Please ensure Javascript is enabled for purposes of website accessibility
SX Greentech Advisor
High Profit ESG Investing

Sector Xpress Greentech Advisor | August 18, 2021

Future Shock

Moral imperatives don’t drive the stock market, but they do drive peoples’ attitudes, which in the long run will move the market. The sixth report of the Intergovernmental Panel on Climate Change came out last week and is a sobering reminder that the world must decarbonize. Global sea level rise is accelerating and is advancing at a higher rate than at any time in the past 3,000 years. There is a growing belief the Amazon rainforest, Arctic ice and Gulf Stream are at tipping points that will worsen the effects of global warming. The most unnerving thought for me reading it: scientists are conservative in public projections like the report.

Stock investing plays its small role in the needed change: by pursuing profits in Greentech we’re putting capital to use supporting publicly traded companies–at the least buying and selling volume help create viable markets for raising additional capital for businesses. For our modest mission this issue, we have one new buy, one intriguing new watch and some ratings and sell-stop shifts in our existing portfolio.

As always, contact me anytime with questions or comments at Thank you for joining me on the path of climate profits.

All the best,

Brendan Coffey
Chief Analyst, SX Greentech Advisor

KraneShares MSCI China Clean Technology ETF

It’s not news that China is one of the world’s most important economies. It’s certainly the fastest-growing large economy. The country is also the largest market for renewable energy, accounting for about half of all installations in 2020, adding 117 gigawatts (GW). In the past decade, China’s power consumption has risen about 80% and car ownership has more than doubled. China is also risky, for an investor. The central government still retains the communist mindset of a central authority making large scale policy decisions that lurch industries into boom-and-bust periods quickly. The country also has a well-deserved reputation for uncompetitive behaviors, including encouraging the theft of secrets from foreign companies – the stealing of American Superconductor (AMSC) wind turbine secrets in the late 2000s is a prime example. China’s recent actions on tamping down its tech giants, demanding for-profit education companies turn non-profit and seeking to have U.S. listed Chinese companies relist on a domestic exchange are all recent ways the country has whipsawed investors. In this environment, the safer way to get exposure to Chinese Greentech stocks is through a fund. We think the KraneShares MSCI China Clean Technology ETF (KGRN) is a good choice for now.

Business Model
The ETF is a weighted fund with 42 holdings currently that seeks exposure to mainland China renewable stocks. Its top four holdings, comprising 37.26% of the portfolio, are EVs – Nio (NIO), BYD (not U.S. listed), Li Auto (LI) and XPeng (XPEV). Its fifth-largest holding is Contemporary Amperex Technology (not U.S. listed), which primarily makes li-ion batteries for EVs. With China the world’s largest EV market – 1.3 million were sold last year – it’s a nice way to get our portfolio into the sector.

The China Clean Tech fund is also primarily in non-U.S. listed shares – mostly mainland China listed. That both gains us some exposure to stocks we wouldn’t individually buy and reduces the foreign-listed risk that is on Chinese stocks these days. Besides the three EV makers cited above, the other U.S. listed stocks in the ETF are JinkoSolar (JKS), cloud computing provider Kingsoft Cloud (KC) and electric scooter maker Niu Technologies (NIU).

Here is the broad breakdown of components, by weight, according to data from the fund manager:
* Consumer Discretionary: 44.36% holdings
* Industrials: 22.72%
* Information Technology: 18.13%
* Utilities: 8.89%
* Real Estate: 5.74%
* Cash: 0.16%

And here is the fund broken out by industry exposure, according to Morningstar. It doesn’t add to 100%.

* Automobiles: 38.8%
* Electrical equipment: 13.4%
* Semiconductors: 10.5%
* Renewable electricity producers: 5.1%
* Real estate management and development: 4.8%
* Construction & Engineering 2.8%
* Commercial Services and Supplies: 2.1%
* Water utilities: 1.9%
* IT services: 1.7%
* Auto components: 1.4%
* REITs 0.9%

Total assets in the fund are $192 million. China Clean Tech was formed by KraneShares in late 2017 and has basically tracked the China greentech market, having mediocre 2018 and 2019, then emerging into a great bull run in 2020 and this year. Its one-year market return is 82%, its three-year 34%.

Issues to Consider:

  • There are no other China-specific greentech funds that we can find. Alternatives would be emerging-markets-focused funds, but they dilute China exposure and also are less environment-focused, generally speaking.
  • Even on a fund level, which dilutes single stock and sector risk, we’re still exposed to country risk and, in particular, Chinese policy around lithium batteries and EVs.
  • Dividend income is distributed just once a year – in December. In 2020, dividends were well under a penny, down from $1.09 a share in 2019.

Technical Analysis
KGRN had an unremarkable 2017 to mid-2020, gapping higher in July 2020 and starting its bull run. Shares topped in February at 54.03, retracing with the broader greentech market into May, bottoming at 36.41. After a bullish June, KGRN has eased off lately and could be entering a trading range between 38 and 48. While the fund has been weaker of late – though notably on low volume – the longer-term charts show us the trend is intact. Good support sits at 42 to 44.

What to Do Now
We’re adding KGRN to our real Money Portfolio at market price, currently around 44. There is important support at 42, where other support indicators congregate. We’ll give ourselves a bit more room here to account for normal volatility and put a sell-stop near 40. BUY


KraneShares MSCI China Clean Technology ETF
Net asset value: $44.49
Dividends per share (TTM): $0.002
All-time high (intraday): 55.22
Total assets: $191.65 million
Recommendation: BUY

Aemetis, Inc

There is tremendous potential to capture gases that would otherwise be emitted into the atmosphere and use it to replace part of fossil fuel extraction. The U.S. has the ability to replace 15% of all diesel used annually and power 3 million homes through the use of biodigesters, basically covers over animal waste and agricultural waste pools which collect the gases. It’s proven technology: Denmark has pursued renewable natural gas (RNG) since the oil crisis of the 1970s. In 2019, 11% of the country’s gas consumption was biogas, mostly collected from slurry pits (pools of animal excrement), the rest from other forms of waste products.

Business Model
Aemetis is a producer of ethanol in California and biodiesel in India that is rapidly expanding into three emerging sectors – renewable natural gas, renewable jet fuel and carbon sequestration. If they’re successful – and executing on all three areas isn’t guaranteed – it would vault the business into rapidly increasing sales and EBITDA in coming years.

Right now, Aemetis sells more than 60 million gallons of ethanol a year from its Keyes plant outsider Modesto, in California’s Central Valley. It’s the largest ethanol plant in the state. Aemetis sells the leftover corn from the process as wet distillers’ grain to nearby farms as feed. In India, they have a 50-million-gallon biodiesel production facility that also produces 18,000 metric tons of glycerin, an additive for paint. Both operations together generated $165.6 million in sales last year, a drop from $202 million 2019, due to lower ethanol demand due to COVID and shutdowns in India, also due to the pandemic. They lost $1.74 a share in 2020 and $1.75 in 2019 and generated $25 million in earnings before interest, taxes, depreciation and amortization.

Management’s new business lines could have the company generating $1.1 billion in revenues and $300 million in EBITDA by 2025. There’s always reason to be skeptical of small companies’ long-term projections. In Aemetis’ case, the business has already made headway on a key development: renewable natural gas from dairy farm waste.

Renewable natural gas (RNG) is captured gas that otherwise would go into the atmosphere–it’s often collected these days from landfills. A large contributor of greenhouse gases are the emissions from dairy farms, especially slurry pits. California, the largest dairy state in the U.S., estimates 25% of the its methane emissions come from such waste pools. It mandates that dairy farmers need to cut their methane waste by 40% by 2030. By covering the waste pools, the gases emitted are captured and can be filtered and compressed to be used like other compressed gases. Aemetis has struck deals with some neighboring dairy farms, 80 of which they’ve been selling feed to, to gather and pipe the captured gases to their Keyes plant. There it is compressed and can be sold into the regional LNG pipelines, used on-site to power the ethanol plant, or can be fed into LNG-powered trucks.

Like many renewable fuels, much of the economics comes from state and federal tax credits. For dairy renewable gas, those are considerable. California rates fossil fuels with a score of 100 on carbon intensity. A lower number is better. Aemetis’ dairy RNG is scored negative 426, the best-scoring fuel in the market. How much can that be worth? Landfill gas, scored a positive 50 on California’s scale, gets about a $10 credit. Aemetis’ gas gets more than a $100 credit (per MMBtu, equivalent to about 1/6 a barrel of oil) and the company doesn’t need to involve another party to collect the full credit, since it can use the energy itself. Aemetis is just getting started – it has two digesters built and operating on nearby farms and connected to its 4-mile pipeline as of the first quarter. It’s connecting 15 more dairies and expanding the pipeline to 34 miles, all of which should be operational by late next year. Those 17 dairies have signed 25-year contracts for gas offtake and will generate $40 million in cash flow a year. Three quarters of the money will flow to preferred equity investors in the biogas project until they receive a 300% return (probably 5 years) with the rest to the company. After that, Aemetis collects all the money. By 2025, Aemetis plans to connect up to 50 area dairies. There are about 80 farms in the region around Keyes.

Renewable jet fuel is another novel business Aemetis is entering. It has an exclusive license on a patent (it doesn’t own the patent) for extracting sugars from waste wood products – primarily the shells of almonds along with other orchard waste. California is the largest producer of almonds in the nation, with most of its waste just burned in fields. Using it would get a carbon intensity score somewhere around negative 100. Aemetis can use the material to displace use of corn in its ethanol – every 10% reduction in corn as an ethanol source adds $30 million a year to its cash flow, says management. The company also has designs on refining jet fuel, at a facility it is leasing in Riverbank, California. It can also opt to refine it into biodiesel. Revenue from the idea is a little farther off, perhaps starting in 2023, but could generate about $5 a gallon. Management is targeting 2023 EBITDA from the effort of $30 million, and blue-skying $130 million from two plants in 2025.

Carbon capture and sequestration (CCS) is an intriguing idea that is succeeding in some places–Equinor (EQNR) is successfully putting Co2 into subfields in the north Atlantic–and failing in others–Chevron (CVX) has fallen far short of grand claims for a Western Australia project. A Stanford University study finds the Central Valley geologically ideal for carbon sequestration. There aren’t any CCS projects in California yet. Aemetis believes it can sequester upwards of 2 million tons of CO2 in two wells and has negotiations with refineries to take 1.6 million tons, with the balance coming from client dairy farms. Given the tax credits involved Aemetis could generate $500 million in revenue from the CCS project at those levels. The effort has only recently been unveiled (the second quarter) by management, which believes it needs little capital expenditure and permitting to get it up and running.

Other businesses:

  • Aemetis bought 20% of an EV start-up called Nevo Motors in December. Nevo Motors is a subsidiary of Nevo Energy, a solar farm owner of which Aemetis CEO Eric McAfee is a director. Nevo’s business plan is to construct long-haul electric trucks that have an ethanol or renewable natural gas engine that recharges the battery. McAfee has floated the idea of the Riverbank jet fuel plant as a manufacturing facility for Nevo, given its warehouses left over from its former life as a military base. Nevo is unlikely to have an impact for Aemetis in the foreseeable future.
  • The company has expanded into producing a grain alcohol/hand sanitizer business. It strikes us as a distracting tangent, and has yet to be material for the company.

Business Performance and Outlook
Aemetis doesn’t make profits – it has posted losses of well more than $1 a share in recent years. Shares have tumbled from a recent high of 27 in April (the all-time, reverse split adjusted high is 240, set in 2007). It was the announced move into hand sanitizer in August last year that popped shares and broke the long-term downtrend. That doesn’t alter our view the business is tangential to Aemetis, but we can’t deny it got investors to pay attention to its carbon-negative efforts. Losses are seen continuing for the next few years, although if the company executes well, it is possible to see a surprise net income report for 4Q 2022.

Revenue should rebound to over $225 million this year, and get over $300 million in 2022 and $400 million in 2025.

Issues to Consider:

  • Political risk. Federal enforcement of the renewable fuel standards is important to selling biofuels. Standards weren’t enforced under the prior administration and the Biden administration has yet to order the law be followed. Enforcement of the law would demand 15 billion gallons of renewable fuels be used in the U.S. annually. Failure to enforce it would be very bearish for AMTX.
  • The India biogas plant had no sales in the first quarter because of COVID restrictions. Continuing pandemic troubles could harm sales through the year. The company recently inked a deal to supply 800,000 gallons a month of biodiesel to a regional bus authority.
  • The company is highly dependent on ethanol right now. Management doesn’t hedge corn prices over concerns of being on the wrong side of trades, which leaves it at the mercy of market prices. Revenue is highly dependent on refiner blending demand in California. That brings revenue and expense volatility to the upside and downside.
  • Short-sellers argue management overstates the Aemetis business and their experience and have a history of failing to meet deadlines. The company’s simultaneous focus on multiple new business lines gives us pause–how much expertise is there to spread around? It inclines us to treat shares with a short leash.
  • There is a class of preferred stock which converts 1-to-1 to common stock and has no special voting power. It’s a holdover class from the 2000s with two long-term investors owning most of the class, and 41 others owning the balance.

Technical Analysis
Shares are in a downtrend after peaking over 26 in April. They appear to have found a floor in the high 8 area, but face resistance at the 20-day, 200-day and 40-day moving averages, which are at 9.70, 10.21 and 11.45, respectively. Volatility and volume have declined with the move lower, which suggests bears aren’t motivated to push shares down. AMTX isn’t really correlated with oil or biofuels or corn, somewhat surprisingly. There is a large chart gap below 6, which should be strong support if shares continue to weaken. Resistance above the moving averages is seen near 15, 20 and the recent peak in the mid-20s.

What to Do Now
Ideally, our strategy is to buy momentum stocks, using technical signals to tell us the risk-reward ratio is really in our favor. When the market is essentially range-bound, as it is lately, there’s little momentum. Complicating matters is that AMTX has dipped below its 200-day moving average, a level that is crucial for shares. Being above it means an easier road, technically, to gains; being below it means resistance. We’re going to watch and wait for shares to get back over the 200-day and reevaluate from there. Any entry should come with a determination to cut losses if the trade turns against us, as well as an expectation we’ll be quick to take profits on the way up. WATCH


Aemetis, Inc. (AMTX)
Revenue (trailing 12 months): $169 million
Earnings per share (TTM): ($1.84)
All-time high (intraday): 240
Market cap: $311 million
Recommendation: WATCH

The ESG Three

The ESG Three are three technically strong stocks selected from the 200 most-held stocks in environmental, social and governance focused mutual funds and ETFs. We screen further to eliminate widely held companies we believe have clear ESG problems. ESG fund holdings tend to be weighted toward blue-chip companies drawn from every industry which are rated highly in social and governance aspects. These aren’t formal stock picks but suggestions for those looking to explore additional stocks beyond the Greentech portfolio.

Target (TGT)
What is it?
The big-box retailer of clothes, electronics and other consumer goods.

Why is it ESG?
Target has a strong internal initiative to integrate green chemistry into its products and is actively seeking products with alternative materials in anticipation of future chemical and material bans in jurisdictions. ESG funds own $388 million of its shares.

Why now?
Target reports earnings today. Expectations are for strong sales ahead of back-to-school, bolstered by stimulus funding.


Carrier Global (CARR)
What is it?
A heating, ventilation and air conditioning company

Why is it ESG?
The company has a sustainable series of products for buildings seeking environmentally friendlier systems. ESG funds owns only a small amount of shares, however.

Why now?
Air quality in commercial buildings is top-of-mind in the pandemic. Sales of sustainable systems are low right now, but expected to grow from market demand.


Hubspot (HUBS)
What is it?
A cloud-based marketing and sales platform.

Why is it ESG?
It has excellent employee benefits and engagement and its corporate governance is considered in line with shareholder interests. ESG funds hold $48 million of shares, up about 20% in recent weeks.

Why now?
Earnings were flawless, with demand stronger than expected and the outlook good. Shares are consolidating at all-time highs and seems set to move higher.


Our Greentech Timer

Greentech had another poor start to this week, following three down weeks during which the index we watch as our barometer – the Wilderhill Clean Energy Index (traded as an ETF PBW) – failed to break resistance at the 40-day moving average. It’s bearish, but not without hope. We’re seeing the downtrend that started in early February lessen in ferocity and even suggestions it may be done: there’s an indication that action since mid-July is Greentech settling into a trading range, working at establishing a base. Still, we’re below our moving averages now and the 40-day is downtrending. We need to remain cautious and keep on top of our sell-stops with the stocks we have swimming against the tide.


Our Greentech Timer is fully bullish when the index is above the 20-day and 40-day moving average and those averages are upward trending (ideally, the index is also above an upward trending 200-day moving average too, but not essential). Right now, the Timer says to be cautious. We could be at the bottom of a period of weakness or we could continue lower from here. Keeping mostly in cash as we have been with the Greentech portfolio is the prudent stance.

Current Portfolio

Our primary portfolio is the Greentech Real Money Portfolio – we invest alongside subscribers in the picks we make. That portfolio is designed to be fully invested at 12 stocks of equally sized initial investments. This gets us enough opportunities to capitalize on Greentech’s advances without risking too much money in any one position. Always remember sell-stops are essential to long-term success to our approach. We prefer to execute sell-stops on daily closes at or below our sell-stop mark, rather than intraday lows, because closing prices are far more important than dips during mid-session. However, if you prefer to have a standing sell order on intraday violations of the level, in the long run our experience is it really shouldn’t affect performance too badly and certainly not as badly as not having sell-stops at all.

The special opportunities portfolio is named Excelsior, which is managed without consideration to the Real Money Portfolio. The current Excelsior portfolio is an evenly divided basket of SPAC warrants. We have no firm sell-stops; use your discretion.

SX Greentech Advisor Real Money Portfolio
StockBuy DateBuy PricePrice on 8/17/21Sell-StopGain/LossRating
Aemetis, Inc. (AMTX)New8.84Watch
Ameresco (AMRC)63.22Watch
Aptiv plc (APTV)8/11/21164.93158.25near 153-3.74%Buy
Chipotle Mexican Grill (CMG)7/22/211,773.911869.61near 1,7775.40%Buy
First Trust ISE Water Index ETF (FIW)8/3/2187.9988.69near 85.500.80%Buy
General Motors (GM)50.47Watch
KraneShares MSCI China Clean Technology ETF (KGRN)New43.77Buy
ON Semiconductor Corp. (ON)8/3/2144.6341.98around 39-40-5.94%Buy
Steel Dynamics (STLD)5/19/2161.1368.87near 6312.66%Hold
Stem Inc (STEM)22.70Drop
Trex (TREX)5/5/21107.44103.33near 99-3.83%Hold

SX Greentech Advisor Excelsior Portfolio
SecurityBuy DateBuy PricePrice on 8/17/21Gain/LossRatingNote
Live Oak Acquisition Corp. II (LOKB) Warrant6/16/212.571.59-38.01%BuyNavitas Semi
Origin Materials (ORGN) Warrant6/16/212.431.54-36.49%Buywas Artius Acquistion (AACQ)
ticker change 6/25/21
Li-Cycle (LICY) Warrant6/16/212.421.45-40.08%BuyLi-Cycle
RMG Acquisition II (RMGB) Warrant6/16/211.811.35-25.41%BuyReNew Power
Tortoise Acquisition II Corp. (SNPR) Warrant6/16/212.211.74-21.27%BuyVolta
Ree (REE) Warrant6/16/211.101.3825.45%BuyRee

Portfolio notes: STLD paid a 26-cents a share dividend to holders of record as of June 30. Add .425 of a percentage point to the Gain/Loss to get our total return on the position.

Real Money Portfolio
Ameresco (AMRC)
AMRC continues to struggle to break its ceiling at 67-69. Recent earnings didn’t wow investors so the concern here is that there may not be enough momentum to break over 70. It’s not a time to buy with our Greentech Timer flashing a warning. WATCH

Aptiv (APTV)
We recommended buying Aptiv, which we like for its role in the electrical systems in EVs, in last week’s update. The portfolio added a full-sized position at 167.89, the midpoint between high and low for trading last Wednesday. There is support around 158-159 here but we’re holding our recommended sell-stop around 153. Shares continue to hold up well in recent sessions and so an entry is still reasonable here. BUY

Chipotle Mexican Grill (CMG)
Chipotle continues to consolidate after its great earnings runup. The fact action is near the top of the run is a positive. We’re raising our sell-stop again this week, to “near 1,777,” from “around 1,765.” That’s just over our buy price. Our expectations are there is still a good bit of upside to shares here. BUY

First Trust Water ETF (FIW)
Action has been positive and orderly, two things we’d like to be seeing more of in the market. We’re raising our sell-stop to “near 85.50” from “around 82,” since volatility is declining. BUY

General Motors (GM)
GM shares are entering an inflection point, where technical support and overhead resistance are squeezing the stock and likely will spur bulls or bears to action. We want to see shares holding around support at 53 – a dip down a day or two isn’t fatal, while getting into the 55-57 area will give shares a chance to break resistance. WATCH

ON Semiconductor (ON)
ON is drifting down from post-earnings high – weaker DRAM prices in the broad market seem to be a source of sector-wide selling. ON is holding support at a gap between 42.29 to 39.47. Gaps are support and such chart windows have buyer support until they’re completely closed, so if ON drifts a little more, we should still technically be fine. Our sell-stop of “around 39-40” remains our recommendation where all the good sentiment from the earnings gap up would be erased. BUY

Steel Dynamics (STLD)
Infrastructure expectations seemed to jolt STLD out of the seven-point range it trawled since May and shares added nearly 10 points last week on better than average volume. We’re at all-time highs here. Shares may be a touch overbought and need to cool. While we see the potential for a good move higher from here, we’ll maintain our rating at hold. We’re moving up our sell-stop from “near 56.97” to “near 63,” which will lock in a small profit if things shift quickly on us. HOLD

Stem Inc. (STEM)
Shares gapped lower after quarterly earnings last week. Sales were $19.3 million, net loss was $100.3 million. Projections for forward business was good but didn’t wow investors, and expectations are the game with energy storage companies like Stem. STEM broke below the 200-day moving average, support we really like to see hold. Shares likely will need some effort to reestablish themselves as bullish, so we’re going to drop STEM from our watchlist. DROP

Trex (TREX)
The maker of decking from recycled plastics extended its run last week, nearing its all-time high of 109.95 (on a closing basis), set in April. With the advance we’re going to raise our sell-stop a bit higher to “near 99,” from “near 93.” Chart-wise, Trex is in the midst of a rising triangle formed over the past six months. That’s usually bullish and we’re nearing the point in the creation of the formation where it ideally should break to the upside. It’s a weak formation, so odds of shares doing neither and hovering around these levels is also a possibility. There’s little news circulating of late. HOLD

Excelsior Portfolio
Our rating remains BUY on each of our SPACs, preferable as a basket of even positions. We have no sell-stops.

Li-Cycle (LICY warrant)
The lithium-ion battery recycler fell sharply Monday, as financials filed disclosed the company expects to need to raise additional funding to complete planned plant expansions. It also detailed that it lost 26 cents a share for its fiscal year ended April, on $1.3 million of sales and a $17 million loss from operations. Are investors spooked by detailed financials – the first deep look at the business we’ve gotten – or is it more traditional SPAC-related market action? It’s difficult to say. Part of our SPAC-basket strategy here is to hold the group at least for the foreseeable future.

Navitas Semiconductor / Live Oak II SPAC (LOKB)
Little news and little price movement for Navitas this week. It makes gallium nitride (GaN) semiconductors, which run faster than silicon chips in a smaller form and use less energy.

Origin Materials (ORGN)
Origin reported its first quarter as a public company last week, reporting net income of 63 cents a share up from a three-cent loss a year ago. The company said it’s on target for getting its plants up and running and has capacity reservations for $3.5 billion, up from $1 billion in February. Ford and PrimaLoft, which makes parts for athletic shoes of major brands, have agreements to work with Origin to produce carbon-negative plastics. It’s promising, but light on financial details just yet.

Ree Automotive (REE)
Ree announced earnings Tuesday. The EV chassis company lost six cents a share – one Wall Street firm had expected a five-cent loss. There was no revenue in the quarter, while expenses narrowed to about $31 million from $33. Shares and warrants were down a bit Tuesday, in line with market weakness overall.

ReNew Power (RNW)
RMG II SPAC shareholders approved the merger with Renew Monday. The merger will close August 23, at which time the ticker is changing to RNW for shares and RNWW for our warrants.

Volta Charging / Tortoise 2 SPAC (SNPR)
No news beyond signing additional deals for chargers at retailers. Shares and warrants haven’t moved much.

Thank you for being a subscriber. Contact me anytime with questions or comments at The next issue of SX Greentech Advisor is out Wednesday September 1. We’ll alert you with any buy or sell alerts as needed before then.

The next Sector Xpress Greentech Advisor issue will be published on September 1, 2021.

Cabot Wealth Network
Publishing independent investment advice since 1970.

President & CEO: Ed Coburn
Chief Investment Strategist: Timothy Lutts
Cabot Heritage Corporation, doing business as Cabot Wealth Network
176 North Street, PO Box 2049, Salem, MA 01970 USA
800-326-8826 | |

Copyright © 2021. All rights reserved. Copying or electronic transmission of this information without permission is a violation of copyright law. For the protection of our subscribers, copyright violations will result in immediate termination of all subscriptions without refund. Disclosures: Cabot Wealth Network exists to serve you, our readers. We derive 100% of our revenue, or close to it, from selling subscriptions to our publications. Neither Cabot Wealth Network nor our employees are compensated in any way by the companies whose stocks we recommend or providers of associated financial services. Employees of Cabot Wealth Network may own some of the stocks recommended by our advisory services. Disclaimer: Sources of information are believed to be reliable but they are not guaranteed to be complete or error-free. Recommendations, opinions or suggestions are given with the understanding that subscribers acting on information assume all risks involved. Buy/Sell Recommendations: are made in regular issues, updates, or alerts by email and on the private subscriber website. Performance: Subscribers should apply loss limits based on their own personal purchase prices.

Subscribers agree to adhere to all terms and conditions which can be found on and are subject to change. Violations will result in termination of all subscriptions without refund in addition to any civil and criminal penalties available under the law.