This Week inwards Barrons: 5-19-2019:
“Want to construct college really expensive? Make it free.” … Mark Cuban – Shark Tank
e-Mail Bag:
“Do y'all recall what y'all paid for college tuition?” JR reminded me of a nifty slice penned byJohn J. Duncan, Jr.– old Tennessee congressman:
In June of 1965, I graduated from high school, left my undertaking at the A&P supermarket, as well as became a salesman at Sears making $1.25 an hour. I worked full-time during the summertime as well as part-time after starting at the University inwards tardily September. I bask telling recent academy students that tuition was $90/qtr. dorsum thence - $270/year. The fact reinforces my theory that costs but explode on anything the federal authorities subsidizes. This is because virtually all of the pressures as well as incentives to take hold downward costs are removed ane time the federal authorities moves in.
I’ve heard both Sen. Elizabeth Warren as well as Congresswoman Maxine Waters crying crocodile tears nearly our $1.5T outstanding pupil loan debt. What they volition never acknowledge is that it our ain federal authorities has turned millions of immature people into pupil loan holders. The federal pupil loan computer program has been nifty for college as well as academy administrators as well as tenured professors, but harmful to most students as well as their families. Before the authorities took over the pupil loan program, college tuition was cheap. House bulk leader Steny Hoyer ane time proclaimed that tuition at the Univ. of Maryland was $87/semester when he started at that spot inwards the '60s.
A few years ago, the Washington Post proclaimed that college tuition had gone upwardly 450% inwards a higher identify the charge per unit of measurement of inflation since 1985, as well as that was also when our educational organisation was #1 inwards the world. In other words, tuition would live 450% cheaper as well as nosotros would live getting a amend teaching – if our authorities had but left things alone. Years agone I joked: “Be careful when a political leader tells you, 'I am from the government, as well as I'm hither to help.'" Now, that is no joke. When I went to the academy as well as thence police force school, students could move part-time during the schoolhouse year, full-time during holidays as well as summertime – as well as pay all their tuition as well as fees. No ane got out of schoolhouse inwards debt, unless they bought a car. Now almost every pupil starts their career inwards debt.
For years universities have got been saying, "Don't worry nearly those bills – we’ll exactly acquire y'all some other loan.” Someday I promise that the bulk of Congress volition reset our educational organisation yesteryear voting to stage out the pupil loan program. Unfortunately, amongst all the demands on political candidates as well as brainwashed students to construct college FREE – it’s to a greater extent than probable that we’re heading inwards the contrary direction.
“Anybody priced 100 shares of stock lately?” Simply put, stock prices are also expensive for the average person. To purchase 100 shares of whatever of the most liquid as well as largest marketplace cap stocks, volition cost y'all betwixt $13k as well as $190k. With the average line of piece of work organisation human relationship size of $45k, acquiring a genuinely non-correlated, diversified portfolio is out of the question. Because of that, who is teaching the average investor how to exercise (and bring less risk) amongst options – virtually no one. After all, what incentive does whatever brokerage platform have got for having y'all trim back your pass from $1,900 for ane percentage of Amazon (AMZN) to a less risky as well as exactly every bit profitable pick spread for $250? Maybe it’s finally fourth dimension to throw away the old rulebook as well as allow people inwards the financial media to really write nearly the products they use?
“If you’re non a Billionaire inwards 10 years – it’s your ain fault.” Eric Finman thinks Bitcoin is due for a long uptrend because: (a) Bitcoin late has broken through some long-term technical levels to the upside. (b) Arecent Fidelity survey shows that nearly one-half of institutional investors believe digital assets tin can play a role inwards their portfolio – piece only 22% ain a shape of digital currency. (c) Sentiment is shifting every bit Bitcoin, for the kickoff fourth dimension inwards a while, is shrugging off bad news. And (d) people could live starting to drib gilded every bit their store of value of lastly resort as well as supercede it amongst Bitcoin. On May 1, Grayscale Investments kicked off a provocative advertizing displace to promote bitcoin every bit a amend alternative to gold. The campaign, which employed the social-media hashtag #DropGold, promoted Bitcoin every bit a amend store of value, disceptation it’s to a greater extent than secure as well as borderless.
The Market:
Goldman Sachs said the cost of the tariffs imposed yesteryear President Trump against Chinese goods has fallen alone on the shoulders of American businesses as well as households, as well as has had a greater impact on consumer prices than previously expected. Consumer prices are skyrocketing because Chinese exporters are NOT lowering their prices to amend compete inwards the U.S .market. Trump has inaccurately claimed that PRC volition pay for the tariffs imposed yesteryear the U.S. The Chinese practice NOT pay for the tariffs – but rather the importer pays for them as well as passes those costs onto the consumer. And inwards addition, other U.S. manufacturers have got opportunistically increased their prices inwards reply the tariffs.
Goldman also said the opportunity of a lastly circular of tariffs on the $300B of remaining Chinese imports has straightaway risen to 30%. This merchandise state of war could outcome inwards a negative 0.4% striking to GDP, as well as if merchandise tensions instigate some other sell-off inwards the equity market, the growth impact could worsen. “Our baseline expectation is that the U.S. as well as PRC volition strike a bargain after this year. We think this would come upwardly inwards the shape of a gradual, staggered reduction inwards tariffs on a last-in, first-out schedule. There is, however, a opportunity of farther escalation,” said Goldman.
The silverish lining inwards whatever marketplace pullback is that nosotros tin can easily encounter who the existent marketplace leaders are – software stocks. In particular, opened upwardly source software stocks similar Mongo DB as well as Elastic, as well as enterprise software stocks similar Zendesk as well as Microsoft. These stocks are non affected yesteryear the politics because they practice non rely on PRC for parts, people, or growth. Another leadership grouping are the irksome restaurants like: McDonalds, Chipotle as well as Starbucks. Bitcoin (the ultimate open-source software) may live the novel identify to enshroud when ugly geopolitics flare. It is now the best performing property year-to-date – going from nether $4k to exactly below $8k.
Don't acquire me wrong, I think our merchandise tariff province of affairs amongst PRC is incredibly lopsided. They command their imports via tariffs to a greater extent than than nosotros do. When they were using their tariff monies to purchase our debt – everyone whined but no ane rocked the boat. Now, every bit nosotros encounter them backing away from the U.S. dollar as well as our debt, suddenly nosotros think this is bad behavior. Will a bargain live made? Absolutely. One detail analyst stated that a bargain has already been made – PRC exactly didn’t desire to really sign it. They wanted a gentleman's understanding as well as a handshake – because if it’s non on newspaper nobody volition encounter it. The principal argue PRC wouldn’t desire their population to encounter it is because it set out how Chinese sponsorship of applied scientific discipline theft must stop. It’s non a skillful facial expression for Chinese leadership to pose on newspaper that they've agreed to halt Earth sponsored espionage as well as merchandise theft.
InfoBits:
- Happy conference season: Google’sI/O lawsuit (Input/Output)revealed a phonation assistant to covert robo-calls, as well as a $399 Pixel smartphone. Unlike Apple, Google doesn't demand an ultra-expensive smartphone because it makes its money from straight selling your information as well as manipulating your behavior.
- My Mother the Car: GM’s Cruise Automation raised $1.2B to force frontward amongst robo-taxis (planned for after this year).
- Anti-surge-pricing: In Uber-style, their IPO broke records: (a) $6B of Uber stock value was erased during the worst opening solar daytime loss of whatever U.S. IPO, as well as (b) it was the to the lowest degree profitable society ever to acquire public. Its loss inwards the yesteryear 12 months was twice every bit large every bit the 2nd biggest IPO loser - Lyft. It’s currentlyworth nearly the same every bit it was 3 years ago. Unprofitability is the basic worry for Uber as well as Lyft. Robo-drivers could solve that, but their ETA is TBD.
- Apple v. Pepper: The Supreme Court ruled, 5-4, against Apple lastly week. The instance ruled that Apple’s 30% committee on sales through the Apple Store is an abuse of monopoly power.
- China fired back in the merchandise state of war amongst the U.S., PRC announced that it was hiking tariffs on $60Bworth of imported American goods. More than 4,000 USA goods are targeted, as well as most of them now carry tariffs of 25% - upwardly from 10% when they were kickoff levied lastly September.
- More than $2B is what a jury awarded a California twain who say their cancer (in remission) was caused yesteryear exposure to the weed-killer Roundup.
- Keeping upwardly amongst the Jones’s: Part 1: Walmart, the world's largest retailer, started rolling out gratis next-day delivery – inwards monastic tell to hold upwardly amongst Amazon. Part 2: Disney reached an understanding amongst Comcast to bring total command of Hulu. Both Disney as well as Comcast are soundless currently preparing to launch their ain streaming services – trying to hold upwardly amongst Netflix.
- Google moves into Amazon Marketplace's turf: Google is positioning itself every bit a direct Amazon Marketplace competition amongst a revamped e-commerce offering. Their payoff is having the hundreds of millions of shopping-related searches that people already perform on their platform every day. Shoppers volition have got a personalized homepage where they can: filter results based upon features as well as brands, read reviews, as well as sentinel videos nearly products. For example, if a shopper is looking for headphones, they tin can filter for wireless as well as a preferred brand. The blueish shopping cart on the item shows shoppers they tin can seamlessly purchase what they desire amongst returns as well as client support, backed yesteryear a Google guarantee. This novel shopping experience volition merge pick out features of the Google Express e-commerce service amongst the Google Shopping online production search as well as toll comparing platform.
- The most valuable retail construct is: Amazon. The online giant, which also took the top spot inwards 2018, has a construct value to a greater extent than than double that of China's Alibaba which took the issue 2 spot. McDonald's slipped to tertiary as well as rounding out the top v were Home Depot as well as Nike.
- Birth rates falling again: A novel study flora that USA nascency rates have got reached a tape low. Last year, the total issue of babies born was the lowest inwards to a greater extent than than thirty years – far below what's needed to maintain a steady population. The only historic menstruum grouping that upped their baby-making footstep was women inwards their tardily 30s as well as early on 40s.
- “I got the moves like:” Just a calendar week after pump surgery, Mick Jagger posted a video of himself dancing inwards a studio – as well as he moved like, well, y'all know.
- Robo-Apocalypse: The Federal Communications Commission is attempting to cleft downward on robocalls. The FCC chairman, announced that, “the American people are fed upwardly amongst illegal robocalls. It is the top electrical charge nosotros receive.”Reports are streaming inwards of robots existence spotted exterior unemployment offices.
- All nearly your Perspective: WeWork wants investors to encounter losses as “investments”as they reported quarterly losses of over $264m. That should really construct their upcoming IPO pop.
- Honorable Mention: Taco Bell is opening a hotel as well as resort. All those Pot Stock billionaires volition straightaway have somewhere to hang out.
- Tell me why: The Backstreet Boys exactly issue a novel 20thanniversary edition of: "I Want It That Way." You know what that means? We're all officially old.
- 'Game' over? More than 300,000 Game of Thronesfans are thence ticked off nearly the way this lastly flavour has played out, they've signed a petition demanding a remake. They also demand a life.
Crypto-Bytes:
- eBay says “I do”: accept digital, virtual currency - Bitcoin.
- HTC’s novel phone: allows users to run a Bitcoin total node.
- “Come on down, the Price is Right.” Whole Foods, Nordstrom, Bed Bath & Beyond, Lowe’s, Ulta Beauty, as well as other retailers are straightaway accepting cryptocurrency inwards their stores. The novel payment organisation comes via a partnership betwixt Flexa, a global cryptocurrency network, as well as Gemini.
- Emberfund thinks differently: Sometimes when I think nearly investing inwards crypto, I imagine purchasing a unmarried production similar Bitcoin as well as thence HODLing (Hold On for Dear Life) it for years. Emberfund lets y'all purchase into an index of cryptocurrencies that automatically balances itself over time. The organisation automatically changes the currency weightings based upon prices as well as other indicators. Their cloak-and-dagger sauce is that they’ve figured out how to practice property management, without ever taking custody of the assets.
- Predictions: BitMEX thinks that the Bitcoin toll rally volition target betwixt $12k as well as $22k based upon history. Ethereum volition achieve $500 yesteryear 2020, as well as Max Keiser says the Fed’s endless printing volition launch Bitcoin to $100,000.
- ETH whales: Influenza A virus subtype H5N1 tertiary of all ether, ethereum’s native cryptocurrency, is owned yesteryear exactly 376 whales. These whales have “no meaningful”impact on the ETH price.
Last Week:
There have got ever been people trying to rig the system, but never earlier did nosotros have got the applied scientific discipline to synchronize a scam on a global scale. Now, fundamental banks tin can synchronize their money printing efforts as well as dictate involvement rates on a global scale – thence that’s new. And negative Interest rates have got never been used inwards 5,000 years of recorded history – thence that’s new. Negative rates are unconventional at best, as well as an insane monetary tool at worst. As of 2017 according to Fitch, at that spot were $9.5T worth of authorities debt carrying negative yields. How tin can anyone inwards their correct hear think that there's null incorrect amongst things, when abnormalities such every bit that exist?
In terms of derivatives, at that spot is only 1.7T dollars (actual Federal Reserve notes) inwards circulation. And yet at that spot are quadrillions of dollars pledged around the globe inwards derivatives. Everyone is exactly praying that no ane calls anyone’s bluff, because there's sure non plenty ‘real money’ to acquire around.
Our markets (by whatever respectable metric) are over-bloated – sent higher on role to construct the 1%’ers richer as well as to hold the global economic scheme from imploding. Corporate buybacks (once illegal) stand upwardly for over 70% of our market's upside move. Wall Street banks as well as the N.Y. FED are existence used regularly to halt whatever meaningful marketplace drops.
- Question: If we're the strongest economic scheme ever, amongst the lowest unemployment ever, thence why is it nosotros cannot suffer a to a greater extent than normalized involvement charge per unit of measurement of say 5%?
- Answer: Because the magnitude of our debt charge is thence large, normal involvement rates would kill the economic scheme both hither as well as around the world.
Did y'all know:
- Auto loan delinquencies have got spiked to the 2009 levels,
- 52% of our population lives paycheck to paycheck,
- 49% of our people can’t afford $400 to encompass an emergency (without borrowing or selling something),
- Business equipment production has fallen to 2013 levels, and
- Industrial production has fallen to 2016 levels?
None of that adds upwardly to a stock marketplace at all-time highs. Governments demand a way out of this as well as they’re inwards the procedure of manufacturing ane - WAR. War has been the ‘go-to’ way of warding off recessions for decades. Between straightaway as well as the election, something ugly is coming our way. I would propose that is state of war inwards the Middle-East. We're inwards unchartered waters.
Weed:
CBD is everywhere…
Aurora Cannabis (ACB) is ane of the largest cannabis / CBD producers on the planet, as well as they released earnings lastly week. They showed:
- A financial Q3 internet loss of C$158m, compared amongst the year-ago internet loss of C$19m,
- Net revenue increasing to C$65m from C$16m for the same menstruum lastly year,
- And a target production available for sale inwards excess of 25,000 kg.
Where else tin can y'all encounter a society quadruple revenues, 8X their losses, as well as have got the stock displace higher on the news. Revenues move yesteryear forecasts as well as were driven yesteryear potent demand inwards adult exercise products. Adult exercise dried bloom sales were the primary driver – upwardly 46% sequentially, as well as were partially offset yesteryear a shortfall inwards adult exercise extract sales. With real few companies inwards the Canadian cannabis sector generating positive bottom lines, ACB remains on-track to generate positive earnings side yesteryear side quarter. Revenues are expected to grow over 75% sequentially side yesteryear side quarter, as well as if costs tin can live contained – an ‘ah-hah’ minute could genuinely live on the horizon.
Next Week:
Walmart’s earnings increased lastly quarter, but their revenues fell. They jawboned nearly comp sales rising, yet if y'all facial expression closely, it wasn't to a greater extent than people buying to a greater extent than materials – but rather the same people buying the same materials that exactly cost more. That's called inflation, but Uncle Sam says at that spot isn't whatever of that. And then Walmart said they volition have got to heighten prices on some products thank y'all to Trump’s tariffs on Chinese goods.
If y'all digest the numbers that nosotros decease on to get, this marketplace should non live moving higher. Single identify unit of measurement housing starts have got fallen to 2016 levels – as well as no ane cares. Freight shipments have got fallen off a cliff – as well as no ane cares. Then nosotros acquire headlines surrounding a Currency Cartel where the European Union fined Barclays, RBS, Citi, JPMorgan, as well as MUFG $1.2B for running a cartel that coordinated currency trading. Traders were exchanging privileged information as well as coordinating their activities via chat rooms on Bloomberg terminals. Genius thought guys – but no ane cares.
Will this marketplace acquire upwardly or down? On ane side we're going to encounter a large uptick inwards buyback activity – which has been the principal driver for years, as well as a FED that flipped from completely hawkish to dovish. On the other side nosotros have got all the problems I drone on nearly every week: failing fundamentals, merchandise wars, sabre rattling amongst China, slowing global manufacturing, etc. In terms of technicals, on Monday’s open the S&P (2,860) is below its 50-day moving average (2,872) again. We volition in all likelihood challenge Friday's depression at 2,825, as well as if that fails, we'll in all likelihood encounter them mountain a defence at the 200-day which is at 2,776. The DOW bounced off its 200-day on Fri at the lows. If nosotros lose that level, it could easily line the techs as well as S&P downward amongst it. There's a rumor suggesting that they're going to allow the marketplace fall, to forcefulness the Feds into cutting rates.
Growth is indeed slowing every bit the stimulus from the White House's $1.5T revenue enhancement cutting fades. President Trump's escalating merchandise state of war amongst China, which triggered a steep U.S. stock marketplace sell-off, is also pain line of piece of work organisation confidence as well as undercutting their spending on equipment. Following the weak reports on Wednesday, the Atlanta FED cutting its second-quarter gross domestic production (GDP) growth approximate to a 1.1% annualized charge per unit of measurement – downward from a 1.6% pace. The economic scheme grew at a 3.2% charge per unit of measurement inwards Q1. The Commerce Department said that retail sales slipped 0.2% lastly calendar month after surging 1.7% inwards March, which was the largest increment since September 2017.
The only areas where I encounter protection from this madness is crypto as well as energy, both because of the rising tensions inwards Iran. In the nigh term, the curlicue over after inwards the solar daytime Friday, after existence ‘up’ sharply to going red, as well as seeing the S&P lose its 50-day moving average – is proof that this marketplace wants to acquire DOWN. The enquiry is, how depression volition they allow it autumn earlier Sec. Mnuchin calls the N.Y. Fed as well as orders the six major banks to purchase the marketplace dorsum up. Finally, inwards instance y'all missed it, some other batch of ships set canvass towards the Middle-East. Something’s coming. I’m watching: Microsoft (MSFT), Johnson as well as Johnson (JNJ), AT&T (T), Akamai (AKAM), as well as Exxon Mobile (XOM).
Tips:
Top Equity Recommendations:
HODL’s:
- Aurora (ACB = $8.68 / inwards @ $3.07),
- Canntrust Holdings (CTST = $5.98 / inwards @ $3.12),
- Canopy Growth Corp (CGC = $44.61 / inwards @ $22.17),
- Diamond Offshore Drilling (DO = $9.57 / inwards @ $9.51),
- HEXO (HEXO = $6.88 / inwards @ $6.37),
Crypto:
- Bitcoin (BTC = $8,075)
- Ethereum (ETH = $259)
- Bitcoin Cash (BCH = $414)
Options:
- RIOT (4.16): Buy January 17, Sell $3 Call / Sell $3 Put / Buy $4 Call for $1.85 CR (can only lose money if this falls below $1).
Thoughts:
- Halliburton (HAL): Halliburton has fallen the equivalent of 2.7 measure deviations inwards the yesteryear 2 weeks after earnings. That’s helped force its IV rank higher. Yes, it powerfulness hold falling, but amongst unsmooth stone oil fairly stable inwards this market, oilfield services powerfulness soundless live inwards demand. Plus, HAL doesn’t seem to have got much exposure to a US-China merchandise war. That’s why y'all powerfulness consider a bullish strategy inwards HAL. The curt $25 Put as well as purchase the $22.50 Put inwards the June monthly expiration serial is a neutral to bullish strategy that has an 86% probability of making 50% of its max turn a profit earlier expiration.
- AMD: Remember when Bitcoin was a thing? When everyone who owned some was living crypto large? And thence it wasn’t anymore. Well, Bitcoin’s upwardly nearly 50% inwards the lastly month, propelled lately yesteryear the turmoil inwards the markets every bit people figure it’s every bit rubber a bet every bit anything else if the footing ends. And that volition probable spur to a greater extent than mining farms piece bitcoin is soundless exactly quadruple digits. Just similar the gilded rush of old, it’s the people selling the picks as well as shovels that made to a greater extent than than the miners. In bitcoin’s case, that’s probable AMD, which makes some of the chips useful inwards the mining process. AMD is unchanged since earnings as well as is relatively potent compared to the repose of the market. I would propose a slightly defensive strategy of selling the $27 Put as well as buying the $25 Put inwards the June monthly expiration is a neutral to bullish strategy amongst a 62% probability of making 50% of its max turn a profit earlier expiration.
Follow me on StockTwits.com to acquire my daily thoughts as well as trades – my take hold is: taylorpamm.
Please live rubber out there!
Disclaimer:
Expressed thoughts proffered inside the BARRONS REPORT, a Private as well as gratis weekly economical newsletter, are those of noted entrepreneur, professor as well as author, R.F. Culbertson, contributing sources as well as those he interviews. You tin can larn to a greater extent than as well as acquire your subscription yesteryear visiting: <https://financialweekz.blogspot.com/>.
Please write to Mr. Culbertson at: <rfc@culbertsons.com> to inform him of whatever reproductions, including when as well as where re-create volition live reproduced. You may exercise inwards consummate shape or, if quoting inwards brief, reference <https://financialweekz.blogspot.com/>.
If you'd similar to view R.F.'s actual stock trades - as well as encounter to a greater extent than of his thoughts - delight experience gratis to sign upwardly every bit a StockTwits follower - "taylorpamm" is the handle.
If you'd similar to encounter R.F. inwards activity - teaching people nearly investing - delight experience gratis to view the TED verbalize that he gave on Fearless Investing:
Creativity = https://youtu.be/n2QiPSe_dKk
Investing = https://youtu.be/zIIlk6DlSOM
Marketing = https://youtu.be/p0wWGdOfYXI
Sales = https://youtu.be/blKw0zb6SZk
Startup Incinerator = https://youtu.be/ieR6vzCFldI
To unsubscribe delight refer to the bottom of the email.
Views expressed are provided for information purposes only as well as should non live construed inwards whatever way every bit an offer, an endorsement, or inducement to invest as well as is non inwards whatever way a testimony of, or associated amongst Mr. Culbertson's other firms or associations. Mr. Culbertson as well as related parties are non registered as well as licensed brokers. This message may comprise information that is confidential or privileged as well as is intended only for the private or entity named inwards a higher identify as well as does non constitute an offering for or advice nearly whatever alternative investment product. Such advice tin can only live made when accompanied yesteryear a prospectus or similar offering document. Please construct sure to review of import disclosures at the halt of each article.
Note: Joining BARRONS REPORT is non an offering for whatever investment. It represents only the opinions of RF Culbertson as well as Associates.
PAST RESULTS ARE NOT INDICATIVE OF FUTURE RESULTS. THERE IS RISK OF LOSS AS WELL AS THE OPPORTUNITY FOR GAIN WHEN INVESTING. WHEN CONSIDERING ALTERNATIVE INVESTMENTS (INCLUDING HEDGE FUNDS) AN INVESTOR SHOULD CONSIDER VARIOUS RISKS INCLUDING THE FACT THAT SOME PRODUCTS AND OTHER SPECULATIVE INVESTMENT PRACTICES MAY INCREASE RISK OF INVESTMENT LOSS; MAY NOT BE SUBJECT TO THE SAME REGULATORY REQUIREMENTS AS MUTUAL FUNDS, OFTEN CHARGE HIGH FEES, AND IN MANY CASES THE UNDERLYING INVESTMENTS ARE NOT TRANSPARENT AND ARE KNOWN ONLY TO THE INVESTMENT MANAGER.
Alternative investment surgery tin can live volatile. An investor could lose all or a substantial amount of his or her investment. Often, alternative investment fund as well as line of piece of work organisation human relationship managers have got total trading potency over their funds or accounts; the exercise of a unmarried advisor applying by as well as large similar trading programs could hateful lack of diversification and, consequently, higher risk. There is frequently no secondary marketplace for an investor's involvement inwards alternative investments, as well as none is expected to develop.
All textile presented herein is believed to live reliable but nosotros cannot attest to its accuracy. Opinions expressed inwards these reports may modify without prior notice. Culbertson and/or the staff may or may non have got investments inwards whatever funds cited above.
Remember the Blog: <https://financialweekz.blogspot.com/>
Until side yesteryear side calendar week – live safe.
R.F. Culbertson
Until side yesteryear side calendar week – live safe.
R.F. Culbertson
Comments
Post a Comment