Voter registration fraud in California?

Just the facts.
The answer is no. Here is why.
(Google voter registration laws in California.)

Basically ,if you can obtain a driver’s license you can be automatically registered to vote in the state of California.

If an individual omits to make a choice between opting in registration or opting out of registration on their driver license application they will automatically be included in.

Thus ,they will be eligible to vote

Secondly, California recently overturned the requirement to verify registration with voter signatures. ( Illegal aliens can in practice, legally vote)

Additionally, provisional votes do not need to be signature verified
Online voting is permitted up until the day of the election
Absentee balloting is encouraged this is a one-time lifetime opt-in.

These new provisions were all forwarded and approved by Democrat  politicians. ( Of course)

California has 53 electoral votes the most in the Union and 11% of the total

California has 22% of the illegal aliens approximately 2.3 million

Over 800,000 illegal aliens obtained driver licenses within the last 2 years. In Cal.

Essentially taxpayers are funding the right of illegal aliens to vote.

It is estimated that there are over 11 million illegal aliens in the United States.

Four states that have the most illegal aliens are California, Texas, New York and Florida.
80%of  immigrants register as Democrats.

Since 125 million voters voted in the last presidential election, this has a potentially  large impact on the outcome.

If most illegal aliens can vote in practice and 80% of them vote democratic that is a 7% advantage, enough to swing any election.

This makes Trump’s election all the more stunning.

Is it any wonder which party is for open borders?

For u.s. born from u.s. citizen parents there is a 50 percent chance ,within the margin of error, that you will be either a Democrat or a Republican.

Is it any wonder which party is adamantly in favor of birth control and which is  pro-life?

Singular Research conference sept 17,2015

2015 BOTU Highlights

Singular Research’s 10th Annual ‘Best of the Uncovereds’ Conference featured a record number of presenters at 38, with a compelling mix of public and private companies.  Approximately 300 attendees, including representatives of major firms such as Stifel, Guggenheim, and First Wilshire took in a variety of exciting, informative presentations, along with well over 100 one-on-one meetings with company management teams.  The keynote speaker and guest were warmly received by a standing room only audience which also enjoyed live musical entertainment at the post-conference cocktail party.

Just a few highlights from the 2015 Singular Research ‘Best of the Uncovereds’ Conference:

Interview with Singular Research’s Robert Maltbie: Stockpicking in the Age of ETFs

Interview with Singular Research’s Robert Maltbie: Stockpicking in the Age of ETFs

By   +Follow February 13, 2015 2:16PM
Tickers Mentioned:


In recent years, there’s been a counterargument gaining momentum that questions the belief in the “small-cap premium.” For decades, investors have accepted the notion that small-cap companies possessed higher potential to create excess returns.

While, as a whole, tracking the two asset classes may produce inconclusive results, what it’s discounting is the ability of investors to conduct old-fashioned, roll-up-your-sleeves stock picking.

Simply put, small-cap companies don’t have access to the public exposure, deep analysis, and capital that large cap stocks do. Investors who can find quality names and get ahead of the curve can still find the proverbial multi-baggers. In fact, in many cases, the opportunities are more abundant today because of market conditions than in past periods. recently spoke with Robert Maltbie of Singular Research and Millennium Asset Management to get his take on how the market’s over-reliance on ETFs has impacted the small-cap space, diluting the profit potential for investors, and how it’s possible for investors to use this trend to their advantage.

EQ: For our newer readers, can you talk about the history of Singular Research and what motivated you to start the firm?

Maltbie: Around the time after Sarbanes-Oxley and when the Enron and WorldCom research settlements happened, we had an asset management firm that was managing a decent amount of money. This was when the market was starting to really cut back on research, and we perceived a need for clean research that was not driven by investment banking. That led us to launch Singular Research.

We thought that if we’re trying to manage money, maybe we’re not the only ones that noticed this problem. So we reached out a little bit, talked to some other funds and realized that there was a lot of interest in some type of coverage on small-cap stocks because that’s where most firms were cutting back their coverage. From there, we hired one analyst—selfishly for our own research needs—but from there we hired another. Very soon, we got the feedback and input telling us that there was going to be other settlements, other initiatives and other firms wanting these services. That’s how we grew Singular Research, it was driven by market demands.

EQ: How would you categorize your coverage universe? Do you focus on specific sectors or do you run the gamut in the small-cap space?

Maltbie: We’re a bottoms-up firm, rather than by sector or top-down. That means we look for special situations, opportunities, catalysts, and companies that are below-the-radar screen that coverage. We tend not to be in technology or biotech, or in areas where there’s already a lot ofinterest and banking. If there’s already three-to-five firms covering them, we find that it’s hard to add value there as far as jump ball for banking business, and it depends on your strength and the distribution, and not based on your intellect or your analytical prowess.

We look for things that are off the beaten path. They tend to be turnarounds in all kinds of industries, mainly skewing toward industrials, retail, light technology, consumer products, and in cyclical names too. Sometimes they are in tech, biotech, or finance.

EQ: That’s a strategy that’s really paid off. Can you talk about Singular Research’s track record throughout the years?

Maltbie: Yes, that’s really our brand. We’re performance-based research. There was a study done by the New York Stock Exchange back in the late 1990s and early 2000s that statistically proved companies that lacked coverage tended to be mispriced by an average of 20-30%, depending on the market environment. Again, this was inspired by the corruption of research and cutbacks during that time.

So we realized that if there is that type of discrepancy, that obviously could be arbitraged on one end, the investment and research for that would seem to have a payoff. So we tried to focus on where we could add the most value and where the statistical probability has the greatest impact, which is in the realm of companies that are uncovered by Wall Street research. They tend to be a certain market capitalization size, but every now and then, you’d be surprised. You might get the bigger ones that just shun the Street and decide to grow organically by self-financing. Companies like that often turn out to be some of the best ideas you can find.

EQ: How has your research performed against the market?

Maltbie: Since we incepted about 10 years ago, the Singular Coverage List has, in terms of alpha, provided an annual return about 450 basis points above the Russell 2000. That’s consistent on an annual basis. We’ve had some pretty tough markets during this time, like in 2008, but we found that we were able to add a lot of alpha by covering names that lack coverage. The percentages tend to be nearly twice the Russell’s average.

And though the S&P 500 is not our best market, because we cover small stocks, it’s even higher there. It’s about three-plus times the S&P’s return over that period. That’s where we think we can add a lot of value for investors: in excess return. Of course, this is over the long term becausewe really have to be patient with small caps. They can be pretty volatile.

EQ: Singular Research also hosts conferences like the Best of the Uncovereds Conference, where you bring some of these companies together to meet investors. Do you plan to expand the number of events each year?

Maltbie: We’re not really in the conference business but we try to showcase some of our best ideas, though. We try to reach out to our markets. We only cover about 50 names, and it’s focused on companies that we have research on already. Our idea is to bring the show to the folks, and bring our conference to where the markets are and where the institutional investors are. We used to just do a West Coast conference, but now we do one in Los Angeles and then one in New York City in late November. We’re considering doing one either in the mid-west, maybe Chicago, or San Francisco. So we might expand to a third one.

EQ: What type of investor is your research designed for?

Maltbie: Our clients are strictly institutional money managers. That’s because our subscription is not for the average investor or even a high net worth investor, because for them, it’s so expensive. But mutual funds and hedge funds can manage hundreds of millions of dollars. So it definitely saves them, because they don’t have to hire a staff of analysts. That’s really where the economies lie in our product.

We also just recently launched a couple of new products. One is a quantitative research product that looks for what is now called “smart data” – its factors drive excess return. So we’ll do screens on long/short pairs, do quantitative screens of extra-earnings momentum, or the reverse of that. We partnered with a top quantitative research firm called Sabrient Research, and that’s all they do. They’re founded by a NASA scientist and we figured, if they were smart enough to get somebody on the moon, certainly they can help pick some stocks.

The other product that we’re excited to roll out is our Macro Market Indicators. It’s something we were beta-testing a while back, and we think it’s viable. The idea is we come up with very broad base, diverse inputs from over 55 different economic indicators and series to give us, as scientifically as possible, a sense of whether we should be in or out of the market and by how much in the coming 12 months. It has been very helpful to us and our clients in that it helped us avoid 2008 largely going bearish, and also helped us brace for what we call the Alibaba Group Holding Ltd. (BABAthe correction. What the indicators picked up there was a large a sucking sound. It was the sound of Alibaba sucking up all the capital of the market for the largest offering ever. The managers would have to sell a lot of other stocks to buy this one, and Alibaba worked. But the market didn’t, and it soon corrected.

EQ: There’s also the Argonaut Fund, which is run by Millennial Asset Management. It is based off of Singular’s research. Can you tell us more about the progress of the fund?

Maltbie: Millennium is the registered investment advisor for our products leveraging the research.

We’re currently looking to leverage that to get on to more platforms. As an example, we would get onto a broker firm’s platform as a product, maybe as a mutual fund product. That way, they and individual investors can hopefully enjoy the alpha we’ve been creating from the Coverage List.

We have had some good progress over the last couple of years, although not as fast as we’d like. We recently were retained as a sub-advisor of what’s called a ’40 Act fund. It focuses on all strategies, which is what we do. We’re a small microcap fund manager, and they saw the numbers and the track record, and they had the idea that they would also like to start a multi-strategy fund with this being one of them.

We have experienced a pretty good degree of asset grow over the last couple of years. I believe it’s been excessive of 100%. We’re excited about continuing to lever that momentum into other institutional funds, having a specialty focus on our product as a single strategy with other funds and other platforms.

Also, for accredited investors, we have our hedge fund, which is sort of like the Cadillac. It actually has been producing a pretty strong track record.

EQ: So in terms of asset management, you have various approaches?

Maltbie: Right. We have three of them. We have our hedge fund, which we’re growing now, and that’s for accredited investors called the Argonaut 2000 LP Fund. We also have our Millennium individual managed accounts, and they’re all separately managed accounts focused on a lot of the research we do at Singular.

Then, we also sub-advise a specialty mutual fund that focuses on alternative strategies, trying to access the expertise of hedge fund managers that can provide liquidity to individual investors and their track record and expertise. Their strategy is very differentiated, and it entails hedge fund-like strategies like what we have. They have nearly $1 billion under management now, I believe.

EQ: What are some strategies that you’re looking at to grow this side of the business?

Maltbie: Yes. Well, there’s a couple ways to get to the Golden Fleece as it were. One is to grow organically by having internal market distribution, sales force, etc., and hope people discover you for your track record. Another complementary way is to grow by acquiring assets, which would be other similar-styled funds that focus in our realm and then to team up with them to get on the fast-track. We think there’s a great opportunity in the market, and our goal is to grow up to $1 billion in assets under management from where we are now. Let me just say, I think it’s very ambitious. In this day and age, $1 billion dollars is where you get on most radar screens of mutual funds.

But we’re very confident that we’re differentiated enough and we provide a lot of unique value in the micro and small-cap space. Being a research provider in Singular, we know this. The cost of research is very expensive and almost prohibitive for the assets under management in the microcap space. So usually, you have funds out there that are more like closet index funds. They have many, many stocks—maybe a hundred or two hundred. They’re overly spread out and diversified, diluting the impact of some really good stocks.

They’re basically just playing the asset class. We see that the real value in the asset in this market is discovery research – finding companies that are under the radar screen where something’s going on. Things like new management, new products, or turnaround stories. That’s hard to find. It takes research analysts.

In this day and age, with the budget cuts, the scaling up, and the popularity of ETFs, it’s left this whole area for us to develop a fund that is highly focused yet diversified. So there’s real value in Singular providing deep discovery quality research on the 40 to 50 names, rather than just a quantitative index.

EQ: The small-cap-space is very much a stockpickers market. As a whole, you’re not going to get the type of performance that people talk about when they talk about small-caps, which is the extraordinary returns, if you’re just playing the entire asset class.

Maltbie: We think, clearly the skew for our research is companies that lack coverage, the companies that are $500 million and down. Those are small caps, or even what are now called microcaps. That’s where we find the mispricing statistics that I referred to earlier, where companies are priced at a 20-25% percent discount to their cousins that have research coverage.

EQ: Do you have any advice for investors looking at these small-cap opportunities in today’s market?

Maltbie: We think definitively that it will pay off for individual investors to invest in the sector, but they have to do their own homework as well, of course. You have to be responsible and know what you own. It’ll help you own it long-term. That’s where we think you make the excess return. The big trend right now is that the ETF is everything. We think that’s really more of a drone investing, passive ETF approach. It’s very exotic.

As far as what we’ve seen in the last year, there’s tremendous imbalance of capital being allocated into ETFs. What that means is, let’s say you own the S&P 500. Well, you own a little bit of 500 stocks and that’s going to include probably about 300 to 400 that, if you looked closer at them, you wouldn’t want to own.

But you’re owning them equal weight and you’re owning pieces at market-cap weighted. So automatically, companies that aren’t doing well get capital. That creates misallocations in the market, but really, it creates opportunities like we’re seeing now.

EQ: Last year was one of the few years in which large caps outperformed small caps. Do you see a potential reversal of that this year?

Maltbie: All of last year, as investors felt the market risk and for other reasons, we saw money flow out of small caps and into big caps because of ETFs. We saw the earnings improve, but the valuations go down. So if you do the homework, you’ll find the opportunities this year. If you look at the stronger dollar, it is impacting the multinational blue chips like your Johnson & Johnsons (JNJ, your Procter & Gamble Cos (PG, and your Merck & Co Incs (MRK. They have a lot of foreign exposure. The dollar is hurting their competitiveness and their earnings on a currency basis.

Also, here in the U.S., we’re benefiting from lower taxes, lower oil prices, which serves as a de facto tax cut. It’s meant to be a big amount, around $150 billion with this big fall in oil. So with those elements in place, we think that it’ll be a very favorable year for what we do and for small-caps. Selectively, we’re looking for growth and value, especially with valuations.

DISCLOSUREThe views and opinions expressed in this article are those of the authors, and do not represent the views of Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions.

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Robert Maltbie of Millennium With Maltbie’s Minute on the Market

Robert Maltbie of Millennium With Maltbie’s Minute on the Market. Robert Maltbie discusses this week’s market trend on how the Bulls take charge, with indicators turning bullish. Liquidity, earnings and technical indicators lead the way.

Robert Maltbie’s Singular Research MMI Report Slips Further Into Bearish Territory


Our Major Market Indicators fell further into bearish territory for the second week in a row at the end of January 2015. The S&P 500 fell to 1994.99, down 2.8% for the week. The Dow Jones Industrials were down 2.9% and the NASDAQ retreated 2.6%. Continue reading “Robert Maltbie’s Singular Research MMI Report Slips Further Into Bearish Territory”

Robert Maltbie at Opal Risks and Ops in 2015

ROBERT MALTBIE of  Millennium Asset Management at OPAL NAPA SUMMIT OCT 2014:

Robert Maltbie of Millennium describes outlook for 2015 and what keeps him up at night, risks of high leverage on NYSE and strong Dollar. Continue reading “Robert Maltbie at Opal Risks and Ops in 2015”

Robert M Maltbie, Managing Partner of Millennium Asset Management Announced the Hiring of a New Director of Investor Relations to Spearhead Client Asset Growth

Los Angeles, CA, January 19, 2015 –(– Robert M Maltbie, Managing Partner of Millennium Asset Management announced the hiring of a New Director of Investor Relations to spearhead client asset growth. Continue reading “Robert M Maltbie, Managing Partner of Millennium Asset Management Announced the Hiring of a New Director of Investor Relations to Spearhead Client Asset Growth”

Robert Maltbie, President of Singular Research Announces Release of New Macro Market Indicators(MMI) January 2015 Report

Robert Maltbie, President of Singular Research, announces the release of the February Macro Market Indicators. Our Major Market Indicators fell into the bearish range to 49.00 from 57.33. The S&P 500 index gained 1.6% this past week to 2051.82, while the NASDAQ rose 2.7% to 4758.88 and the Dow Jones Industrials added 0.9% to 17672.60. The net change in score came from a decrease in the liquidity, valuation and earnings momentum indicators, offset by an increase in the technical indicators.

The MMI report provides a summation of an extremely broad data sweep of important indicators that impact such market influencing variables such as technical, sentiment, valuation, liquidity, eps momentum, and monetary policy and yield curves. “It is as broad based and scientific as any macro approach to US Markets currently available weighting data inputs for over a hundred diverse surveys to help managers navigate market risks and volatility,” said Maltbie.

The MMI helped us largely avoid the carnage of 2008 and most recently gave a bearish call Sept 22, prior to a 10% drop in our major Equity markets.

Singular’s Major Market Indicators (MMI) analysis weighs a large number of factors impacting the domestic equities market, gauging the temperature of the market. The MMI is a yardstick which measures whether we should be more bullish, or neutral, or bearish.

Rather than rely on anecdotes, or just one or two rules of thumb, we scour the investment landscape, scoring the indicators we believe are most representative of influencing the near to mid-term outcome of the market. We weigh and total our scores, producing a composite total to guide our investment posture.

The Following is an excerpt of the Sept 22 MMI report:

MMI Falls into Bearish Territory due to the Huge Alibaba IPO

“Our Major market Indicators fell in the week ended September 19th. The MMI indicators fell to 43.00 from 59.83 last week, a Bearish reading, due to the liquidity impact of Alibaba.” Technical indicators turned bearish, as the score fell for the third consecutive week.

The equal-weighted Russell 2000 ETF (EWRS) ended the week below its 200 day moving average, accounting for the change in this segment of the MMI for the week. Technical indicators scored six out of a total possible score of 15 bullish indicators, versus eight in the prior week, enough for the total category to turn bearish.


For a current complimentary MMI report please contact:

Tom Kill
VP Institutional Sales
Singular Research
Phone # 626-405-0242

Singular Research, based in LA and NY, is one of the most trusted providers of unbiased, performance-based research on small and micro-cap companies to fund managers. Singular provides initiation reports and quarterly updates for approximately 60 companies. In many cases, Singular’s analysts research companies that are not often covered by any other firms.

For further inquiries, send an email with your name, title, outlet and link to articles or coverage to Robert Maltbie Jr.

Singular Research
Robert Maltbie, 818-222-6915

Sell Solar Buy Ball Bearings

The Long: NN; 12-month target price: $37

NN manufactures precision metal bearing components, precision metal components, and industrial plastic and rubber products for a number of global markets. The company has 10 manufacturing plants in the United States, Western Europe, Eastern Europe, and China.

The recent acquisition of Autocam’s automotive division boosts revenues by almost 60% and will increase margins and growth.The transaction recently closed and will be immediately accretive to earnings and cash flow.

Autocam’s automotive segment, with projected 2014 sales of roughly $250 million, manufactures components for engines and transmissions, fuel and power steering systems, and electric motors. The acquisition contributes high-growth products – fuel injection, variable valve timing, electric power steering, and multi-speed transmissions systems – that are benefiting from worldwide market demand for fuel efficient technologies. We believe the acquisition will boost overall company margins.

Management has provided a 2015 revenue estimate of $725 million based on closure of all announced acquisitions, a continued recovery in Europe, and single-digit organic growth. Given the risks associated with the merger, higher debt levels, and increased exposure to automotive markets, I lowered my assumed P/E multiple from 20 to 15. By applying a 15 multiple to a 2015 EPS estimate of $2.50 results in a price target of $37. Risks are that many of NN’s products are sold into the highly cyclical industrial and automotive markets.

Also, a significant part of NN’s capital structure comes from debt financing that requires the company to meet certain financial and non-financial covenants.
The Short: Solar City; 12-month target price: $30

Solar City engages in the design, installation, and sale or lease of solar energy systems to residential and commercial customers, and government entities in the United States. It also provides energy efficiency products and services, including home energy evaluation, and energy efficiency upgrade products and services.

Elon Musk has assembled an impressive  triumvirate with major Wall Street investment banks and government officials  emboldened with the noble twin tasks of solving the counties energy and employment issues.

Growth metrics remain strong but EBITDA and operating cash flow remain negative. Although Solar City experienced a strong increase in retained value metrics, the present valuation does not appropriately discount multiple risk factors. Although Solar City continues to grow rapidly in terms of revenues, megawatts deployed and retained value, the current valuation does not look sustainable based on ongoing operating losses and low barriers to entry in this business.

The stock price also does not reflect the following risks and red flags: 1) increasing levels of debt, 2) higher levels of operating expenses to meet growth targets, 3) significant increase in share count, 4) uncertainty in Arizona regarding taxation of solar leases, 5) ongoing investigation by the U.S. government regarding Fair Market Value pricing, 6) recent M&A activity in the solar panel industry, 7) potential downward adjustment of Retained Value and 8) aslowdown in the commercial solar business.

I forecast Solar City to post a loss of more than $2 per share this year and do not forecast positive EBITDA this year or next. It will continue to rely on external or third-party financing to support its growth plans.

A  lethal concoction of internet Bubble-like valuations with a high and fast- increasing debt load, in a service type business with limited barriers to enter will prove toxic at current prices for shareholders. Solar City would reach fair value after a decline to $30.

Disclosure: Maltbie is long NN, and short Solar City. 

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