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<div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"><em><span style="font-family: georgia, palatino; font-size: 16px;">If you love it, share it with all of your friends. - Vitaliy</span></em></div></td></tr></table></td></tr></tbody></table><table cellspacing="0" cellpadding="0" width="100%" border="0" bgcolor="#FFFFFF" class="ep-mobile-col"><tbody><tr><td valign="top" bgcolor="#FFFFFF" style="text-align:left;"><table width="100%" cellspacing="0" cellpadding="0" class="ep-mobile-col-table-with-padding"><tr><td valign="top" class="ep-mobile-col-td" style="text-align:center;padding-top:15px;padding-right:15px;padding-bottom:15px;padding-left:15px;color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;"><div><div><div><div style="height:400px;display:block;overflow:hidden;" class="ep-height-auto"><img src="http://content.epsrv2.net/image_gallery/uploaded/273/10513/9711cbda-2407-4e3d-8bb2-8183accf22d4.jpg" alt="" height="400" width="540" style="max-width:540px;padding-bottom:0;display:inline !important;vertical-align:bottom;border:0;height:auto;outline:none;text-decoration:none;-ms-interpolation-mode:bicubic;" class="ep-width-100-img "/></div></div></div></div></td></tr></table></td></tr></tbody></table><table cellspacing="0" cellpadding="0" width="100%" border="0" bgcolor="#FFFFFF" class="ep-mobile-col" style="line-height:1.5;"><tbody><tr><td valign="top" bgcolor="#FFFFFF" style="text-align:left;"><table width="100%" cellspacing="0" cellpadding="0" class="ep-mobile-col-table-with-padding"><tr><td valign="top" class="ep-mobile-col-td" height="1" style="text-align:left;padding-top:15px;padding-right:15px;padding-bottom:15px;padding-left:15px;color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;"><div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;text-align: center;">Painting is by my father, Naum Katsenelson</div></td></tr></table></td></tr></tbody></table><table cellspacing="0" cellpadding="0" width="100%" border="0" bgcolor="#FFFFFF" class="ep-mobile-col" style="line-height:1.5;"><tbody><tr><td valign="top" bgcolor="#FFFFFF" style="text-align:left;"><table width="100%" cellspacing="0" cellpadding="0" class="ep-mobile-col-table-with-padding"><tr><td valign="top" class="ep-mobile-col-td" height="1" style="text-align:left;padding-top:15px;padding-right:15px;padding-bottom:15px;padding-left:15px;color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;"><div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"><span style="font-size: 24px;"><a style="color:#2196F3;font-family:helvetica,arial,sans-serif;text-decoration:none;font-size: 24px;" href="http://clicks.epsrv2.net/click?s=1210|505645346&v=1iyd7ro168ree6wqist7ored7rssi43yit49gtukhm736oiraafnghtrbx1pzcymtajqpmqwst1yqequmqy466p4166feifwaxa5ex39p89hpc3hpxm9soyohyodt7goquspt6gjethaihu3zfs83s4uft68f613gj6wwe8auu7idwpskznb5g913gupffdzzbkx3uhctw5hk1gx8pxjx95r1yy4adnomt3g3j7mynqwjfsgnbxc6d81grgjfzc9k4rf4344ip57a7it74ixq411d1bh14ymgbeuip7qqfho77uuytc8dyiisbb4y5poj7qi5ytrbf7wq1o5565wd3i7cd4d58r59aexkia"><span style="color:#2196F3;font-family:helvetica,arial,sans-serif;text-decoration:none;font-size:24px;">Whatever Happened to the Invisible Hand of Capitalism?</span></a></span></div></td></tr></table></td></tr></tbody></table><table cellspacing="0" cellpadding="0" width="100%" border="0" bgcolor="#FFFFFF" class="ep-mobile-col" style="line-height:1.5;"><tbody><tr><td valign="top" bgcolor="#FFFFFF" style="text-align:left;"><table width="100%" cellspacing="0" cellpadding="0" class="ep-mobile-col-table-with-padding"><tr><td valign="top" class="ep-mobile-col-td" height="1" style="text-align:left;padding-top:15px;padding-right:15px;padding-bottom:15px;padding-left:15px;color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;"><div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"><span style="font-size: 16px; font-family: georgia, palatino;">When I was growing up in the Soviet Union, our local grocery store had two types of sugar: The cheap one was priced at 96 kopecks (Russian cents) a kilo and the expensive one at 104 kopecks. I vividly remember these prices because they didn’t change for a decade. The prices were not set by sugar supply and demand but were determined by a well-meaning bureaucrat (who may even have been an economist) a thousand miles away. If all Russian housewives (and househusbands) had decided to go on an apple pie diet and started baking pies for breakfast, lunch and dinner, sugar demand would have increased but the prices still would have been 96 and 104 kopecks. As a result, we would have had a shortage of sugar — a very common occurrence in the Soviet era.</span></div>
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<div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"><span style="font-size: 16px; font-family: georgia, palatino;">In a capitalist economy, the invisible hand serves a very important but underappreciated role: It is a signaling mechanism that helps balance supply and demand. High demand leads to higher prices, telegraphing suppliers that they’ll make more money if they produce extra goods. Additional supply lowers prices, bringing them to a new equilibrium. I am slightly embarrassed as I write this, because you may confuse me for an economist — I am not one. But this is how prices are set for millions of goods globally on a daily basis in free-market economies.</span></div>
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<div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"><span style="font-size: 16px; font-family: georgia, palatino;">In the command-and-control economy of the Soviet Union, the prices of goods often had little to do with supply and demand but were instead typically used as a political tool. This in part is why the Soviet economy failed — to make good decisions you need good data, and if price carries no data, it is hard to make good business decisions.</span></div>
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<div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"><span style="font-size: 16px; font-family: georgia, palatino;">When I left Soviet Russia in 1991, I thought I would never see a command-and-control economy again. I was wrong. Over the past decade our global economy has started to resemble one, as the well-meaning economists running central banks have been setting the price for the most important commodity in the world: money. Interest rates are the price of money, and the daily decisions of billions of people and their corporations and governments should determine them. Like the price of sugar in Soviet Russia, interest rates today have little to do with supply and demand (and thus have zero signaling value).</span></div>
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<div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"><span style="font-size: 16px; font-family: georgia, palatino;">For instance, if the Federal Reserve hadn’t bought over $2 trillion of U.S. debt by late 2014 when U.S. government debt crossed the $17 trillion mark, interest rates might have started to go up and our budget deficit would have increased and forced politicians to cut government spending. But the opposite has happened: As our debt pile has grown, the government’s cost of borrowing has declined.</span></div>
<div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"><span style="font-size: 16px; font-family: georgia, palatino;">The consequences of well-meaning (but not all-knowing) economists setting the cost of money are widespread, from the inflation of asset prices to encouraging companies to spend on projects they shouldn’t. But we really don’t know the second, third and fourth derivatives of the consequences that command-control interest rates will bring. We know that most likely every market participant was forced to take on more risk in recent years, but we don’t know how much more because we don’t know the price of money.</span></div>
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<div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"><span style="font-size: 16px; font-family: georgia, palatino;">Quantitative easing: These two seemingly harmless words have mutated the DNA of the global economy. Interest rates heavily influence currency exchange rates. QE by the U.S. and European Union caused the price of the Swiss franc to jump 15 percent in one day in January 2015, and the Swiss economy has been crippled ever since.</span></div>
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<div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"><span style="font-size: 16px; font-family: georgia, palatino;">Americans have a healthy distrust of their politicians. We expect our politicians to be corrupt. We don’t worship our leaders (only the dead ones). The U.S. Constitution is full of checks and balances to make sure that when (often not if) the opium of power goes to a politician’s head, the damage he or she can do to society is limited.</span></div>
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<div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"><span style="font-size: 16px; font-family: georgia, palatino;">Unfortunately, we don’t share the same distrust for economists and central bankers. It’s hard to say exactly why. Maybe we are in awe of their Ph.D.s. Or maybe it’s because they sound very smart and at the same time make us feel dumber than a toaster when they use big econ terms like “aggregate demand” or “degenerate equilibrium” (okay, I made up the last one). Or simply because they often look just like our well-meaning grandparents. For whatever reason, we think they possess foresight and the powers of Marvel superheroes.</span></div>
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<div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"><span style="font-size: 16px; font-family: georgia, palatino;">Warren Buffett — the Oracle of Omaha himself — admitted that he doesn’t know how the QE experiment will end. And if you think well-meaning economists running central banks know, you may have another think coming.</span></div>
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<div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"><span style="font-size: 16px; font-family: georgia, palatino;">Alan Greenspan — the ex-pope of the Federal Reserve — in a 2013 interview with the Wall Street Journal said that he “always considered [himself] more of a mathematician than a psychologist.” But after the financial crisis, and the criticism he received for contributing to the housing bubble at the core of it, Greenspan went back and studied herd behavior, with some surprising results. “I was actually flabbergasted,” he admitted. “It upended my view of how the world works.”</span></div>
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<div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"><span style="font-size: 16px; font-family: georgia, palatino;">Just as the well-meaning economist of the Soviet Union didn’t know the correct price of sugar, nor do the good-intentioned economists of our global central banks know where interest rates should be. Even more important, they can’t predict the consequences of their actions.</span></div></td></tr></table></td></tr></tbody></table><table cellspacing="0" cellpadding="0" width="100%" border="0" bgcolor="#FFFFFF" class="ep-mobile-col" style="line-height:1.5;"><tbody><tr><td valign="top" bgcolor="#c0e869" style="text-align:left;"><table width="100%" cellspacing="0" cellpadding="0" class="ep-mobile-col-table-with-padding"><tr><td valign="top" class="ep-mobile-col-td" height="1" style="text-align:left;padding-top:15px;padding-right:15px;padding-bottom:15px;padding-left:15px;color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;"><div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;text-align: left;"><span style="font-size: 18px;"><strong>We are transitioning to a new, hopefully much better email service. </strong><span style="font-family: georgia, palatino;"><span style="color: #800000;"><strong>To continue receiving my articles</strong></span>, music recommendations, and most importantly my father’s art, you’ll need to resubscribe to my email list (it's free). </span></span></div>
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<div style="word-break:break-word;margin: 10px 0px; padding: 0px; color: #202020; font-family: Georgia,Times,'Times New Roman',serif; font-size: 14px; line-height: 21px; text-align: left; font-style: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; background-color: #ffffff;"><span style="font-family: georgia,times,'times new roman',serif;"><span style="font-size: 18px;"><strong>Music Note: </strong></span><span style="font-size: 16px;">Today I wanted to share with you the “Swan Lake Suite” (an excerpt from the ballet of the same name). <em>Swan Lake</em> is Tchaikovsky’s version of <em>Romeo and Juliet. </em>Though today the ballet is considered to be the pinnacle of Tchaikovsky’s genius, its premier in 1877 was not well-received. The story line of the ballet you see in your local theater is different from what Tchaikovsky had in mind – the main characters died at the end in the original version.</span></span></div>
<div style="word-break:break-word;margin: 10px 0px; padding: 0px; color: #202020; font-family: Georgia,Times,'Times New Roman',serif; font-size: 14px; line-height: 21px; text-align: left; font-style: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; background-color: #ffffff;"><span style="font-size: 16px;"><span style="font-family: georgia,times,'times new roman',serif;">After Tchaikovsky’s death, his brother Modest was asked to rewrite the story, and he did. In the version we see today, the tragic ending turns into a triumphant finale that celebrates love. <em>Swan Lake</em> changed ballet forever. Before Tchaikovsky, the ballet was about dancing and dancers, and the music was just there as a background. <em>Swan Lake</em> turned that tradition upside down and brought the music to the forefront. </span></span></div>
<div style="word-break:break-word;margin: 10px 0px; padding: 0px; color: #202020; font-family: Georgia,Times,'Times New Roman',serif; font-size: 14px; line-height: 21px; text-align: left; font-style: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; background-color: #ffffff;"><span style="font-size: 16px;"><span style="font-family: georgia,times,'times new roman',serif;">Here is the “Swan Lake Suite” performed by the <a style="color:#2196F3;font-size:14px;text-decoration:none;font-family: georgia,times,'times new roman',serif;" href="http://clicks.epsrv2.net/click?s=1210|505645346&v=1iyd7ro168ree6wqist7ored7rssi43yit49gtukhm736oiraafnghtrbx1pzcymtajqpmqwst1yqequmqy466p4166feifwaxa5ex39p89hpc3hpxm9soyohyodt7goquspt6gjethaihu3zfs83s4uft68f613gj6wwe8auu7idwpskzndrfe6riihnie11fosmqhn4arxgrhoxb6g8sof19189esuhgyqgowy7q3ietfzur9iipyu8dki61tcjuziqb3fdhk5dufseengnu5inw"><span style="color:#2196F3;font-size:14px;text-decoration:none;font-family:georgia,times,'times new roman',serif;">Moscow Philharmonic Orchestra</span></a></span></span></div>
<div style="word-break:break-word;margin: 10px 0px; padding: 0px; color: #202020; font-family: Georgia,Times,'Times New Roman',serif; font-size: 14px; line-height: 21px; text-align: left; font-style: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; background-color: #ffffff;"><span style="font-size: 16px;"><span style="font-family: georgia,times,'times new roman',serif;">I’ve written about Tchaikovsky in the past: <a style="color:#2196F3;font-size:14px;text-decoration:none;font-family: georgia,times,'times new roman',serif;" href="http://clicks.epsrv2.net/click?s=1210|505645346&v=1iyd7ro168ree6wqist7ored7rssi43yit49gtukhm736oiraafnghtrbx1pzcymtajqpmqwst1yqequmqy466p4166feifwaxa5ex39p89hpc3hpxm9soyohyodt7goquspt6gjethaihu3zfs83s4uft68f613gj6wwe8auu7idwpskznb5g913gupffdzzbkx3uhctw5hk1gx8pxjx95r1yy4adnomt3g3jhz6eys3qg5rofsg9wfd79qcdu9o4aajarfonob1nydihhcsp9dcenmdxybmdupw5eed8zyykhcofe9bdk5ozacnsd35diea8xb8pmxa"><span style="color:#2196F3;font-size:14px;text-decoration:none;font-family:georgia,times,'times new roman',serif;">Symphony No 4</span></a>, <a style="color:#2196F3;font-size:14px;text-decoration:none;font-family: georgia,times,'times new roman',serif;" href="http://clicks.epsrv2.net/click?s=1210|505645346&v=1iyd7ro168ree6wqist7ored7rssi43yit49gtukhm736oiraafnghtrbx1pzcymtajqpmqwst1yqequmqy466p4166feifwaxa5ex39p89hpc3hpxm9soyohyodt7goquspt6gjethaihu3zfs83s4uft68f613gj6wwe8auu7idwpskznb5g913gupffdzzbkx3uhctw5hk1gx8pxjx95r1yy4adnomt3g3j45hi7emswxyak9con6q5gk6fy8dpmkfdu6pmzpru9gnktt8xbtafgd6wpg1irfr5q65uho5cng4fqy"><span style="color:#2196F3;font-size:14px;text-decoration:none;font-family:georgia,times,'times new roman',serif;">Eugene </span></a><a style="color:#2196F3;font-size:14px;text-decoration:none;font-family: georgia,times,'times new roman',serif;" href="http://clicks.epsrv2.net/click?s=1210|505645346&v=1iyd7ro168ree6wqist7ored7rssi43yit49gtukhm736oiraafnghtrbx1pzcymtajqpmqwst1yqequmqy466p4166feifwaxa5ex39p89hpc3hpxm9soyohyodt7goquspt6gjethaihu3zfs83s4uft68f613gj6wwe8auu7idwpskznb5g913gupffdzzbkx3uhctw5hk1gx8pxjx95r1yy4adnomt3g3j45hi7emswxyak9con6q5gk6fy8dpmkfdu6pmzpru9gnktt8xbtafgd6wpg1irfr5q65uho5cng4fqy"><span style="color:#2196F3;font-size:14px;text-decoration:none;font-family:georgia,times,'times new roman',serif;">Onegin</span></a> , <a style="color:#2196F3;font-size:14px;text-decoration:none;font-family: georgia,times,'times new roman',serif;" href="http://clicks.epsrv2.net/click?s=1210|505645346&v=1iyd7ro168ree6wqist7ored7rssi43yit49gtukhm736oiraafnghtrbx1pzcymtajqpmqwst1yqequmqy466p4166feifwaxa5ex39p89hpc3hpxm9soyohyodt7goquspt6gjethaihu3zfs83s4uft68f613gj6wwe8auu7idwpskznb5g913gupffdzzbkx3uhctw5hk1gx8pxjx95r1yy4adnomt3g3j7dow419bpxrg8z9qxg4oytef8tf8pqrsnhi6gp1bbwus8bpxzfijm6n9b9q6x7mwd96jmmzst91kyo"><span style="color:#2196F3;font-size:14px;text-decoration:none;font-family:georgia,times,'times new roman',serif;">Symphony No. 6</span></a>, <a style="color:#2196F3;font-size:14px;text-decoration:none;font-family: georgia,times,'times new roman',serif;" href="http://clicks.epsrv2.net/click?s=1210|505645346&v=1iyd7ro168ree6wqist7ored7rssi43yit49gtukhm736oiraafnghtrbx1pzcymtajqpmqwst1yqequmqy466p4166feifwaxa5ex39p89hpc3hpxm9soyohyodt7goquspt6gjethaihu3zfs83s4uft68f613gj6wwe8auu7idwpskznb5g913gupffdzzbkx3uhctw5hk1gx8pxjx95r1yy4adnomt3g3jaxskgto59od7tba8i5yuwfxmw7j99q9gdpf6oiri4der8y1etg9h9dswo3n9hqe5ntguo74y43akby"><span style="color:#2196F3;font-size:14px;text-decoration:none;font-family:georgia,times,'times new roman',serif;">Violin Concerto</span></a>, <a style="color:#2196F3;font-size:14px;text-decoration:none;font-family: georgia,times,'times new roman',serif;" href="http://clicks.epsrv2.net/click?s=1210|505645346&v=1iyd7ro168ree6wqist7ored7rssi43yit49gtukhm736oiraafnghtrbx1pzcymtajqpmqwst1yqequmqy466p4166feifwaxa5ex39p89hpc3hpxm9soyohyodt7goquspt6gjethaihu3zfs83s4uft68f613gj6wwe8auu7idwpskznb5g913gupffdzzbkx3uhctw5hk1gx8pxjx95r1yy4adnomt3g3j9itterzi8y8kqr7c3oksa3ssk81n4bnxcszdfed8fka6k3dwq1ridtq7p1pinzjhizo4bhyxmp4i9y"><span style="color:#2196F3;font-size:14px;text-decoration:none;font-family:georgia,times,'times new roman',serif;">Piano Concerto No. 1</span></a>.</span></span></div></td></tr></table></td></tr></tbody></table><table cellspacing="0" cellpadding="0" width="100%" border="0" bgcolor="#FFFFFF"><tbody><tr><td valign="top" bgcolor="#FFFFFF" style="text-align:left;"><table width="100%" cellspacing="0" cellpadding="0"><tr><td valign="top" style="text-align:center;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;"><table cellspacing="0" cellpadding="0" width="100%" border="0" style="width: 100%;"><tbody><tr><td valign="top" style="vertical-align:top; 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overflow:hidden; background-color:#FFFFFF; padding-top:15px; padding-right:15px; padding-left:15px; padding-bottom:15px; vertical-align: top;"><div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"><span style="font-family: georgia, palatino; font-size: 16px;">Vitaliy N. Katsenelson, CFA, is Chief Investment Officer at <a style="color:#2196F3;text-decoration:none;font-family: georgia, palatino; font-size: 16px;" href="http://clicks.epsrv2.net/click?s=1210|505645346&v=1iyd7ro168ree6wqist7ored7rssi43yit49gtukhm736oiraafnghtrbx1pzcymtajqpmqwst1yqequmqy466p4166feifwaxa5ex39p89hpc3hpxm9soyohyodt7goquspt6gjethaihu3zfs83s4uft68f613gj6wwe8auu7idwpskzng49kf1ayi4h1w63xecbszfwjf66xekbjfqboxqz1pniroypdffye"><span style="color:#2196F3;text-decoration:none;font-family:georgia, palatino;font-size:16px;">Investment Management Associates, Inc.</span></a> in Denver, Colo. He is the author of <em>Active Value Investing</em> (Wiley) and <em>The Little Book of Sideways Markets </em>(Wiley). <a style="color:#2196F3;text-decoration:none;font-family: georgia, palatino; font-size: 16px;" href="http://clicks.epsrv2.net/click?s=1210|505645346&v=1iyd7ro168ree6wqist7ored7rssi43yit49gtukhm736oiraafnghtrbx1pzcymtajqpmqwst1yqequmqy466p4166feifwaxa5ex39p89hpc3hpxm9soyohyodt7goquspt6gjethaihu3zfs83s4uft68f613gj6wwe8auu7idwpskzng49kf1ayi4h1w63xecbszfwjf9wcse8qtjnurfjr6i5r1w3ggu4rm4x6ie5af36u5i94yyq49wiph"><span style="color:#2196F3;text-decoration:none;font-family:georgia, palatino;font-size:16px;">His books </span></a></span><span style="font-family: georgia, palatino; font-size: 16px;">were translated into eight languages. </span></div><div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"> </div><div style="color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:14px;word-break:break-word;"><span style="font-family: georgia, palatino; font-size: 16px;">Forbes Magazine called him "The new Benjamin Graham". <strong>To receive Vitaliy’s future articles by email or read his articles <a style="color:#2196F3;text-decoration:none;font-family: georgia, palatino; font-size: 16px;" href="http://clicks.epsrv2.net/click?s=1210|505645346&v=1iyd7ro168ree6wqist7ored7rssi43yit49gtukhm736oiraafnghtrbx1pzcymtajqpmqwst1yqequmqy466p4166feifwaxa5ex39p89hpc3hpxm9soyohyodt7goquspt6gjethaihu3zfs83s4uft68f613gj6wwe8auu7idwpskzng49kf1ayi4h1w63xecbszfwjf6z6nc31i6nxqtkxonk6hfa4ie9gmudijcpa84s13unnw16komuuwtxj94idxyz84xqz9eyb5m61izo"><span style="color:#2196F3;text-decoration:none;font-family:georgia, palatino;font-size:16px;">click here</span></a>.</strong></span></div></td></tr></tbody></table></td></tr></tbody></table></td></tr></table></td></tr></tbody></table></td></tr></tbody></table><table cellspacing="0" cellpadding="0" width="100%" border="0"><tbody><tr><td height="10"></td></tr></tbody></table><table cellspacing="0" cellpadding="0" width="100%" border="0" bgcolor="#ffffff"><tbody><tr><td valign="top" class="footer" style="text-align:center;color:#4b4b4b;font-family:helvetica,arial,sans-serif;font-size:12px;padding-top:15px;padding-right:15px;padding-bottom:15px;padding-left:15px;"><div><div>Investment Management Associates, Inc., 5690 DTC Blvd 140W, Greenwood Village Colorado 80111, United States</div></div><div class="removable"><a href="http://epsrv2.net/subscription/unsubscribe?s=1210|505645346&v=1iyd7ro168ree6wqist7ored7rssi43yit49gtukhm736oiraafnghtrbx1pzcymtajqpmqwst1yxu647pruwtu4e688hy8gwf63sbh8x5wyhxbt4eue3soo84qoeryfa6fbf1sm48kfai4oiprrrsed5dr34obw3795zku6rbqwo1kzgasxmgsbn78s4c58bnwkj8gfdu7cndiwbx74y4nrgjrg888h9aodcta" style="text-decoration:none;color:#2196F3;font-family:helvetica,arial,sans-serif;font-size:12px;"><span style="text-decoration:none;color:#2196F3;font-family:helvetica,arial,sans-serif;font-size:12px;">unsubscribe</span></a></div></td></tr></tbody></table><table cellspacing="0" cellpadding="0" width="100%" border="0"><tbody><tr><td height="10"></td></tr></tbody></table><table cellspacing="0" cellpadding="0" width="100%" border="0"><tbody><tr><td><img src="http://open_tracker.epsrv2.net/opened?v=1iyd7ro168ree6wqist7ored7rssi43yit49gtukhm736oiraafnghtrbx1pzcymtajqpmqwst1yqequmqy466p4166feifwaxa5ex39p89hpc3hpxm9soyohyodt7goquspt6gjethaihu3zfs83s4uft68f613gj6wwe8auu7idwpskzn8oukkiiimqcop3rxekhzj13c1k" width="1" height="1" style="max-width:0px;max-height:0px;display:none;"/></td></tr></tbody></table></td></tr></tbody></table><table cellspacing="0" cellpadding="0" width="100%" border="0" bgcolor="#ffffff"><tbody><tr><td align="center"><table cellspacing="0" cellpadding="0" width="100%" border="0"><tbody><tr><td style="height:40px;" align="center" valign="center" width="100%"><span style="font-size:12px;font-family:Arial,Helvetica,sans-serif;color:#4b4b4b;vertical-align:middle;">Powered by</span> <a href="http://clicks.epsrv2.net/pb"><img src="http://content.epsrv2.net/no_rev/assets/powered_by_logo.png" border="0" alt="ExpressPigeon" style="vertical-align:middle;"/></a> <a href="http://clicks.epsrv2.net/pb" style="text-decoration:none;"><span style="color:#2196F3;font-size:12px;font-family:Arial,Helvetica,sans-serif;text-decoration:none;vertical-align:middle;">ExpressPigeon</span></a></td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table></body></html>