Back in March 2022, Toby Roberts advocated for a dollar cost averaging approach to investing. Considering that The Montgomery Small Companies Fund has returned 11.19 per cent in the three months to 31 August, resulting in an outperformance of 8.97 per cent over its benchmark, I wanted to explore whether dollar cost averaging has provided another win for investors.
Back in March last year Toby wrote; “It is periods of uncertainty like this when investors may like to be reminded of the merits of dollar cost averaging. Dollar cost averaging is the investing strategy [equally] dividing up the total amount to be invested and periodically purchasing stocks, in an effort to reduce the impact of volatility and emotion on an investment. This is an investment strategy all Australian employees will be familiar with as it reflects the periodic contributions employers make into their superannuation.”
Importantly, a large lump sum invested at the beginning of a bull run in markets is always going to beat a dollar-cost-averaging approach, in which the investor holds a lot more cash until the amount earmarked has been fully invested. But during periods of volatility or major market declines, dollar cost averaging helps to ease the pain of falls while ensuring more units (of individual stocks or units in a managed fund) are purchased at cheaper prices as those prices get cheaper.
The Global Financial Crisis and the more recent COVID-19 pandemic were classic examples of events that inspired individuals to act in concert, producing the consequences of herd behaviour and panic.
Thanks to the indefatigable and unchanging nature of human behaviour, such events are reasonably frequent – indeed, they should be expected. Tey inspire fear and apprehension, which is why the dollar cost averaging approach is a good method to consider. Dollar cost averaging takes the emotion out of investing and helps to ensure sensible decisions are made while also providing some comfort when the tide goes out. And keep in mind bear markets are transitory.
Rather than be frightened of the inevitable volatility, the dollar cost averaging strategy will see you excited by periods of panic and looking forward to the cheaper prices that ensue.
For the U.S. S&P500, 2022 produced the seventh-worst calendar year return since 1928. But last year’s awful performance was a great thing for anyone who was putting money into the market on a periodic basis because bear markets are great for dollar cost averaging.
Before we examine the benefits of applying the dollar cost averaging approach suggested by Toby from March last year, lets revisit what the strategy is.
Dollar cost averaging, which can be applied to individual securities or stocks, index funds, and actively managed funds – the latter being my preference for young investors who have a great deal of time and very long runways for growth but no time to research investing in stocks directly.
Following an explanation of dollar cost averaging, we will explore a version I developed many years ago and first revealed to Ross Greenwood’s listeners when he hosted the 2GB Radio Money News program.
There are two ways to approach the stock market. The first, which is extremely popular, is betting on the ups and downs, to treat stocks like a gambler betting on black or red at the roulette wheel. The problem with this approach is that the stock market becomes a casino, and the house usually wins.
The alternative is to recognize stocks are pieces of businesses. Businesses create wealth by becoming more valuable because they generate growing profits, which can be distributed – even though they may not be.
Build value, ignore price
The process of a business creating wealth is a simple one, in theory. It’s much harder on the ground of course, requiring skill, intestinal fortitude, experience, teamwork, and a healthy dose of good fortune.
A company starts with some capital that has been contributed by its shareholders. If the venture is successful, the investment will generate revenues in excess of expenses, and a profit will accrue. This profit can then be distributed but may instead be reinvested, which builds on the original equity contributed and, therefore, the value of the enterprise.
Think about it this way; a bank account is opened with $100,000 and earns a 20 per cent return from the interest in its first year. Now you must agree that would be a very special and valuable bank account. In fact, given that interest rates on term deposits, at the time of writing, are about four per cent, you could sell the special bank at an auction and someone would bid a lot more than the $120,000 it now has deposited after the first year.
I wouldn’t be surprised if someone paid four or five times the balance of the bank account to own it. If they thought there was going to be a recession, or they thought interest rates might fall again, they’d be falling over themselves to own that special bank account for perhaps $500,000.
And if the bank account continued to earn 20 per cent annually for thirty years and the owner reinvested that interest, that bank account would have an equity balance of over $27 million and still be earning 20 per cent. Auction a $27 million bank account earning 20 per cent per annum and you can expect to see bids of more than $100 million (subject to interest rates at the time).
Can you see what I’ve done? I’ve just explained how businesses build wealth and how the stock market (the auction house) prices them.
The second approach to the stock market is to buy shares in those businesses that are able to sustainably generate high returns on their equity, and to wait for the wealth creation process to do its thing.
Of course, while you are letting the years pass and while the business performs its wealth-creation miracle, the auction house will be open. On some days, the attendees will be jovial and full of optimism, paying insanely high prices for the ‘bank accounts’ being auctioned. At other times they will be depressed and despondent, only thinking the worst.
Their moods however have nothing to do with the quality of that bank account that continues to earn 20 per cent per annum. Their mood is instead influenced by exogenous factors such as whether Donald Trump will be re-elected, or whether China’s unemployment rate is rising or falling. These things affect the ‘price’ of the bank accounts being auctioned but they have nothing to do with their ‘value’ or worth.
Dollar Cost Averaging
The dollar cost averaging strategy is what I call a ‘contrarian’ strategy. It forces you to be less optimistic when others are very optimistic while ensuring you are more optimistic when others are despondent.
The idea is to be greedy when others are fearful and fearful when others are greedy, to quote one of the world’s most famous and successful investors.
On days when the stock market falls because everyone at the auction house is frightened, you simply need to remind yourself of the long-term wealth creation process of business, and apply dollar cost averaging.
We begin by setting ourselves the goal of investing a fixed amount of money – say $1,000 – every month or every quarter in either a particular stock, a portfolio of stocks, an index fund, or an actively managed fund. No matter what the market throws at us, no matter how crazy the auction house becomes, we simply keep investing our $1,000 monthly or quarterly – whatever was decided.
If the unit price of the actively managed fund is $2.50, the $1,000 investment will buy 400 units. If the unit price falls to $2.00, the next $1,000 investment will buy 500 units. And when sentiment in the auction house is overly optimistic and the unit price is $5.00, the $1,000 investment will buy only 200 units. With dollar cost averaging, more units are acquired at cheaper prices than at expensive prices but the strategy is always acquiring more units.
One benefit of the strategy is it helps the investor avoid being paralysed by fear. This can happen if an initial investment is made at $5.00 and then the unit price falls to $2.50. Many investors listen to the noise surrounding the events that caused the price drop rather than taking advantage of it. Instead of adding to their investment, they forget the long-term wealth creation process of business growth and run for the hills. The stock market is one of the few markets where shoppers zip up their wallets and run for the hills when the items are ‘On Sale’.
Some investors who buy at $5.00, panic when the price falls to $2.50. Being unable to bear the losses anymore, and fearing even greater losses, they sell at $2.50. When the market eventually recovers – it usually does – they miss out on the recovery. Other investors who buy at $5.00 are also petrified but do nothing when the price falls to $2.50. They simply wait until the prices recover. The problem with this strategy is that they have lost through the time value of money and they’ve not taken advantage of the opportunity to generate a profit from the recovery.
Dollar cost averaging seeks to mitigate the opportunity cost associated with doing nothing.
Let’s look at a ten-month period during which one thousand dollars is invested in a fund monthly, and the unit price of that fund falls from $10.00 to $4.00 and then rises back to $10.00.
Table 1. Dollar-Cost Averaging example.
If all $10,000 was invested at the beginning of the period, the value at the end of the period would be $10,000. And if all the funds ($10,000) were invested at the end of the period, the value would again be $10,000.
Because the investor took advantage of the auction house’s depressed sentiment during the period using the dollar cost averaging strategy, additional units were purchased while the units were at low prices. The $10,000 invested is worth over $17,000 at the end of the period because the average purchase price was $5.88 per unit and the units ended the period at $10.00.
Of course, it’s not always peaches and cream. If the unit prices had risen first and then fallen back to the starting price, the investor would have less value than investing the funds all at the beginning or at the end because they purchased additional units at higher prices.
But the end of the 10-month period doesn’t represent the end of the experience. As we demonstrated earlier, the process of business wealth creation takes years. Ten months is too short a time frame to consider the strategy a success or otherwise.
Provided the investor has picked a portfolio of select quality companies whose earnings march upwards over the years, or a fund manager that invests with discipline in such companies, the long-term value of the shares or units will rise, and so will the portfolio’s value.
Applying it to the real world
Figure 1. Performance of The Montgomery Small Companies Fund
I examined the outcome of investing $10,000 each quarter, since inception, in the Montgomery Small Companies Fund (the Fund) with the objective of comparing it to an initial investment of the same total amount as that which was invested through dollar cost averaging.
It’s an unfair comparison because the unit mid-price of the Fund at the time of writing is $1.223 versus the unit price at inception of $1.00. Moreover, the unit price has not spent a great deal of time below the $1.00 unit price at inception, which means there haven’t been a huge number of opportunities to acquire more units at prices below the inception price.
I have also ignored distributions. They are neither included in returns nor reinvested. The returns from investing all at inception or via a dollar cost averaging strategy would be even better than those described here.
Nevertheless, it remains an instructive exercise, especially for those who might be more nervous about investing and those who might fear the effects of recessions, war, inflation, and other exogenous factors on the performance of the stock market.
Keep in mind the period begins on 20 September 2019. The Fund was launched just a few months before COVID-19 hit. If you were ever going to have to endure an event that justified your fears about investing at the wrong time, it would be COVID-19.
Table 2. Dollar Cost Averaging $10,000 into the Montgomery Small Companies Fund quarterly.
Given there were only two quarterly investment dates from 16 where the unit price was below the initial unit price at inception and that the unit price at the end of the period is higher than at the beginning, it is a reasonable assumption that investing all at the beginning will produce a better outcome than dollar cost averaging. Gary and Dom are doing too good a job managing the Fund for dollar cost averaging to be superior.
And that is evident in the results. Investing $10,000 each quarter resulted in an investment of $160,000 and the acquisition of 141,474.6 units for an average price of $1.13, clearly higher than the initial price of $1.00.
Had you invested $160,000 at the inception price of $1.00, the value today would be $195,696. The dollar cost averaging strategy resulted in $160,000 invested, which at the 20 September 2023 unit price of $1.2231, is now worth $173,037.
As I mentioned, it is an unfair comparison. And hindsight plays a big part. Because I am assessing the strategies today, I am comparing 16 investments of $10,000 with the same total amount at inception. I couldn’t have known at inception that investing $160,000 would be the appropriate amount to invest. I might have invested much less or much more.
The exercise, however, does demonstrate that a dollar-cost averaging strategy can ensure disciplined habits while also securing attractive long-term returns (provided the manager continues to do a good job) even if serious market setbacks have to be endured.
Obviously, it’s easy to look back at these things after the market has come roaring back.
Indeed, it is the ever-present possibility of market setbacks that renders the dollar cost averaging approach a comfortable strategy for navigating those adverse episodes in markets. Dollar cost averaging ensures more units are purchased as the market or the fund declines and aids a more rapid recovery as markets return to confidence. Down markets are a wonderful time to be long-term bullish.
Of course, if you have justifiable confidence in the manager’s ability to create wealth over the long term, then maximising an investment initially is the way to go. The caveat is that we just don’t know what could happen in between.
Portfolio Performance is calculated after fees and costs, including the investment management fee and performance fee, but excludes the buy/sell spread. All returns are on a pre-tax basis. This report was prepared by Montgomery Lucent Investment Management Pty Limited, (ABN 58 635 052 176, Authorised Representative No. 001277163) (Montgomery) the investment manager of the Montgomery Small Companies Fund. The responsible entity of the Fund is Fundhost Limited (ABN 69 092 517 087) (AFSL No: 233 045) (Fundhost). This document has been prepared for the purpose of providing general information, without taking account your particular objectives, financial circumstances or needs. You should obtain and consider a copy of the Product Disclosure Statement (PDS) relating to the Fund before making a decision to invest. The PDS and Target Market Determination (TMD) are available here: https://fundhost.com.au/fund/montgomery-small-companies-fund/ While the information in this document has been prepared with all reasonable care, neither Fundhost nor Montgomery makes any representation or warranty as to the accuracy or completeness of any statement in this document including any forecasts. Neither Fundhost nor Montgomery guarantees the performance of the Fund or the repayment of any investor’s capital. To the extent permitted by law, neither Fundhost nor Montgomery, including their employees, consultants, advisers, officers or authorised representatives, are liable for any loss or damage arising as a result of reliance placed on the contents of this document. Past performance is not indicative of future performance.recession unemployment stocks trump spread pandemic covid-19 recovery interest rates unemployment china
Military Agrees To Pay $1.8 Million To Settle Lawsuits From COVID Vaccine Mandate
Military Agrees To Pay $1.8 Million To Settle Lawsuits From COVID Vaccine Mandate
Authored by Ryan Morgan via The Epoch Times (Emphasis ours),
Authored by Ryan Morgan via The Epoch Times (Emphasis ours),
In a settlement agreement submitted on Oct. 3, Defense Secretary Lloyd Austin, Army Secretary Christine Wormuth, Air Force Secretary Frank Kendall, and Navy Secretary Carlos Del Toro agreed to settle the pair of lawsuits—known as U.S. Navy SEALs 1-26 v. Biden and Colonel Financial Management Officer, et al. v. Austin—which challenged the legal basis of the military-wide vaccine mandate.
The two cases were brought by servicemembers from all U.S. military branches, including numerous officers and several members of the elite U.S. Navy SEALs. The Navy SEAL plaintiffs initially filed their lawsuit nearly two years ago in October 2021 after President Joe Biden ordered that all U.S. troops and other executive branch employees be vaccinated against COVID-19.
Military servicemembers have raised numerous objections to the military COVID-19 vaccine mandate, including claims that the various military branches routinely rejected requests for religious accommodations to the mandates. Plaintiffs have also raised health concerns over the relatively condensed timeline under which the various COVID-19 vaccines were developed and then granted approval by the U.S. Food and Drug Administration (FDA).
While the various COVID-19 vaccines were originally made available to the general public under emergency use authorizations, the FDA eventually granted full approval to the Pfizer–BioNTech vaccine version, later marketed as Comirnaty. President Biden introduced the vaccine mandate shortly after the FDA granted full approval for Comirnaty, but the lawsuits argued that the FDA-approved vaccine often wasn't actually available to servicemembers, meaning that the military vaccine mandate effectively required service members to take versions of the COVID-19 vaccines that didn't have full FDA approval.
Last year, Republican lawmakers introduced a provision in the 2022 National Defense Authorization Act (NDAA) that repealed the military's vaccine mandate. President Biden ultimately signed the 2022 NDAA into law, despite objecting to the provision reversing his military vaccine mandate.
Liberty Counsel, a religious liberty nonprofit that represented military plaintiffs in the two cases, celebrated the Oct. 3 settlement agreement.
"The military COVID shot mandate is dead," Liberty Counsel founder and Chairman Mat Staver said in a statement. "Our heroic service members can no longer be forced to take this experimental jab that conflicts with their religious convictions."
The $1.8 million settlement will be split between the two cases, with $900,000 being paid out for SEAL 1-26 v. Biden and the same amount being paid to the plaintiffs in Colonel Financial Management Officer, et al. v. Austin.
"Through our daily work with service members in every branch, we have had the privilege of knowing some of the finest people who love God and love America," Mr. Staver said. "These heroes should not have been mistreated by our own government. At the same time, we have come to realize that many of the high-ranking members of leadership, the Pentagon, and the Biden administration need to be replaced. Collectively, they dishonored the brave men and women who defend our freedom. We stand ready to defend our defenders of freedom if any religious discrimination occurs in the future.”
Approximately 8,400 U.S. military servicemembers were involuntarily separated from the military as a result of the COVID-19 vaccine mandate.
The majority of servicemembers received a general discharge, as opposed to a more favorable honorable discharge. Servicemembers separated under a general discharge can be barred from rejoining the military and don't have full access to educational benefits under the GI Bill.
Bibi & Khamenei Trade Social Media Threats As IDF Readies For Air, Ground, & Naval Offensive Against Gaza “Very Soon”
Bibi & Khamenei Trade Social Media Threats As IDF Readies For Air, Ground, & Naval Offensive Against Gaza "Very Soon"
Update (1330ET): The Israeli military has announced it is prepared for a coordinated air, ground and naval offensive in the Gaza Strip "very soon," according to reports from AP.
In a nationally broadcast address Saturday night, Rear Adm. Daniel Hagari issued a new appeal to residents to move to the southern Gaza Strip.
“We are going to broadly attack Gaza City very soon,” he said.
He accused Hamas of trying to use civilians as human shields.
Meanwhile, the social media rhetoric between leaders has gone to '11'...
Iran's Supreme Leader Khamenei expects a "complete victory"...
With God’s grace, this movement that has started in #Palestine will advance and result in a complete victory for the Palestinians.— Khamenei.ir (@khamenei_ir) October 14, 2023
Calling on all Muslims to join the fight...
Everyone in the Muslim world has a duty to support the Palestinian people.— Khamenei.ir (@khamenei_ir) October 14, 2023
Israeli PM Netanyahu made his views very clear:
Make no mistake, Israel will win. ???????? pic.twitter.com/QzOVxUJs6E— Benjamin Netanyahu - בנימין נתניהו (@netanyahu) October 14, 2023
Live feeds below on Gaza:
* * *
Israeli media is reporting a "greenlight" has been given for the expected major Israeli offensive on the Gaza Strip as massive convoys of Palestinian civilians have been observed fleeing to the southern part of the densely populated strip. So far there has been limited ground incursions by the army into the strip, targeting Hamas operatives and reportedly to gain intelligence on the whereabouts of hostages.
The United Nations has issued a report saying at least 423,000 Palestinians have already been internally displaced within Gaza and this massive figure is expected to ratchet further. Likely it has surpassed a half-million as of Saturday, following the Israeli-issued evacuation order, which included dropping thousands of leaflets and warnings over Gaza City.
The UN said it "considers it impossible for such a movement to take place without devastating humanitarian consequences." Middle East Eye and other regional sources have said over 700 Palestinian children were killed in one week of fighting. As of Friday Israel authorities tallied that over 1,300 Israelis were killed by the Hamas terror attacks on the southern settlements and the music festival, and rocket fire, with at least 3,200 wounded. 27 among the dead were Americans.
Middle East Eye on Saturday reports the following of the mounting Palestinian death toll in both Gaza and the West bank as follows:
Israel has killed at least 2,215 people in Gaza over the past week, according to the Palestinian health ministry. Of those killed, 724 are children and 458 are women. Some 8,714 people have been wounded in the besieged enclave in that time, it added.
Meanwhile, Israeli forces have killed 54 people and wounded 1,100 others in the occupied West Bank.
According to a review of the last hours of developments, the population is about to run out of water as the remaining supply dwindles after Israel cut off external supply sources:
- UN agency for Palestinian refugees says its shelters in Gaza “are not safe anymore” as it warns water running our for besieged enclave’s residents.
- More than 320 Palestinians have been killed in the past 24 hours, including many women and children killed in Israeli air raids on convoys fleeing Gaza City, according to health officials.
- The rising toll comes as Israel continues bombing Gaza a day after telling 1.1 million residents to head south ahead of a looming ground offensive following Hamas’s attack inside Israel last week.
- At least 2,215 Palestinians have been killed and 8,714 wounded in Israeli air attacks on Gaza. The number of people killed in Israel has reached 1,300, with more than 3,400 wounded.
- In the occupied West Bank, the number of Palestinians killed by Israeli fire in the past week has topped 50. More than 1,000 have been wounded and hundreds arrested.
????A matter of life and death: water runs out for 2 million people in Gaza— UNRWA (@UNRWA) October 14, 2023
???? No humanitarian supplies have been allowed into Gaza for a week
“It is a must; fuel needs to be delivered now into????#Gaza to make water available for 2 million people”https://t.co/StJVfFn3Xh pic.twitter.com/T1IhCP9C2w
The fate of the estimated 100 to 200 hostages in Hamas captivity still remains largely unknown, but Hamas in statements which have been underreported in Western press has claimed that over two dozen of the hostages have been killed by the IDF's ongoing aerial bombardment of the Gaza Strip:
Hamas' Izz al-Din al-Qassam Brigades said nine more captives were killed in indiscriminate Israeli shelling in the last 24 hours, including a number of foreigners.
Qassam has previously announced the death of 17 captives in Israeli air stikes in Gaza over the past week.
Sky News and others are also reporting, based on Israeli sources, that bodies of hostages have been recovered after some of the initial IDF infantry cross-border raids which began Friday into Saturday:
Raids carried out on the Gaza Strip by Israeli forces discovered human remains of those who had been missing since Hamas's attack last weekend, local media is reporting.
According to Haaretz, armed forces entered an enclave where it is thought up to 200 people were being held hostage by Hamas, and retrieved the bodies of several people.
Items belonging to the missing people were also discovered.
The US said Friday it chartered its first successful evacuation flight, with talk of more to come.
There are Americans (many of them likely dual nationals) among the population of Gaza, which Washington says it is trying to facilitate safe exit for as Israeli airstrikes continue. Dangerously, the lone Raffah border crossing into Egypt has at this point been bombed several times.
But regional media is reporting there's been a diplomatic breakthrough on this front, as Israel, Egypt, and the United States have forged an agreement to let foreigners residing in Gaza pass through the Rafah border crossing into Egypt.
Scene from the frontlines as the IDF build-up outside Gaza continues:
???????? pic.twitter.com/4OCL2h3zLF— War Monitor (@WarMonitors) October 14, 2023
Huge civilian convoys have been witnessed fleeing to the southern half of Gaza, creating bottlenecks...
One of the main evacuation routes from northern Gaza, al-Rasheed street, is absolutely flooded with residents attempting to evacuate south.— OSINTtechnical (@Osinttechnical) October 14, 2023
This footage was taken just south of the IDF-declared demarcation line of Wadi Gaza. pic.twitter.com/EaUZc2tScW
The Times of Israel cites a senior Egyptian official as follows:
The official says Israel has agreed to refrain from striking areas the foreigners would pass through on their way out of the besieged Palestinian territory. He adds that Qatar was involved in the negotiations and the participants received approval from the Palestinian terror groups, Hamas and Islamic Jihad.
The agreement does not deal with hostages being held by Hamas.
A second official at the Egyptian side of the Rafah crossing point says they received “instructions” to reopen it on Saturday afternoon for foreigners coming from Gaza.
But Egypt is by and large not letting Gazans exit, even erecting bigger concrete barriers of extra border protection, amid what's setting up to be a catastrophic humanitarian crisis as the Israeli pressure ratchets.
The IDF says it is about to attack the northern half of the Gaza Strip with "great force" - while the US and other countries are urging for caution regarding Palestinian civilians. Below is rare footage of an elite Israeli rescue squad in action (intentionally blurred by IDF sources):
Israeli operators from the Special Tactics Rescue Unit 669 conduct a combat casevac near Zikim beach.— OSINTtechnical (@Osinttechnical) October 14, 2023
(Rough subtitle translation) pic.twitter.com/uQ8IGiBWpE
Washington has still all the while said it "stands with Israel" - and has not tried to actually halt the unrelenting IDF bombardment of civilian areas.
Meanwhile, things continue ratcheting in south Lebanon, with reports of new strikes being exchanged between Israel and Hezbollah, and other pro-Palestinian factions.
Watch: Leftist Activists Across The US Call For “Intifada” In Support Of Palestinians
Watch: Leftist Activists Across The US Call For "Intifada" In Support Of Palestinians
It is perhaps one of the strangest political alliances…
It is perhaps one of the strangest political alliances in existence today - The political left's infatuation with Muslim extremism and supporting Islamic causes, despite the fact that the majority of leftists would likely be imprisoned or worse in Islamic countries for their beliefs.
Regardless of a person's position on the Israeli/Palestinian conflict, it cannot be denied that Muslim culture is inherently hostile to progressive concepts like women's rights, gay rights, diversity and inclusion, sexual revolution, etc. Opposition to trans ideology in particular is one of the few areas, in fact, where orthodox Muslims and conservatives in the US tend to find common ground. In other words, Muslims have little or nothing in common with the political left in the west.
Where the movements seem to intersect is up for debate, but it is clear that leftist activists are quick to jump on any opportunity to provoke violent deconstruction. The past couple days have given rise to a series of leftist rallies, mostly in blue enclaves and university environments, all across the US. People bearing rainbow flags and Palestinian flags are calling for "one solution" - A violent intifada.
This is currently happening at the University of Washington.— Greg Price (@greg_price11) October 12, 2023
“There is only one solution. Intifada Revolution.”
It’s insane how many college students are waving Palestinian flags while calling for genocide against Jews.
The rallies all appear to be tied to far-left groups from Antifa to LGBT groups.
Transgender activists are coming out in support of Palestine. pic.twitter.com/sugpim0bFi— Ian Miles Cheong (@stillgray) October 13, 2023
From Portland, Orgeon...
Portland Antifa members are among those who joined the Palestine direct action in downtown coinciding with the Hamas call to action. The rally was organized by SUPER, a @Portland_State student group that posted in support of the antisemitic terror group. pic.twitter.com/VEY11w9kxp— Andy Ngô ????️???? (@MrAndyNgo) October 14, 2023
...to New York.
"There is only one solution, INTIFADA Revolution!" A call for more killing of Jews in Times Square by the crowd led by Students for Justice in Palestine activist Naya Idriss. This misnomer of "Justice" is now what passes for morality, not just by Hamas, but in NYC.… pic.twitter.com/2R6d471RZ8— Canary Mission (@canarymission) October 10, 2023
Even BLM wants in on the Intifada...
How leftist activists plan to reconcile their support of Islamic extremism with their own ideological taboos remains to be seen. Furthermore, with the majority of Democrat politicians including Biden publicly in favor of Israel, one wonders if there will be a considerable split in the Democrat party if the conflict continues to escalate beyond the borders of Gaza.
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