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<a href="http://www.channelchek.com/company/qmci">Research News and Market Data on QMCI</a>



PHOENIX, March 31, 2023 (GLOBE NEWSWIRE) -- QuoteMedia, Inc. (OTCQB: QMCI), a leading provider of market data and financial applications, announced financial results for the fiscal year ended December 31, 2022.



QuoteMedia provides banks, brokerage firms, private equity firms, financial planners and sophisticated investors with a more economical, higher quality alternative source of stock market data and related research information. We compete with several larger legacy organizations and a modest community of other smaller companies. QuoteMedia provides comprehensive market data services, including streaming data feeds, on-demand request-based data (XML/JSON), web content solutions (financial content for website integration) and applications such as Quotestream Professional desktop and mobile.



Highlights for fiscal 2022 include the following:



<ul>
<li>Annual revenue increased to $17,527,605 in 2022 from $15,174,372 in 2021, an increase of $2,353,233 (16%).</li>



<li>Net income for 2022 was $444,470 compared to $212,372 in 2021, an improvement in profitability of $232,098.</li>



<li>Adjusted EBITDA for 2022 was $2,727,411 compared to $1,649,679 in 2021, an improvement of $1,077,732.</li>
</ul>



“This was another very successful year for QuoteMedia,” said Robert J. Thompson, Chairman of the Board. “We continued our strong growth across virtually every success metric, including revenue growth, profitability and market share; and we expect to continue on this trajectory through the coming year.



“2022 marked the signing and launch of major multi-year agreements with two of Canada’s largest banking institutions, as well as large-scale agreements with several other multi-national financial firms. We also have many new and exciting opportunities for 2023, as we are currently in negotiations with several large firms. As a result, we expect our revenue growth in fiscal 2023 to match or exceed the annual revenue growth we achieved in 2022; and we expect to significantly improve upon our net income figure as well.



“2022 was also significant because, as a result of the efforts and investments we made to improve our infrastructure, security, and business continuity management, we achieved our SOC2 Type II certification. SOC2 accreditation provides independent assurance that Quotemedia maintains a high level of information security, data integrity and business resiliency. This certification allows QuoteMedia to make even greater gains, as SOC2 accreditation is increasingly becoming an absolute requirement for those providing services to large financial institutions, and we are already experiencing the benefits.



“Our growth in revenue and market share has been fueled by our development of exciting new data applications and products, as well as the expansion of our global market coverage, and this will definitely continue throughout 2023 and beyond. We are looking forward to continued success in the years to come.”



QuoteMedia will host a conference call Monday, April 3, 2023 at 2:00 PM Eastern Time to discuss the 2022 financial results and provide a business update.



Conference Call Details:



Date: April 3, 2023



Time: 2:00 PM Eastern



Dial-in number: 800-245-3047



Conference ID:&nbsp;QUOTEMEDIA



An audio rebroadcast of the call will be available later at: www.quotemedia.com



About QuoteMedia



QuoteMedia is a leading software developer and cloud-based syndicator of financial market information and streaming financial data solutions to media, corporations, online brokerages, and financial services companies. The Company licenses interactive stock research tools such as streaming real-time quotes, market research, news, charting, option chains, filings, corporate financials, insider reports, market indices, portfolio management systems, and data feeds. QuoteMedia provides industry leading market data solutions and financial services for companies such as the Nasdaq Stock Exchange, TMX Group (TSX Stock Exchange), Canadian Securities Exchange (CSE), London Stock Exchange Group, FIS, U.S. Bank, Bank of Montreal (BMO), Broadridge Financial Systems, JPMorgan Chase, Scotiabank, CI Financial, Canaccord Genuity Corp., Hilltop Securities, Avantax, Stockhouse, Zacks Investment Research, General Electric, Boeing, Bombardier, Telus International, Business Wire, PR Newswire, The Goldman Sachs Group, Regal Securities, ChoiceTrade, Cetera Financial Group, Dynamic Trend, Inc., Credential Qtrade Securities, CNW Group, iA Private Wealth, Ally Invest, Inc., Suncor, Leede Jones Gable, Firstrade Securities, Charles Schwab, First Financial, Equisolve, Stock-Trak, Mergent, Cision and others. Quotestream®, QMod™&nbsp;and Quotestream Connect™&nbsp;are trademarks of QuoteMedia. For more information, please visit&nbsp;<a href="https://www.globenewswire.com/Tracker?data=zFoCHOYAIUU2ox-oQfuDqB1NBd-c0cB6HTgrj4MW5hHFwJu0ycIyHx1D_m5aSws2po172Al5B_KeUeZXMQKZ-r8QkUM-XGH5F37rOermZG4=" target="_blank" rel="noreferrer noopener">www.quotemedia.com&nbsp;</a>.



Statements about QuoteMedia's future expectations, including future revenue, earnings, and transactions, as well as all other statements in this press release other than historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. QuoteMedia intends that such forward-looking statements be subject to the safe harbors created thereby. These statements involve risks and uncertainties that are identified from time to time in the Company's SEC reports and filings and are subject to change at any time. QuoteMedia's actual results and other corporate developments could differ materially from that which has been anticipated in such statements.



Below are the specific forward-looking statements included in this press release:



<ul>
<li>We also have many new and exciting opportunities for 2023, as we are currently in negotiations with several large firms. As a result, we expect our revenue growth in fiscal 2023 to match or exceed the annual revenue growth we achieved in 2022; and we expect to significantly improve upon our net income figure as well.</li>
</ul>



QuoteMedia Investor Relations Brendan Hopkins Email:&nbsp;<a href="https://www.globenewswire.com/Tracker?data=ZnOxCjBO19GzWhWWYIZlqvOQnFCaR31trm61cTG_aQm22L4rAZDVrOrEcQSYlIihFGhUO57DdBQL22lr2z6UQR1oG8EJ869gcILNRCxogpzM5yWhzvQU9JBKvcgfNbZekLowALb85-pQQWtGrJP3JyeKVY9VKUAVHMmf_ckxBuc=" target="_blank" rel="noreferrer noopener">investors@quotemedia.com</a> Call: (407) 645-5295



Note 1 on Non-GAAP Financial Measures



We believe that Adjusted EBITDA, as a non-GAAP pro forma financial measure, provides meaningful information to investors in terms of enhancing their understanding of our operating performance and results, as it allows investors to more easily compare our financial performance on a consistent basis compared to the prior year periods.&nbsp;This non-GAAP financial measure also corresponds with the way we expect investment analysts to evaluate and compare our results.&nbsp;Any non-GAAP pro forma financial measures should be considered only as supplements to, and not as substitutes for or in isolation from, or superior to, our other measures of financial information prepared in accordance with GAAP, such as net income attributable to QuoteMedia, Inc.



We define and calculate Adjusted EBITDA as net income attributable to QuoteMedia, Inc., plus: 1) depreciation and amortization, 2) stock compensation expense, 3) interest expense, 4) foreign exchange loss (or minus a foreign exchange gain), and 5) income tax expense. We disclose Adjusted EBITDA because we believe it is a useful metric by which to compare the performance of our business from period to period. We understand that measures similar to Adjusted EBITDA are broadly used by analysts, rating agencies, investors and financial institutions in assessing our performance. Accordingly, we believe that the presentation of Adjusted EBITDA provides useful information to investors. The table below provides a reconciliation of Adjusted EBITDA to net income attributable to QuoteMedia, Inc., the most directly comparable GAAP financial measure.



QuoteMedia, Inc. Adjusted EBITDA Reconciliation to Net Income



<figure class="wp-block-table"><table><tbody><tr><td>Year ended December 31,</td><td colspan="2">2022</td><td></td><td colspan="2">2021</td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td colspan="2"></td></tr><tr><td>Net income</td><td>$</td><td>444,470</td><td></td><td>$</td><td>212,372</td><td></td></tr><tr><td>Depreciation and amortization</td><td></td><td>2,121,135</td><td></td><td></td><td>1,640,245</td><td></td></tr><tr><td>Stock-based compensation</td><td></td><td>115,625</td><td></td><td></td><td>31,876</td><td></td></tr><tr><td>Interest expense</td><td></td><td>2,818</td><td></td><td></td><td>2,641</td><td></td></tr><tr><td>Foreign exchange loss (gain)</td><td></td><td>40,307</td><td></td><td></td><td>(107,382</td><td>)</td></tr><tr><td>Income tax expense</td><td></td><td>3,056</td><td></td><td></td><td>3,184</td><td></td></tr><tr><td>PPP loan forgiveness</td><td></td><td>-</td><td></td><td></td><td>(133,257</td><td>)</td></tr><tr><td>Adjusted EBITDA</td><td>$</td><td>2,727,411</td><td></td><td>$</td><td>1,649,679</td><td></td></tr></tbody></table></figure>



<a href="https://www.globenewswire.com/NewsRoom/AttachmentNg/3230e156-a301-4c4c-be03-ca95f5867be0" target="_blank" rel="noreferrer noopener"></a>



News Provided by&nbsp;GlobeNewswire via QuoteMedia

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<figure class="aligncenter size-full"><img decoding="async" loading="lazy" width="321" height="64" src="https://dashboard.channelchek.com/wp-content/uploads/2022/09/qmci-logo-pr.png" alt="" class="wp-image-49246" srcset="https://dashboard.channelchek.com/wp-content/uploads/2022/09/qmci-logo-pr.png 321w, https://dashboard.channelchek.com/wp-content/uploads/2022/09/qmci-logo-pr-300x60.png 300w" sizes="(max-width: 321px) 100vw, 321px" /></figure></div>


<a href="http://www.channelchek.com/company/qmci">Research News and Market Data on QMCI</a>



PHOENIX, March 31, 2023 (GLOBE NEWSWIRE) &#8212; QuoteMedia, Inc. (OTCQB: QMCI), a leading provider of market data and financial applications, announced financial results for the fiscal year ended December 31, 2022.



QuoteMedia provides banks, brokerage firms, private equity firms, financial planners and sophisticated investors with a more economical, higher quality alternative source of stock market data and related research information. We compete with several larger legacy organizations and a modest community of other smaller companies. QuoteMedia provides comprehensive market data services, including streaming data feeds, on-demand request-based data (XML/JSON), web content solutions (financial content for website integration) and applications such as Quotestream Professional desktop and mobile.



Highlights for fiscal 2022 include the following:



<ul>
<li>Annual revenue increased to $17,527,605 in 2022 from $15,174,372 in 2021, an increase of $2,353,233 (16%).</li>



<li>Net income for 2022 was $444,470 compared to $212,372 in 2021, an improvement in profitability of $232,098.</li>



<li>Adjusted EBITDA for 2022 was $2,727,411 compared to $1,649,679 in 2021, an improvement of $1,077,732.</li>
</ul>



“This was another very successful year for QuoteMedia,” said Robert J. Thompson, Chairman of the Board. “We continued our strong growth across virtually every success metric, including revenue growth, profitability and market share; and we expect to continue on this trajectory through the coming year.



“2022 marked the signing and launch of major multi-year agreements with two of Canada’s largest banking institutions, as well as large-scale agreements with several other multi-national financial firms. We also have many new and exciting opportunities for 2023, as we are currently in negotiations with several large firms. As a result, we expect our revenue growth in fiscal 2023 to match or exceed the annual revenue growth we achieved in 2022; and we expect to significantly improve upon our net income figure as well.



“2022 was also significant because, as a result of the efforts and investments we made to improve our infrastructure, security, and business continuity management, we achieved our SOC2 Type II certification. SOC2 accreditation provides independent assurance that Quotemedia maintains a high level of information security, data integrity and business resiliency. This certification allows QuoteMedia to make even greater gains, as SOC2 accreditation is increasingly becoming an absolute requirement for those providing services to large financial institutions, and we are already experiencing the benefits.



“Our growth in revenue and market share has been fueled by our development of exciting new data applications and products, as well as the expansion of our global market coverage, and this will definitely continue throughout 2023 and beyond. We are looking forward to continued success in the years to come.”



QuoteMedia will host a conference call Monday, April 3, 2023 at 2:00 PM Eastern Time to discuss the 2022 financial results and provide a business update.



Conference Call Details:



Date: April 3, 2023



Time: 2:00 PM Eastern



Dial-in number: 800-245-3047



Conference ID:&nbsp;QUOTEMEDIA



An audio rebroadcast of the call will be available later at: www.quotemedia.com



About QuoteMedia



QuoteMedia is a leading software developer and cloud-based syndicator of financial market information and streaming financial data solutions to media, corporations, online brokerages, and financial services companies. The Company licenses interactive stock research tools such as streaming real-time quotes, market research, news, charting, option chains, filings, corporate financials, insider reports, market indices, portfolio management systems, and data feeds. QuoteMedia provides industry leading market data solutions and financial services for companies such as the Nasdaq Stock Exchange, TMX Group (TSX Stock Exchange), Canadian Securities Exchange (CSE), London Stock Exchange Group, FIS, U.S. Bank, Bank of Montreal (BMO), Broadridge Financial Systems, JPMorgan Chase, Scotiabank, CI Financial, Canaccord Genuity Corp., Hilltop Securities, Avantax, Stockhouse, Zacks Investment Research, General Electric, Boeing, Bombardier, Telus International, Business Wire, PR Newswire, The Goldman Sachs Group, Regal Securities, ChoiceTrade, Cetera Financial Group, Dynamic Trend, Inc., Credential Qtrade Securities, CNW Group, iA Private Wealth, Ally Invest, Inc., Suncor, Leede Jones Gable, Firstrade Securities, Charles Schwab, First Financial, Equisolve, Stock-Trak, Mergent, Cision and others. Quotestream®, QMod™&nbsp;and Quotestream Connect™&nbsp;are trademarks of QuoteMedia. For more information, please visit&nbsp;<a href="https://www.globenewswire.com/Tracker?data=zFoCHOYAIUU2ox-oQfuDqB1NBd-c0cB6HTgrj4MW5hHFwJu0ycIyHx1D_m5aSws2po172Al5B_KeUeZXMQKZ-r8QkUM-XGH5F37rOermZG4=" target="_blank" rel="noreferrer noopener">www.quotemedia.com&nbsp;</a>.



Statements about QuoteMedia&#8217;s future expectations, including future revenue, earnings, and transactions, as well as all other statements in this press release other than historical facts are &#8220;forward-looking statements&#8221; within the meaning of the Private Securities Litigation Reform Act of 1995. QuoteMedia intends that such forward-looking statements be subject to the safe harbors created thereby. These statements involve risks and uncertainties that are identified from time to time in the Company&#8217;s SEC reports and filings and are subject to change at any time. QuoteMedia&#8217;s actual results and other corporate developments could differ materially from that which has been anticipated in such statements.



Below are the specific forward-looking statements included in this press release:



<ul>
<li>We also have many new and exciting opportunities for 2023, as we are currently in negotiations with several large firms. As a result, we expect our revenue growth in fiscal 2023 to match or exceed the annual revenue growth we achieved in 2022; and we expect to significantly improve upon our net income figure as well.</li>
</ul>



QuoteMedia Investor Relations Brendan Hopkins Email:&nbsp;<a href="https://www.globenewswire.com/Tracker?data=ZnOxCjBO19GzWhWWYIZlqvOQnFCaR31trm61cTG_aQm22L4rAZDVrOrEcQSYlIihFGhUO57DdBQL22lr2z6UQR1oG8EJ869gcILNRCxogpzM5yWhzvQU9JBKvcgfNbZekLowALb85-pQQWtGrJP3JyeKVY9VKUAVHMmf_ckxBuc=" target="_blank" rel="noreferrer noopener">investors@quotemedia.com</a> Call: (407) 645-5295



Note 1 on Non-GAAP Financial Measures



We believe that Adjusted EBITDA, as a non-GAAP pro forma financial measure, provides meaningful information to investors in terms of enhancing their understanding of our operating performance and results, as it allows investors to more easily compare our financial performance on a consistent basis compared to the prior year periods.&nbsp;This non-GAAP financial measure also corresponds with the way we expect investment analysts to evaluate and compare our results.&nbsp;Any non-GAAP pro forma financial measures should be considered only as supplements to, and not as substitutes for or in isolation from, or superior to, our other measures of financial information prepared in accordance with GAAP, such as net income attributable to QuoteMedia, Inc.



We define and calculate Adjusted EBITDA as net income attributable to QuoteMedia, Inc., plus: 1) depreciation and amortization, 2) stock compensation expense, 3) interest expense, 4) foreign exchange loss (or minus a foreign exchange gain), and 5) income tax expense. We disclose Adjusted EBITDA because we believe it is a useful metric by which to compare the performance of our business from period to period. We understand that measures similar to Adjusted EBITDA are broadly used by analysts, rating agencies, investors and financial institutions in assessing our performance. Accordingly, we believe that the presentation of Adjusted EBITDA provides useful information to investors. The table below provides a reconciliation of Adjusted EBITDA to net income attributable to QuoteMedia, Inc., the most directly comparable GAAP financial measure.



QuoteMedia, Inc. Adjusted EBITDA Reconciliation to Net Income



<figure class="wp-block-table"><table><tbody><tr><td>Year ended December 31,</td><td colspan="2">2022</td><td></td><td colspan="2">2021</td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td colspan="2"></td></tr><tr><td>Net income</td><td>$</td><td>444,470</td><td></td><td>$</td><td>212,372</td><td></td></tr><tr><td>Depreciation and amortization</td><td></td><td>2,121,135</td><td></td><td></td><td>1,640,245</td><td></td></tr><tr><td>Stock-based compensation</td><td></td><td>115,625</td><td></td><td></td><td>31,876</td><td></td></tr><tr><td>Interest expense</td><td></td><td>2,818</td><td></td><td></td><td>2,641</td><td></td></tr><tr><td>Foreign exchange loss (gain)</td><td></td><td>40,307</td><td></td><td></td><td>(107,382</td><td>)</td></tr><tr><td>Income tax expense</td><td></td><td>3,056</td><td></td><td></td><td>3,184</td><td></td></tr><tr><td>PPP loan forgiveness</td><td></td><td>&#8211;</td><td></td><td></td><td>(133,257</td><td>)</td></tr><tr><td>Adjusted EBITDA</td><td>$</td><td>2,727,411</td><td></td><td>$</td><td>1,649,679</td><td></td></tr></tbody></table></figure>



<a href="https://www.globenewswire.com/NewsRoom/AttachmentNg/3230e156-a301-4c4c-be03-ca95f5867be0" target="_blank" rel="noreferrer noopener"></a>



News Provided by&nbsp;GlobeNewswire via QuoteMedia

Research News and Market Data on QMCI



PHOENIX, March 31, 2023 (GLOBE NEWSWIRE) &#8212; QuoteMedia, Inc. (OTCQB: QMCI), a leading provider of market data and financial applications, announced financial results for the fiscal year ended December 31, 2022.



QuoteMedia provides banks, brokerage firms, private equity firms, financial planners and sophisticated investors with a more economical, higher quality alternative source of stock market data and related research information. We compete with several larger legacy organizations and a modest community of other smaller companies. QuoteMedia provides comprehensive market data services, including streaming data feeds, on-demand request-based data (XML/JSON), web content solutions (financial content for website integration) and applications such as Quotestream Professional desktop and mobile.



Highlights for fiscal 2022 include the following:




Annual revenue increased to $17,527,605 in 2022 from $15,174,372 in 2021, an increase of $2,353,233 (16%).



Net income for 2022 was $444,470 compared to $212,372 in 2021, an improvement in profitability of $232,098.



Adjusted EBITDA for 2022 was $2,727,411 compared to $1,649,679 in 2021, an improvement of $1,077,732.




“This was another very successful year for QuoteMedia,” said Robert J. Thompson, Chairman of the Board. “We continued our strong growth across virtually every success metric, including revenue growth, profitability and market share; and we expect to continue on this trajectory through the coming year.



“2022 marked the signing and launch of major multi-year agreements with two of Canada’s largest banking institutions, as well as large-scale agreements with several other multi-national financial firms. We also have many new and exciting opportunities for 2023, as we are currently in negotiations with several large firms. As a result, we expect our revenue growth in fiscal 2023 to match or exceed the annual revenue growth we achieved in 2022; and we expect to significantly improve upon our net income figure as well.



“2022 was also significant because, as a result of the efforts and investments we made to improve our infrastructure, security, and business continuity management, we achieved our SOC2 Type II certification. SOC2 accreditation provides independent assurance that Quotemedia maintains a high level of information security, data integrity and business resiliency. This certification allows QuoteMedia to make even greater gains, as SOC2 accreditation is increasingly becoming an absolute requirement for those providing services to large financial institutions, and we are already experiencing the benefits.



“Our growth in revenue and market share has been fueled by our development of exciting new data applications and products, as well as the expansion of our global market coverage, and this will definitely continue throughout 2023 and beyond. We are looking forward to continued success in the years to come.”



QuoteMedia will host a conference call Monday, April 3, 2023 at 2:00 PM Eastern Time to discuss the 2022 financial results and provide a business update.



Conference Call Details:



Date: April 3, 2023



Time: 2:00 PM Eastern



Dial-in number: 800-245-3047



Conference ID:&nbsp;QUOTEMEDIA



An audio rebroadcast of the call will be available later at: www.quotemedia.com



About QuoteMedia



QuoteMedia is a leading software developer and cloud-based syndicator of financial market information and streaming financial data solutions to media, corporations, online brokerages, and financial services companies. The Company licenses interactive stock research tools such as streaming real-time quotes, market research, news, charting, option chains, filings, corporate financials, insider reports, market indices, portfolio management systems, and data feeds. QuoteMedia provides industry leading market data solutions and financial services for companies such as the Nasdaq Stock Exchange, TMX Group (TSX Stock Exchange), Canadian Securities Exchange (CSE), London Stock Exchange Group, FIS, U.S. Bank, Bank of Montreal (BMO), Broadridge Financial Systems, JPMorgan Chase, Scotiabank, CI Financial, Canaccord Genuity Corp., Hilltop Securities, Avantax, Stockhouse, Zacks Investment Research, General Electric, Boeing, Bombardier, Telus International, Business Wire, PR Newswire, The Goldman Sachs Group, Regal Securities, ChoiceTrade, Cetera Financial Group, Dynamic Trend, Inc., Credential Qtrade Securities, CNW Group, iA Private Wealth, Ally Invest, Inc., Suncor, Leede Jones Gable, Firstrade Securities, Charles Schwab, First Financial, Equisolve, Stock-Trak, Mergent, Cision and others. Quotestream®, QMod™&nbsp;and Quotestream Connect™&nbsp;are trademarks of QuoteMedia. For more information, please visit&nbsp;www.quotemedia.com&nbsp;.



Statements about QuoteMedia&#8217;s future expectations, including future revenue, earnings, and transactions, as well as all other statements in this press release other than historical facts are &#8220;forward-looking statements&#8221; within the meaning of the Private Securities Litigation Reform Act of 1995. QuoteMedia intends that such forward-looking statements be subject to the safe harbors created thereby. These statements involve risks and uncertainties that are identified from time to time in the Company&#8217;s SEC reports and filings and are subject to change at any time. QuoteMedia&#8217;s actual results and other corporate developments could differ materially from that which has been anticipated in such statements.



Below are the specific forward-looking statements included in this press release:




We also have many new and exciting opportunities for 2023, as we are currently in negotiations with several large firms. As a result, we expect our revenue growth in fiscal 2023 to match or exceed the annual revenue growth we achieved in 2022; and we expect to significantly improve upon our net income figure as well.




QuoteMedia Investor RelationsBrendan HopkinsEmail:&nbsp;investors@quotemedia.comCall: (407) 645-5295



Note 1 on Non-GAAP Financial Measures



We believe that Adjusted EBITDA, as a non-GAAP pro forma financial measure, provides meaningful information to investors in terms of enhancing their understanding of our operating performance and results, as it allows investors to more easily compare our financial performance on a consistent basis compared to the prior year periods.&nbsp;This non-GAAP financial measure also corresponds with the way we expect investment analysts to evaluate and compare our results.&nbsp;Any non-GAAP pro forma financial measures should be considered only as supplements to, and not as substitutes for or in isolation from, or superior to, our other measures of financial information prepared in accordance with GAAP, such as net income attributable to QuoteMedia, Inc.



We define and calculate Adjusted EBITDA as net income attributable to QuoteMedia, Inc., plus: 1) depreciation and amortization, 2) stock compensation expense, 3) interest expense, 4) foreign exchange loss (or minus a foreign exchange gain), and 5) income tax expense. We disclose Adjusted EBITDA because we believe it is a useful metric by which to compare the performance of our business from period to period. We understand that measures similar to Adjusted EBITDA are broadly used by analysts, rating agencies, investors and financial institutions in assessing our performance. Accordingly, we believe that the presentation of Adjusted EBITDA provides useful information to investors. The table below provides a reconciliation of Adjusted EBITDA to net income attributable to QuoteMedia, Inc., the most directly comparable GAAP financial measure.



QuoteMedia, Inc. Adjusted EBITDA Reconciliation to Net Income



Year ended December 31,20222021Net income$444,470$212,372Depreciation and amortization2,121,1351,640,245Stock-based compensation115,62531,876Interest expense2,8182,641Foreign exchange loss (gain)40,307(107,382)Income tax expense3,0563,184PPP loan forgiveness&#8211;(133,257)Adjusted EBITDA$2,727,411$1,649,679







News Provided by&nbsp;GlobeNewswire via QuoteMedia

Release - QuoteMedia Announces 16% Revenue Growth for 2022

Cloud Services

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<figure class="wp-block-image aligncenter size-full is-resized"><img src="https://dashboard.channelchek.com/wp-content/uploads/2022/03/ocgn_logo.png" alt="" class="wp-image-7513" width="208" height="208"/></figure>



<a href="http://www.channelchek.com/company/ocgn">Research News and Market Data on OCGN</a>



March 31, 2023



<a href="https://ir.ocugen.com/node/11801/pdf" target="_blank" rel="noreferrer noopener">PDF Version</a>



MALVERN, Pa., March 31, 2023 (GLOBE NEWSWIRE) -- Ocugen, Inc. (Ocugen or the Company) (NASDAQ: OCGN), a biotechnology company focused on discovering, developing, and commercializing novel gene and cell therapies, biologics, and vaccines, today announced that the Company’s Chief Scientific Officer, Arun Upadhyay, PhD, will present at the World Vaccine Congress being held April 3 – 6 in Washington D.C.



“Current COVID-19 vaccines are limited by a lack of durability and inability to stop infection and transmission,” said Dr. Upadhyay. “Inhaled vaccines have the potential to generate rapid mucosal immunity in respiratory pathways, limiting infection and transmission. I look forward to discussing Ocugen’s inhaled vaccine technology—to address COVID-19 and flu—during the World Vaccine Congress.”



Ocugen is currently developing a novel mucosal vaccine platform that includes OCU500, a bivalent COVID-19 inhaled vaccine; OCU510, a seasonal quadrivalent flu inhaled vaccine; and OCU520, a combination quadrivalent seasonal flu and bivalent COVID-19 inhaled vaccine. The OCU500 series grants Ocugen a distinct product candidate profile status that could significantly impact major global health obstacles and maximize the Company’s opportunity to serve broader patient markets. For the 2022 to 2023 flu season, in the United States alone, more than 50% of the population above six months of age received a seasonal flu shot, representing a market size of more than 170 million doses.



Details on Dr. Upadhyay’s participation are as follows:



Presentation&nbsp;Title:&nbsp;“A next generation inhalation-based mucosal vaccine for COVID-19 and Flu: Potential approach to reduce infection and transmission” Date:&nbsp;Wednesday, April 5, 2023 Time:&nbsp;5:40 p.m. ET Location:&nbsp;Walter E. Washington Convention Center, Washington D.C. – Level 2, Room 203AB



Roundtable Discussion&nbsp;Title:&nbsp;“Going beyond existing limitations – Why mucosal vaccines are essential for respiratory diseases” Date:&nbsp;Tuesday, April 4, 2023 Time:&nbsp;11:40 – 12:20 p.m. ET (rotation 1); 12:30 – 1:10 p.m. ET (rotation 2) Location:&nbsp;Walter E. Washington Convention Center, Washington D.C. – Room 203B



About Ocugen, Inc. Ocugen, Inc. is a biotechnology company focused on discovering, developing, and commercializing novel gene and cell therapies, biologics, and vaccines that improve health and offer hope for patients across the globe. We are making an impact on patient’s lives through courageous innovation—forging new scientific paths that harness our unique intellectual and human capital. Our breakthrough modifier gene therapy platform has the potential to treat multiple retinal diseases with a single product, and we are advancing research in infectious diseases to support public health and orthopedic diseases to address unmet medical needs. Discover more at&nbsp;<a href="https://www.globenewswire.com/Tracker?data=HdFwBCvkRMW3hGTg-dr9NffuiJPoc87u2EwBdSq7iznEHLxWmjLfTM9t925bKJEgq_9vAo8rLMknX0Rvgx_ncwwjro2ODTIDJHdMAnykYPSrtjF-EsE_z7gFE43XLS__YEyf0rq3wbLxj7HInYO-RijoWFMaDb-4hPL0NKl3GYEk9wyYB58nzlIOK3sCxvUWZBLdrnF8MNn2s7dExN34QPJvzUbt78RQdsVRzRQXIzw=" target="_blank" rel="noreferrer noopener">www.ocugen.com</a>&nbsp;and follow us on&nbsp;<a href="https://www.globenewswire.com/Tracker?data=9FPUmieUF8dbtl7lK5XUTE6MQFtb0vt_Exkz1Hil0VHA4EdSAWniZO2vts82aDTdUTQMD-nI0OkjDnAyStGFQbGjSb9nGrDyws1Fkg5JPTutFoe35vcFxOVHEvbTugAip3IuEEFQIW8pldb9AUc0BzyCm7PpJ6irsua27f-V5RqR_hKWC8bKi5COYarheYHCRrxQt7etWUhyXl4pA2aw-4C8DjuJ5-qmF9SkDAEknucEPlRUh62Rcmw_1sreD1qOQZf7OQZPOCmunFt530sO9wNAEaukuMT9bEA3wFnKxjU=" target="_blank" rel="noreferrer noopener">Twitter</a>&nbsp;and&nbsp;<a href="https://www.globenewswire.com/Tracker?data=kgTbOAPSGmk2TDhOsqYPrUmStq1zA4Yl_0nPDJfLyXrq8Sit_aDhlymeIQ20nQvPbFehg5XfczluwhOQYsq39Tcp_dAx2LhP76A6C8GdKvhIiwz_Jk9me79U_JuotoiW4VPictO9gtm_OmL1yTJowyleU_k_TwQWUlqWJvcGLcZweqJC_F8Lzr1ZvWXy93SpbOCPhuTapDwQJ68xaY5ZCG21AAGnq9NgZrBfXlx7-j5AZtE0wDcCgpk8FdcXbZng" target="_blank" rel="noreferrer noopener">LinkedIn.</a>



Cautionary Note on Forward-Looking Statements This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties. We may, in some cases, use terms such as “predicts,” “believes,” “potential,” “proposed,” “continue,” “estimates,” “anticipates,” “expects,” “plans,” “intends,” “may,” “could,” “might,” “will,” “should,” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Such statements are subject to numerous important factors, risks, and uncertainties that may cause actual events or results to differ materially from our current expectations. These and other risks and uncertainties are more fully described in our periodic filings with the Securities and Exchange Commission (SEC), including the risk factors described in the section entitled “Risk Factors” in the quarterly and annual reports that we file with the SEC. Any forward-looking statements that we make in this press release speak only as of the date of this press release. Except as required by law, we assume no obligation to update forward-looking statements contained in this press release whether as a result of new information, future events, or otherwise, after the date of this press release.



Contact: Tiffany Hamilton Head of Communications <a href="https://www.globenewswire.com/Tracker?data=yNYCq3LR7HIDW1mFx84PqjcB-SB1SwppXyQgaW-UEvvZABJf6srFgcnQsknTvXJf3165PRgfrgJMDaN5FWR0CA==" target="_blank" rel="noreferrer noopener">IR@ocugen.com</a>

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<a href="http://www.channelchek.com/company/ocgn">Research News and Market Data on OCGN</a>



March 31, 2023



<a href="https://ir.ocugen.com/node/11801/pdf" target="_blank" rel="noreferrer noopener">PDF Version</a>



MALVERN, Pa., March 31, 2023 (GLOBE NEWSWIRE) &#8212; Ocugen, Inc. (Ocugen or the Company) (NASDAQ: OCGN), a biotechnology company focused on discovering, developing, and commercializing novel gene and cell therapies, biologics, and vaccines, today announced that the Company’s Chief Scientific Officer, Arun Upadhyay, PhD, will present at the World Vaccine Congress being held April 3 – 6 in Washington D.C.



“Current COVID-19 vaccines are limited by a lack of durability and inability to stop infection and transmission,” said Dr. Upadhyay. “Inhaled vaccines have the potential to generate rapid mucosal immunity in respiratory pathways, limiting infection and transmission. I look forward to discussing Ocugen’s inhaled vaccine technology—to address COVID-19 and flu—during the World Vaccine Congress.”



Ocugen is currently developing a novel mucosal vaccine platform that includes OCU500, a bivalent COVID-19 inhaled vaccine; OCU510, a seasonal quadrivalent flu inhaled vaccine; and OCU520, a combination quadrivalent seasonal flu and bivalent COVID-19 inhaled vaccine. The OCU500 series grants Ocugen a distinct product candidate profile status that could significantly impact major global health obstacles and maximize the Company’s opportunity to serve broader patient markets. For the 2022 to 2023 flu season, in the United States alone, more than 50% of the population above six months of age received a seasonal flu shot, representing a market size of more than 170 million doses.



Details on Dr. Upadhyay’s participation are as follows:



Presentation&nbsp;Title:&nbsp;“A next generation inhalation-based mucosal vaccine for COVID-19 and Flu: Potential approach to reduce infection and transmission” Date:&nbsp;Wednesday, April 5, 2023 Time:&nbsp;5:40 p.m. ET Location:&nbsp;Walter E. Washington Convention Center, Washington D.C. – Level 2, Room 203AB



Roundtable Discussion&nbsp;Title:&nbsp;“Going beyond existing limitations – Why mucosal vaccines are essential for respiratory diseases” Date:&nbsp;Tuesday, April 4, 2023 Time:&nbsp;11:40 – 12:20 p.m. ET (rotation 1); 12:30 – 1:10 p.m. ET (rotation 2) Location:&nbsp;Walter E. Washington Convention Center, Washington D.C. – Room 203B



About Ocugen, Inc. Ocugen, Inc. is a biotechnology company focused on discovering, developing, and commercializing novel gene and cell therapies, biologics, and vaccines that improve health and offer hope for patients across the globe. We are making an impact on patient’s lives through courageous innovation—forging new scientific paths that harness our unique intellectual and human capital. Our breakthrough modifier gene therapy platform has the potential to treat multiple retinal diseases with a single product, and we are advancing research in infectious diseases to support public health and orthopedic diseases to address unmet medical needs. Discover more at&nbsp;<a href="https://www.globenewswire.com/Tracker?data=HdFwBCvkRMW3hGTg-dr9NffuiJPoc87u2EwBdSq7iznEHLxWmjLfTM9t925bKJEgq_9vAo8rLMknX0Rvgx_ncwwjro2ODTIDJHdMAnykYPSrtjF-EsE_z7gFE43XLS__YEyf0rq3wbLxj7HInYO-RijoWFMaDb-4hPL0NKl3GYEk9wyYB58nzlIOK3sCxvUWZBLdrnF8MNn2s7dExN34QPJvzUbt78RQdsVRzRQXIzw=" target="_blank" rel="noreferrer noopener">www.ocugen.com</a>&nbsp;and follow us on&nbsp;<a href="https://www.globenewswire.com/Tracker?data=9FPUmieUF8dbtl7lK5XUTE6MQFtb0vt_Exkz1Hil0VHA4EdSAWniZO2vts82aDTdUTQMD-nI0OkjDnAyStGFQbGjSb9nGrDyws1Fkg5JPTutFoe35vcFxOVHEvbTugAip3IuEEFQIW8pldb9AUc0BzyCm7PpJ6irsua27f-V5RqR_hKWC8bKi5COYarheYHCRrxQt7etWUhyXl4pA2aw-4C8DjuJ5-qmF9SkDAEknucEPlRUh62Rcmw_1sreD1qOQZf7OQZPOCmunFt530sO9wNAEaukuMT9bEA3wFnKxjU=" target="_blank" rel="noreferrer noopener">Twitter</a>&nbsp;and&nbsp;<a href="https://www.globenewswire.com/Tracker?data=kgTbOAPSGmk2TDhOsqYPrUmStq1zA4Yl_0nPDJfLyXrq8Sit_aDhlymeIQ20nQvPbFehg5XfczluwhOQYsq39Tcp_dAx2LhP76A6C8GdKvhIiwz_Jk9me79U_JuotoiW4VPictO9gtm_OmL1yTJowyleU_k_TwQWUlqWJvcGLcZweqJC_F8Lzr1ZvWXy93SpbOCPhuTapDwQJ68xaY5ZCG21AAGnq9NgZrBfXlx7-j5AZtE0wDcCgpk8FdcXbZng" target="_blank" rel="noreferrer noopener">LinkedIn.</a>



Cautionary Note on Forward-Looking Statements This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties. We may, in some cases, use terms such as “predicts,” “believes,” “potential,” “proposed,” “continue,” “estimates,” “anticipates,” “expects,” “plans,” “intends,” “may,” “could,” “might,” “will,” “should,” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Such statements are subject to numerous important factors, risks, and uncertainties that may cause actual events or results to differ materially from our current expectations. These and other risks and uncertainties are more fully described in our periodic filings with the Securities and Exchange Commission (SEC), including the risk factors described in the section entitled “Risk Factors” in the quarterly and annual reports that we file with the SEC. Any forward-looking statements that we make in this press release speak only as of the date of this press release. Except as required by law, we assume no obligation to update forward-looking statements contained in this press release whether as a result of new information, future events, or otherwise, after the date of this press release.



Contact: Tiffany Hamilton Head of Communications <a href="https://www.globenewswire.com/Tracker?data=yNYCq3LR7HIDW1mFx84PqjcB-SB1SwppXyQgaW-UEvvZABJf6srFgcnQsknTvXJf3165PRgfrgJMDaN5FWR0CA==" target="_blank" rel="noreferrer noopener">IR@ocugen.com</a>

Research News and Market Data on OCGN



March 31, 2023



PDF Version



MALVERN, Pa., March 31, 2023 (GLOBE NEWSWIRE) &#8212; Ocugen, Inc. (Ocugen or the Company) (NASDAQ: OCGN), a biotechnology company focused on discovering, developing, and commercializing novel gene and cell therapies, biologics, and vaccines, today announced that the Company’s Chief Scientific Officer, Arun Upadhyay, PhD, will present at the World Vaccine Congress being held April 3 – 6 in Washington D.C.



“Current COVID-19 vaccines are limited by a lack of durability and inability to stop infection and transmission,” said Dr. Upadhyay. “Inhaled vaccines have the potential to generate rapid mucosal immunity in respiratory pathways, limiting infection and transmission. I look forward to discussing Ocugen’s inhaled vaccine technology—to address COVID-19 and flu—during the World Vaccine Congress.”



Ocugen is currently developing a novel mucosal vaccine platform that includes OCU500, a bivalent COVID-19 inhaled vaccine; OCU510, a seasonal quadrivalent flu inhaled vaccine; and OCU520, a combination quadrivalent seasonal flu and bivalent COVID-19 inhaled vaccine. The OCU500 series grants Ocugen a distinct product candidate profile status that could significantly impact major global health obstacles and maximize the Company’s opportunity to serve broader patient markets. For the 2022 to 2023 flu season, in the United States alone, more than 50% of the population above six months of age received a seasonal flu shot, representing a market size of more than 170 million doses.



Details on Dr. Upadhyay’s participation are as follows:



Presentation&nbsp;Title:&nbsp;“A next generation inhalation-based mucosal vaccine for COVID-19 and Flu: Potential approach to reduce infection and transmission”Date:&nbsp;Wednesday, April 5, 2023Time:&nbsp;5:40 p.m. ETLocation:&nbsp;Walter E. Washington Convention Center, Washington D.C. – Level 2, Room 203AB



Roundtable Discussion&nbsp;Title:&nbsp;“Going beyond existing limitations – Why mucosal vaccines are essential for respiratory diseases”Date:&nbsp;Tuesday, April 4, 2023Time:&nbsp;11:40 – 12:20 p.m. ET (rotation 1); 12:30 – 1:10 p.m. ET (rotation 2)Location:&nbsp;Walter E. Washington Convention Center, Washington D.C. – Room 203B



About Ocugen, Inc.Ocugen, Inc. is a biotechnology company focused on discovering, developing, and commercializing novel gene and cell therapies, biologics, and vaccines that improve health and offer hope for patients across the globe. We are making an impact on patient’s lives through courageous innovation—forging new scientific paths that harness our unique intellectual and human capital. Our breakthrough modifier gene therapy platform has the potential to treat multiple retinal diseases with a single product, and we are advancing research in infectious diseases to support public health and orthopedic diseases to address unmet medical needs. Discover more at&nbsp;www.ocugen.com&nbsp;and follow us on&nbsp;Twitter&nbsp;and&nbsp;LinkedIn.



Cautionary Note on Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties. We may, in some cases, use terms such as “predicts,” “believes,” “potential,” “proposed,” “continue,” “estimates,” “anticipates,” “expects,” “plans,” “intends,” “may,” “could,” “might,” “will,” “should,” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Such statements are subject to numerous important factors, risks, and uncertainties that may cause actual events or results to differ materially from our current expectations. These and other risks and uncertainties are more fully described in our periodic filings with the Securities and Exchange Commission (SEC), including the risk factors described in the section entitled “Risk Factors” in the quarterly and annual reports that we file with the SEC. Any forward-looking statements that we make in this press release speak only as of the date of this press release. Except as required by law, we assume no obligation to update forward-looking statements contained in this press release whether as a result of new information, future events, or otherwise, after the date of this press release.



Contact:Tiffany HamiltonHead of CommunicationsIR@ocugen.com

Release - Ocugen Chief Scientific Officer to Present At 2023 World Vaccine Congress

Biotechnology

OCGN

Ocugen

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 Friday, March 31, 2023



Mark Reichman, Senior Research Analyst, Natural Resources, Noble Capital Markets, Inc.



Refer to the full report for the price target, fundamental analysis, and rating.



Full year financial results.&nbsp;Sierra reported a 2022 adjusted net loss attributable to shareholders of $23.1 million or $(0.14) per share, compared with adjusted earnings of $21.6 million or $0.13 per share in 2021.&nbsp;Adjusted losses per share for the fourth quarter and full year 2022 were less than our estimates of $(0.07) and $(0.17), respectively, due in part to higher fourth quarter revenue and modestly lower cost of sales. Adjusted EBITDA fell 88% to $13.0 million compared to $104.7 million in the prior year. Annual copper equivalent production fell 29% due to lower throughput and grades.



2023 Guidance.&nbsp;Management’s focus has been to stabilize operations following challenges experienced in 2022 and to return to higher production levels on an economically sustainable basis. Sierra forecasts 2023 copper equivalent production in the range of 74.3 million to 83.3 million pounds. As of the end of March, the Bolivar mine is operating at 3,070 tonnes per day and is expected to gradually ramp up to 5,000 tonnes per day by year end. The Yauricocha mine is expected to operate at 2,375 tonnes per day throughout 2023. Management considers the Cusi silver mine to be a non-core asset and it was excluded from guidance.



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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.



This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).



*Analyst certification and important disclosures included in the full report.&nbsp;NOTE: investment decisions should not be based upon the content of this research summary.&nbsp;Proper due diligence is required before making any investment decision.&nbsp;

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 Friday, March 31, 2023



Mark Reichman, Senior Research Analyst, Natural Resources, Noble Capital Markets, Inc.



Refer to the full report for the price target, fundamental analysis, and rating.



Full year financial results.&nbsp;Sierra reported a 2022 adjusted net loss attributable to shareholders of $23.1 million or $(0.14) per share, compared with adjusted earnings of $21.6 million or $0.13 per share in 2021.&nbsp;Adjusted losses per share for the fourth quarter and full year 2022 were less than our estimates of $(0.07) and $(0.17), respectively, due in part to higher fourth quarter revenue and modestly lower cost of sales. Adjusted EBITDA fell 88% to $13.0 million compared to $104.7 million in the prior year. Annual copper equivalent production fell 29% due to lower throughput and grades.



2023 Guidance.&nbsp;Management’s focus has been to stabilize operations following challenges experienced in 2022 and to return to higher production levels on an economically sustainable basis. Sierra forecasts 2023 copper equivalent production in the range of 74.3 million to 83.3 million pounds. As of the end of March, the Bolivar mine is operating at 3,070 tonnes per day and is expected to gradually ramp up to 5,000 tonnes per day by year end. The Yauricocha mine is expected to operate at 2,375 tonnes per day throughout 2023. Management considers the Cusi silver mine to be a non-core asset and it was excluded from guidance.



<h2 class="wp-block-heading"> <a href="https://www.channelchek.com/research-reports/25717">Get the Full Report</a></h2>







Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.



This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).



*Analyst certification and important disclosures included in the full report.&nbsp;NOTE: investment decisions should not be based upon the content of this research summary.&nbsp;Proper due diligence is required before making any investment decision.&nbsp;

Friday, March 31, 2023



Mark Reichman, Senior Research Analyst, Natural Resources, Noble Capital Markets, Inc.



Refer to the full report for the price target, fundamental analysis, and rating.



Full year financial results.&nbsp;Sierra reported a 2022 adjusted net loss attributable to shareholders of $23.1 million or $(0.14) per share, compared with adjusted earnings of $21.6 million or $0.13 per share in 2021.&nbsp;Adjusted losses per share for the fourth quarter and full year 2022 were less than our estimates of $(0.07) and $(0.17), respectively, due in part to higher fourth quarter revenue and modestly lower cost of sales. Adjusted EBITDA fell 88% to $13.0 million compared to $104.7 million in the prior year. Annual copper equivalent production fell 29% due to lower throughput and grades.



2023 Guidance.&nbsp;Management’s focus has been to stabilize operations following challenges experienced in 2022 and to return to higher production levels on an economically sustainable basis. Sierra forecasts 2023 copper equivalent production in the range of 74.3 million to 83.3 million pounds. As of the end of March, the Bolivar mine is operating at 3,070 tonnes per day and is expected to gradually ramp up to 5,000 tonnes per day by year end. The Yauricocha mine is expected to operate at 2,375 tonnes per day throughout 2023. Management considers the Cusi silver mine to be a non-core asset and it was excluded from guidance.



Get the Full Report







Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.



This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).



*Analyst certification and important disclosures included in the full report.&nbsp;NOTE: investment decisions should not be based upon the content of this research summary.&nbsp;Proper due diligence is required before making any investment decision.&nbsp;

Sierra Metals (SMT:CA) - Gaining Firmer Traction; Challenges Remain

Industrial Metals &amp; Mining

Natural Resources

Sierra Metals

SMT:CA

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 Friday, March 31, 2023



MAIA is a targeted therapy, immuno-oncology company focused on the development and commercialization of potential first-in-class drugs with novel mechanisms of action that are intended to meaningfully improve and extend the lives of people with cancer. Our lead program is THIO, a potential first-in-class cancer telomere targeting agent in clinical development for the treatment of NSCLC patients with telomerase-positive cancer cells. For more information, please visit www.maiabiotech.com.



Robert LeBoyer, Vice President, Research Analyst, Life Sciences , Noble Capital Markets, Inc.



Refer to the full report for the price target, fundamental analysis, and rating.



Financial Results.&nbsp;Maia Biotechnology reported a 4Q22 loss of $5.1 million or $(0.47) per share and a FY2022 loss of $15.7 million or $(1.75) per share. The Phase 2 THIO-101 trial continues to enroll and treat patients at its clinical sites, with several clinical milestone ahead during FY2023. The company ended FY2022 with $10.9 million in cash.



THIO-101 Reached Expected Milestones During 4Q22.&nbsp;&nbsp;MAIA began patient treatment in the THIO-101 trial in NSCLC (non-small cell lung cancer) in July 2022. The first patients were treated in Australia, with European country approvals announced in December 2022. These approvals allow opening clinical sites in Hungary, Poland, and Bulgaria to support European approval. MAIA reported that two European patients have been begun treatment.



<h2 class="wp-block-heading"> <a href="https://www.channelchek.com/research-reports/25720">Get the Full Report</a></h2>







Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.



This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).



*Analyst certification and important disclosures included in the full report.&nbsp;NOTE: investment decisions should not be based upon the content of this research summary.&nbsp;Proper due diligence is required before making any investment decision.&nbsp;

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 Friday, March 31, 2023



MAIA is a targeted therapy, immuno-oncology company focused on the development and commercialization of potential first-in-class drugs with novel mechanisms of action that are intended to meaningfully improve and extend the lives of people with cancer. Our lead program is THIO, a potential first-in-class cancer telomere targeting agent in clinical development for the treatment of NSCLC patients with telomerase-positive cancer cells. For more information, please visit www.maiabiotech.com.



Robert LeBoyer, Vice President, Research Analyst, Life Sciences , Noble Capital Markets, Inc.



Refer to the full report for the price target, fundamental analysis, and rating.



Financial Results.&nbsp;Maia Biotechnology reported a 4Q22 loss of $5.1 million or $(0.47) per share and a FY2022 loss of $15.7 million or $(1.75) per share. The Phase 2 THIO-101 trial continues to enroll and treat patients at its clinical sites, with several clinical milestone ahead during FY2023. The company ended FY2022 with $10.9 million in cash.



THIO-101 Reached Expected Milestones During 4Q22.&nbsp;&nbsp;MAIA began patient treatment in the THIO-101 trial in NSCLC (non-small cell lung cancer) in July 2022. The first patients were treated in Australia, with European country approvals announced in December 2022. These approvals allow opening clinical sites in Hungary, Poland, and Bulgaria to support European approval. MAIA reported that two European patients have been begun treatment.



<h2 class="wp-block-heading"> <a href="https://www.channelchek.com/research-reports/25720">Get the Full Report</a></h2>







Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.



This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).



*Analyst certification and important disclosures included in the full report.&nbsp;NOTE: investment decisions should not be based upon the content of this research summary.&nbsp;Proper due diligence is required before making any investment decision.&nbsp;

Friday, March 31, 2023



MAIA is a targeted therapy, immuno-oncology company focused on the development and commercialization of potential first-in-class drugs with novel mechanisms of action that are intended to meaningfully improve and extend the lives of people with cancer. Our lead program is THIO, a potential first-in-class cancer telomere targeting agent in clinical development for the treatment of NSCLC patients with telomerase-positive cancer cells. For more information, please visit www.maiabiotech.com.



Robert LeBoyer, Vice President, Research Analyst, Life Sciences , Noble Capital Markets, Inc.



Refer to the full report for the price target, fundamental analysis, and rating.



Financial Results.&nbsp;Maia Biotechnology reported a 4Q22 loss of $5.1 million or $(0.47) per share and a FY2022 loss of $15.7 million or $(1.75) per share. The Phase 2 THIO-101 trial continues to enroll and treat patients at its clinical sites, with several clinical milestone ahead during FY2023. The company ended FY2022 with $10.9 million in cash.



THIO-101 Reached Expected Milestones During 4Q22.&nbsp;&nbsp;MAIA began patient treatment in the THIO-101 trial in NSCLC (non-small cell lung cancer) in July 2022. The first patients were treated in Australia, with European country approvals announced in December 2022. These approvals allow opening clinical sites in Hungary, Poland, and Bulgaria to support European approval. MAIA reported that two European patients have been begun treatment.



Get the Full Report







Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.



This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).



*Analyst certification and important disclosures included in the full report.&nbsp;NOTE: investment decisions should not be based upon the content of this research summary.&nbsp;Proper due diligence is required before making any investment decision.&nbsp;

MAIA Biotechnology (MAIA) - Clinical Progress Continues With 4Q22 Report

Health

Immunology

MAIA

MAIA Biotechnology

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 Friday, March 31, 2023



Axcella is a clinical-stage biotechnology company pioneering a new approach to treat complex diseases using compositions of endogenous metabolic modulators (EMMs). The company’s product candidates are comprised of EMMs and derivatives that are engineered in distinct combinations and ratios to restore cellular homeostasis in multiple key biological pathways and improve cellular energetic efficiency. Axcella’s pipeline includes lead therapeutic candidates in Phase 2 development for the treatment of Long COVID and non-alcoholic steatohepatitis (NASH), and the reduction in risk of overt hepatic encephalopathy (OHE) recurrence. The company’s unique model allows for the evaluation of its EMM compositions through non-IND clinical studies or IND clinical trials. For more information, please visit www.axcellatx.com.



Robert LeBoyer, Vice President, Research Analyst, Life Sciences , Noble Capital Markets, Inc.



Refer to the full report for the price target, fundamental analysis, and rating.



4Q22 Reported.&nbsp; Axcella Health reported a 4Q22 loss of $23.0 million or $(0.33) per share and a FY2022 loss of $81.2 million or $(1.49) per share. The 4Q loss included restructuring and impairment charges of $4.2 million. Since the restructuring, Axcella has made significant progress transforming AXA1125 from Phase 2a data into an approved IND for a Phase 2b/3 clinical trial.&nbsp; The company ended FY2023 with $17.1 million in cash.



Long COVID Trial Is “Phase 2b/3 Ready”.&nbsp;In February 2023, Axcella announced the FDA accepted its IND for a Phase 2b/3 pivotal study testing AXA1125 in Long COVID. The design of the study was based on the results of its Phase 2a placebo-controlled trial in Long COVID announced in August 2022. The Phase 2a data showed statistically significant results in mental and physical fatigue scores. Although an experimental biomarker endpoint in muscle recovery was not met, the FDA accepted the IND for a Phase 2b/3 trial.



<h2 class="wp-block-heading"> <a href="https://www.channelchek.com/research-reports/25719">Get the Full Report</a></h2>







Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.



This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).



*Analyst certification and important disclosures included in the full report.&nbsp;NOTE: investment decisions should not be based upon the content of this research summary.&nbsp;Proper due diligence is required before making any investment decision.&nbsp;

<figure class="wp-block-image"><img decoding="async" src="https://www.noblelinx.com/images/channelchek/research-teaser-header.jpg" alt=""/></figure>



 Friday, March 31, 2023



Axcella is a clinical-stage biotechnology company pioneering a new approach to treat complex diseases using compositions of endogenous metabolic modulators (EMMs). The company’s product candidates are comprised of EMMs and derivatives that are engineered in distinct combinations and ratios to restore cellular homeostasis in multiple key biological pathways and improve cellular energetic efficiency. Axcella’s pipeline includes lead therapeutic candidates in Phase 2 development for the treatment of Long COVID and non-alcoholic steatohepatitis (NASH), and the reduction in risk of overt hepatic encephalopathy (OHE) recurrence. The company’s unique model allows for the evaluation of its EMM compositions through non-IND clinical studies or IND clinical trials. For more information, please visit www.axcellatx.com.



Robert LeBoyer, Vice President, Research Analyst, Life Sciences , Noble Capital Markets, Inc.



Refer to the full report for the price target, fundamental analysis, and rating.



4Q22 Reported.&nbsp; Axcella Health reported a 4Q22 loss of $23.0 million or $(0.33) per share and a FY2022 loss of $81.2 million or $(1.49) per share. The 4Q loss included restructuring and impairment charges of $4.2 million. Since the restructuring, Axcella has made significant progress transforming AXA1125 from Phase 2a data into an approved IND for a Phase 2b/3 clinical trial.&nbsp; The company ended FY2023 with $17.1 million in cash.



Long COVID Trial Is “Phase 2b/3 Ready”.&nbsp;In February 2023, Axcella announced the FDA accepted its IND for a Phase 2b/3 pivotal study testing AXA1125 in Long COVID. The design of the study was based on the results of its Phase 2a placebo-controlled trial in Long COVID announced in August 2022. The Phase 2a data showed statistically significant results in mental and physical fatigue scores. Although an experimental biomarker endpoint in muscle recovery was not met, the FDA accepted the IND for a Phase 2b/3 trial.



<h2 class="wp-block-heading"> <a href="https://www.channelchek.com/research-reports/25719">Get the Full Report</a></h2>







Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.



This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).



*Analyst certification and important disclosures included in the full report.&nbsp;NOTE: investment decisions should not be based upon the content of this research summary.&nbsp;Proper due diligence is required before making any investment decision.&nbsp;

Friday, March 31, 2023



Axcella is a clinical-stage biotechnology company pioneering a new approach to treat complex diseases using compositions of endogenous metabolic modulators (EMMs). The company’s product candidates are comprised of EMMs and derivatives that are engineered in distinct combinations and ratios to restore cellular homeostasis in multiple key biological pathways and improve cellular energetic efficiency. Axcella’s pipeline includes lead therapeutic candidates in Phase 2 development for the treatment of Long COVID and non-alcoholic steatohepatitis (NASH), and the reduction in risk of overt hepatic encephalopathy (OHE) recurrence. The company’s unique model allows for the evaluation of its EMM compositions through non-IND clinical studies or IND clinical trials. For more information, please visit www.axcellatx.com.



Robert LeBoyer, Vice President, Research Analyst, Life Sciences , Noble Capital Markets, Inc.



Refer to the full report for the price target, fundamental analysis, and rating.



4Q22 Reported.&nbsp; Axcella Health reported a 4Q22 loss of $23.0 million or $(0.33) per share and a FY2022 loss of $81.2 million or $(1.49) per share. The 4Q loss included restructuring and impairment charges of $4.2 million. Since the restructuring, Axcella has made significant progress transforming AXA1125 from Phase 2a data into an approved IND for a Phase 2b/3 clinical trial.&nbsp; The company ended FY2023 with $17.1 million in cash.



Long COVID Trial Is “Phase 2b/3 Ready”.&nbsp;In February 2023, Axcella announced the FDA accepted its IND for a Phase 2b/3 pivotal study testing AXA1125 in Long COVID. The design of the study was based on the results of its Phase 2a placebo-controlled trial in Long COVID announced in August 2022. The Phase 2a data showed statistically significant results in mental and physical fatigue scores. Although an experimental biomarker endpoint in muscle recovery was not met, the FDA accepted the IND for a Phase 2b/3 trial.



Get the Full Report







Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.



This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).



*Analyst certification and important disclosures included in the full report.&nbsp;NOTE: investment decisions should not be based upon the content of this research summary.&nbsp;Proper due diligence is required before making any investment decision.&nbsp;

Axcella Therapeutics (AXLA) - FY2022 Reported With AXA1125 "Phase 2b/3 Ready"

Axcella Therapeutics

AXLA

<figure class="wp-block-image aligncenter size-full"><img src="https://dashboard.channelchek.com/wp-content/uploads/2023/03/cc-news-cfa-evolution-663.jpg" alt="" class="wp-image-62142"/><figcaption class="wp-element-caption">Image Credit: WOCintech Chat (Flickr)</figcaption></figure>



<h2 class="wp-block-heading">CFA Exam is Evolving to Better Reflect Employee, Employer, and Candidate Needs</h2>







The CFA Institute is making the most significant changes to its program since first introduced back in 1963. All of the changes are designed to better serve employers, candidates, and charterholders. The designation is considered the gold standard in the investment profession, so modifying the program must have involved much thought and debate. Six additions will be rolled out for those beginning the journey toward a CFA this year. The end result will be expanded eligibility, hands-on learning, a more focused curriculum, additional practice available, the ability to specialize, and recognition at every passed level.







<h3 class="wp-block-heading">What is a Chartered Financial Analyst?</h3>



A Chartered Financial Analyst (CFA) is a professional designation awarded to financial analysts who have passed a rigorous set of exams administered by the CFA Institute. The CFA program is a globally recognized, graduate-level curriculum that covers a range of investment topics, including financial analysis, portfolio management, and ethical and professional standards.



To become a CFA charterholder, candidates must pass three levels of exams, each of which are administered once a year. In addition to passing the exams, candidates must also meet work experience or school requirements.







<h3 class="wp-block-heading">Eligibility</h3>



The institute is selective in who can be a candidate. In the past, those with a degree and working in the business, needed to be sponsored by two people; first, a current CFA member, and the second the prospective candidate's supervisor. For students, the requirement was that they be in their last year of study and be sponsored by a professor in lieu of a supervisor.



The policy that had been in place is that students with just one year remaining in their studies may seek CFA candidacy. The purpose of the new policy, according to Margeret Franklin CFA, President and CEO of the CFA Institute, is to “provide students with the opportunity to Level 1 of the CFA program as a clear signal to employers that they are serious about a career in the investment industry by getting an early start in the program.” This is the first of the revisions in the program and has been in place since November 2022.







<h3 class="wp-block-heading">Job Ready Skills</h3>



This new feature recognizes there is a difference between textbook understanding and work. The upcoming study and test material is designed for charterholders to be able to add value much earlier to their employer by imparting practical skills. A practical skills module will be added beginning with those scheduled for the February 2024 Level 1 exam. Level II candidates taking the test&nbsp; in May 2024 will also be tested on this new material. Level III candidates will see this material in 2025.



The impetus for this addition, according to the CFA Institute’s website, is it, “allows us to meet the expressed needs of student candidates, providing them with the opportunity to prepare for internships and investment careers, while also addressing industry demand for well-trained, ethical professionals.”







<figure class="wp-block-image aligncenter size-large is-resized"><a href="https://noblecon19.com/"><img src="https://dashboard.channelchek.com/wp-content/uploads/2023/03/new-cc-nc19-banner-1-1024x129.jpg" alt="" class="wp-image-61768" width="866" height="108"/></a></figure>







<h3 class="wp-block-heading">Expanded Study Material</h3>



Candidates are told they can greatly increase their chances of success taking the exam if they correctly answer 1,000 practice question during study, and score at least 70% on a mock exam. The Institute has added as an extra (not part of the basic study package) three new elements for preparation. &nbsp;



To increase the percentage of successful candidates, the CFA Institute now offers a Level I Practice Pack. It includes 1,000 more practice questions and six additional mock exams to go with the study materials that is standard with registration.



The add-on also provides six additional, exam-quality mock exams. The questions are prepared by the same team that create the exams each year.







<h3 class="wp-block-heading">More Focused</h3>



The CFA has branded itself with the promise that 300 hours of study per level is what is needed for success. They recognize that most candidates put in much more time, and the success rate for this tough series of exams is low. The Institute has streamlined study to make more efficient its Level I material beginning with those sitting for the Level I exam in 2024.



To be more efficient, the Institute presumes Level I candidates have already mastered many introductory financial concepts as part of their university studies or career role. To avoid duplication and to streamline Level I curriculum content, they have moved some of this content. It is available separately as reference material for registered candidates.



The content that has been moved to “Pre-Read” incudes topics like the time-value of money, basic statistics, microeconomics, and introduction to company accounts.







<h3 class="wp-block-heading">Choose Your Specialty</h3>



Starting in 2025, candidates will be able to choose one of three specialty paths to be tested at Level III. The reason for the addition is the CFA curriculum has always prepared candidates for investment and finance buy-side roles. This choice allows the CFA credential to grow and develop to meet the needs of a broader group of individuals and employers.



The CFA traditional path has been to prepare the candidate for a portfolio management role. This traditional path is still included. The Institute is also adding concentrations in private wealth management, and private markets. There will only be one credential, the Chartered Financial Analyst, but three areas of specialty.







<h3 class="wp-block-heading">Recognition at Every Level</h3>



While the goal of every candidate is to earn a full-fledged CFA designation, each level is a significant achievement. Now, CFA Institute awarded digital badges will recognize success at the first two levels.



The digital badges, to be used on social media when rolled out later in 2023 will be accompanied by marketing and awareness-building with employers, to improve the visibility and value placed on progress through the CFA program. The goal is for candidates to be distinguished in the market, have one-click social sharing, with instant verification to employers and colleagues to boost credibility and solidify a candidates’ accomplishment.



Overall the change, is to signal to the market that completing Levels I and II are substantial achievements, with tangible recognition of a candidate's commitment to the industry through their learned skills and experience, professionalism and ethical practices.







<h3 class="wp-block-heading">Take Away</h3>



The world investment world is changing, and the CFA Institute is responding in order to better serve those that benefit from this prestigious designation. Candidates will now have more choices, more study material available, and the ability to take credit for their rigorous studies beginning after passing Level I.



<a href="mailto:phoffman@channelchek.com">Paul Hoffman</a>



Managing Editor, Channelchek











Sources



<a href="https://300hours.com/cfa-requirements/#:~:text=The%20CFA%20Institute%20is%20the,the%20other%20your%20current%20supervisor.">https://300hours.com/cfa-requirements/#:~:text=The%20CFA%20Institute%20is%20the,the%20other%20your%20current%20supervisor.</a>



<a href="https://players.brightcove.net/pages/v1/index.html?accountId=1183701590001&amp;playerId=rkcysOOFe&amp;videoId=6322622086112&amp;autoplay=true">CFA® Program The Next Evolution (brightcove.net)</a>

<div class="wp-block-image">
<figure class="aligncenter size-full"><img decoding="async" loading="lazy" width="663" height="443" src="https://dashboard.channelchek.com/wp-content/uploads/2023/03/cc-news-cfa-evolution-663.jpg" alt="" class="wp-image-62142" srcset="https://dashboard.channelchek.com/wp-content/uploads/2023/03/cc-news-cfa-evolution-663.jpg 663w, https://dashboard.channelchek.com/wp-content/uploads/2023/03/cc-news-cfa-evolution-663-300x200.jpg 300w" sizes="(max-width: 663px) 100vw, 663px" /><figcaption class="wp-element-caption">Image Credit: WOCintech Chat (Flickr)</figcaption></figure></div>


<h2 class="wp-block-heading">CFA Exam is Evolving to Better Reflect Employee, Employer, and Candidate Needs</h2>







The CFA Institute is making the most significant changes to its program since first introduced back in 1963. All of the changes are designed to better serve employers, candidates, and charterholders. The designation is considered the gold standard in the investment profession, so modifying the program must have involved much thought and debate. Six additions will be rolled out for those beginning the journey toward a CFA this year. The end result will be expanded eligibility, hands-on learning, a more focused curriculum, additional practice available, the ability to specialize, and recognition at every passed level.







<h3 class="wp-block-heading">What is a Chartered Financial Analyst?</h3>



A Chartered Financial Analyst (CFA) is a professional designation awarded to financial analysts who have passed a rigorous set of exams administered by the CFA Institute. The CFA program is a globally recognized, graduate-level curriculum that covers a range of investment topics, including financial analysis, portfolio management, and ethical and professional standards.



To become a CFA charterholder, candidates must pass three levels of exams, each of which are administered once a year. In addition to passing the exams, candidates must also meet work experience or school requirements.







<h3 class="wp-block-heading">Eligibility</h3>



The institute is selective in who can be a candidate. In the past, those with a degree and working in the business, needed to be sponsored by two people; first, a current CFA member, and the second the prospective candidate&#8217;s supervisor. For students, the requirement was that they be in their last year of study and be sponsored by a professor in lieu of a supervisor.



The policy that had been in place is that students with just one year remaining in their studies may seek CFA candidacy. The purpose of the new policy, according to Margeret Franklin CFA, President and CEO of the CFA Institute, is to “provide students with the opportunity to Level 1 of the CFA program as a clear signal to employers that they are serious about a career in the investment industry by getting an early start in the program.” This is the first of the revisions in the program and has been in place since November 2022.







<h3 class="wp-block-heading">Job Ready Skills</h3>



This new feature recognizes there is a difference between textbook understanding and work. The upcoming study and test material is designed for charterholders to be able to add value much earlier to their employer by imparting practical skills. A practical skills module will be added beginning with those scheduled for the February 2024 Level 1 exam. Level II candidates taking the test&nbsp; in May 2024 will also be tested on this new material. Level III candidates will see this material in 2025.



The impetus for this addition, according to the CFA Institute’s website, is it, “allows us to meet the expressed needs of student candidates, providing them with the opportunity to prepare for internships and investment careers, while also addressing industry demand for well-trained, ethical professionals.”






<div class="wp-block-image">
<figure class="aligncenter size-large is-resized"><a href="https://noblecon19.com/"><img decoding="async" loading="lazy" src="https://dashboard.channelchek.com/wp-content/uploads/2023/03/new-cc-nc19-banner-1-1024x129.jpg" alt="" class="wp-image-61768" width="866" height="108" srcset="https://dashboard.channelchek.com/wp-content/uploads/2023/03/new-cc-nc19-banner-1-1024x129.jpg 1024w, https://dashboard.channelchek.com/wp-content/uploads/2023/03/new-cc-nc19-banner-1-300x38.jpg 300w, https://dashboard.channelchek.com/wp-content/uploads/2023/03/new-cc-nc19-banner-1-768x97.jpg 768w, https://dashboard.channelchek.com/wp-content/uploads/2023/03/new-cc-nc19-banner-1-1536x193.jpg 1536w, https://dashboard.channelchek.com/wp-content/uploads/2023/03/new-cc-nc19-banner-1.jpg 1756w" sizes="(max-width: 866px) 100vw, 866px" /></a></figure></div>






<h3 class="wp-block-heading">Expanded Study Material</h3>



Candidates are told they can greatly increase their chances of success taking the exam if they correctly answer 1,000 practice question during study, and score at least 70% on a mock exam. The Institute has added as an extra (not part of the basic study package) three new elements for preparation. &nbsp;



To increase the percentage of successful candidates, the CFA Institute now offers a Level I Practice Pack. It includes 1,000 more practice questions and six additional mock exams to go with the study materials that is standard with registration.



The add-on also provides six additional, exam-quality mock exams. The questions are prepared by the same team that create the exams each year.







<h3 class="wp-block-heading">More Focused</h3>



The CFA has branded itself with the promise that 300 hours of study per level is what is needed for success. They recognize that most candidates put in much more time, and the success rate for this tough series of exams is low. The Institute has streamlined study to make more efficient its Level I material beginning with those sitting for the Level I exam in 2024.



To be more efficient, the Institute presumes Level I candidates have already mastered many introductory financial concepts as part of their university studies or career role. To avoid duplication and to streamline Level I curriculum content, they have moved some of this content. It is available separately as reference material for registered candidates.



The content that has been moved to “Pre-Read” incudes topics like the time-value of money, basic statistics, microeconomics, and introduction to company accounts.







<h3 class="wp-block-heading">Choose Your Specialty</h3>



Starting in 2025, candidates will be able to choose one of three specialty paths to be tested at Level III. The reason for the addition is the CFA curriculum has always prepared candidates for investment and finance buy-side roles. This choice allows the CFA credential to grow and develop to meet the needs of a broader group of individuals and employers.



The CFA traditional path has been to prepare the candidate for a portfolio management role. This traditional path is still included. The Institute is also adding concentrations in private wealth management, and private markets. There will only be one credential, the Chartered Financial Analyst, but three areas of specialty.







<h3 class="wp-block-heading">Recognition at Every Level</h3>



While the goal of every candidate is to earn a full-fledged CFA designation, each level is a significant achievement. Now, CFA Institute awarded digital badges will recognize success at the first two levels.



The digital badges, to be used on social media when rolled out later in 2023 will be accompanied by marketing and awareness-building with employers, to improve the visibility and value placed on progress through the CFA program. The goal is for candidates to be distinguished in the market, have one-click social sharing, with instant verification to employers and colleagues to boost credibility and solidify a candidates’ accomplishment.



Overall the change, is to signal to the market that completing Levels I and II are substantial achievements, with tangible recognition of a candidate&#8217;s commitment to the industry through their learned skills and experience, professionalism and ethical practices.







<h3 class="wp-block-heading">Take Away</h3>



The world investment world is changing, and the CFA Institute is responding in order to better serve those that benefit from this prestigious designation. Candidates will now have more choices, more study material available, and the ability to take credit for their rigorous studies beginning after passing Level I.



<a href="mailto:phoffman@channelchek.com">Paul Hoffman</a>



Managing Editor, Channelchek











Sources



<a href="https://300hours.com/cfa-requirements/#:~:text=The%20CFA%20Institute%20is%20the,the%20other%20your%20current%20supervisor.">https://300hours.com/cfa-requirements/#:~:text=The%20CFA%20Institute%20is%20the,the%20other%20your%20current%20supervisor.</a>



<a href="https://players.brightcove.net/pages/v1/index.html?accountId=1183701590001&amp;playerId=rkcysOOFe&amp;videoId=6322622086112&amp;autoplay=true">CFA® Program The Next Evolution (brightcove.net)</a>

Image Credit: WOCintech Chat (Flickr)


CFA Exam is Evolving to Better Reflect Employee, Employer, and Candidate Needs







The CFA Institute is making the most significant changes to its program since first introduced back in 1963. All of the changes are designed to better serve employers, candidates, and charterholders. The designation is considered the gold standard in the investment profession, so modifying the program must have involved much thought and debate. Six additions will be rolled out for those beginning the journey toward a CFA this year. The end result will be expanded eligibility, hands-on learning, a more focused curriculum, additional practice available, the ability to specialize, and recognition at every passed level.







What is a Chartered Financial Analyst?



A Chartered Financial Analyst (CFA) is a professional designation awarded to financial analysts who have passed a rigorous set of exams administered by the CFA Institute. The CFA program is a globally recognized, graduate-level curriculum that covers a range of investment topics, including financial analysis, portfolio management, and ethical and professional standards.



To become a CFA charterholder, candidates must pass three levels of exams, each of which are administered once a year. In addition to passing the exams, candidates must also meet work experience or school requirements.







Eligibility



The institute is selective in who can be a candidate. In the past, those with a degree and working in the business, needed to be sponsored by two people; first, a current CFA member, and the second the prospective candidate&#8217;s supervisor. For students, the requirement was that they be in their last year of study and be sponsored by a professor in lieu of a supervisor.



The policy that had been in place is that students with just one year remaining in their studies may seek CFA candidacy. The purpose of the new policy, according to Margeret Franklin CFA, President and CEO of the CFA Institute, is to “provide students with the opportunity to Level 1 of the CFA program as a clear signal to employers that they are serious about a career in the investment industry by getting an early start in the program.” This is the first of the revisions in the program and has been in place since November 2022.







Job Ready Skills



This new feature recognizes there is a difference between textbook understanding and work. The upcoming study and test material is designed for charterholders to be able to add value much earlier to their employer by imparting practical skills. A practical skills module will be added beginning with those scheduled for the February 2024 Level 1 exam. Level II candidates taking the test&nbsp; in May 2024 will also be tested on this new material. Level III candidates will see this material in 2025.



The impetus for this addition, according to the CFA Institute’s website, is it, “allows us to meet the expressed needs of student candidates, providing them with the opportunity to prepare for internships and investment careers, while also addressing industry demand for well-trained, ethical professionals.”














Expanded Study Material



Candidates are told they can greatly increase their chances of success taking the exam if they correctly answer 1,000 practice question during study, and score at least 70% on a mock exam. The Institute has added as an extra (not part of the basic study package) three new elements for preparation. &nbsp;



To increase the percentage of successful candidates, the CFA Institute now offers a Level I Practice Pack. It includes 1,000 more practice questions and six additional mock exams to go with the study materials that is standard with registration.



The add-on also provides six additional, exam-quality mock exams. The questions are prepared by the same team that create the exams each year.







More Focused



The CFA has branded itself with the promise that 300 hours of study per level is what is needed for success. They recognize that most candidates put in much more time, and the success rate for this tough series of exams is low. The Institute has streamlined study to make more efficient its Level I material beginning with those sitting for the Level I exam in 2024.



To be more efficient, the Institute presumes Level I candidates have already mastered many introductory financial concepts as part of their university studies or career role. To avoid duplication and to streamline Level I curriculum content, they have moved some of this content. It is available separately as reference material for registered candidates.



The content that has been moved to “Pre-Read” incudes topics like the time-value of money, basic statistics, microeconomics, and introduction to company accounts.







Choose Your Specialty



Starting in 2025, candidates will be able to choose one of three specialty paths to be tested at Level III. The reason for the addition is the CFA curriculum has always prepared candidates for investment and finance buy-side roles. This choice allows the CFA credential to grow and develop to meet the needs of a broader group of individuals and employers.



The CFA traditional path has been to prepare the candidate for a portfolio management role. This traditional path is still included. The Institute is also adding concentrations in private wealth management, and private markets. There will only be one credential, the Chartered Financial Analyst, but three areas of specialty.







Recognition at Every Level



While the goal of every candidate is to earn a full-fledged CFA designation, each level is a significant achievement. Now, CFA Institute awarded digital badges will recognize success at the first two levels.



The digital badges, to be used on social media when rolled out later in 2023 will be accompanied by marketing and awareness-building with employers, to improve the visibility and value placed on progress through the CFA program. The goal is for candidates to be distinguished in the market, have one-click social sharing, with instant verification to employers and colleagues to boost credibility and solidify a candidates’ accomplishment.



Overall the change, is to signal to the market that completing Levels I and II are substantial achievements, with tangible recognition of a candidate&#8217;s commitment to the industry through their learned skills and experience, professionalism and ethical practices.







Take Away



The world investment world is changing, and the CFA Institute is responding in order to better serve those that benefit from this prestigious designation. Candidates will now have more choices, more study material available, and the ability to take credit for their rigorous studies beginning after passing Level I.



Paul Hoffman



Managing Editor, Channelchek











Sources



https://300hours.com/cfa-requirements/#:~:text=The%20CFA%20Institute%20is%20the,the%20other%20your%20current%20supervisor.



CFA® Program The Next Evolution (brightcove.net)

The CFA Institute Makes First Major Change to Program Since Inception

<figure class="wp-block-image aligncenter size-large"><img src="https://dashboard.channelchek.com/wp-content/uploads/2023/03/cc-news-ira-money-663-1024x603.jpg" alt="" class="wp-image-62162"/><figcaption class="wp-element-caption">Image Credit: Marco Verch (Flickr)</figcaption></figure>



<h2 class="wp-block-heading">With New Money Deposited Into Their IRA Accounts, Savers Are Faced With an Age-Old Question</h2>







With days until the IRS is expecting our tax filings, IRA season is in full swing. With this comes contributions to IRA accounts and individual investment decisions. This year economic uncertainty is a regular topic of conversation; the question has come up in both personal and professional conversations whether or not this money should be invested immediately or wait for a clearer sign of economic and market direction. I asked three financial professionals, each of whose opinion I respect. Did I get three different answers? You be the judge.







<a href="https://www.creighton.edu/campus-directory/johnson-robert-r">Robert R. Johnson, PhD, CFA, CAIA,</a> is the former deputy CEO of the CFA Institute and was President of the College of Financial Services. Currently Dr. Johnson is a Professor of Finance, Heider College of Business at Creighton University. His credentials also include co-author of The Tools and Techniques of Investment Planning, Strategic Value Investing, Investment Banking for Dummies, and others. Overall, his response argues for not shying away from what traditionally has been better-performing investments over time.



He highlighted that investing for as long as possible should involve not waiting until a week before the tax date and making a maximum deposit. If your money is sitting in cash rather than invested, there is a cash performance drag as cash including money markets, more often than not, is a worse performer than equities.



The finance professor pointed out the statistical truth that holding significant amounts of cash ensures that one will suffer significant opportunity losses. Johnson says, “when it comes to building wealth, one can either sleep well or eat well.” He explains, “investing conservatively allows one to sleep well, as there isn’t much volatility. But, it doesn’t allow you to eat well in the long run because your account won’t grow much.”



He backs this up with data compiled by Ibbotson Associates data on large capitalization stocks (think S&amp;P 500), which returned 10.1% compounded annually from 1926-2022. Johnson points out that during the same years, government bonds returned 5.2% annually and T-bills returned 3.2% annually. He explained, “to put it in perspective, $1.00 in invested in the S&amp;P 500 at the start of 1926 would have grown to $11,307.59 (with all dividends reinvested).” He then compared, “that same dollar invested in T-bills would have grown to $21.23.”



What to invest in is certainly an important decision, Dr. Johnson explained, “The surest way to build wealth over long time horizons is to invest in a diversified portfolio of common stocks. Someone with a long time horizon should not have exposure to money market instruments, yet many investors do because they fear the volatility of the stock market.”







<a href="https://noblecapitalmarkets.com/home">Dennie Ceelen</a>, CFP has been part of the Noble Capital Markets Private Client Group in Boca Raton, FL since 2002. He provides wealth management services to NOBLE Clients. He’s also a committee member of The Society of Financial Service Professionals.



When asked if one should invest or wait, he apologetically answered, “it depends.”



Mr. Ceelen explains that when it comes to investments, one size does not fit all. A nineteen-year-old with little or no table income and only an extra $1,000 to put away may be better off investing in education or a car to get them to work. This idea of no IRA deposit at all could even be true of a couple saving to buy their first home. If putting the maximum away for retirement, 40 years away, prevents the purchase of a home in the next year or two, it may not make sense to fund an IRA at all for them this tax year.



For those that are regularly funding an IRA he said, “if your timeline is 30-years until you retire, invest immediately.” Ceelen explained, the general rule of thumb is that the markets over time will go up, the market will be higher in 30 years,” is the expectation based on past experience.



While talking about those with far less than 30-years until retirement, he pulled out a simple spreadsheet that shows that markets don’t always go up. A screenshot of this spreadsheet of major index performance from the close of business the last day of 2021 until March 29, 2023 is provided below.







<figure class="wp-block-image aligncenter size-full is-resized"><img src="https://dashboard.channelchek.com/wp-content/uploads/2023/03/20230331-article2-1.jpg" alt="" class="wp-image-62164" width="848" height="249"/><figcaption class="wp-element-caption">After 15-months of market downturn, history suggests the losses are temporary</figcaption></figure>







Dennie Ceelen used the spreadsheet to show why he said “it depends.” He said, “if you are retiring in the next two years, make the contribution, take advantage of the tax break but let it sit in cash, or take advantage of the high rates on money markets/short term CD’s.”



“There is no reason to partake in this volatile market if you are that close to retirement,” he cautioned for those close to retirement. Making decisions like this is why many hire financial professionals. 







<a href="https://wrightfinancialgroup.com/david-m-wright">David M. Wright, CLU, ChFC,</a> president and owner of Wright Financial Group, with offices in Ohio and Florida is a 36-year veteran in the financial services industry. He hosts a local radio show called Retirement Income Source with David Wright, and is a frequent guest on TD Ameritrade Insights. One of Mr. Wright’s focuses is on providing workable retirement solutions for those in or close to retirement. His upcoming book, Bonfire of the Sanities: Reset Your Retirement Portfolio for Today’s Financial Lunacy, will be available later this year.



“How you invest your IRA for the 2022-23 tax season has been and always will be a function of your time horizon and propensity for risk,” Wright was quick to point out.  







<figure class="wp-block-image aligncenter size-large"><a href="https://noblecon19.com/"><img src="https://dashboard.channelchek.com/wp-content/uploads/2023/03/new-cc-nc19-banner-1-1024x129.jpg" alt="" class="wp-image-61768"/></a></figure>



<a href="https://noblecon19.com/"></a>



Wright’s explanation as to whether the timing is right also included what he believes would be the more suitable investment. He offered, “for individuals who are more than 10-15 years away from needing to access their cash, choosing high quality, dividend-paying companies with good cash flow are probably the best bet right now, given the economic tightening that will certainly impact more highly leveraged companies that have to refinance their debt in the future.” He cautioned that those in the age category above, &nbsp;“growth stocks, in particular those that pay very small dividends will probably be the most impacted by the Federal Reserve's mandate to fight inflation by raising rates.”



For those even closer to retirement, five to ten years, he said that a dollar-cost averaging strategy to more slowly enter the market is more prudent,  “you are systematically buying into the market without worrying about the purchase price of the investment itself," Wright said.   



“For those individuals that are within five years or less of retirement, pushing the pause button and purchasing short duration treasuries probably makes the most sense right now due to the higher yields offered courtesy of the Federal Reserve - with 3 month yields 4.8% at the moment,” David Wright explained for those with less time before needing the account for living expenses.



Wright added one more note of advice for the current tax season,  “with the mixed signals of financial news from bank failures to reducing inflation, it probably makes sense to be more cautious right now until the financial storms subside.”







<h3 class="wp-block-heading">Take Away</h3>



There are many right ways to do anything. Multiply that by the different stages of life, and then there are many more. If you are making a last-minute 2022 tax year IRA deposit, hopefully, there are words of wisdom among these three professionals that have been useful. 



Overall it seems time in the market is expected to outperform time out of the market, with the caveat, over the short term, anything can happen.



<a href="mailto:phoffman@channelchek.com">Paul Hoffman</a>



Managing Editor, Channelchek

<div class="wp-block-image">
<figure class="aligncenter size-large"><img decoding="async" loading="lazy" width="1024" height="603" src="https://dashboard.channelchek.com/wp-content/uploads/2023/03/cc-news-ira-money-663-1024x603.jpg" alt="" class="wp-image-62162" srcset="https://dashboard.channelchek.com/wp-content/uploads/2023/03/cc-news-ira-money-663-1024x603.jpg 1024w, https://dashboard.channelchek.com/wp-content/uploads/2023/03/cc-news-ira-money-663-300x177.jpg 300w, https://dashboard.channelchek.com/wp-content/uploads/2023/03/cc-news-ira-money-663-768x452.jpg 768w, https://dashboard.channelchek.com/wp-content/uploads/2023/03/cc-news-ira-money-663.jpg 1326w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Image Credit: Marco Verch (Flickr)</figcaption></figure></div>


<h2 class="wp-block-heading">With New Money Deposited Into Their IRA Accounts, Savers Are Faced With an Age-Old Question</h2>







With days until the IRS is expecting our tax filings, IRA season is in full swing. With this comes contributions to IRA accounts and individual investment decisions. This year economic uncertainty is a regular topic of conversation; the question has come up in both personal and professional conversations whether or not this money should be invested immediately or wait for a clearer sign of economic and market direction. I asked three financial professionals, each of whose opinion I respect. Did I get three different answers? You be the judge.







<a href="https://www.creighton.edu/campus-directory/johnson-robert-r">Robert R. Johnson, PhD, CFA, CAIA,</a> is the former deputy CEO of the CFA Institute and was President of the College of Financial Services. Currently Dr. Johnson is a Professor of Finance, Heider College of Business at Creighton University. His credentials also include co-author of The Tools and Techniques of Investment Planning, Strategic Value Investing, Investment Banking for Dummies, and others. Overall, his response argues for not shying away from what traditionally has been better-performing investments over time.



He highlighted that investing for as long as possible should involve not waiting until a week before the tax date and making a maximum deposit. If your money is sitting in cash rather than invested, there is a cash performance drag as cash including money markets, more often than not, is a worse performer than equities.



The finance professor pointed out the statistical truth that holding significant amounts of cash ensures that one will suffer significant opportunity losses. Johnson says, “when it comes to building wealth, one can either sleep well or eat well.” He explains, “investing conservatively allows one to sleep well, as there isn’t much volatility. But, it doesn’t allow you to eat well in the long run because your account won’t grow much.”



He backs this up with data compiled by Ibbotson Associates data on large capitalization stocks (think S&amp;P 500), which returned 10.1% compounded annually from 1926-2022. Johnson points out that during the same years, government bonds returned 5.2% annually and T-bills returned 3.2% annually. He explained, “to put it in perspective, $1.00 in invested in the S&amp;P 500 at the start of 1926 would have grown to $11,307.59 (with all dividends reinvested).” He then compared, “that same dollar invested in T-bills would have grown to $21.23.”



What to invest in is certainly an important decision, Dr. Johnson explained, “The surest way to build wealth over long time horizons is to invest in a diversified portfolio of common stocks. Someone with a long time horizon should not have exposure to money market instruments, yet many investors do because they fear the volatility of the stock market.”







<a href="https://noblecapitalmarkets.com/home">Dennie Ceelen</a>, CFP has been part of the Noble Capital Markets Private Client Group in Boca Raton, FL since 2002. He provides wealth management services to NOBLE Clients. He’s also a committee member of The Society of Financial Service Professionals.



When asked if one should invest or wait, he apologetically answered, “it depends.”



Mr. Ceelen explains that when it comes to investments, one size does not fit all. A nineteen-year-old with little or no table income and only an extra $1,000 to put away may be better off investing in education or a car to get them to work. This idea of no IRA deposit at all could even be true of a couple saving to buy their first home. If putting the maximum away for retirement, 40 years away, prevents the purchase of a home in the next year or two, it may not make sense to fund an IRA at all for them this tax year.



For those that are regularly funding an IRA he said, “if your timeline is 30-years until you retire, invest immediately.” Ceelen explained, the general rule of thumb is that the markets over time will go up, the market will be higher in 30 years,” is the expectation based on past experience.



While talking about those with far less than 30-years until retirement, he pulled out a simple spreadsheet that shows that markets don’t always go up. A screenshot of this spreadsheet of major index performance from the close of business the last day of 2021 until March 29, 2023 is provided below.






<div class="wp-block-image">
<figure class="aligncenter size-full is-resized"><img decoding="async" loading="lazy" src="https://dashboard.channelchek.com/wp-content/uploads/2023/03/20230331-article2-1.jpg" alt="" class="wp-image-62164" width="848" height="249" srcset="https://dashboard.channelchek.com/wp-content/uploads/2023/03/20230331-article2-1.jpg 624w, https://dashboard.channelchek.com/wp-content/uploads/2023/03/20230331-article2-1-300x88.jpg 300w" sizes="(max-width: 848px) 100vw, 848px" /><figcaption class="wp-element-caption">After 15-months of market downturn, history suggests the losses are temporary</figcaption></figure></div>






Dennie Ceelen used the spreadsheet to show why he said “it depends.” He said, “if you are retiring in the next two years, make the contribution, take advantage of the tax break but let it sit in cash, or take advantage of the high rates on money markets/short term CD’s.”



“There is no reason to partake in this volatile market if you are that close to retirement,” he cautioned for those close to retirement. Making decisions like this is why many hire financial professionals. 







<a href="https://wrightfinancialgroup.com/david-m-wright">David M. Wright, CLU, ChFC,</a> president and owner of Wright Financial Group, with offices in Ohio and Florida is a 36-year veteran in the financial services industry. He hosts a local radio show called Retirement Income Source with David Wright, and is a frequent guest on TD Ameritrade Insights. One of Mr. Wright’s focuses is on providing workable retirement solutions for those in or close to retirement. His upcoming book, Bonfire of the Sanities: Reset Your Retirement Portfolio for Today’s Financial Lunacy, will be available later this year.



“How you invest your IRA for the 2022-23 tax season has been and always will be a function of your time horizon and propensity for risk,” Wright was quick to point out.  






<div class="wp-block-image">
<figure class="aligncenter size-large"><a href="https://noblecon19.com/"><img decoding="async" loading="lazy" width="1024" height="129" src="https://dashboard.channelchek.com/wp-content/uploads/2023/03/new-cc-nc19-banner-1-1024x129.jpg" alt="" class="wp-image-61768" srcset="https://dashboard.channelchek.com/wp-content/uploads/2023/03/new-cc-nc19-banner-1-1024x129.jpg 1024w, https://dashboard.channelchek.com/wp-content/uploads/2023/03/new-cc-nc19-banner-1-300x38.jpg 300w, https://dashboard.channelchek.com/wp-content/uploads/2023/03/new-cc-nc19-banner-1-768x97.jpg 768w, https://dashboard.channelchek.com/wp-content/uploads/2023/03/new-cc-nc19-banner-1-1536x193.jpg 1536w, https://dashboard.channelchek.com/wp-content/uploads/2023/03/new-cc-nc19-banner-1.jpg 1756w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure></div>


<a href="https://noblecon19.com/"></a>



Wright’s explanation as to whether the timing is right also included what he believes would be the more suitable investment. He offered, “for individuals who are more than 10-15 years away from needing to access their cash, choosing high quality, dividend-paying companies with good cash flow are probably the best bet right now, given the economic tightening that will certainly impact more highly leveraged companies that have to refinance their debt in the future.” He cautioned that those in the age category above, &nbsp;“growth stocks, in particular those that pay very small dividends will probably be the most impacted by the Federal Reserve&#8217;s mandate to fight inflation by raising rates.”



For those even closer to retirement, five to ten years, he said that a dollar-cost averaging strategy to more slowly enter the market is more prudent,  “you are systematically buying into the market without worrying about the purchase price of the investment itself,&#8221; Wright said.   



“For those individuals that are within five years or less of retirement, pushing the pause button and purchasing short duration treasuries probably makes the most sense right now due to the higher yields offered courtesy of the Federal Reserve &#8211; with 3 month yields 4.8% at the moment,” David Wright explained for those with less time before needing the account for living expenses.



Wright added one more note of advice for the current tax season,  “with the mixed signals of financial news from bank failures to reducing inflation, it probably makes sense to be more cautious right now until the financial storms subside.”







<h3 class="wp-block-heading">Take Away</h3>



There are many right ways to do anything. Multiply that by the different stages of life, and then there are many more. If you are making a last-minute 2022 tax year IRA deposit, hopefully, there are words of wisdom among these three professionals that have been useful. 



Overall it seems time in the market is expected to outperform time out of the market, with the caveat, over the short term, anything can happen.



<a href="mailto:phoffman@channelchek.com">Paul Hoffman</a>



Managing Editor, Channelchek

Image Credit: Marco Verch (Flickr)


With New Money Deposited Into Their IRA Accounts, Savers Are Faced With an Age-Old Question







With days until the IRS is expecting our tax filings, IRA season is in full swing. With this comes contributions to IRA accounts and individual investment decisions. This year economic uncertainty is a regular topic of conversation; the question has come up in both personal and professional conversations whether or not this money should be invested immediately or wait for a clearer sign of economic and market direction. I asked three financial professionals, each of whose opinion I respect. Did I get three different answers? You be the judge.







Robert R. Johnson, PhD, CFA, CAIA, is the former deputy CEO of the CFA Institute and was President of the College of Financial Services. Currently Dr. Johnson is a Professor of Finance, Heider College of Business at Creighton University. His credentials also include co-author of The Tools and Techniques of Investment Planning, Strategic Value Investing, Investment Banking for Dummies, and others. Overall, his response argues for not shying away from what traditionally has been better-performing investments over time.



He highlighted that investing for as long as possible should involve not waiting until a week before the tax date and making a maximum deposit. If your money is sitting in cash rather than invested, there is a cash performance drag as cash including money markets, more often than not, is a worse performer than equities.



The finance professor pointed out the statistical truth that holding significant amounts of cash ensures that one will suffer significant opportunity losses. Johnson says, “when it comes to building wealth, one can either sleep well or eat well.” He explains, “investing conservatively allows one to sleep well, as there isn’t much volatility. But, it doesn’t allow you to eat well in the long run because your account won’t grow much.”



He backs this up with data compiled by Ibbotson Associates data on large capitalization stocks (think S&amp;P 500), which returned 10.1% compounded annually from 1926-2022. Johnson points out that during the same years, government bonds returned 5.2% annually and T-bills returned 3.2% annually. He explained, “to put it in perspective, $1.00 in invested in the S&amp;P 500 at the start of 1926 would have grown to $11,307.59 (with all dividends reinvested).” He then compared, “that same dollar invested in T-bills would have grown to $21.23.”



What to invest in is certainly an important decision, Dr. Johnson explained, “The surest way to build wealth over long time horizons is to invest in a diversified portfolio of common stocks. Someone with a long time horizon should not have exposure to money market instruments, yet many investors do because they fear the volatility of the stock market.”







Dennie Ceelen, CFP has been part of the Noble Capital Markets Private Client Group in Boca Raton, FL since 2002. He provides wealth management services to NOBLE Clients. He’s also a committee member of The Society of Financial Service Professionals.



When asked if one should invest or wait, he apologetically answered, “it depends.”



Mr. Ceelen explains that when it comes to investments, one size does not fit all. A nineteen-year-old with little or no table income and only an extra $1,000 to put away may be better off investing in education or a car to get them to work. This idea of no IRA deposit at all could even be true of a couple saving to buy their first home. If putting the maximum away for retirement, 40 years away, prevents the purchase of a home in the next year or two, it may not make sense to fund an IRA at all for them this tax year.



For those that are regularly funding an IRA he said, “if your timeline is 30-years until you retire, invest immediately.” Ceelen explained, the general rule of thumb is that the markets over time will go up, the market will be higher in 30 years,” is the expectation based on past experience.



While talking about those with far less than 30-years until retirement, he pulled out a simple spreadsheet that shows that markets don’t always go up. A screenshot of this spreadsheet of major index performance from the close of business the last day of 2021 until March 29, 2023 is provided below.







After 15-months of market downturn, history suggests the losses are temporary






Dennie Ceelen used the spreadsheet to show why he said “it depends.” He said, “if you are retiring in the next two years, make the contribution, take advantage of the tax break but let it sit in cash, or take advantage of the high rates on money markets/short term CD’s.”



“There is no reason to partake in this volatile market if you are that close to retirement,” he cautioned for those close to retirement. Making decisions like this is why many hire financial professionals. 







David M. Wright, CLU, ChFC, president and owner of Wright Financial Group, with offices in Ohio and Florida is a 36-year veteran in the financial services industry. He hosts a local radio show called Retirement Income Source with David Wright, and is a frequent guest on TD Ameritrade Insights. One of Mr. Wright’s focuses is on providing workable retirement solutions for those in or close to retirement. His upcoming book, Bonfire of the Sanities: Reset Your Retirement Portfolio for Today’s Financial Lunacy, will be available later this year.



“How you invest your IRA for the 2022-23 tax season has been and always will be a function of your time horizon and propensity for risk,” Wright was quick to point out.  














Wright’s explanation as to whether the timing is right also included what he believes would be the more suitable investment. He offered, “for individuals who are more than 10-15 years away from needing to access their cash, choosing high quality, dividend-paying companies with good cash flow are probably the best bet right now, given the economic tightening that will certainly impact more highly leveraged companies that have to refinance their debt in the future.” He cautioned that those in the age category above, &nbsp;“growth stocks, in particular those that pay very small dividends will probably be the most impacted by the Federal Reserve&#8217;s mandate to fight inflation by raising rates.”



For those even closer to retirement, five to ten years, he said that a dollar-cost averaging strategy to more slowly enter the market is more prudent,  “you are systematically buying into the market without worrying about the purchase price of the investment itself,&#8221; Wright said.   



“For those individuals that are within five years or less of retirement, pushing the pause button and purchasing short duration treasuries probably makes the most sense right now due to the higher yields offered courtesy of the Federal Reserve &#8211; with 3 month yields 4.8% at the moment,” David Wright explained for those with less time before needing the account for living expenses.



Wright added one more note of advice for the current tax season,  “with the mixed signals of financial news from bank failures to reducing inflation, it probably makes sense to be more cautious right now until the financial storms subside.”







Take Away



There are many right ways to do anything. Multiply that by the different stages of life, and then there are many more. If you are making a last-minute 2022 tax year IRA deposit, hopefully, there are words of wisdom among these three professionals that have been useful. 



Overall it seems time in the market is expected to outperform time out of the market, with the caveat, over the short term, anything can happen.



Paul Hoffman



Managing Editor, Channelchek

Does it Make Sense to Invest New IRA Deposits in a Confusing Market?

Quotes

Taxes

<figure class="wp-block-image"><img src="https://www.noblelinx.com/images/channelchek/research-teaser-header.jpg" alt=""/></figure>



 Thursday, March 30, 2023



Schwazze (OTCQX:SHWZ, NEO:SHWZ) is building a premier vertically integrated regional cannabis company with assets in Colorado and New Mexico and will continue to take its operating system to other states where it can develop a differentiated regional leadership position. Schwazze is the parent company of a portfolio of leading cannabis businesses and brands spanning seed to sale. The Company is committed to unlocking the full potential of the cannabis plant to improve the human condition. Schwazze is anchored by a high-performance culture that combines customer-centric thinking and data science to test, measure, and drive decisions and outcomes. The Company's leadership team has deep expertise in retailing, wholesaling, and building consumer brands at Fortune 500 companies as well as in the cannabis sector. Schwazze is passionate about making a difference in our communities, promoting diversity and inclusion, and doing our part to incorporate climate-conscious best practices.



Joe Gomes, Managing Director – Generalist Analyst, Noble Capital Markets, Inc.



Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.



Refer to the full report for the price target, fundamental analysis, and rating.



4Q22 Results.&nbsp;Revenue was $40.1 million, up 51.4% y-o-y from $26.5 million. Adjusted EBITDA was $13.3 million, or 33.1% of revenue in the quarter, up from $7.5 million, or 28.3%, a year ago. Schwazze reported a net loss to common shareholders of $29.8 million, or a loss of $0.53/sh in the quarter, versus $5.5 million of net income, or $0.12/sh. last year. Both periods were impacted by one-time items.



Key Metrics.&nbsp;For the eighth consecutive quarter, Schwazze outpaced the Colorado industry, this time by 11%, but, once again, ongoing weakness in the Colorado market resulted in declines in key performance metrics. Colorado two year stacked IDs for same store sales in the fourth quarter were down 6%, and down 9% for the one year period. The same measurements for New Mexico were up 57% and 43%, respectively. Average basket size fell 11.8% in New Mexico but was up 1.5% in Colorado. Customer visits declined 10.5% in Colorado and were up 61.7% in New Mexico.



<h2 class="wp-block-heading"> <a href="https://www.channelchek.com/research-reports/25714">Get the Full Report</a></h2>







Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.



This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).



*Analyst certification and important disclosures included in the full report.&nbsp;NOTE: investment decisions should not be based upon the content of this research summary.&nbsp;Proper due diligence is required before making any investment decision.&nbsp;

<figure class="wp-block-image"><img decoding="async" src="https://www.noblelinx.com/images/channelchek/research-teaser-header.jpg" alt=""/></figure>



 Thursday, March 30, 2023



Schwazze (OTCQX:SHWZ, NEO:SHWZ) is building a premier vertically integrated regional cannabis company with assets in Colorado and New Mexico and will continue to take its operating system to other states where it can develop a differentiated regional leadership position. Schwazze is the parent company of a portfolio of leading cannabis businesses and brands spanning seed to sale. The Company is committed to unlocking the full potential of the cannabis plant to improve the human condition. Schwazze is anchored by a high-performance culture that combines customer-centric thinking and data science to test, measure, and drive decisions and outcomes. The Company&#8217;s leadership team has deep expertise in retailing, wholesaling, and building consumer brands at Fortune 500 companies as well as in the cannabis sector. Schwazze is passionate about making a difference in our communities, promoting diversity and inclusion, and doing our part to incorporate climate-conscious best practices.



Joe Gomes, Managing Director – Generalist Analyst, Noble Capital Markets, Inc.



Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.



Refer to the full report for the price target, fundamental analysis, and rating.



4Q22 Results.&nbsp;Revenue was $40.1 million, up 51.4% y-o-y from $26.5 million. Adjusted EBITDA was $13.3 million, or 33.1% of revenue in the quarter, up from $7.5 million, or 28.3%, a year ago. Schwazze reported a net loss to common shareholders of $29.8 million, or a loss of $0.53/sh in the quarter, versus $5.5 million of net income, or $0.12/sh. last year. Both periods were impacted by one-time items.



Key Metrics.&nbsp;For the eighth consecutive quarter, Schwazze outpaced the Colorado industry, this time by 11%, but, once again, ongoing weakness in the Colorado market resulted in declines in key performance metrics. Colorado two year stacked IDs for same store sales in the fourth quarter were down 6%, and down 9% for the one year period. The same measurements for New Mexico were up 57% and 43%, respectively. Average basket size fell 11.8% in New Mexico but was up 1.5% in Colorado. Customer visits declined 10.5% in Colorado and were up 61.7% in New Mexico.



<h2 class="wp-block-heading"> <a href="https://www.channelchek.com/research-reports/25714">Get the Full Report</a></h2>







Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.



This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).



*Analyst certification and important disclosures included in the full report.&nbsp;NOTE: investment decisions should not be based upon the content of this research summary.&nbsp;Proper due diligence is required before making any investment decision.&nbsp;

Thursday, March 30, 2023



Schwazze (OTCQX:SHWZ, NEO:SHWZ) is building a premier vertically integrated regional cannabis company with assets in Colorado and New Mexico and will continue to take its operating system to other states where it can develop a differentiated regional leadership position. Schwazze is the parent company of a portfolio of leading cannabis businesses and brands spanning seed to sale. The Company is committed to unlocking the full potential of the cannabis plant to improve the human condition. Schwazze is anchored by a high-performance culture that combines customer-centric thinking and data science to test, measure, and drive decisions and outcomes. The Company&#8217;s leadership team has deep expertise in retailing, wholesaling, and building consumer brands at Fortune 500 companies as well as in the cannabis sector. Schwazze is passionate about making a difference in our communities, promoting diversity and inclusion, and doing our part to incorporate climate-conscious best practices.



Joe Gomes, Managing Director – Generalist Analyst, Noble Capital Markets, Inc.



Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.



Refer to the full report for the price target, fundamental analysis, and rating.



4Q22 Results.&nbsp;Revenue was $40.1 million, up 51.4% y-o-y from $26.5 million. Adjusted EBITDA was $13.3 million, or 33.1% of revenue in the quarter, up from $7.5 million, or 28.3%, a year ago. Schwazze reported a net loss to common shareholders of $29.8 million, or a loss of $0.53/sh in the quarter, versus $5.5 million of net income, or $0.12/sh. last year. Both periods were impacted by one-time items.



Key Metrics.&nbsp;For the eighth consecutive quarter, Schwazze outpaced the Colorado industry, this time by 11%, but, once again, ongoing weakness in the Colorado market resulted in declines in key performance metrics. Colorado two year stacked IDs for same store sales in the fourth quarter were down 6%, and down 9% for the one year period. The same measurements for New Mexico were up 57% and 43%, respectively. Average basket size fell 11.8% in New Mexico but was up 1.5% in Colorado. Customer visits declined 10.5% in Colorado and were up 61.7% in New Mexico.



Get the Full Report







Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.



This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).



*Analyst certification and important disclosures included in the full report.&nbsp;NOTE: investment decisions should not be based upon the content of this research summary.&nbsp;Proper due diligence is required before making any investment decision.&nbsp;

Schwazze (SHWZ) - Continuing to Perform in a Challenging Market

Cannabis

Drug Manufacturers

Schwazzev

SHWZ

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 Thursday, March 30, 2023



Cocrystal Pharma, Inc. is a clinical-stage biotechnology company discovering and developing novel antiviral therapeutics that target the replication process of influenza viruses, coronaviruses (including SARS-CoV-2), hepatitis C viruses and noroviruses. Cocrystal employs unique structure-based technologies and Nobel Prize-winning expertise to create first- and best-in-class antiviral drugs. For further information about Cocrystal, please visit www.cocrystalpharma.com.



Robert LeBoyer, Vice President, Research Analyst, Life Sciences , Noble Capital Markets, Inc.



Refer to the full report for the price target, fundamental analysis, and rating.



Financial Results.&nbsp;Cocrystal reported a 4Q loss of $4.5 million or $(0.55) per share and a FY2022 loss of $38.8 million or $(4.77) per share. The full-year results included a non-cash charge of $19.1 million for the impairment of goodwill in 2Q22. Excluding the charge, expenses levels for Research and Development and General and Administrative expense were close to expectations. The company ended FY2022 with $37.1 million in cash.



Influenza Clinical Trial Expected To Begin In 2H2023.&nbsp;In December 2022, Cocrystal reported preliminary safety and tolerability results from its dose-ranging Phase 1 study for orally administered CC-42344 for influenza. A Phase 2a study has been designed to challenge healthy human volunteers with pharmaceutically-produced influenza A virus, then treat with CC-42344. An application to start trials in the UK is planned for 1H2023, with enrollment beginning in 2H23. Preclinical development of an inhaled formulation of CC-42344 continues.



<h2 class="wp-block-heading"> <a href="https://www.channelchek.com/research-reports/25715">Get the Full Report</a></h2>







Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.



This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).



*Analyst certification and important disclosures included in the full report.&nbsp;NOTE: investment decisions should not be based upon the content of this research summary.&nbsp;Proper due diligence is required before making any investment decision.&nbsp;

<figure class="wp-block-image"><img decoding="async" src="https://www.noblelinx.com/images/channelchek/research-teaser-header.jpg" alt=""/></figure>



 Thursday, March 30, 2023



Cocrystal Pharma, Inc. is a clinical-stage biotechnology company discovering and developing novel antiviral therapeutics that target the replication process of influenza viruses, coronaviruses (including SARS-CoV-2), hepatitis C viruses and noroviruses. Cocrystal employs unique structure-based technologies and Nobel Prize-winning expertise to create first- and best-in-class antiviral drugs. For further information about Cocrystal, please visit www.cocrystalpharma.com.



Robert LeBoyer, Vice President, Research Analyst, Life Sciences , Noble Capital Markets, Inc.



Refer to the full report for the price target, fundamental analysis, and rating.



Financial Results.&nbsp;Cocrystal reported a 4Q loss of $4.5 million or $(0.55) per share and a FY2022 loss of $38.8 million or $(4.77) per share. The full-year results included a non-cash charge of $19.1 million for the impairment of goodwill in 2Q22. Excluding the charge, expenses levels for Research and Development and General and Administrative expense were close to expectations. The company ended FY2022 with $37.1 million in cash.



Influenza Clinical Trial Expected To Begin In 2H2023.&nbsp;In December 2022, Cocrystal reported preliminary safety and tolerability results from its dose-ranging Phase 1 study for orally administered CC-42344 for influenza. A Phase 2a study has been designed to challenge healthy human volunteers with pharmaceutically-produced influenza A virus, then treat with CC-42344. An application to start trials in the UK is planned for 1H2023, with enrollment beginning in 2H23. Preclinical development of an inhaled formulation of CC-42344 continues.



<h2 class="wp-block-heading"> <a href="https://www.channelchek.com/research-reports/25715">Get the Full Report</a></h2>







Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.



This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).



*Analyst certification and important disclosures included in the full report.&nbsp;NOTE: investment decisions should not be based upon the content of this research summary.&nbsp;Proper due diligence is required before making any investment decision.&nbsp;

Thursday, March 30, 2023



Cocrystal Pharma, Inc. is a clinical-stage biotechnology company discovering and developing novel antiviral therapeutics that target the replication process of influenza viruses, coronaviruses (including SARS-CoV-2), hepatitis C viruses and noroviruses. Cocrystal employs unique structure-based technologies and Nobel Prize-winning expertise to create first- and best-in-class antiviral drugs. For further information about Cocrystal, please visit www.cocrystalpharma.com.



Robert LeBoyer, Vice President, Research Analyst, Life Sciences , Noble Capital Markets, Inc.



Refer to the full report for the price target, fundamental analysis, and rating.



Financial Results.&nbsp;Cocrystal reported a 4Q loss of $4.5 million or $(0.55) per share and a FY2022 loss of $38.8 million or $(4.77) per share. The full-year results included a non-cash charge of $19.1 million for the impairment of goodwill in 2Q22. Excluding the charge, expenses levels for Research and Development and General and Administrative expense were close to expectations. The company ended FY2022 with $37.1 million in cash.



Influenza Clinical Trial Expected To Begin In 2H2023.&nbsp;In December 2022, Cocrystal reported preliminary safety and tolerability results from its dose-ranging Phase 1 study for orally administered CC-42344 for influenza. A Phase 2a study has been designed to challenge healthy human volunteers with pharmaceutically-produced influenza A virus, then treat with CC-42344. An application to start trials in the UK is planned for 1H2023, with enrollment beginning in 2H23. Preclinical development of an inhaled formulation of CC-42344 continues.



Get the Full Report







Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.



This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).



*Analyst certification and important disclosures included in the full report.&nbsp;NOTE: investment decisions should not be based upon the content of this research summary.&nbsp;Proper due diligence is required before making any investment decision.&nbsp;

Cocrystal Pharma (COCP) - FY2022 Reported With New Clinical Trials On Track

Antiviral Therapeutics

COCP

Cocrystal Pharma

<figure class="wp-block-image aligncenter size-full"><img src="https://dashboard.channelchek.com/wp-content/uploads/2023/03/cc-news-petro-dollars-663.jpg" alt="" class="wp-image-62109"/></figure>



<h2 class="wp-block-heading">Petrodollar Dusk, Petroyuan Dawn: What Investors Need To Know</h2>







While most investors were trying to gauge the Federal Reserve’s next moves in light of recent bank failures last week, something interesting happened in Moscow.



During a three-day state visit, Chinese President Xi Jinping held friendly talks with Russian President Vladimir Putin in a show of unity, as both countries increasingly seek to position themselves as leaders of what they call a “multipolar world order,” one that challenges U.S.-centric alliances and agreements.



Among those agreements is the petrodollar, which has been in place for over 50 years.&nbsp;



In case you’re wondering, “petrodollars” are not a real currency. They’re simply dollars being used to trade oil. Early in the 1970s, the U.S. government provided economic aid to Saudi Arabia, its chief oil-producing rival, in exchange for assurances that Riyadh would price its crude exports exclusively in the U.S. dollar. In 1975, other members of the Organization of Petroleum Exporting Countries (OPEC) followed suit, and the petrodollar was born.



This had the immediate effect of strengthening the U.S. dollar. Since countries around the world had to have dollars on hand in order to buy oil (and other key commodities such as gold, also priced in dollars), the greenback became the world’s reserve currency, a status formerly enjoyed by the British pound, French franc and Dutch guilder.



All things must come to an end, however. We may be witnessing the end of the petrodollar as more and more countries, including China and Russia, are agreeing to make settlements in currencies other than the U.S. dollar. This could have wide-ranging implications on not just a macro scale but also investment portfolios.







This article was republished with permission from<a href="https://www.usfunds.com/resource-listing/?resource-type=frank-talk"> Frank Talk</a>, a CEO Blog by Frank Holmes of <a href="https://www.usfunds.com/">U.S. Global Investors</a> (<a href="https://www.channelchek.com/company/grow">GROW</a>). Find more of Frank’s articles <a href="https://www.usfunds.com/about/">here</a> – Originally published March 27, 2023







<h3 class="wp-block-heading">Dawn For The Petroyuan?</h3>



Putin couldn’t have been more explicit. During Xi’s state visit, he named the Chinese yuan as his favored currency to conduct trade in. Ever since Western sanctions were levied on the Eastern European country for its invasion of Ukraine early last year, Russia has increasingly depended on its southern neighbor to buy the oil other countries won’t touch.&nbsp;



In just the first two months of 2023, China’s imports from Russia totaled $9.3 billion, exceeding full-year 2022 imports in dollar terms. In February alone, China imported over 2 million barrels of Russian crude, a new record high.







<figure class="wp-block-image aligncenter size-full is-resized"><img src="https://dashboard.channelchek.com/wp-content/uploads/2023/03/20230330-article2-1.jpg" alt="" class="wp-image-62112" width="838" height="416"/></figure>







Except that now, the yuan is presumably being used to make these settlements.



As Zoltar Pozsar, New York-based economist and investment research director at Credit Suisse, put it recently: “That’s dusk for the petrodollar… and dawn for the petroyuan.”







<h3 class="wp-block-heading">U.S. Dollar Still The World’s Reserve Currency, But Its Dominance Is Slipping</h3>



Before you dismiss Pozsar’s comment as an exaggeration, consider that other major OPEC nations and BRICS members (Brazil, Russia, India, China and South Africa) are either accepting yuan already or strongly considering it. Russia, Iran and Venezuela account for about 40% of the world’s proven oilfields, and the three sell their oil in exchange for yuan. Turkey, Argentina, Indonesia and heavyweight oil producer Saudi Arabia have all applied for admittance into BRICS, while Egypt became a new member this week.



What this suggests is that the yuan’s role as a reserve currency will continue to strengthen, signifying a broader shift in the global power balance and potentially giving China a bigger hand with which to shape economic policies that affect us all.



To be clear, the U.S. dollar remains the world’s top reserve currency for now, though its share of global central banks’ official holdings has slipped in the past 20 years, from 72% in 2001 to just under 60% today. By contrast, the yuan’s share of official holdings has more than doubled since 2016. The Chinese currency accounted for about 2.8% of reserves as of September 2022.&nbsp;







<figure class="wp-block-image aligncenter size-full is-resized"><img src="https://dashboard.channelchek.com/wp-content/uploads/2023/03/20230330-article2-2.jpg" alt="" class="wp-image-62113" width="852" height="399"/></figure>











<h3 class="wp-block-heading">Russia Diversifying Away From The Dollar By Loading Up On Gold</h3>



It’s not all about the yuan, of course. Gold has also increased as a foreign reserve, especially among emerging economies that seek to diversify away from the dollar.



Last week, Russia announced that its bullion holdings jumped by approximately 1 million ounces over the past 12 months as its central bank loaded up on gold in the face of Western sanctions. The bank reported having nearly 75 million ounces at the end of February 2023, up from about 74 million a year earlier.







<figure class="wp-block-image aligncenter size-full is-resized"><img src="https://dashboard.channelchek.com/wp-content/uploads/2023/03/20230330-article203.jpg" alt="" class="wp-image-62114" width="844" height="376"/></figure>







<h3 class="wp-block-heading">Long-Term Implications For Investors</h3>



The implications of the dollar potentially losing its status as the global reserve are numerous. Obviously, there may be currency risks, and a decrease in demand for U.S. Treasury bonds could result in rising interest rates. I would expect to see massive swings in commodity prices, especially oil prices, which could be an opportunity if you can stomach the volatility.



Gold would look exceptionally attractive, I think. A significant decrease in the relative value of the dollar would be supportive of the gold price, and I would be surprised not to see new highs. It’s for reasons like these that I always recommend a 10% weighting in gold, with 5% in physical bullion and the other 5% in high-quality gold mining equities. Be sure to rebalance at least on an annual basis.











All opinions expressed and data provided are subject to change without notice. Some of these opinions may not be appropriate to every investor. By clicking the link(s) above, you will be directed to a third-party website(s). U.S. Global Investors does not endorse all information supplied by this/these website(s) and is not responsible for its/their content.

<div class="wp-block-image">
<figure class="aligncenter size-full"><img decoding="async" loading="lazy" width="558" height="383" src="https://dashboard.channelchek.com/wp-content/uploads/2023/03/cc-news-petro-dollars-663.jpg" alt="" class="wp-image-62109" srcset="https://dashboard.channelchek.com/wp-content/uploads/2023/03/cc-news-petro-dollars-663.jpg 558w, https://dashboard.channelchek.com/wp-content/uploads/2023/03/cc-news-petro-dollars-663-300x206.jpg 300w" sizes="(max-width: 558px) 100vw, 558px" /></figure></div>


<h2 class="wp-block-heading">Petrodollar Dusk, Petroyuan Dawn: What Investors Need To Know</h2>







While most investors were trying to gauge the Federal Reserve’s next moves in light of recent bank failures last week, something interesting happened in Moscow.



During a three-day state visit, Chinese President Xi Jinping held friendly talks with Russian President Vladimir Putin in a show of unity, as both countries increasingly seek to position themselves as leaders of what they call a “multipolar world order,” one that challenges U.S.-centric alliances and agreements.



Among those agreements is the petrodollar, which has been in place for over 50 years.&nbsp;



In case you’re wondering, “petrodollars” are not a real currency. They’re simply dollars being used to trade oil. Early in the 1970s, the U.S. government provided economic aid to Saudi Arabia, its chief oil-producing rival, in exchange for assurances that Riyadh would price its crude exports exclusively in the U.S. dollar. In 1975, other members of the Organization of Petroleum Exporting Countries (OPEC) followed suit, and the petrodollar was born.



This had the immediate effect of strengthening the U.S. dollar. Since countries around the world had to have dollars on hand in order to buy oil (and other key commodities such as gold, also priced in dollars), the greenback became the world’s reserve currency, a status formerly enjoyed by the British pound, French franc and Dutch guilder.



All things must come to an end, however. We may be witnessing the end of the petrodollar as more and more countries, including China and Russia, are agreeing to make settlements in currencies other than the U.S. dollar. This could have wide-ranging implications on not just a macro scale but also investment portfolios.







This article was republished with permission from<a href="https://www.usfunds.com/resource-listing/?resource-type=frank-talk"> Frank Talk</a>, a CEO Blog by Frank Holmes of <a href="https://www.usfunds.com/">U.S. Global Investors</a> (<a href="https://www.channelchek.com/company/grow">GROW</a>). Find more of Frank’s articles <a href="https://www.usfunds.com/about/">here</a> – Originally published March 27, 2023







<h3 class="wp-block-heading">Dawn For The Petroyuan?</h3>



Putin couldn’t have been more explicit. During Xi’s state visit, he named the Chinese yuan as his favored currency to conduct trade in. Ever since Western sanctions were levied on the Eastern European country for its invasion of Ukraine early last year, Russia has increasingly depended on its southern neighbor to buy the oil other countries won’t touch.&nbsp;



In just the first two months of 2023, China’s imports from Russia totaled $9.3 billion, exceeding full-year 2022 imports in dollar terms. In February alone, China imported over 2 million barrels of Russian crude, a new record high.






<div class="wp-block-image">
<figure class="aligncenter size-full is-resized"><img decoding="async" loading="lazy" src="https://dashboard.channelchek.com/wp-content/uploads/2023/03/20230330-article2-1.jpg" alt="" class="wp-image-62112" width="838" height="416" srcset="https://dashboard.channelchek.com/wp-content/uploads/2023/03/20230330-article2-1.jpg 652w, https://dashboard.channelchek.com/wp-content/uploads/2023/03/20230330-article2-1-300x149.jpg 300w" sizes="(max-width: 838px) 100vw, 838px" /></figure></div>






Except that now, the yuan is presumably being used to make these settlements.



As Zoltar Pozsar, New York-based economist and investment research director at Credit Suisse, put it recently: “That’s dusk for the petrodollar… and dawn for the petroyuan.”







<h3 class="wp-block-heading">U.S. Dollar Still The World’s Reserve Currency, But Its Dominance Is Slipping</h3>



Before you dismiss Pozsar’s comment as an exaggeration, consider that other major OPEC nations and BRICS members (Brazil, Russia, India, China and South Africa) are either accepting yuan already or strongly considering it. Russia, Iran and Venezuela account for about 40% of the world’s proven oilfields, and the three sell their oil in exchange for yuan. Turkey, Argentina, Indonesia and heavyweight oil producer Saudi Arabia have all applied for admittance into BRICS, while Egypt became a new member this week.



What this suggests is that the yuan’s role as a reserve currency will continue to strengthen, signifying a broader shift in the global power balance and potentially giving China a bigger hand with which to shape economic policies that affect us all.



To be clear, the U.S. dollar remains the world’s top reserve currency for now, though its share of global central banks’ official holdings has slipped in the past 20 years, from 72% in 2001 to just under 60% today. By contrast, the yuan’s share of official holdings has more than doubled since 2016. The Chinese currency accounted for about 2.8% of reserves as of September 2022.&nbsp;






<div class="wp-block-image">
<figure class="aligncenter size-full is-resized"><img decoding="async" loading="lazy" src="https://dashboard.channelchek.com/wp-content/uploads/2023/03/20230330-article2-2.jpg" alt="" class="wp-image-62113" width="852" height="399" srcset="https://dashboard.channelchek.com/wp-content/uploads/2023/03/20230330-article2-2.jpg 624w, https://dashboard.channelchek.com/wp-content/uploads/2023/03/20230330-article2-2-300x140.jpg 300w" sizes="(max-width: 852px) 100vw, 852px" /></figure></div>










<h3 class="wp-block-heading">Russia Diversifying Away From The Dollar By Loading Up On Gold</h3>



It’s not all about the yuan, of course. Gold has also increased as a foreign reserve, especially among emerging economies that seek to diversify away from the dollar.



Last week, Russia announced that its bullion holdings jumped by approximately 1 million ounces over the past 12 months as its central bank loaded up on gold in the face of Western sanctions. The bank reported having nearly 75 million ounces at the end of February 2023, up from about 74 million a year earlier.






<div class="wp-block-image">
<figure class="aligncenter size-full is-resized"><img decoding="async" loading="lazy" src="https://dashboard.channelchek.com/wp-content/uploads/2023/03/20230330-article203.jpg" alt="" class="wp-image-62114" width="844" height="376" srcset="https://dashboard.channelchek.com/wp-content/uploads/2023/03/20230330-article203.jpg 624w, https://dashboard.channelchek.com/wp-content/uploads/2023/03/20230330-article203-300x134.jpg 300w" sizes="(max-width: 844px) 100vw, 844px" /></figure></div>






<h3 class="wp-block-heading">Long-Term Implications For Investors</h3>



The implications of the dollar potentially losing its status as the global reserve are numerous. Obviously, there may be currency risks, and a decrease in demand for U.S. Treasury bonds could result in rising interest rates. I would expect to see massive swings in commodity prices, especially oil prices, which could be an opportunity if you can stomach the volatility.



Gold would look exceptionally attractive, I think. A significant decrease in the relative value of the dollar would be supportive of the gold price, and I would be surprised not to see new highs. It’s for reasons like these that I always recommend a 10% weighting in gold, with 5% in physical bullion and the other 5% in high-quality gold mining equities. Be sure to rebalance at least on an annual basis.











All opinions expressed and data provided are subject to change without notice. Some of these opinions may not be appropriate to every investor. By clicking the link(s) above, you will be directed to a third-party website(s). U.S. Global Investors does not endorse all information supplied by this/these website(s) and is not responsible for its/their content.

Petrodollar Dusk, Petroyuan Dawn: What Investors Need To Know







While most investors were trying to gauge the Federal Reserve’s next moves in light of recent bank failures last week, something interesting happened in Moscow.



During a three-day state visit, Chinese President Xi Jinping held friendly talks with Russian President Vladimir Putin in a show of unity, as both countries increasingly seek to position themselves as leaders of what they call a “multipolar world order,” one that challenges U.S.-centric alliances and agreements.



Among those agreements is the petrodollar, which has been in place for over 50 years.&nbsp;



In case you’re wondering, “petrodollars” are not a real currency. They’re simply dollars being used to trade oil. Early in the 1970s, the U.S. government provided economic aid to Saudi Arabia, its chief oil-producing rival, in exchange for assurances that Riyadh would price its crude exports exclusively in the U.S. dollar. In 1975, other members of the Organization of Petroleum Exporting Countries (OPEC) followed suit, and the petrodollar was born.



This had the immediate effect of strengthening the U.S. dollar. Since countries around the world had to have dollars on hand in order to buy oil (and other key commodities such as gold, also priced in dollars), the greenback became the world’s reserve currency, a status formerly enjoyed by the British pound, French franc and Dutch guilder.



All things must come to an end, however. We may be witnessing the end of the petrodollar as more and more countries, including China and Russia, are agreeing to make settlements in currencies other than the U.S. dollar. This could have wide-ranging implications on not just a macro scale but also investment portfolios.







This article was republished with permission from Frank Talk, a CEO Blog by Frank Holmes of U.S. Global Investors (GROW). Find more of Frank’s articles here – Originally published March 27, 2023







Dawn For The Petroyuan?



Putin couldn’t have been more explicit. During Xi’s state visit, he named the Chinese yuan as his favored currency to conduct trade in. Ever since Western sanctions were levied on the Eastern European country for its invasion of Ukraine early last year, Russia has increasingly depended on its southern neighbor to buy the oil other countries won’t touch.&nbsp;



In just the first two months of 2023, China’s imports from Russia totaled $9.3 billion, exceeding full-year 2022 imports in dollar terms. In February alone, China imported over 2 million barrels of Russian crude, a new record high.














Except that now, the yuan is presumably being used to make these settlements.



As Zoltar Pozsar, New York-based economist and investment research director at Credit Suisse, put it recently: “That’s dusk for the petrodollar… and dawn for the petroyuan.”







U.S. Dollar Still The World’s Reserve Currency, But Its Dominance Is Slipping



Before you dismiss Pozsar’s comment as an exaggeration, consider that other major OPEC nations and BRICS members (Brazil, Russia, India, China and South Africa) are either accepting yuan already or strongly considering it. Russia, Iran and Venezuela account for about 40% of the world’s proven oilfields, and the three sell their oil in exchange for yuan. Turkey, Argentina, Indonesia and heavyweight oil producer Saudi Arabia have all applied for admittance into BRICS, while Egypt became a new member this week.



What this suggests is that the yuan’s role as a reserve currency will continue to strengthen, signifying a broader shift in the global power balance and potentially giving China a bigger hand with which to shape economic policies that affect us all.



To be clear, the U.S. dollar remains the world’s top reserve currency for now, though its share of global central banks’ official holdings has slipped in the past 20 years, from 72% in 2001 to just under 60% today. By contrast, the yuan’s share of official holdings has more than doubled since 2016. The Chinese currency accounted for about 2.8% of reserves as of September 2022.&nbsp;


















Russia Diversifying Away From The Dollar By Loading Up On Gold



It’s not all about the yuan, of course. Gold has also increased as a foreign reserve, especially among emerging economies that seek to diversify away from the dollar.



Last week, Russia announced that its bullion holdings jumped by approximately 1 million ounces over the past 12 months as its central bank loaded up on gold in the face of Western sanctions. The bank reported having nearly 75 million ounces at the end of February 2023, up from about 74 million a year earlier.














Long-Term Implications For Investors



The implications of the dollar potentially losing its status as the global reserve are numerous. Obviously, there may be currency risks, and a decrease in demand for U.S. Treasury bonds could result in rising interest rates. I would expect to see massive swings in commodity prices, especially oil prices, which could be an opportunity if you can stomach the volatility.



Gold would look exceptionally attractive, I think. A significant decrease in the relative value of the dollar would be supportive of the gold price, and I would be surprised not to see new highs. It’s for reasons like these that I always recommend a 10% weighting in gold, with 5% in physical bullion and the other 5% in high-quality gold mining equities. Be sure to rebalance at least on an annual basis.











All opinions expressed and data provided are subject to change without notice. Some of these opinions may not be appropriate to every investor. By clicking the link(s) above, you will be directed to a third-party website(s). U.S. Global Investors does not endorse all information supplied by this/these website(s) and is not responsible for its/their content.