pm: Exhibitor floor opens
1:00 pm:
Welcome from Dave Hodge, President of Zimtu
Capital Corp.
92 Resources Corp. (TSX.V: NTY; Frankfurt: R9G2)
ALX Uranium Corp. (TSX.V: AL; Frankfurt: 6LLN)
Arctic Star Exploration Corp. (TSX.V: ADD; Frankfurt: 82A)
Belmont Resources Inc. (TSX.V: BEA; Frankfurt: L3L1)
Commerce Resources Corp. (TSX.V: CCE; Frankfurt: D7H)
Canadian Zeolite Corp. (TSX.V: CNZ ; Frankfurt: ZEON)
Copper North Mining Corp. (TSX.V: COL; Frankfurt: 79M)
Dunnedin Ventures Inc. (TSX.V: DVI; Frankfurt: 5DD)
Electra Stone Ltd. (TSX.V: ELT; Frankfurt: 44E1)
Equitas Resources Corp. (TSX.V: EQT; Frankfurt: T6UN)
MGX Minerals Inc. (CSE: XMG; Frankfurt: 1MG)
Group Ten Metals Inc. (TSX.V: PGE; Frankfurt: 5D31)
Nickel One Resources Inc. (TSX.V: NNN; Frankfurt: 7N1)
Scandium Int. Mining Corp. (TSX.V: SCY; Frankfurt: 0E6)
True Leaf Medicine Int. Ltd. (CSE: MJ; Frankfurt: TLA)
Umbral Energy Corp. (CSE: UMB; Frankfurt: 2UE)
Vatic Ventures Corp. (TSX.V: VCV.H)
Voltaic Minerals Corp. (TSX.V: VLT; Frankfurt: 2P61)
Zimtu Capital Corp. (TSX.V: ZC; Frankfurt: ZCT1)
1:10 pm:
Participant company introductions by Dave
Hodge and Sven Olsson
1:30 pm:
Joe Martin (Cambridge House International):
The difference between exploration and mining, and the
importance of Vancouver
1:40 pm: John Kaiser (Kaiser Researcb Online): “Criticality
of Supply” and how it effects world prices, demand, and the
ability to use that to your advantage in the market place
2:10 pm: BREAK - Networking with refreshments
3:00 pm: Stephan Bogner (Rockstone Research):
How European markets impact Canadian markets
3:20 pm:
John Hykawy (Stormcrow Capital): Demand &
Pricing for lithium, cobalt and other battery materials
3:50 pm: Chris Berry (Disruptive Discoveries Journal):
The future of lithium
4:30-6:00 pm:
Networking Session with refreshments
Disclaimer and Information on
Forward Looking Statements:
All statements in this report, other than
statements of historical fact should be considered forward-looking statements. Much
of this report is comprised of statements of
projection. Statements in this report that are
forward looking include that True Leaf Medicine International Ltd. or any other company
or market will perform as expected; that
True Leaf will start producing saleable products; that True Leaf or its partner(s) can and
will start producing and selling any kinds of
products; that the company can raise sufficient funds for product development and/or
production; that any of the mentioned plans
are valid or economic. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual
results or events to differ materially from
those anticipated in these forward-looking statements. Risks and uncertainties respecting medical marijuana and/or hemp-focussed companies are generally disclosed
in the annual financial or other filing documents of True Leaf Medicine International
Ltd. and similar companies as filed with the
relevant securities commissions, and should
be reviewed by any reader of this report. In
addition, with respect to True Leaf Medicine
International Ltd., a number of risks relate
to any statement of projection or forward
statements, including among other risks: the
receipt of all necessary approvals and permits; the ability to conclude a transaction to
start or continue product development and
distribution; uncertainty of future market
regulations, capital expenditures and other
costs; financings and additional capital requirements for development, construction,
and operating of a facility; the receipt in a
timely fashion of further permitting for its
legislative, political, social or economic developments in the jurisdictions in which True
Leaf Medicine International Ltd. carries on
business; operating or technical difficulties in
connection with production or development
activities; the ability to keep key employees,
joint-venture partner(s), and operations
financed. There can be no assurance that
such statements will prove to be accurate, as
actual results and future events could differ
materially from those anticipated in such
statements. Accordingly, readers should not
place undue reliance on forward-looking information. Rockstone and the author of this
report do not undertake any obligation to
update any statements made in this report.
Research #15 | True Leaf Medicine International Ltd.
Disclosure of Interest and
Advisory Cautions:
Nothing in this report should be construed
as a solicitation to buy or sell any securities
mentioned. Rockstone, its owners and the
author of this report are not registered
broker-dealers or financial advisors. Before
investing in any securities, you should consult
with your financial advisor and a registered
broker-dealer. Never make an investment
based solely on what you read in an online
or printed report, including Rockstone’s
report, especially if the investment involves
a small, thinly-traded company that isn’t
well known. The author of this report is
paid by Zimtu Capital Corp., a TSX Venture
Exchange listed investment company. Part
of the author’s responsibilities at Zimtu
is to research and report on companies
in which Zimtu has an investment. So
while the author of this report is not paid
directly by True Leaf Medicine International
Ltd., the author’s employer Zimtu will
benefit from appreciation of True Leaf
Medicine International Ltd.’s stock price.
In addition, the author owns shares of
True Leaf Medicine International Ltd. and
would also benefit from volume and price
appreciation of its stock. In this case, True
Leaf Medicine International Ltd. has one or
more common directors with Zimtu Capital
Corp. Thus, multiple conflicts of interests
exist. Therefore, the information provided
herewithin should not be construed as a
financial analysis or recommendation but
strictly as an advertisment. The author’s
views and opinions regarding the companies
featured in reports are his own views
and are based on information that he has
researched independently and has received,
which the author assumes to be reliable.
Rockstone and the author of this report do
not guarantee the accuracy, completeness,
or usefulness of any content of this report,
nor its fitness for any particular purpose.
Lastly, the author does not guarantee that
any of the companies mentioned in the
reports will perform as expected, and any
comparisons made to other companies may
not be valid or come into effect. Please read
the entire Disclaimer carefully. If you do not
agree to all of the Disclaimer, do not access
this website or any of its pages including this
report in form of a PDF. By using this website
and/or report, and whether or not you
actually read the Disclaimer, you are deemed
to have accepted it. Information provided
is educational and general in nature.
Analyst Profile and Contact
Stephan Bogner (Dipl. Kfm. FH)
Mining Analyst
Rockstone Research
8050 Zurich, Switzerland
[email protected]
Stephan Bogner
studied at the
International School
of Management
Germany), the
European Business
School (London)
and the University of Queensland
(Brisbane, Australia). Under supervision
of Prof. Dr. Hans J. Bocker, Stephan
completed his diploma thesis (“Gold In
A Macroeconomic Context With Special
Consideration Of The Price Formation
Process”) in 2002. A year later, he
marketed and translated into German
Ferdinand Lips‘ bestseller („Gold Wars“).
After working in Dubai for 5 years, he
now lives in Switzerland and is the CEO of
Elementum International AG specialized
in duty-free storage of gold and silver
bullion in a high-security vaulting facility
within the St. Gotthard Mountain Massif
in central Switzerland.
Rockstone is a research house specialized
in the analysis and valuation of capital
markets and publicly listed companies. The
focus is set on exploration, development,
and production of resource deposits.
Through the publication of general
geological basic knowledge, the individual
research reports receive a background
in order for the reader to be inspired to
conduct further due diligence. All research
from our house is being made accessible
to private and institutional investors
free of charge, whereas it is always to be
construed as non-binding educational
research and is addressed solely to a
readership that is knowledgeable about
the risks, experienced with stock markets,
and acting on one’s own responsibility.
For more information and sign-up for free
newsletter, please visit: