IB Traders’ Insight

View The Latest Videos View Videos

1 2 3 4 5 2 408


Macro

BlackRock - The Bumpy Ride to Brexit


Richard explains why investors in UK assets should expect a bumpy ride as UK-EU Brexit negotiations unfold.

The UK’s new Brexit white paper should allow negotiations over the terms of its future relationship with the European Union (EU) to move forward. Yet we could see UK-EU relations deteriorating before improving. Investors in UK assets should expect a bumpy ride.

                                       

Our BlackRock Growth GPS for the UK shows growth expectations have only modestly recovered from the heavy blow the Brexit vote dealt to the UK economy. See the blue line above. Meanwhile, our UK Inflation GPS (green line) shows inflation ticking lower but remaining much higher than before the Brexit vote, mostly due to a weaker British pound pushing up import prices. UK growth has been significantly lagging the rest of the G7, but may have recovered enough to allow the Bank of England to raise rates in August, we believe. Subdued growth combined with elevated inflation is typically a challenging backdrop for risk assets. UK stocks have been resilient recently, aided by domestic stocks’ global orientation and an M&A uptick. Yet political uncertainty looks set to stay elevated in the second half.

Our Brexit base case

The UK’s Brexit proposal would see the country effectively retaining full access to the EU single market for goods but losing access for services. It is closer to a “soft Brexit” than many had anticipated, angering some in the pro-Brexit camp. The proposal reflects the UK government’s gradual realization that any alternative would be highly disruptive for the manufacturing sector and would leave issues surrounding its land border with EU member Ireland unresolved. The UK has shifted its stance on previously non-negotiable issues, such as accepting alignment with European regulations and judicial rulings. This allows talks to move forward for now. Yet there’s a major unresolved problem: The EU has stated that “cherry-picking” EU-membership principles to abide by would be unacceptable.

We see Brexit noise getting louder as the March 2019 date for the UK’s exit nears. The EU will need to decide if it’s willing to accept a tailored agreement. The alternative is forcing the UK to choose between a limited free-trade deal or full adherence to the EU’s four freedoms, including free movement of people, at the risk of a negotiation breakdown. Our base case: Pressure to avoid a no-deal outcome leads to a compromise later this year. We expect an extended transition period starting in March 2019, with key future-relationship decisions kicked down the road. We see nearer-term wildcards too, such as a possible leadership contest in the UK’s ruling Conservative Party.

Key to weathering the Brexit noise

Greater resiliency in portfolios is key amid Brexit volatility and other risks (see our midyear outlook). We are underweight UK equities, and favor overseas earners that can benefit from faster-growing economies and currency weakness. We would avoid UK banks, which tend to be sensitive to Brexit news. We prefer U.S. and emerging market (EM) equities on higher earnings growth. We do not expect UK government bond yields to rise materially amid political uncertainty. We see UK real estate fundamentals staying strong, but focus on the highest-quality assets. We expect the pound to be volatile, with potential downward pressure until a Brexit resolution nears.

---

Richard Turnill is BlackRock’s global chief investment strategist. He is a regular contributor to The Blog

Investing involves risks, including possible loss of principal.

This material is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. The opinions expressed are as of July 2018 and may change as subsequent conditions vary. The information and opinions contained in this post are derived from proprietary and nonproprietary sources deemed by BlackRock to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. As such, no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by BlackRock, its officers, employees or agents. This post may contain “forward-looking” information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this post is at the sole discretion of the reader. Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

©2018 BlackRock, Inc. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc., or its subsidiaries in the United States and elsewhere. All other marks are the property of their respective owners.

547661

Information posted on IBKR Traders’ Insight that is provided by third-parties and not by Interactive Brokers does NOT constitute a recommendation by Interactive Brokers that you should contract for the services of that third party. Third-party participants who contribute to IBKR Traders’ Insight are independent of Interactive Brokers and Interactive Brokers does not make any representations or warranties concerning the services offered, their past or future performance, or the accuracy of the information provided by the third party. Past performance is no guarantee of future results.

This material is from BlackRock and is being posted with BlackRock’s permission. The views expressed in this material are solely those of the author and/or BlackRock and IB is not endorsing or recommending any investment or trading discussed in the material. This material is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice. 


19202




Macro

Janus Henderson - Digital-First Mobile Revolution Favors Largest U.S. Banks


 

Banking analyst Ian McDonald sees an accelerating trend in the U.S., with transactions overwhelmingly shifting to digital apps, a transformation that favors the biggest retail banks over their small and mid-sized regional counterparts.

Information posted on IBKR Traders’ Insight that is provided by third-parties and not by Interactive Brokers does NOT constitute a recommendation by Interactive Brokers that you should contract for the services of that third party. Third-party participants who contribute to IBKR Traders’ Insight are independent of Interactive Brokers and Interactive Brokers does not make any representations or warranties concerning the services offered, their past or future performance, or the accuracy of the information provided by the third party. Past performance is no guarantee of future results.

This material is from Janus Henderson Investors and is being posted with Janus Henderson Investors’ permission. The views expressed in this material are solely those of the author and/or Janus Henderson Investors and IB is not endorsing or recommending any investment or trading discussed in the material. This material is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.


19172




Macro

BlackRock- Gauging the Market Impact of Global Trade Tensions


Global trade disputes are the subject of nearly daily headlines.

Tit-for-tat tariffs between the U.S. and China risk breaking into an all-out trade war between the world’s two largest economies. The U.S. tariffs on steel and aluminum imports from the European Union (EU), Canada and Mexico have also exacerbated trade tensions beyond the U.S.-China relationship.

Investors are taking note. The new global trade tensions component of our BlackRock geopolitical risk dashboard shows concern over trade risk is more than three standard deviations higher than its average over the last 12 years.


The tool measures market attention to global trade tensions by tracking the frequency of related words in analyst reports, financial news stories and tweets, taking into account positive and negative sentiment in the text. The higher the BlackRock Geopolitical Risk Indicator (BGRI) score for global trade tensions, the more markets are focusing on this risk.

What does it mean?

It’s clear market attention to global trade risks has spiked. We think this helps explain the large disconnect we have seen since late January between robust corporate earnings and muted or outright negative stock returns.

We see this geopolitical risk here to stay, with trade tensions getting worse before they get better. The U.S. administration is shaking up the post-war system of global trade and international alliances with the aim of reducing its trade deficit. U.S. President Donald Trump has moved from long-held protectionist views and pronouncements to taking multiple, simultaneous trade actions in every key region of the world, citing unfair trade practices or national security concerns.

The U.S. focus on bilateral trade deficits is not just about China (see our U.S.-China relations BGRI). Increasingly, the U.S. finds itself at odds with traditional allies such as Canada, the EU and Japan. The U.S. has implemented tariffs on a small volume of trade, and announced a bigger program targeting an additional $200 billion in goods imported from China. The outcome of a U.S. investigation into auto imports—which represent another $300+ billion in potential tariff—also looms large. Meanwhile, tensions between the U.S., Canada and Mexico have increased after the U.S. proposal for bilateral trade deals in lieu of a renegotiated North American Free Trade Agreement (NAFTA). Nevertheless, we see NAFTA talks continuing.

No easy fix

With no easy fix to reducing the U.S. trade deficit, we see trade disputes as a major source of macro uncertainty and volatility. Yet we do not see them derailing the global expansion–for now. Prolonged trade tensions could threaten to affect the global economy through the confidence channel if companies start to delay investment. Market sentiment could also deteriorate amid fears of a global trade war if we see a scenario where the U.S. escalates trade disputes and U.S. allies impose retaliatory tariffs, followed by the overhaul of key multilateral trade agreements and the further undermining of the global trade.

How might markets respond to such a scenario?

Measuring how trade–or any geopolitical risk–may impact markets and portfolios can be a challenge. We apply market-driven scenarios to arrive at some estimations. We could see a global equity market selloff, with Chinese and emerging market (EM) equities under-performing; EM currencies weakening versus the U.S. dollar; and U.S Treasuries and gold rallying in a bid for perceived safe-haven assets.

Potential triggers of worsening trade tensions?

We see three:

  1. Tit-for-tat tariffs with China escalate further with material actions implemented by both sides.

  2. The U.S. announces its intent to withdraw from NAFTA and negotiate bilaterally with Mexico and Canada.

  3. The U.S. imposes duties on autos, sparking retaliation from the EU and other countries.

The risk of escalating trade tensions is one reason we see building portfolio resilience as crucial now (read more on that in our Global Investment Outlook Midyear 2018). Global trade tensions is just one of the 10 key geopolitical risks we have BGRIs for in our geopolitical risk dashboard. There, we also share our analysis of each risk’s likelihood of occurrence over a six-month horizon, escalation triggers and potential market impacts.

To be sure, tracking geopolitical risks is not an exact science, and we are continuously fine-tuning our risk scenarios and methodologies. The global trade tensions indicator, for instance, replaces a narrower tracker of the risk of a U.S. withdrawal from NAFTA.

(Check out the full BlackRock geopolitical risk dashboard to read more, including a deep dive into the risk of European fragmentation in the wake of a populist government forming in Italy.)

Isabelle Mateos y Lago is BlackRock’s Chief Multi-Asset Strategist. She is a regular contributor to The Blog.

 

Investing involves risks, including possible loss of principal.

This material is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. The opinions expressed are as of July 2018 and may change as subsequent conditions vary. The information and opinions contained in this post are derived from proprietary and nonproprietary sources deemed by BlackRock to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. As such, no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by BlackRock, its officers, employees or agents. This post may contain “forward-looking” information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this post is at the sole discretion of the reader. Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

©2018 BlackRock, Inc. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc., or its subsidiaries in the United States and elsewhere. All other marks are the property of their respective owners.

545999

Information posted on IBKR Traders’ Insight that is provided by third-parties and not by Interactive Brokers does NOT constitute a recommendation by Interactive Brokers that you should contract for the services of that third party. Third-party participants who contribute to IBKR Traders’ Insight are independent of Interactive Brokers and Interactive Brokers does not make any representations or warranties concerning the services offered, their past or future performance, or the accuracy of the information provided by the third party. Past performance is no guarantee of future results.

This materialis from BlackRock and is being posted with BlackRock’s permission. The views expressed in this material are solely those of the author and/or BlackRock and IB is not endorsing or recommending any investment or trading discussed in this material. This material is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice. 


19164




Macro

Validea - I Think, I Know, I Have No Idea


There are some areas of life where you can never have all the answers – no matter how much you know, how smart you are, or how good the school was you got from your degree from. Investing is one of those areas. As humans, we want to believe we can know everything. We want to believe if we work harder or read more, we can finally get to a place of having all the answers. That belief, when coupled with unpredictable things where no absolute answer exists, can lead to very dangerous consequences.

I was listening to an excellent podcast Ted Seides did with Anthony Scaramucci (click here to listen) the other day and it got me thinking about this. They were talking about the lessons he has learned in life and he said something very interesting that I think gets at the key to investing success better than anything I have heard.

What he is saying here is that for many investors, what you think you know is much more dangerous than what you don’t know. That may sound counterintuitive because many people believe that knowledge is the key and that the more you add to your knowledge, the better you are. And I can’t argue with that. But with knowledge often comes more conviction that you have all the answers. That can lead to overconfidence and poor decisions.

I have certainly not been immune to this myself. As I have learned more about investing, I have made decisions with more confidence. But at times that confidence wasn’t warranted by the facts. And it can be compounded by the fact that, like many people, I have tended to follow those who agree with me, which just serves to reinforce my existing beliefs.

Find Diversity of Ideas

To combat this, I have made a concerted effort to follow more people who don’t agree with me. Getting perspectives that are contrary to what I think has been really helpful. In addition to that, I have tried to take any belief I have about investing and to put it into one of three buckets before I take any action as a result of it.

Classifying things in this way has allowed me to better judge my level of conviction and to question myself more regularly, which is key to investing success.

To illustrate this approach, I wanted to list some of the things that fit into each category for me.

I know that investing earlier and investing more are keys to achieving your long-term goals

There are certain rules that are indisputable. One is that the more you invest in the present, the more you will have in the future. The other is that compounding is the most powerful force in investing and the longer you can take advantage of its benefits, the better you will do. This means investing as early as possible to make your time frame as long as possible.

I know that if two investments are the same or similar, the one with lower fees will win.

In aggregate, there is probably nothing that is more predictive of future results than fees. Yet there are still many funds out there that are either the same as or very similar to the market, but charge much higher fees. Investors in those funds are paying extra for something that is almost guaranteed to offer no value. This doesn’t mean fees high fees are always bad. There are certainly some focused, high active share products out there that are very different than the indexes and have the opportunity to justify their fees. But they are rare relative to the closet indexing products that are just providing the same return as the market before fees, and a worse return after them.

I think that investing using factors will continue to produce better returns than market cap weighted indexes going forward. I don’t know whether the factors that work best will be the same ones that did so historically.

Data over very long periods of time supports that using factors beats market cap weighted indexes. But the factors that work best change and it is very difficult to see those changes coming before they happen. For example, in retrospect it is easy to see the flaws in Price/Book that are likely part of its terrible performance in the past decade. But very few people saw that coming a decade ago. The same is true for the small-cap premium, which many now believe is either smaller than previously thought or doesn’t exist at all. It is very possible that some of metrics that everyone loves today will suffer a similar fate.

I know that even if factors do continue to work, emotions and biases will prevent most investors from using them successfully.

No level of technological innovation can change the way we are wired. We want immediate results. When we don’t get them, we make bad decisions. Those bad decisions hurt our investment performance more than any other factor. Even though factor investing works, most people shouldn’t do it. We just aren’t equipped to sit through periods of underperformance that can span over a decade. And as this great article explains better than I can, these periods may be getting even longer in the future.

I think value stocks will rebound at some point. I don’t know when that will be. I think they will continue to outperform the market long-term.

I am a big believer in value stocks. The data supporting their long-term outperformance is compelling. When they have gone through periods like they are going through now historically, they have always come back, and the reversion has typically been very strong. The more you study the issue, though, the more you realize that there is no length of underperformance that allows you to predictably determine the timing of the turnaround. An honest look at it also leads to the conclusion that value outperforming over the long-term in the future is not a certainty. If anything is certain, then there isn’t risk, and without risk, you don’t get return. As a result, I classify this in the “I strongly think” category, but it doesn’t belong in “I know.”

I don’t know whether cryptocurrencies will be a good long-term investment

Perhaps no issue generates more anger on both sides than the future of cryptocurrencies. There are very intelligent people who think they will all end up worthless. There are also very intelligent people who think they have only realized a small fraction of the value they eventually will. Whenever I see a situation like that where there are smarter people than me on both sides, I immediately put it into the I don’t know basket. Even if I could come to a conclusion one way or another, history tells us that it will be very difficult to identify the winners and losers in advance so the implementation side of it is very tough. I will continue to spend a lot of time learning about this, which is what I try to do with things in my I don’t know bucket, but I recognize this is an area I am not qualified to have an opinion on.

Building A Framework for Success

None of this is meant to pretend that I have all the answers. I don’t and never will. The recognition that what I don’t know will always exceed what I do has made me a better investor. I think the lesson here is that all of us can benefit from being honest about our limitations. For me, grouping things I think I know about investing into these three categories has been helpful in facilitating that honesty and preventing mistakes. When I think I know something for sure, it has challenged me to think long and hard about if I actually do. When I don’t know about something, it has challenged me to spend the time to research it and expand my knowledge. I think many investors might benefit from a similar approach.

---

Validea.com is an independent research firm offering stock analysis, screens and model portfolios based on the strategies of great investors. Our model portfolios select value, dividend and growth stocks based on our interpretation of the strategies of market legends, including Warren Buffett, Peter Lynch, Benjamin Graham, Kenneth Fisher, Martin Zweig, David Dreman, Joseph Piotroski and Joel Greenblatt. Interactive Brokers customers may sign up for a free trial in Account Management. Readers who are not customers of Interactive Brokers may click the following link to sign up for a risk-free trial.

Information posted on IBKR Traders’ Insight that is provided by third-parties and not by Interactive Brokers does NOT constitute a recommendation by Interactive Brokers that you should contract for the services of that third party. Third-party participants who contribute to IBKR Traders’ Insight are independent of Interactive Brokers and Interactive Brokers does not make any representations or warranties concerning the services offered, their past or future performance, or the accuracy of the information provided by the third party. Past performance is no guarantee of future results.

This material is from Validea and is being posted with Validea’s permission.The views expressed in this material are solely those of the author and/orValidea and IB is not endorsing or recommending any investment or trading discussed in the material. This material is for information only and is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad-based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation by IB to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.


19190




Macro

Benzinga - A Peek Into The Markets: US Stock Futures Down Ahead Of Earnings, Economic Data - By Lisa Levin


Pre-open movers

U.S. stock futures traded lower in early pre-market trade, ahead of earnings from several companies. Data on initial jobless claims for the latest week and the Philadelphia Fed general conditions index for July will be released at 8:30 a.m. ET. The index of leading economic indicators for June will be released at 10:00 a.m. ET. Federal Reserve Vice Chairman Randal Quarles is set to speak in New York at 9:00 a.m. ET.

Futures for the Dow Jones Industrial Average dropped 60 points to 25,101.00, while the Standard & Poor’s 500 index futures traded fell 8.75 points to 2,807.25. Futures for the Nasdaq 100 index declined 29 points to 7,376.25.

Oil prices traded lower as Brent crude futures fell 0.97 percent to trade at $72.19 per barrel, while US WTI crude futures fell 0.99 percent to trade at $68.08 a barrel. The Energy Information Administration’s weekly report on natural gas stocks in underground storage is schedule for release at 10:30 a.m. ET.

A Peek Into Global Markets

European markets were mostly lower today, with the Spanish Ibex Index falling 0.18 percent, STOXX Europe 600 Index declining 0.11 percent and German DAX 30 index dropping 0.35 percent. The UK's FTSE index was trading higher by 0.10 percent, while French CAC 40 Index fell 0.41 percent.

In Asian markets, Japan’s Nikkei Stock Average fell 0.13 percent, Hong Kong’s Hang Seng Index fell 0.38 percent, China’s Shanghai Composite Index fell 0.53 percent and India’s BSE Sensex fell 0.06 percent.

Broker Recommendation

Analysts at Needham downgraded Tesla, Inc. TSLA from Hold to Underperform.

Tesla shares fell 2.13 percent to $316.94 in pre-market trading.

Breaking News

  • Danaher Corporation DHR reported better-than-expected earnings for its second quarter and raised its FY18 outlook. The company also announced plans to spin off dental business into a publicly traded company in the second half of 2019.
  • eBay Inc EBAY reported upbeat earnings for its second quarter, while sales missed estimates. The company also issued weak third quarter and FY2018 sales guidance.
  • International Business Machines Corporation IBM reported stronger-than-expected results for its second quarter on Wednesday.
  • KeyCorp KEY reported better-than-expected earnings for its second quarter.

© 2018 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Benzinga is a fast-growing financial media outlet that empowers investors with market-moving content. The site also manages Benzinga Pro, a streaming platform with real-time headlines, data and actionable alerts. Sign up for a free trial and profit with faster news now.

Information posted on IBKR Traders’ Insight that is provided by third-parties and not by Interactive Brokers does NOT constitute a recommendation by Interactive Brokers that you should contract for the services of that third party. Third-party participants who contribute to IBKR Traders’ Insight are independent of Interactive Brokers and Interactive Brokers does not make any representations or warranties concerning the services offered, their past or future performance, or the accuracy of the information provided by the third party. Past performance is no guarantee of future results.

This article is from Benzinga and is being posted with Benzinga's permission. The views expressed in this article are solely those of the author and/or Benzinga and IB is not endorsing or recommending any investment or trading discussed in the article. This material is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.


19180




1 2 3 4 5 2 408

Disclosures

We appreciate your feedback. If you have any questions or comments about IB Traders' Insight please contact ibti@ibkr.com.

The material (including articles and commentary) provided on IB Traders' Insight is offered for informational purposes only. The posted material is NOT a recommendation by Interactive Brokers (IB) that you or your clients should contract for the services of or invest with any of the independent advisors or hedge funds or others who may post on IB Traders' Insight or invest with any advisors or hedge funds. The advisors, hedge funds and other analysts who may post on IB Traders' Insight are independent of IB and IB does not make any representations or warranties concerning the past or future performance of these advisors, hedge funds and others or the accuracy of the information they provide. Interactive Brokers does not conduct a "suitability review" to make sure the trading of any advisor or hedge fund or other party is suitable for you.

Securities or other financial instruments mentioned in the material posted are not suitable for all investors. The material posted does not take into account your particular investment objectives, financial situations or needs and is not intended as a recommendation to you of any particular securities, financial instruments or strategies. Before making any investment or trade, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice. Past performance is no guarantee of future results.

Any information provided by third parties has been obtained from sources believed to be reliable and accurate; however, IB does not warrant its accuracy and assumes no responsibility for any errors or omissions.

Any information posted by employees of IB or an affiliated company is based upon information that is believed to be reliable. However, neither IB nor its affiliates warrant its completeness, accuracy or adequacy. IB does not make any representations or warranties concerning the past or future performance of any financial instrument. By posting material on IB Traders' Insight, IB is not representing that any particular financial instrument or trading strategy is appropriate for you.