The American Dream... DeferredAnd the One Income Play Even Millennials Can AffordBy Matthew Carr, Chief Trends Strategist, The Oxford Club

Dear Reader,

The American Dream isn’t dead... at least not yet.

It’s merely deferred.

This new reality is having broad impacts on our economy and the U.S. landscape.

But it also offers us a very attractive investment opportunity. One that’s perfectly built for this new world.

Now, I remember the day my wife and I bought our first house. We were giddy. Drunk on young love and possibilities.

We held in our hands a check for more than $250,000 and took photos of ourselves posing with it.

At the time, it was the largest sum of money we’d ever physically held.

And we were painfully about to hand it over to someone else.

But in those glory days before the devastating financial crisis, we were purchasing our piece of the American Dream.

We were paying for the title of “homeowner.”

It was a surreal moment for me. I’d grown up struggling, moving from one city to the next, from one coast to the other.

My father wasn’t in the military (though I’m often asked if he was). He was chasing money. And unfortunately, he was never able to catch it.

But there I was, planting my roots. So the whole concept was doubly unnatural for me.

For many young Americans today, regardless of their upbringing, the joys, headaches and trials of homeownership are out of reach... at least for now.

And it’s because of this new reality that we must position our portfolio for gains.

The Real Summer Lull Raining on American Pool Parties Page 5

The Wide-Moat Stock LEaDing a Revolution Page 6

An Earth-Friendly Trend for Your Health and Wealth Page 9

Portfolios Page 12

Matthew Carr Chief Trends Strategist

David Fessler Energy and Infrastructure Strategist

Anthony Summers Senior Research Analyst

Rebecca Barshop Managing Editor

AUGUST 2019

TODAY’S TRENDS, TOMORROW’S PROFITS

2

AMERICAN DREAM... DEFERRED

Speculators Muscling Out Families

The statistics are eye-opening.

Younger Americans are in worse financial straits than the generations that preceded them.

The average net worth of the 18- to 35-year-old demographic is a mere $8,000.

$8,000!

They’re feeling the pinch of rising costs, suffocating debt and stagnating incomes.

Over the past decade, education expenses have skyrocketed 65%.

That’s an entire generation buried in student debt.

In fact, there are so many Americans saddled with student loans that there’s even a game show dedicated to it called Paid Off.

But that’s merely one piece of the puzzle of why younger Americans aren’t homeowners...

Over the past 10 years, food costs have soared 26%, healthcare costs are up 21% and transportation costs have risen 11%.

And God forbid they have children... Childcare costs are astronomical.

To rub even more salt in the wound, the cost of housing has jumped 16%.

Today’s 20- and 30-somethings are spending roughly 17% of their income on education, healthcare and rent.

That’s up from 12% just a decade earlier.

The impact of all of this is that the net worth of Americans between the ages of 18 and 35 has slid 34% since 1996.

And for those trying to grab their piece of the American Dream, it ain’t cheap.

First-time home buyers are paying 39% more than those four decades ago.

These are the reasons millennials are hitting traditional milestones later in life than their parents or grandparents. They’re living at home longer, waiting to get married, delaying starting a family and, ultimately, putting off buying a home.

Plus, the market isn’t catering to them. There’s a shortage of “starter homes” in the U.S.

Meanwhile, the recovery of the housing market has spawned a new generation of flippers and investors.

It’s a seller’s market.

Currently, starter homes make up nearly 21% of the available housing inventory. But almost a fifth of those last year were purchased by investors, not families. That’s twice the amount of 20 years ago.

Not to mention, in some markets, investors bought as much as half of the most affordable homes and a quarter of all single-family homes.

And since these investors are swooping in with cash bids, it’s hard for a young family to muscle its way into the market.

But there’s always an ebb and flow. This trend is driving demand up in another area of real estate. And that means booming business – and bigger payouts – for this month’s recommendation...

Net Worth of Consumers Under Age 35 Is Down

$12,000

$8,000

$4,000

$0

*Numbers adjusted for inflation

Source: Deloitte Insights, U.S. Census Bureau, National Association of Realtors, 2017 Report: National Association of Home Builders

1995 2004 2014

4%Percentage of homeowners

Median age of first-time home buyers

1%

Percentage of homeowners below median income

1%

Percentage of homeowners above median income

5%

Between 2007 and 2017

3

AMERICAN DREAM... DEFERRED

The Income Play Targeting Job Growth

The sobering reality is that home prices in many areas are simply too expensive for younger Americans.

In places like San Francisco, where six-figure salaries are the norm, it’s even worse. Housing is downright unaffordable.

Home prices are increasing at a faster rate than incomes. But people still need a warm, dry place to live.

And since millennials are unable to afford single-family homes, we’re seeing surging demand elsewhere: apartments.

In the second quarter, apartment demand in the U.S. jumped 11%.

Demand for rental apartments is now at a five-year high, and the national occupancy rate is an impressive 95.8%.

Solid economic growth has triggered new household formation, and apartments and rentals have captured a sizable portion of this demand.

Of course, with any boom, new supply looks to capitalize. That’s why apartment construction is near its highest level in three decades. But here’s the deal... that new construction is targeting high-income earners.

That means the broader rental market supply isn’t expanding. And there’s no bubble about to burst.

But because home prices have continued to rise, an overwhelming 82% of renters say renting is more affordable than homeownership. That’s up from 67% a year ago.

Millennials and Gen Xers also love the “sharing economy.” So apartment living fits better with their lifestyles.

Now, the demand for apartments is also pushing rents higher. Nationally, rent has risen 3% to $1,390 per month on average.

As investors, we have to recognize this larger trend is creating a fantastic opportunity in apartment-focused real estate investment trusts (REITs) – because higher rents are padding their bottom lines.

And there’s no better apartment REIT than Equity Residential (NYSE: EQR).

The company owns or has investments in 310 properties consisting of 80,061 apartment units in the U.S. More importantly, these are located in

high home price cities such as Boston, Denver, Los Angeles, New York, San Diego, San Francisco, Seattle and Washington, D.C.

It’s a diverse footprint where no market accounts for more than 20% of revenue.

These are also many of the top places to live for millennials.

In turn, these regions have higher population growth rates than other parts of the country. That’s because they’re seeing job growth rates above the national average.

By zeroing in on these densely populated, high-growth markets, Equity Residential enjoys a 96.2% occupancy rate, higher than the national average.

I like this strategy.

It’s a more balanced geographical approach than competing apartment REITs like Mid-America Apartment Communities (NYSE: MAA), Essex Property Trust (NYSE: ESS) and others. For example, Essex focuses on the West Coast, and Mid-America focuses largely on the southern U.S. and Mid-Atlantic.

“For those trying to grab their piece of the American

Dream, it ain’t cheap.”

4

AMERICAN DREAM... DEFERRED

I’ll admit, Equity Residential might not have the largest number of apartment units under management.

But it focuses on quality. It brings in more revenue than its competitors while offering a share price that’s not in the triple digits.

Those looking for income from a REIT have to weigh share price against yield and sustainability.

And I believe Equity Residential provides an excellent balance.

In the first quarter, the company saw same-store revenue increase 3.1% to $662.5 million. Earnings per share (EPS) came in at $0.28. This was a step down from a year ago.

But the biggest culprit there was lower property sales. We’re quick to forget that after the December collapse, everyone was spooked that the economy was hitting the skids during the first quarter.

But those fears aren’t expected to hurt the REIT’s results for the rest of 2019. Especially with the Federal Reserve expected to cut interest rates.

We’re also in the midst of Equity Residential’s busiest leasing time of the year. The summer months are when everyone moves. So we’re going to see revenue continue to push higher...

Equity Residential already forecast second quarter EPS between $0.80 and $0.84. Obviously that’s a huge step up from the $0.28 in the first

quarter. Meanwhile, revenue is projected to top $667.5 million.

But since the company operates as a REIT, it has to pay more than 90% of its profits back to investors. The second quarter payout is $0.5675 per share. That’s in line with what Equity Residential paid out in the first quarter.

At that rate, the REIT is projected to pay out $2.27 per share this year for a yield of 2.86%. That’s a solid dividend compared with those of its peers.

A lot has changed in this country since my wife and I bought our first home. And millennials are facing tougher financial pressures than previous generations.

But for now, the American Dream isn’t dead... it’s just deferred.

This is fueling demand for apartments. That, in turn, is pushing monthly rents higher.

And in the areas where millennials are moving to in droves, it’s even more profitable to be an apartment building operator and investor.

That’s especially good news for Equity Residential.

Action to Take: Buy shares of Equity Residential (NYSE: EQR) at market. When you do, immediately enter a 25% trailing stop to protect your principal and your profits. This in-come-generating REIT makes a nice addition to our Foundation Portfolio. n

More Bang for Your Buck

REIT NameEst. 2019 Revenue Share Price

Price-to-Sales Ratio

Equity ResidentialAvalonBay CommunitiesEssex Property TrustMid-America ApartmentAmerican Campus Communities

11.2

12.8

13.85

8.67

7.43

$78.85

$210.48

$303.95

$120.70

$48.83

$2.68 billion

$2.32 billion

$1.43 billion

$1.63 billion

$873.4 million

Source: Bloomberg Finance LP

Equity Residential Quarterly Revenue

Q3 '17 Q1 '18 Q3 '18 Q1 '19 Q3 '19E

Millions$670

$660

$650

$640

$630

$620

5

The Real Summer Lull Raining on American Pool Parties By Matthew Carr, Chief Trends Strategist, The Oxford Club

I love avocados. Millions of Americans do.

Unfortunately, if you’re one of them, you’ve probably noticed an unwelcome trend... Avocados have gotten expensive!

That’s bad news for all the friends who say “I’ll bring chips and guac” to those summer get-togethers by the pool.

Back in April, avocados suffered their largest one-day price spike since 2009. The initial blame falls on the White House because it threatened to close the southern border and impose tariffs on Mexico. But prices have rocketed higher since. And Americans are starting to feel it in their wallets.

On July 5, the Department of Agriculture reported the average national price of a Hass avocado was $2.10 – almost double the $1.17 price tag of a year ago.

But wholesale prices have risen even faster. During the first week of July, the wholesale price for a 25-pound box of avocados was $84.25. This was the highest price recorded

for this time of year in almost a decade, as well as a 129% jump from July 2018.

Souring trade relations with our southern neighbor can’t be ignored. Mexico is the top fruit and vegetable supplier to the U.S. Last year, we imported $13 billion worth of these goods. And almost 80% of the avocados Americans consume are from Mexico. California supplies 16%, with Peru and Chile making up the rest. But Trump’s threats and trade war drama are just a couple of the ingredients in this pricey burrito bowl.

California’s avocado growing season just came to an end. And it was a flop due to extreme heat. Farmers are expecting a harvest of a mere 175 million pounds this month. That’s half of last year’s volume and the smallest crop in more than a decade. Plus we’re in the “summer lull” for avocados. This is seasonally the lowest time of year for Mexican avocado output.

Mix all of that with skyrocketing American and global demand... and you’re in for a crippling price spike.

There was a time avocados were a treat. But now the Mexican fruit has found room in our stomachs year-round, from guacamole to avocado toast to bubble tea smoothies. Plus, they’re a physician favorite for adding healthy fats to a patient’s diet. Apples are out. Avocados are in.

This has helped fuel the 30% run the shares of avocado producer Calavo Growers (Nasdaq: CVGW) have enjoyed in 2019. Avocado prices should retreat once Mexico harvests start ramping up. But remember, investors don’t have to take the price hikes lying down... They can profit on them. n

HEARD IT HERE FIRST

Avocado Price SoarsMexico City Avocado Price Index (Pesos per 10 Kilograms)

700

600

500

400

300

Source: Bloomberg Finance LP

Feb Mar Apr May Jun Jul

Biggest one-dayjump since April2009

6

The Wide-Moat Stock LEaDing a Revolution 5,000 Patents Strong and Up Triple Digits in 2019 By David Fessler, Energy and Infrastructure Strategist, The Oxford Club

Summer has finally reached northeastern Pennsylvania, which means sweltering heat and afternoon thunderstorms are a regular occurrence.

But the evenings bring relief. As dusk approaches, my wife and

I like to sit out on our porch and watch the deer and turkeys come to our feeder. They tolerate each other as they forage for cracked corn.

But we’re waiting for an even more exciting treat: the incredible display put on by the fireflies. They come by the thousands.

Fireflies are probably the best-known example of bioluminescence. They produce a chemical reaction that allows part of them to light up.

Luminescence is “cold light,” meaning very little energy is lost to heat. If the light weren’t cold, the fireflies would burn up.

This month’s Trailblazer makes products that also emit cold light – called electroluminescence – but it has infinitely more uses than simply offering a beautiful nighttime landscape.

We’re breaking into an industry that will provide a potential $105.7 billion market opportunity.

Lighting Up a Revolution

Like bioluminescence, electroluminescence is a phenomenon in which light is emitted from a material. But the stimulus for electroluminescence isn’t a chemical one.

Electroluminescence occurs in response to an electrical current. When the current passes through the material, the response is light.

The discovery and harnessing of this science is what made light-emitting diodes (LEDs) possible.

Today we have LEDs in our homes, businesses, cars and nearly everywhere else.

Compared with incandescent bulbs, LED bulbs just “sip” electricity. A 60-watt LED uses only 10 watts of electricity to emit the same luminescence for up to 25 times longer than incandescent bulbs.

With today’s volume manufacturing, LED lightbulbs can now be had for less than $1 per bulb. Which is why business is booming for LED and related technology... like flat-panel displays.

And our Trailblazer this month is capitalizing on this trend big-time.

The latest advancement in LED technology is the introduction of organic LED – also called OLED.

The typical OLED is made up of a thin-film anode and cathode with one or more layers of organic material sandwiched in between. This organic material is the heart of the device and where the light comes from.

That sandwich is deposited on a thin substrate. This can be plastic, glass or metal foil. The ability to use flexible, thin substrates opens up this technology to a wide range of applications.

An OLED screen can be produced on a thin, flexible background.

A BRIGHT OPPORTUNITY

“All this only scratches the surface of the potential benefits of LED tech.”

7

A conventional liquid crystal display (LCD) is four times thicker and must be made on a rigid background.

Other factors that make OLEDs attractive are their low production costs and low power usage. That’s crucial for the mobile and wearable applications like smartphones and watch faces for which they’re also being used.

Plus, the manufacturing process for OLEDs requires fewer steps than the process for conventional LCDs...

For all these reasons, more OLED products are appearing almost weekly. Next-generation car dashboards, foldable smartphones and curved TVs are becoming a reality.

In fact, Samsung is currently working on flexible smartphone screens using this technology.

And though OLED TVs are relatively new to the market, sales totaled about 3 million units in 2018. That number is set to quadruple to 12.1 million by 2023.

As OLED production yields improve, costs will continue to dwindle. Even large-size OLED screens will outperform LCD devices in a few years.

Another opportunity for OLED technology is lighting. There are a few problems with today’s fluorescent lamps. One is the quality of their color compared with natural light.

Another is that they convert only about 25% of their energy into light, while the rest is given off as heat. And on top of that, they contain mercury, which presents a disposal problem.

OLED lighting solves all these issues.

The ability to form OLED panels into virtually any shape makes them highly desirable for lighting designers. BMW, Mercedes and Audi are already using OLED lighting for taillights and marker lamps.

Yet another advancement in lighting technology is transparent OLED devices. These enable the light to exit through both sides of the device.

When such a device is turned off, it’s transparent. This is spawning a whole host of new products.

All this only scratches the surface of the potential benefits of LED tech. Which is why Grand View Research recently projected the global LED market would be worth $105.7 billion by 2025...

The Ultimate Economic Moat

More than 25 companies are making various OLED devices. These range from watch and phone screens (like what Apple produces) to massive TV displays from LG Corp.

Each of these companies must license the technology and the materials. But one company holds all the OLED cards.

I’m talking about Universal Display Corp. (Nasdaq: OLED). With more than 5,000 patents and pending applications on OLED technology, this company has a moat around it so deep and wide that no other company could possibly compete.

A BRIGHT OPPORTUNITY

Source: Grand View Research

Global LED Lighting Market Size by 2025

2018 2019 2020 2021 2022 2023 2024 2025

Billions$120

$100

$80

$60

$40

$20

$0

Source: OLED-info

OLED vs. LCDBetter Contrast

Higher Brightness

Faster Refresh Rates

Lower Power Consumption

Simpler Design

8

A BRIGHT OPPORTUNITY

The business model for Universal Display is based on knowledge. It owns all the intellectual property for OLED device design and architecture. It also owns the intellectual property concerning the materials needed to make the layers in the OLED itself.

The company’s revenue comes from license and royalty fees, as well as OLED material sales. There are no fewer than 12 smartphones that use OLED technology licensed from Universal Display.

It licenses out its many patents to manufacturers. And its partnerships are with some of the largest OLED panel and lighting producers in the world, like LG, Samsung, Sharp and Pioneer.

As I’ve shown, the applications for OLEDs are seemingly endless. And that hope is reflected in Universal Display’s strong financials.

It trades at a trailing 12-month price-to-earnings (P/E) ratio of 116.75. That would normally mean it is an overpriced company, but not in this case. Universal Display is a fast-moving technology company. These types of companies always trade at a much higher P/E.

Another thing I look for is momentum, and this company has it in spades. Shares of Universal Display have been riding a wave in 2019, up 122%.

Over the last 52 weeks, shares have popped 112%. And over the last three months, they are up a healthy 24%.

First quarter revenue came in at $87.7 million. Of that, $54.5 million was materials sales and $30.3 million was royalties.

And both grew at an impressive clip, up more than 100% from the first quarter of 2018. Their combination is a high-margin business, which is why earnings per share (EPS) are also shining bright.

A slight revenue dip to $78.9 million is projected for the second quarter, before revenue jumps to $93.9 million in the third quarter. For fiscal year 2019, it�s expected to soar 45% to $359.4 million...

Even better, EPS is projected to nearly double, from $1.24 in 2018 to $2.43 this year. And that’s if Universal Display doesn’t top Wall Street’s expectations, which it’s done in three of the last four quarters.

Its balance sheet is in excellent shape. Its total long-term debt is just $6.7 million, a small sum for such a large company. This is an indication that it can fund most of its future growth with its existing revenue stream.

Ready for Takeoff

As we all know, I’m a big fan of pick-and-shovel plays. And this company’s business model is built for success.

On one hand, it builds emitters and provides materials. On the other hand, it pockets royalties. It’s a perfect marriage.

With the LED market set to be worth $105.7 billion by 2025, I think this is one of those rare companies that will make investors rich over 10 or 15 years.

Given its massive intellectual property portfolio of more than 5,000 patents, Universal Display is poised to become the Qualcomm of the lighting and display industry.

Action to Take: Buy Universal Display Corp. (Nasdaq: OLED) at market. Use a 25% trailing stop to protect your principal and your profits. This is a perfect addition for our Trailblazers Portfolio. n

Source: Bloomberg Finance LP

Universal Display Annual Revenue

FY '11 FY '13 FY '15 FY '17 Curr FY '19E

Millions$500

$400

$300

$200

$100

$0

CHART OF THE MONTH

9

An Earth-Friendly Trend for Your Health and WealthBy Anthony Summers, Senior Research Analyst, The Oxford Club

In 2018, I stopped eating meat and dairy. At the time, I was suffering from a number of health issues and decided to give a plant-based dietary lifestyle a try. After nine months, I had lost more than 60 pounds and was in the best shape of my adult life.

Now, this is not an endorsement for a plant-based diet. But my story offers a glimpse into a consumer trend that’s spreading fast across the country.

Sales of plant-based foods are booming. Demand is coming from not just vegans and vegetarians but meat eaters, too, who are starting to incorporate plant-based products into their diet for health and environmental reasons.

Over the past two years, total U.S. retail food sales grew 4%. Yet over the same period, plant-based food sales rose 31%. This is why analysts believe the global plant-based food market could reach $13 trillion by 2025.

This month’s chart shows a breakdown by product category, comparing sales growth for plant-based and animal-based products.

The two largest segments are milk and meat, which grew 5.6% to $1.9 billion and 9.6% to $800 million, respectively. But plant-based creamer saw the biggest growth in sales at 40.3%.

From an availability standpoint, more and more fast-food and fast-casual chains are adding plant-based products to their menus.

Chipotle Mexican Grill (NYSE: CMG) – out ahead of the curve – has been serving tofu-based Sofritas for a few years. This year, Burger King partnered with private plant-based food company Impossible Foods to launch the “Impossible Whopper.” And Carl’s Jr. added the “Beyond Famous Star” to its menu in partnership with industry leader Beyond Meat (Nasdaq: BYND), which went public in May.

Beyond Meat is a great pure play for investors looking to profit on this trend. And its strategic partnerships with restaurant chains like Tim Hortons, Veggie Grill and possibly Hooters give it a leading and competitive moat.

Its shares have skyrocketed more than 500% since the company IPO’d, making it one of the most exciting companies to watch right now. n

Plant-Based Revolution Gains Traction

Creamer Yogurt Eggs Ice Cream and Frozen Novelty

Meat Milk ButterCheese

50%

40%

30%

20%

10%

0%

-10%

Sales Growth

Source: The Good Food Institute, Data from 52 weeks ending April 2019

40.3%

12.0%

39.1%

-3.5%

37.9%

7.5%

26.5%

1.0%

19.3%

0.5%9.6%

2.2% 5.6%

-3.2%

4.5% 1.8%

■ Plant-based ■ Animal-based

10

Portfolio ReviewCheniere, Innovative Industrial Properties, Hologic and MoreBy Matthew Carr, Chief Trends Strategist, The Oxford Club

Last month, the U.S. made history.

Congress held its first-ever hearing on ending cannabis prohibition.

Though there was no clear-cut decision, one thing was made clear from the debate: Support for marijuana legalization transcends party lines.

It’s one issue that people on both sides of the aisle can agree on.

That bodes well for some kind of reform either later this year or in 2020.

Our pot stocks had reasons to cheer this past month as well.

MedMen Enterprises (OTC: MMNFF) announced it received another $30 million commitment from Gotham Green Partners.

This brings the total financing commitment to $280 million.

And MedMen will use this money to expand its footprint from 37 dispensaries to the 86 it’s licensed for.

Green Thumb Industries (OTC: GTBIF) cut the ribbon on its fourth dispensary in Florida. This is a $1 billion market that it and MedMen are shouldering their way into.

Our shares of Charlotte’s Web Holdings (OTC: CWBHF) have jumped double digits. Hemp-derived CBD products like its own are currently legal across all 50 states.

And we’re preparing for Charlotte’s Web to see revenue pop in the coming quarters.

Finally, our shares of Innovative Industrial Properties (NYSE: IIPR) continue to blaze higher.

The U.S. cannabis real estate investment trust (REIT) announced the purchase of a 145,000-square-foot property in Lansing, Michigan.

Even better, this property was immediately leased to medical cannabis cultivator Ascend Wellness Holdings.

Innovative Industrial now operates 23 properties totaling 1.8 million square feet in rentable space across 11 states. And 100% of it is leased!

The more money the REIT brings in, the higher our quarterly payout becomes. This is a win-win for us.

Innovative Industrial also announced a secondary offering of 1.25 million shares. The REIT will use this to fund even more property purchases.

Meanwhile, our shares of liquefied natural gas (LNG) exporter Cheniere Energy (NYSE: LNG) continue to chug higher.

The U.S.-China trade war put American LNG in its crosshairs as China slapped imports with a 25% tariff. This gutted U.S. shipments to the country.

And only two American LNG cargos have been delivered to China this year.

But neither Cheniere nor I were worried about this. All of those cargos that would have gone to China found a new home in Europe.

The continent has been the port of call for as much as 50% of all U.S. LNG supply from January through May of this year.

And we could be in store for another rally.

July is a critical month for LNG trade because that’s when spot prices turn to the all-important September delivery.

PORTFOLIO REVIEW

11

Japan, South Korea and China – the largest LNG consumers in the world – begin building their fuel stocks for winter at this time.

We’ve already seen Asian LNG prices start to move higher, and we’ll soon find out how Cheniere fared last month.

Cheniere and Innovative Industrial aren’t the only stocks setting all-time highs or trading near them in our portfolios. So are our large cap tech holdings Microsoft (Nasdaq: MSFT) and Autodesk (Nasdaq: ADSK).

We’re up double digits on both positions as their cloud and subscription-based businesses continue to boom.

From the Desk of David Fessler

We added Ørsted A/S (Copenhagen: ORSTED) – a Danish company focused on offshore wind farms – to our portfolio less than a year ago, and our shares are already up more than 55%.

Ørsted also pays a healthy 8.2% dividend. It’s a fantastic growth and income play, and it’s only going to get better.

Most of its 8.3 gigawatts of wind capacity are installed in Europe.

But the American east coast wind farms are quickly moving from the planning stages to construction. Right now, Ørsted has contracts for 954 megawatts of U.S. offshore wind capacity.

Six states have new offshore wind projects underway: Connecticut, Maryland, Massachusetts, New Jersey, New York and Rhode Island.

And more are coming. Don’t let this highflier escape your energy portfolio.

Another big mover last month was GeoPark Limited (NYSE: GPRK). It’s the leading independent Latin American oil and gas producer.

GeoPark has operations in Argentina, Brazil, Chile,

Colombia, Ecuador and Peru. And it recently announced a big expansion in Colombia.

The company acquired three new blocks, covering a total area of 679,292 acres. That’s eight times the size of its existing block.

GeoPark will operate all of the new acreage and will have a 50% working interest.

Over the next three years, GeoPark will invest $40 million to $55 million in drilling and exploration. Not to mention it may acquire a fourth block of 412,172 acres in the Magdalena basin.

The new land is right next to the company’s prime and proven acreage.

The rapid expansion and success of this Latin American oil exploration and production company earns it a spot in your energy portfolio.

But energy isn’t our only concern right now.

About 1 in 8 U.S. women develop invasive breast cancer.

And early detection is key to a positive outcome. That’s one of the businesses of Hologic (Nasdaq: HOLX).

Hologic recently purchased a French-based company, SuperSonic Imagine. It’s a leading developer of mobile ultrasound products.

The purchase price was $85 million. Via this acquisition, Hologic will be entering the $450 million cart-based breast ultrasound market.

This sector of ultrasound is rapidly expanding. It is considered complementary to mammography, specifically for women with dense breast tissue.

Hologic’s 24% gain over the last year outperformed the healthcare industry’s lackluster rise of 2% and the S&P’s rise of 5%.

That’s one of the reasons this industry-leading medical technology stock belongs in your healthcare portfolio. n

PORTFOLIO REVIEW

High-yielding and stable blue chips Issue of Rec. Rec. Price Current Price Rating Trailing Stop Total Gains Strategist

Equity Residential (NYSE: EQR) Aug-19 New New Buy 25% TS New Matthew Carr

Microsoft (Nasdaq: MSFT) Feb-19 $102.59 $139.29 Buy $104.18 36.7% Matthew Carr

O�Reilly Automotive (Nasdaq: ORLY) Jan-19 $344.13 $392.39 Buy $306.50 14.0% David Fessler

Deere & Company (NYSE: DE) Jun-18 $155.01 $168.35 Buy $126.28 11.0% David Fessler

TC Energy Corp. (NYSE: TRP) May-16 $40.60 $50.31 Buy $32.10 42.6% David Fessler

Foundation Portfolio

Fortune Hunters Portfolio

Trailblazers Portfolio

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Prices as of 7/23/2019

Midcap to large cap companies Issue of Rec. Rec. Price Current Price Rating Trailing Stop Total Gains Strategist

CalAmp Corp. (Nasdaq: CAMP) Jun-19 $10.92 $11.14 Buy $8.76 2.0% David Fessler

FormFactor (Nasdaq: FORM) May-19 $18.75 $16.29 Hold $14.21 -13.1% David Fessler

GeoPark Limited (NYSE: GPRK) Apr-19 $17.53 $18.61 Buy $14.24 6.2% David Fessler

Brookfield Property REIT (Nasdaq: BPR) Mar-19 $19.89 $18.91 Buy $15.58 -1.6% David Fessler

Salesforce (NYSE: CRM) Feb-19 $145.94 $156.25 Buy $125.21 7.1% David Fessler

Hologic (Nasdaq: HOLX) Nov-18 $39.07 $48.83 Buy $36.91 25.0% David Fessler

Small, innovative companies Issue of Rec. Rec. Price Current Price Rating Trailing Stop Total Gains Strategist

Universal Display Corp. (Nasdaq: OLED) Aug-19 New New Buy 25% TS New David Fessler

Mercury Systems (Nasdaq: MRCY) Jul-19 $70.17 $70.48 Buy $54.17 0.4% David Fessler

Autodesk (Nasdaq: ADSK) Sep-18 $156.81 $169.74 Buy $133.66 8.2% Matthew Carr

Ørsted A/S (Copenhagen: ORSTED) Sep-18 413.50kr 632.80kr Buy 475.80kr 55.4% David Fessler

Höegh LNG Partners (NYSE: HMLP) Aug-18 $18.30 $17.93 Buy $14.60 7.6% David Fessler

Cheniere Energy (NYSE: LNG) Sep-17 $42.79 $66.28 Buy $52.67 54.9% Matthew Carr

Reefer Retirement Portfolio

Long-term cannabis plays Issue of Rec. Rec. Price Current Price Rating Total Gains Strategist

Charlotte�s Web Holdings (OTC: CWBHF) Jul-19 $14.44 $14.33 Buy -7.2% Matthew Carr

Innovative Industrial Properties (NYSE: IIPR) Jun-19 $82.70 $102.98 Buy 25.2% Matthew Carr

Green Thumb Industries (OTC: GTBIF) May-19 $14.93 $8.98 Buy -39.9% Matthew Carr

Acreage Holdings (OTC: ACRGF) Apr-19 $22.75 $13.10 Buy -30.9% Matthew Carr

MedMen Enterprises (OTC: MMNFF) Mar-19 $3.27 $2.03 Buy -38.0% Matthew Carr