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A Presentation by David David Tepper to Undergra Undergraduate duate Business Students Students at Carnegie Mellon University November 12, 2007 Tis transcript has been condensed and edited for clarity.
INTRODUCTION:
Now, this is just kind of an open, free forum, an opportunity for you to ask questions and hear answers from David. He does not have an hour’s worth of material that he’d he’d prefer to talk about, because he wanted to give you lots of time to ask questions. So do make sure that you ask questions. Welcome, Welcome, David.
very small in the undergraduate school. I guess the biggest class is like 150, is that right?
I think you all know who David is. He’s of course the benefactor of our school and what you probably don’t You You know, know, one thing I want to mention know and may not know, is that he to you guys was that your program grew up in Pittsburgh and went to is always on our minds here. We Peabody High School. He then went went constantly talk about it, we constantly to the University of Pittsburgh for talk about recruiting. recruit ing. You guys are his undergraduate degree, worked for just as important. I know there’s a year or so and then came back here some feeling here about second class and got his MBA and graduated with DAVID TEPPER: citiz ens. Tere’s some BS like that, his MBA in 1982. He was one of my Tank you. I had a great time when citizens. and that is BS. We think you guys are students back then. I was a grad student here at Carnegie really important. was You You know, know, everybody always claims and Mellon. And one of the reasons was attaches themselves to anybody that’s Ken and one of the reasons was this In fact, I told Ken that there’s a really being as small as it is, as intimate high regard – at least in my world successful, so I’m claiming that a lot of place, being friendl y as it is. For me, on Wall Street – for people out of his success must have been due to those as it is, as friendly courses he took from me, because he this place was, in a way, almost life this undergraduate program and took a number of them (laughter). So changing. I had a great time here and it undergraduates have a little bit of an anyway, it’s great to have David here. really gave me the education I needed. edge on Wall Street, but this year it moved me may be tough all around. Very much appreciate you coming in It kind of filled a gap for me, moved school class especially to do this today and I know to the next level. My grad school was 120, I think. Y our classes are still sti ll the students will appreciate it as well.
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DAVID TEPPER:
I want to talk a little bit about what I do and when I started [my career] so you guys have some feel for that. I came out of school in 1982 and I went to work for Republic Steel. I didn’t go right into Wall Wall Street. Ten I went to a mutual fund and then to Goldman Sachs. I was the head trader at the junk bond desk for Goldman Sachs and I did that for eight years. If any of you guys know anything about economic history or Wall Street History, I was on the other side of Drexel Burnham [which was] run by a guy by the name of Mike Milken. So I was there early in the junk bond era at Goldman Sachs. When I left I started a hedge fund called Appaloosa Management. Appaloosa was a fairly early hedge hedge fund and we’ve been doing it for 15 years. We’ve We’ve invested in distressed debt and we invest around the world. We were one of the first investors in Russia and I was in Russia in 1996 when Yeltsin was on the tank. We can talk about that, if you guys would like to. We’ve had Donald rump in my office and we could talk about Donald rump if you’d like to. [Laughter] Appaloosa was the first non-Korean to buy Korean treasuries. treasur ies. We were there in the Asian meltdown in 1998, so we can talk about that if you’d like. We were big in 2002 scandals – Adelphia and WorldCom and different business scandals. scand als. We were big in some of those companies, investing in them on the way up and we can talk about that if you’d like. If you like we can talk about the job market on Wall Street this year, which is going to be a little bit tougher for you guys coming out, you seniors. It’s unfortunate, but hey, it’s just the way it is and you know, hopefully it’ll it ’ll all al l work out and you have a long life, and it will [work out], because you’ve got a great education educat ion here. I really, reall reallyy believe belie ve that.
I think they’re always going to hire a certain amount of people from here, but it is a tough year and there are a lot of firms losing money and top guys losing money, and losing their jobs.
I decided on business at some point when I went to work for a bank in Pittsburgh in the credit department. Ten I went to work in their trust department as a stock analyst. I really wanted to be an investor. investor. Tat’s what I really wanted to do.
We We can talk about the current market right now, if you want. I think it’s a very tough market right now. now. We’re Actually when I was an undergrad, probably in the biggest percentage cash I was trading stocks for myself with we’ve ever been in my fund. whatever money I’d I’d made on the side. And coming from Peabody High Te other thing you should ask is about School, I didn’t have a lot of money on life and family and what’s important. the side. You You know, know, one weekend that I was going to come up here, I was stuck I knew I wanted to be in investing on the runway. We actually actual ly had my somehow. Although, Althou gh, even working reunion – it was my 25th reunion – at Equibank -- that was the name and I was going to go home the next of the bank -- I don’t know what it’s morning and come back the next night called now; probably three take-overs because my daughter had a - I think ago. I was a security analyst over it was a county match – for volleyball, there, but I really didn’t know how it which is the stuff that’s really important all tied together and when I came here in life and will always be important and [Carnegie Mellon], I had some ideas, you guys should know that. but this place really gave me everything I needed. Anyways, I’ve given you a bunch of different things that I’m going to try to I guess this doesn’t totally answer your open up for questions. question, but I’m going to sell the school a little bit – even though I went to work at Republic Steel afterwards, STUDENT: I’ll start off with an easy one: you seem when I went to Wall Street, I was just like you’ve realized all your ambitions; so far in front of other people, like with you’re you’re very successful, but what were options theory. your ambitions when you were an undergrad? STUDENT: As an undergrad when you were investing on your own, what kind DAVID TEPPER: When I was an undergrad, I was trying of strategies did you have and, as a to figure out what I wanted to do, follow-up, what strategies would you whether I wanted to go to law school, advise undergrads to have right now or go into business bu siness,, so I took the LSA LS As about investing, now that you’re more and I took the GMA GMAs. I decided on knowledgeable? business school. And I thought about acting. Like a lot of people, I was the best actor in my high school. When you’re you’re the best actor in your high school, you think you’re you’re going to be a famous actor until you meet the other 100 people that are best actors at their high schools when you go to college.
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DAVID TEPPER:
Tere was this strange thing at the time. I was playing options, actually. It was really, really early in the options market, I mean, it was just really beginning and I didn’t know what the heck I was doing, to tell you the truth. Options used to trade at 1/16 increments so I figured that I just put
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in orders to buy the 1/16. Buy at 1/16 and sell at 1/8, buy at 16th and sell at 1/8. And you could just just do that. I had it automatically happening; I didn’t didn’t have to do anything. 1/16 and 1/8, 1/16 and 1/8. It worked really great, until the market started taking off and then I went bankrupt basically. So you know, you have to be careful about that sort of stuff.
previous 100 years of the history of the company. It was a reall reallyy great time.
I kind of knew kn ew I wanted to do investing. I wasn’t sure, I was leaning that way so I kind of knew where I wanted to try to get to. So if you do, just don’t stop driving driv ing there. You don’t have to settle. Just keep driving at it and it will come.
I’ll tell you a funny story, actually. I was at Republic Steel and I was there probably seven weeks and they did an across the board pay cut of 7 percent. Everybody got out of grad school and talked about what they made. So then, STUDENT: You’re very successful, but you must seven weeks after I got out, 7 percent You’re pay cut. I think I got calls from from one have made some mistakes along the way. Could you share with us one third of my class. class . ‘Good choice epper,’ epper,’ way. But things kind of work out after a of your biggest mistakes, how you overcame it? time.
I first invested, actually, when I was in high school. I invested in this company called Career Academies because I looked at the stock chart and it was DAVID TEPPER: way down from where it was before. I STUDENT: Oh, I made a lot of mistakes. I’ve got can’t remember what year it was in high Do you think that, to become a great to pick which which one. I’ll give you one school, but I think the stock was trading hedge fund manager 15, 20 years down career one from Goldman Sachs. I at two dollars a share. Somehow, I had the road, that that was better than was at Goldman Sachs, I mentioned, money saved and I had my dad invest going to Wall Street to start out as an for eight years. years. When I started there, $200 with me. me. Te company company went analyst right out of undergrad? I started there as an analyst out of bankrupt – absolutely wiped out, but Keystone Custodian Funds – mutual maybe that’s why I liked bankruptcies DAVID TEPPER: funds. I was the first outside hire for Yeah, Yeah, I think so. so. You know what, what, when after that (laughter). the junk bond department and I was you’re you’re starting out, there are no bad hired to help start the department. But if I had a strategy, that was it and choices. Tere are no bad choices choices right that worked really well, because there now for you guys. Tere really aren’t; t; I was there for six months as an analyst was nobody else kind of doing it. It I really do believe that. You just keep and the trading effort was real screwed just wasn’t a continuous function, it driving at what you want and even if up, so they moved me into trading was an anomaly in the marketplace you don’t don’t go to Wall Street right away, away, and at six months I became the head and I actually made more money than I and you still want to, then you still can trader. It’s It ’s one of those great stories, eventually lost. go there. there. Republic Steel to a mutual I mean, Horatio Alger lives sort of fund, to Goldman Sachs, I mean this stories, right? So you you have Republic STUDENT: stuff is true. tr ue. Steel, mutual fund, head trader You You started out working at Republic Goldman Sachs – it’s a really nice little You know what’s funny about you Steel and you went through their You story. I was there and I had a pretty whole distress, their kind of downfall, guys now versus me then, or people good career and I was up for partner which is where I’m guessing you got my age then? You guys are so much pretty fast. I was up for partner, but very familiar with distressed debt. Do more uptight about this stuff. I mean, I was kind of young and they skipped reallyy, everybody ever ybody’s ’s uptight. uptight . I look at you think that helps you more, or do reall over me. Ten the junk bond market market you think you would have been just as my neighborhood; they’re uptight in crashed the second time I was up for high school. SA SAs and that stuff; much well off to start with a hedge fund? partner and that didn’t didn’t work. work. But the more uptight than we were when we third time I was up for partner, I had were young. a lot of relationships throughout the DAVID TEPPER: You You know, know, it’s an interesting question. I Maybe it’s it ’s that much more competitive, firm and I was making a lot of money. was investing when I was at Equibank. but you know what, it’s okay if you But a funny thing happened on the When I was at Republic Steel, it helped don’t know what you want to do exactly way to the partnership at Goldman me as an analyst, because I was talking right now. It’s It ’s not as good if you don’t don’t Sachs. Tis guy by the name of Bob to banks and the company was in know what you want to do when you’re Rubin who later was the Secretary trouble at the time. I was at at Republic 30, but right now, you can be a little of the reasury – he was the head Steel only two years and they did more confused and try to figure it out and of fixed income when I was there. I financings [when] I was there than the you can have a lot of different paths. liked Bob Rubin because he came www.santangelsreview.com
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from risk arbitrage, and junk bonds are Life takes funny turns. Tat’s really kind of like equities. So I would go go important for you guys. You’ve got a into Bob Rubin’s office and talk about long life. Don’t get upset by setbacks. setbac ks. the markets. And if I wanted to take Setbacks are another way to say a big position, I’d go into Bob Rubin’s opportunity. office and say, hey, I want to take a big Tat was a mistake [at Goldman position and we’d talk about it. Sachs] though; in your career, don’t do Well, Well, Bob Rubin became Vice that. Tat’s Tat ’s stupid, okay. And I wasn’t wasn’t Chairman of Goldman Sachs and he trying to skip over [ Jon Corzine], I was was still on my floor and the new head just naïve. of fixed income was a guy by the name of Jon Corzine, who’s now governor of DAVID TEPPER: New Jersey. Te biggest mistake I made when I Jon Corzine was a treasury trader and had the hedge fund was [when] we knew nothing about corporates, so I were really caught in Russia in the would never talk to Jon Corzine – I was meltdown in ’98 when Long-erm still a young guy. guy. I wanted to get the Capital [Management] went down. We lost 20 percent or something that answers fast because I just wanted to We year, which which was a really bad year for us. get my job done and I went to the guy year, that had the information. inform ation. For a year, We We were very involved in emerging I continued to go to Bob Rubin. Bob markets; Russia, Brazil, the whole Rubin should have said, ‘Hey, idiot, go thing. When Russia hit and when when ’98 and talk to Jon Corzine, he’s the new hit, not only did the liquidity disappear, head of fixed income.’ But I think Bob the spreads widened out. You’re seeing Rubin liked to have the conversation. some of that right now again in the So when Jon Corzine was the head marketplace. of fixed income and then it came to So that was a mistake, a false liquidity. the next partnership, Jon Corzine We We thought the liquidity was there. t here. I said, ‘Okay, epper’s not one of my thought the liquidity would be there, boys. He’s one of Rubin’s boys.’ So he would always be there and I was not never let me become a partner. Even careful about my position size at the though I’m not a real political person, time. you’ve got to be aware. You know, Jon Corzine was the head of fixed income, STUDENT: he was up the ladder. When I was What do you think of the housing taking positions, I should have gone to market? see Jon Corzine. Tat was probably probably a mistake. Tat was a mistake, but here’s how life goes. I could have gone there and gone to see Jon Corzine, right, and maybe I would have been a partner partner at Goldman Sachs. I would have have had worked worked long hours, I would have had more wrinkles, been miserable. Or I could have started a hedge fund and made seven times, or a hundred times more money than I would have made at Goldman Sachs, so what’s bad is good and what’s good is bad, right?
It has broad implications for the economy. You see even a company like Cisco, that’s just reported that they’re seeing weakness in financials and weakness in autos, because of order rates. I think you’re you’re going to have a US economy that’s going to be slower than it otherwise would be for the next two, three years. Not just sub-prime, it’s it’s just all mortgage lending. If you look at the charts – if anybody goes and looks at how many houses were bought year by year and look at the years 2005/2006, it’s it ’s off the charts. chart s. You’re coming back down off of that. And that’s going to have some effects on the economy, not just in the mortgage market. We’re spending a lot of time in the sub-prime market now, trying to figure out if we should buy anything. Another mistake I made was, we should have been shorting that market. We We didn’t short that market and it was like a free option to short some parts of that market. market. It was so ridiculous in retrospect. I knew about it, because I had some people telling me about it and I was too busy, or too unfocused to look at it, but I don’t know if that answers your question or not? STUDENT:
What are advantages or disadvantages of managing so much money? DAVID TEPPER:
I guess the advantage is you get your calls returned. Te disadvantages are… DAVID TEPPER: Te money could be too big for the What do I think about it? It sucks. investment opportunities at different You You know, know, I’ll tell you the truth we call times. We’re a fund that will give back it the slowest moving train wreck ever. money, money, which is kind of unusual in this It just has so many implications and it’s world. A lot of funds will just be asset moving so slow and it’s still not done. gatherers. gatherer s. We’re We’re more pure investors. invest ors. You’r You’ree right now in the period where It swings both ways ways though. Getting you have these option arms resetting. to be in the main calls really helps you You’r You’ree going to see many more defaults, and we’re big enough that anybody will or many more people not paying their come into our office if we ask them to mortgages, because they’re done with come in. If you’re you’re small, small , that won’t won’t their teaser rates. happen, so you have incredible access at this size. www.santangelsreview.com
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But you know, you can be too big and STUDENT: You talked about being one of the first miss certain opportunities, because you You Korea. How do have so many things you’re looking at. investors in Russia and Korea. you gauge political risk and instability? STUDENT:
You You mentioned that you have to sell yourself all the time, time, what do you think are the best ways to do that and be true tr ue to yourself yourself?? DAVID TEPPER:
Well, Well, you already answered it. Just be yourself. I think t hink the best way to do it is to just go in there, know what you want, okay, okay, and be true to yourself. If you know what you want, then people will come through. I generally think that. If you don’t don’t know what you want and you’re faking what you want that will also come come through, I think. I think you’ve got got to be true to yourself. yourself. Know what you want and [do] not be afraid to go after it, full stop. STUDENT:
[Did you know you wanted to be an investor when you were in college?] DAVID TEPPER:
I probably just liked investing, so this was the purest form. It’s funny, funny, I got into junk bonds by accident when I was at Republic Steel. It was having financial trouble and we were junk bond issuers. Ten I got got hired at Keystone because I had that experience. When I was at Keystone, I was pretty good at it and then Goldman Sachs hired me when they started st arted the department. So it was kind of lucky. It is not bad to be lucky, by the way. way. Better to be lucky than smart, if you ever heard that, or lucky than good, or whatever they say. When I was at Goldman, I knew I wanted to invest. I liked investing and you know, know, junk bonds. I just fell into it and it was kind of hot. But it was what I liked. I wanted to invest and I’m still doing it and I like doing it, so you’ve got to do what you like.
DAVID TEPPER:
machine guns. We’re like, what the heck’s heck’s going on? I happened to have taken two years of Russian when I was in high school, so I can speak basic Russian. I try to see what’s going on, tell them who I am and who we’re going to see. Tey let us go up to the office and when we got up to the office, there’s [almost] nobody there. One guy.
For us it was just doing credit analysis of the different countries. In Russia’s case, it was cheap when we went in. You You know, know, we lost a lot of money in ’98. But then we went further into He says Boris [unintelligible] can’t get Russia because everybody was selling back in the country because they took out of Russia. It got so cheap on the away his visa so I’m going to meet with fundamentals because banks wanted it you. And he said we have the guards off their balance sheets by the end of downstairs because Boris’ car was the year. So we bought a lot. bombed last night and the reason we You You do the analysis of the country just don’t have any people here, is we have a office. I said to the like you do a corporate analysis to see bomb threat in the office. what the ability to pay the debt back back is. guy, you could have called us up and we We We were debt investors i nvestors so you want to could have had breakfast in the hotel. rue story. see the basic ability of the country to rue pay its debts at that time. time. It was just fundamental analysis, deciding if the STUDENT: stuff was cheap enough or not. What are your personal and professional goals? Where do you see In Russia’s case, [it had] incredible yourself in five years? natural natur al resources. resources . In Korea’s case, [it had] incredibly industrious people and an incredible export machine potential. DAVID TEPPER: You mean, what do I want to do when With the falling fall ing won at the time, that You just created what we thought would be I grow up, is that what you’re asking? (Laughter.) the ability to get reserves real fast. You guys are right at the beginning I’ll tell you a funny story of Russia, this You is a true story stor y. We were in Russia in [of your careers], it’s really great to be one kid in high school. 1996. Tat was a crazy time. I don’t you. I still have one know if anybody is a history person at Professionally I’m trying to [hire] some all in here, but 1996 was crazy. And other people in the firm so that they when it’s a little bit dangerous, it’s a can do other things and I can actually more outside interests. I was lot exciting. I’ve got a couple of great great do some more actually trying to hire somebody before Russia stories – I’ll tell you a story. I came up here today. today. (Laughter.) (Laught er.) We We were supposed to have a meeting with this guy, guy, Boris [unintelligible] I’ve always tried to have a balance, so who was a big deal investor in Russia I’ve kind of met some of those goals. I t o continue to have a balance. I at the time. And Boris [unintelligible] want to was trying to take over some companies companies always promised myself I’d be a social worker. It’s what I always say I’ ll do in Russia which was kind of dangerous worker. when I grow up, so I probably want in 1996. He had a brokerage brokerage firm and to get a little bit more involved with we were going to go go up to his office. different charities. chariti es. We We go to this office and at the bottom of his office there’s all these guys with
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STUDENT:
What kind of advice do you have for students that aren’t pursuing a career in Wall Wall Street, or in finance? finance? DAVID TEPPER:
Like I said before, just figure out what you want to do and do it. I mean, a lot of people who go to Wall Street, they hopefully want to do that or have some inkling about markets and aren’t doing it for money. money. Not that money’s a bad reason to do it, but it’s good to have some inkling of what you want to do. And like I said before if you can figure out what you want to do, go for it and if you can’t, you’ll figure it out at some point and then go for it. STUDENT:
What would be your advice on managing your time between family and work? DAVID TEPPER:
If you skip some family thing, you won’t won’t get it back. If I do a trade, I’ ll do another trade. I can always do that. But if I miss some big family event, I can’t get it back. You think you can get it back when you’re younger. When I was at Goldman Sachs it was hard to get home for things; that’s one of the reasons I decided to leave, too. You You can’t always do it, but if you can do it, I think it has to be first [priority], [priorit y], because becaus e you can’t get it back. And the things in your career you can get back. Sometimes I can’t do it all, but if I can, I’ll do it. I think that’s been a great decision in my life. It really is a good decision, to really put personal things, family first, if you can do it. And sometimes you just can’t, t, okay. okay. You You really just can’t, t, but you know, know, make it up if you can’t. can’t. ry to make it up, because that’s what life’s about.
STUDENT:
I’m not short, because I’m nervous Any thoughts on today’s markets, about the liquidity. Te market can go how is Appaloosa investing and up, so that’s that ’s why I have this cash, which [unintelligible]? is a great hedge. I’ll tell you you this: it’s the best hedge; nothing else is as great a hedge. You can learn anything anythi ng you DAVID TEPPER: Right now we’re pretty cautious. cautious . We want at Carnegie Mellon, I’m telling now, you you can’t hedge yourself actually have the biggest cash position you right now, like being only cash at a time. we’ve ever had. We’re probably about 40 percent in cash and we never run cash. Te reason I’m that way is because STUDENT: I do think margins margins are shrinking. A lot What do you think about the airline of industries started with sub-prime. industry right now? now? I mean, do you you So I’m pretty cautious, and on the other have airlines at all? hand, I’m nervous to be short, because there’s so much liquidity and the Fed DAVID TEPPER: may continue to ease rates, so you can We We used to own 5 percent of get a liquidity-driven market. Continental at some point a few years generall y, in a way, way, like the I actually think that we’re in this period back. We generally airl ine industry. indus try. We like it. In the similar to like ’98, ’99, 2000, when the airline NASDAQ bubbled up. Tis bubble bubbl e United States you’re talking about, right now is happening in Hong Kong, right? High jet fuel prices are a little bit in Brazil, in their stock markets… of a drag and the economy is a bigger China’s stock market. You get this drag if you have a problem with people bubbling up that’s caused by our not having money, because heating oil’s so expensive, because they’re losing monetary policy. their houses; that can be a problem too, So we’re in cash, because I don’t you know, know, for for that investment. like margins margins coming down. I think profitability’s going to be hurt, but at But the reason we kind of liked it is the same time, I’m nervous about the because the order backlog’s so big right indust ry can’t order Fed easing. easing. If it was a normal easing now. Te domestic industry period you could be in there, but I think planes, so it will keep supply a little tighter. What’s What ’s happened in the you’re you’re in that ’98, ’99, 2000 2000 period. peri od. In bit tighter. that period, you had over-capacity in domestic industry over a time period tech companies because of easy money. has been that they’ve always overordered and their margins got killed. We We talked about the crisis in ’98 before, Because there’s such a queue, because and Y2K. Tey eased money further, of emerging markets, right now they so you had money flowing in from the can’t get planes, so it’s keeping supply Fed. You couldn’t say it was a policy tighter so they can charge more, mistake of some sort. Money flowed flowed effectively. in and the NASDAQ bubbled up and then it crashed. And it crashed mostly Countering that is high oil prices. because of over supply capacity. I’m Much more problematic is – I’m going of the opinion that you could have a to point to the sub-prime guy again. similar situation right now, that even Potentially there’s job losses, people though you have margins down, you losing their houses that‘s going to could have so much liquidity from affect the consumer demand. Fed easing in our market. And what’s If you’re looking at the industry, look happening is they’re building too much at their planes and I don’t know where capacity in China in everything. e verything. it is; I haven’t looked at the industry
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for about six months now, but look at that, where the queue is for them ordering planes. And try to figure figure out how our consumer demand is. Not consumer demand just for [air travel], but consumer demand just generally in the economy. DAVID TEPPER:
Alright, thank you you guys.
DISCLAIMER HE INFORMA INFORMAION ION CONAINE CONAINED D HEREIN HEREIN IS A EXUA EXUAL L REPRESE REPRESEN NA AION OF OF AN PRESEN PRESENA AION GIVEN BY MR. DAVID EPPER A CARNEGIE MELLON UNIVERSIY. HE INERVIEW WAS AVAILABLE A A http://tep http://tepper per.cmu. .cmu.edu/alum edu/alumni/life ni/lifelong-l long-learning/ earning/speake speaker-prese r-presentatio ntations/davi ns/david-teppe d-tepper-prese r-presentatio ntation-to-und n-to-undergraduat ergraduateebusiness-students/index.aspx. WHILE EFFORS ARE MADE O PROVIDE AN ACCURAE ACCURAE RANSCRIPION, HERE HERE MAY MAY BE MAER MAERIAL IAL ERROR ERRORS, S, OMISSIONS OMISSIONS,, OR INAC INACCURA CURACIES CIES IN HE REPORIN REPORING G OF HE SUBSANCE OF HE H E VIDEO VID EO PRESEN P RESENA AIONS. IN NO WAY WAY DOES D OES SAN SAN ANGEL’S ANGEL’S REVIEW REVI EW,, LLC ASSUME ASSUM E ANY RESPO RESPONSIBIL NSIBILIY IY FOR ANY INVESM INVESMEN EN OR OHER OHER DECISI DECISIONS ONS MADE MADE BASE BASED D UPON HE INFORMAION PROVIDED ON HIS WEBSIE OR IN ANY RANSCRIP. USERS ARE ADVISED O REVIEW HE APPLICABLE VIDEO PRESENAION ISELF BEFORE MAKING ANY INVESMEN OR OHER DECISIONS. www.santangelsreview.com
