Chart: Silk Roads Old and New

Source: ML

Download file in Power Point

Strategy

Globalisation Yields To Geography

Markets have been a lot calmer in June. Asian frontier markets turned up winners in June. EFM ASIA +1.24%, EM (EMERGING MARKETS) +0.54%, USA +0.48% despite the rate hike.

European markets tanked have lead the losers in June whatever may be the reason - euro strength or some profit taking in higher beta space.

Oil priced managed to stay neutral in June but its 10.8% drop YTD shows that oil price is under pressure anyway ; despite OPEC action. As new tech and new supply from the US manage investor's negative expectations.

World has been a bit quieter in June yielding to diplomacy and the key players have been choosing sides. President Trump visited Saudi Arabia and stroke a 110bn$ arms deal, leaving little hope to those who thought that US can give a chance to Iran to also be its partner in the region. Trump also met with in Saudi Arabia with Mohammed bin Salman, who was later appointed as next-in-line to the throne. In Russia (beginning of July actually) Xi met Putin as Russia is being pushed into a much more intimate relationship with China in light of western sanctions that have been toughened in June. The new Silk Road that is being planned through Russia this time (unlike its previous version) was one of the central points of the meeting. The new version of Silk Road is bound to Germany where the upcoming G20 meeting is yet another global forum where key acute points in politics are to be addressed in on weekend.

For us at MidLincoln the new Silk Road investment theme is the key global topic. Kazakhstan (once a part of Sogdiana - biggest leg of the old Silk Road) is in the center of the new Silk Road as well. It is also one of the strongest markets this year, country which benefits the most from the New Belt.

Belarus - an ultimate a winner from Ukraine Russia quarrel also benefits as a transition country for new Silk Roads connecting Russia to Europe.

Austro Hungary including Poland and Balkans very interesting investment destination as well and the best highlighted in the markets this year.

The more natural East/West buffers such as Turkey, Balkans and Caucasus are also quite positively highlighted by the markets this year. They are not officially part of the One Belt, but they are natural buffers and in case there is more business between east and west - they will benefit anyway.

Argentina one of the best market so far this year - case which proves that you need small improvement in risk to get 3x fold move in equities. Or perhaps it is benefitting from Brexit in some hidden way. Brexit itself is the course reviving British Empire case. UK markets are also strong btw.

Globalisation yields to geography at the current stage highlighting all the old geopolitical problems.

One of the overlooked markets this year is Mongolia. It has been the strongest performing debt market this year. The Golden Horde equities might just follow.

US Dollar is under pressure but gold - the currency for trading between empires (not bitcoins or dollars) is another winner this year highlighting the trend.

Choose A Country

ARGENTINA: These Stocks Are Crashing After Argentina Is Denied Emerging ...	AUSTRIA: Vienna Stock Exchange: Equity Trading Volume Up By 20%, Market ...	BAHRAIN: MIDEAST STOCKS-Doha may firm on no new sanctions; sharp oil ...	BELGIUM: Belgium shares lower at close of trade; BEL 20 down 0.42%	BRAZIL: Brazil shares lower at close of trade; Bovespa down 1.08%
BRITAIN: UK Stocks-Factors to watch on July 3	CANADA: CANADA STOCKS-TSX hits near 7-month low as gold and tech ...	CHILE: After A Good Run In YTD 2017, Is A Peak For Chile Stocks Near?	CHINA: Embracing The Globalization Of Chinese Equities	COLOMBIA: Colombia shares higher at close of trade; COLCAP up 0.12%
CZECH: Czech Republic - Factors To Watch on July 4	DENMARK: Denmark shares lower at close of trade; OMX Copenhagen 20 down ...	EGYPT: Mideast funds less negative on Qatar, turn bearish on Egypt	FINLAND: Finland shares lower at close of trade; OMX Helsinki 25 down 0.50%	FRANCE: France's small-cap stocks hit records as Macron hopes build
GERMANY: Fast Europe Open: Halifax UK house prices, German industrial ...	GREECE: JSE drops amid Greek woes	HONG KONG: Asia Stocks Fall After Selloff in Hong Kong, Technology Shares	HUNGARY: CEE MARKETS-Currencies, bonds fall as ECB may move towards ...	INDIA: India equities hit record high as SBI shares surge
INDONESIA: Indonesia shares higher at close of trade; Jakarta Stock Exchange ...	IRELAND: 2 Financial Stocks With Yields Over 4%	ISRAEL: Israel shares lower at close of trade; TA 35 down 0.34%	ITALY: Markets: Italy leads stocks after move on bad banks; Oil picking up	JAPAN: Foreign inflows into Japanese stocks fall 55% in first half
KAZAKHSTAN: EMERGING MARKETS-Emerging stocks fall, led by Asia, on Korean ...	LEBANON: Gunman Shoots at Least 3 in NYC Hospital	MALAYSIA: Singapore shares fall as Fed minutes show members divided ...	MEXICO: Mexico shares lower at close of trade; IPC down 0.60%	NETHERLANDS: Netherlands shares lower at close of trade; AEX down 0.28%
NEW ZEALAND: Australia shares tumble on Wall Street; NZ slips	NIGERIA: Does Slower Economic Growth Actually Mean Low Equity Returns ...	NORWAY: Norway shares lower at close of trade; Oslo OBX down 0.03%	OMAN: Oman's share index rises by 15 points	PAKISTAN: Pakistan equities close bearish, index down by 590 points
PERU: Peru shares lower at close of trade; S&P Lima General down 0.54%	PHILIPPINES: Philippines shares higher at close of trade; PSEi Composite up 0.50%	POLAND: Poland shares lower at close of trade; WIG30 down 0.27%	PORTUGAL: Portuguese pension returns boosted by EM equity in Q1	QATAR: After Month of Crisis, Here Are Qatar's Worst-Hit Stocks
QATAR: After Month of Crisis, Here Are Qatar's Worst-Hit Stocks	ROMANIA: Romania - Factors to watch on July 7	RUSSIA: Russian ETFs Were Among Worst Performers In H1 2017, Watch ...	SINGAPORE: Singapore stock rally has further to run as investors chase yields ...	SOUTH AFRICA: Does Slower Economic Growth Actually Mean Low Equity Returns ...
SOUTH KOREA: Can South Korean Equities Rise in July 2017 on Tax Reforms?	SPAIN: Spain shares lower at close of trade; IBEX 35 down 0.24%	SWEDEN: Sweden shares lower at close of trade; OMX Stockholm 30 down ...	SWITZERLAND: Switzerland is playing a risky game with American equities	TAIWAN: Taiwan shares lower at close of trade; Taiwan Weighted down 0.35%
THAILAND: Fussy pets are boosting Thai stocks	TURKEY: Turkey - Factors to Watch on July 7	UAE: UAE stocks mixed in slow day of trading	UKRAINE: Russian equity bet turns sour on politics and oil	UNITED STATES: US fund managers share US equities outlook
VIETNAM: Asia Graphics-Vietnam, Taiwan stocks top June gains in Asia-Pacific ...

Comment

Monthly performance is between 2017-06-30 and 2017-05-31

Best global markets YTD EM (EMERGING MARKETS) +14.72%, EUROPE +11.54%, FM (FRONTIER MARKETS) +10.61%,

While worst global markets YTD USA 6.53%, EM LATIN AMERICA 6.79%, FM (FRONTIER MARKETS) 10.61%,

Best global markets last month EFM ASIA +1.24%, EM (EMERGING MARKETS) +0.54%, USA +0.48%,

While worst global markets last month EUROPE -1.30%, FM (FRONTIER MARKETS) 0.39%, EM LATIN AMERICA 0.47%,

FTSE 100 pares losses despite sharp fall in US equities

Non-domestic stock funds favored over US equities in latest week ...

China is the biggest threat to Asian emerging markets

EMERGING MARKETS-Brazil markets down on political woes ...

5 China Stocks for Profits in Second Half of 2017

China stocks fall as consumer, health care firms drag; Hong Kong ...

Financial and industrial stocks lead European equities lower

European Equity Benchmarks Close Lower; Pharmaceuticals ...

Oil prices slump over 1 percent on rise in US output

US Crude Oil Exports Up To 1.02 Million Bpd In May

Six Reasons Why Indian Steel Stocks Aren't a Steal

Steel Price Forecast, June 2017: Steel Stocks Climb

Today Gold Price: Track today gold rate latest trends and news

Gold Prices Rally After GLD Sees 2nd Outflow, Fed Split Over Low ...

Best last month among various countries' equity markets were ZIMBABWE +27.86%, BULGARIA +12.46%, NIGERIA +10.27%, SAUDI ARABIA DOMESTIC +10.20%, MAURITIUS +7.16%, TUNISIA +7.15%, ISRAEL +6.08%, CROATIA +5.72%, GREECE +5.54%, MEXICO +5.51%,

While worst last month among various countries' equity markets were BOTSWANA -8.39%, QATAR -7.90%, ROMANIA -7.35%, OMAN -6.96%, BAHRAIN -6.86%, PAKISTAN -6.49%, PORTUGAL -5.86%, RUSSIA -4.94%, LEBANON -4.38%, SOUTH AFRICA -3.89%,

Best YTD among various country equities were ZIMBABWE +52.80%, ARGENTINA +41.25%, POLAND +32.82%, AUSTRIA +30.36%, KAZAKHSTAN +29.87%, JAMAICA +29.67%, BULGARIA +29.36%, TURKEY +28.98%, NIGERIA +28.90%, KOREA +28.35%,

While worst YTD among various country equities were OMAN -18.79%, RUSSIA -15.38%, QATAR -12.18%, LEBANON -10.36%, PAKISTAN -6.37%, BOTSWANA -3.10%, UNITED ARAB EMIRATES -0.04%, JORDAN 0.07%, TRINIDAD AND TOBAGO 0.25%, BRAZIL 1.70%,

News

Best 10 Markets Last Month

ZIMBABWE 27.86

Zimbabwe President Mugabe donates US$1 million to AU: wants to ...

WATCH: 'I'll remove Mugabe from power single-handedly,' says ...

Buy Zimbabwe Summit begins today

High level team to court investors. . . 300 delegates warm up for Zim ...

Zimbabwe: Zim Under Severe Stress

Zim-Namibia seal economic pact

Budget deficit races to $230m in Q1

China cancels Zimbabwe's debt

BULGARIA 12.46

Bulgarian President Radev: Former defence minister Nenchev ...

Bulgarian PM Borissov and President Radev in show of unity on ...

Lack of efficient judiciary in Bulgaria impedes economic growth ...

Bulgarian Tourism Sector Forecasts 8.5% Growth in 2015

Balkan States Face Big Population Drops, UN Warns

NSI: Bulgarian exports to third countries grow 22.1% YoY in first 4 ...

Bulgaria expects H1 fiscal surplus of 1.8 pct/GDP

Bulgaria's Debt Grows by EUR 2.1238 in 2016

NIGERIA 10.27

Wife of sick Nigeria's President Buhari to visit him in Britain

First Prime Minister of Nigeria

Minister: Low production, manufacturing to blame for slow economic ...

How Businesses Can Tap Into The Solid Mineral Sector Under The ...

Can Nigeria cope with volatile population growth?

Nigeria in 1min: Economic, Business & Financial Headlines – 300617

Worry for Nigeria's budget as oil prices fall to seven-month low

Nigeria's debt manageable – Udoma

SAUDI ARABIA DOMESTIC 10.20

Beheadings and backstabbing brothers: inside Saudi Arabia's mega ...

Qatar's response to the list of demands has been received

UAE's economic growth 'relatively strong at 3%'

Revealed: How Saudi Arabia's deficit could rise to 10% of GDP

Saudi Arabia's next king is a young, ambitious risk taker

Singapore Downgrades Its GDP For 2016

Reich: Why is Trump doing Putin's bidding?

After A Successful Issuance, Kuwait Is In No Hurry To Return To ...

MAURITIUS 7.16

Ameenah Gurib-Fakim: Scientist, Entrepreneur And President

Mauritian Court Allows Appeal of PM's Corruption Acquittal

Mauritian example could work for Zanzibar success

Tata Sons pockets over Rs 10000 crore from TCS buyback

PM hopes Kovind's Dalit status will help deliver UP in 2019

Mauritius is a haven

Mauritius: Budget 2017-2018 Highlights - Upgrading Infrastructure to ...

India, Cyprus agree to new tax treaty: Here's how it clears ...

TUNISIA 7.15

Tunisia freezes assets of former presidential hopeful

Corruption Crackdown Intensifies in Tunisia, and the People Cheer

Couscous, capitalism and neocolonialism in Tunisia

Tunisia Seeks Foreign Investment to Cement Democratic Gains

IMF Executive Board Completes First Review under the Extended ...

Key Questions on Tunisia

UPDATE 1-Tunisia budget sees foreign lending nearly doubling in ...

Tunisia 'Unable to Repay External Debt': Central Bank

ISRAEL 6.08

Israeli president lifts ex-PM Olmert's parole restrictions

Indian Prime Minister makes historic visit to Israel

Modi leaves for Israel; terrorism, economic growth on agenda

PA Arabs much better off than those in Arab countries

Israel's population in 2065

India and Israel FTA yet to be finalised; Israel keen to boost exports ...

Israel cabinet approves two-year draft budget aimed at boosting ...

Israel debt slips for seventh straight year to 62.2 percent of GDP

CROATIA 5.72

President Grabar-Kitarović to Meet with US President Trump

EU urges Croatia to 'implement' Piran Bay ruling

World Bank lifts Croatia 2017 GDP growth fcast to 2.9%

Croatia wants to reduce public debt to 75 pct of GDP by end of 2019

Croatia's Population to Drop to 2.5 Million, Says Latest UN Report

Croatia is fourth biggest economic partner to Slovenia (VII)

Croatian lawmakers approve 2017 budget, deficit set at 1.6 pct/GDP

Croatia's institutions, larger economy underpin stronger credit profile ...

GREECE 5.54

Former Greek Olympic Committee President Minos Kyriakou dies

Greece becomes sixth EU country to legalise cannabis for medical ...

UK factory growth hits three-month low, but eurozone and US power ...

Greece to shortlist contractors for Athens metro expansion by end ...

Greece's Population to Shrink by 1.2 Million Until 2034

Exports of medicines the second biggest category for Greece

Greek Jan-May govt budget surplus beats target on lower spending

Another Greece debt deal greeted with relief, but exercise in can ...

MEXICO 5.51

Former president of Mexico to Trump: 'Want to be a hero? ... All you ...

Prime Minister Thanks Outgoing Mexican Ambassador for “Setting ...

UTSA Institute for Economic Development leadership recognized for ...

Largest Mexico ETF Continues Impressive Performance

Can India turn population into dividend?

NatGas Bulls Savoring Thursday's Gains; July Called Unchanged

Falling oil prices place outlook for NM revenue in peril

Mexico Debt Outlook Still Negative, Fitch Says

Worst 10 Market Last Month

BOTSWANA -8.39

Botswana's former President Ketumile Masire dies aged 91

Laughter and memories fill funeral of ex-Botswana President Masire

Ketumile Masire, Who Shaped and Led a Vibrant Botswana, Dies at 91

BITC reaches out to clients

South Africa's population

Botswana's Diamond Exports Rise

Budget 2017/18: Govt's behemoth job creation task

KFC's bankruptcy raises eyebrows

QATAR -7.90

Qatar news LIVE: Latest updates on crisis - Doha rejects Gulf ...

Qatar economic outlook downgraded hours before crunch Gulf ...

Qatar news LIVE: Latest updates on crisis - Doha rejects Gulf ...

Moody's changes Qatar rating outlook to negative

How embargo affects Qatar investment in Indonesia

Qatar's population hits annual low in June

S&P downgrades Qatar as regional dispute grows

Qatar seen swinging to budget surplus in 2018 on energy price gains

Qatar debt rating downgraded by S&P as riyal hits 11-year low

ROMANIA -7.35

Romania president backs anti-graft prosecutor amid criticism

Mihai Tudose designated Romania's new prime minister

UniCredit Bank: Romania's GDP growth will slow down to 4.4%

CRF Health: Romania investment part of growth strategy

Renomia: an international mindset

Romania's exports and imports accelerate in March to new record ...

Romania's budget deficit at 0.27 pct of GDP after five months

UPDATE 1-Romanian 2018 gross funding needs seen at 62.6 billion ...

OMAN -6.96

Will uphold Constitution, keep president post above party: Kovind

India and Israel to elevate ties during Modi's visit

Consolidating Latin America's gains

Oman recorded an increase in millionaires

Qatar's population hits annual low in June

Oman exports more LNG in move with implications for oil

Oman's 4 month budget deficit narrows as oil revenue rises

S&P cuts Oman debt to junk as cheap oil shrinks external reserves

BAHRAIN -6.86

Leaders of Russia, Bahrain, point to positive trends in bilateral trade

Rights Groups Make Appeal for Detained Bahraini Activist

Bahrain sees non-oil growth rise to 3.7%

Bahrain Investment Market - a welcome addition to the financing of ...

2. Economic growth attracts migrants to Persian Gulf

Debt burden to grow heavier for Bahrain if oil prices remain low ...

'No end in sight' to Bahrain's fiscal woes in 2017

Moody's cuts Saudi, Oman, Bahrain debt ratings

PAKISTAN -6.49

Pakistan Can't Afford China's 'Friendship'

ICC Champions Trophy 2017 champs Pakistan meet Prime Minister ...

Development projects to ensure sustainable economic growth: Dar

70 years of US-Pakistan relations

The World's Population Is Forecast to Reach 9.8 Billion By the Year ...

Fiscal, C/A balances must be kept at sustainable levels: SBP

Understand the Federal Budget 2017-18

Pakistan debt servicing cost balloons to Rs15 trillion

PORTUGAL -5.86

Portugal Soccer President Claims Bribery, Fraud in Player Market

Portugal's prime minister calls on emergency services to explain ...

Bank of Portugal raises economic growth outlook for 2017-19

UPDATE 1-DBRS confirms Portugal investment-grade rating ...

6 million people in China went a week without fossil fuels

Textile, clothing exports up 5%, beating 2020 sector target of €5bn

Portugal exits EU budget procedure six years after bailout

Portugal debt agency official says worried about liquidity, QE exit

RUSSIA -4.94

Months of Russia controversy leaves Trump 'boxed in' ahead of ...

North Korea: China and Russia call on US to freeze military ...

Russia Needs Thaw With West To Achieve Strong Growth, Putin ...

Russia & China sign $10bn investment fund to ease ruble-yuan ...

Russia sees third consecutive year of natural population growth ...

Why Can't Russia Exploit Trade Opportunities with India and Iran?

Russia's budget deficit to fall almost by half in 2018 — PM Medvedev

Ukraine

LEBANON -4.38

Joseph Tarabay elected president of Association of Banks in Lebanon

French prime minister vows to bring down budget deficit

Tripoli tops Hariri's list for economic development

Beirut's Bright Future As A Tech Hub For MENA, If Its Politicians Will ...

As Truecaller Flash Messaging Comes to the iPhone, Co-Founder ...

Chief Lebanese Industrialist: Gulf Markets Represent 30% of ...

Lebanon budget to be decided Monday

Lebanon defies odds to keep its finances afloat

SOUTH AFRICA -3.89

South Africa president backs his former wife in ANC race

Modi: It's an honor to be first Indian prime minister to visit

Zuma says South Africa could miss 2017 economic growth target

South Africa's unexpected recession confounds economists

South Africa's population

The drought impact on fruit harvests and jobs in W Cape

South Africa budget targets top earners

South Africa Debt Downgrade Hits ETF: Slowing GDP, Slower Returns

Top 10 Longs Based on Momentum

Ticker	company	country	week	1month	6months	Rank	Volume_Avg_10D	Volume_Avg_30D	volume_avg_100D
009150 KS	Samsung Electro-Mechanics Co Ltd	SOUTH KOREA	12.41	19.79	117.87	50.02	949859.60	672970.90	587475.50
TSLA US	Tesla Motors Inc	UNITED STATES	3.24	23.61	79.74	35.53	8518823.00	7639322.50	6435725.50
QIWI US	QIWI plc	CYPRUS	-3.13	9.44	95.63	33.98	576211.19	548794.13	534423.00
7974 JP	Nintendo Co Ltd	JAPAN	6.21	21.37	67.40	31.66	3356330.00	3127273.00	2435379.00
DLFU IN	DLF Ltd	INDIA	-0.83	1.36	91.99	30.84	13453950.00	13355640.00	11860240.00
384 HK	China Gas Holdings Ltd	HONG KONG	16.14	28.97	46.46	30.52	7581023.00	6385076.00	5153211.00
BABA US	Alibaba Group Holding Ltd	CHINA	6.04	16.45	64.78	29.09	28296120.00	21903792.00	12796289.00
010620 KS	Hyundai Mipo Dockyard Co Ltd	SOUTH KOREA	-4.30	12.81	74.47	27.66	252334.20	206668.50	205390.30
006400 KS	Samsung SDI Co Ltd	SOUTH KOREA	11.52	3.13	62.10	25.58	335500.70	285897.70	260735.10
OHLMEX* MM	OHL Mexico SAB de CV	MEXICO	-0.41	25.31	48.60	24.50	4827803.00	3546614.00	2948310.00

Top 10 Shorts Based on Momentum

Ticker	company	country	week	1month	6months	Rank	Volume_Avg_10D	Volume_Avg_30D	volume_avg_100D
WLL US	Whiting Petroleum Corp	UNITED STATES	-9.09	-37.64	-56.31	-34.35	25804362.00	22685598.00	17239672.00
TLW LN	Tullow Oil PLC	BRITAIN	-10.66	-32.78	-42.22	-28.55	12985680.00	11683000.00	10918490.00
ESV US	Ensco PLC	BRITAIN	-6.13	-28.52	-45.88	-26.84	22628114.00	18644392.00	12477135.00
NDX1 GR	Nordex SE	GERMANY	-12.74	-21.44	-44.31	-26.16	943596.40	863903.90	1041452.00
CLR US	Continental Resources Inc/OK	UNITED STATES	-5.66	-25.56	-40.78	-24.00	4386124.50	3453060.75	2939934.25
SPN US	Superior Energy Services Inc	UNITED STATES	-6.53	-19.30	-40.68	-22.17	5619501.50	4726925.50	4370409.00
MRO US	Marathon Oil Corp	UNITED STATES	-7.91	-20.65	-35.74	-21.43	14631600.00	14428036.00	13938802.00
HTZ US	Hertz Global Holdings Inc	UNITED STATES	2.03	-3.44	-56.58	-19.33	8663119.00	7368363.50	4948117.50
BBBY US	Bed Bath & Beyond Inc	UNITED STATES	-16.08	-14.22	-26.74	-19.01	5581261.00	3360233.25	2659723.25
KR US	Kroger Co/The	UNITED STATES	1.39	-22.42	-35.09	-18.71	35231148.00	17187438.00	11514541.00

Z-rankings Methodology - Top Global Long Picks

Ticker	Company	Sector	PE RATIO 2016	PE RATIO 2017	PE RATIO 2018	EV/EBITDA 2016	EV/EBITDA 2017	EV/EBITDA 2018	P/S 2016	P/S 2017	P/S 2018	P/B 2016	P/B 2017	P/B 2018	DIVIDEND YIELD 2016	DIVIDEND YIELD 2017	DIVIDEND YIELD 2018	GROSS MARGIN 2016	GROSS MARGIN 2017	GROSS MARGIN 2018	ROA 2016	ROA 2017
SCTY US zranks	SolarCity Corp	Industrials	0.0	0.0	0.0	0.0	0.0	0.0	12.4	0.0	0.0	5.7	0.0	0.0	0.0	0.0	0.0	29.7	32.9	24.7	-1.0	-8.8
3008 TT zranks	Largan Precision Co Ltd	Information Technology	12.6	21.2	16.4	8.8	14.9	11.8	5.5	10.9	8.7	4.8	6.6	5.2	2.8	1.6	2.2	57.4	71.8	72.6	33.3	28.8
PAH3 GR zranks	Porsche Automobil Holding SE	Consumer Discretionary	0.0	5.1	4.6	0.0	0.0	0.0	0.0	16,431.5	16,431.5	0.6	0.5	0.5	2.0	2.6	3.0	0.0	0.0	0.0	-1.1	10.8
NED SJ zranks	Nedbank Group Ltd	Financials	8.3	8.8	7.9	0.0	0.0	0.0	1.1	2.0	1.9	1.2	1.3	1.2	5.9	5.8	6.5	0.0	0.0	0.0	1.3	1.2
BEI GR zranks	Beiersdorf AG	Consumer Staples	28.9	27.6	25.7	15.9	17.0	15.9	2.9	3.3	3.1	4.6	4.0	3.6	0.8	0.8	0.8	58.4	59.1	59.4	10.0	9.6
BLBD LI zranks	BLOM Bank SAL	Financials	0.0	4.8	4.3	0.0	0.0	0.0	0.0	2.5	2.2	0.0	0.9	0.8	0.0	8.0	9.0	0.0	0.0	0.0	1.4	1.6
SNGR LI zranks	Societatea Nationala de Gaze Naturale ROMGAZ SA	Energy	0.0	11.6	12.2	3.0	4.2	4.2	0.0	3.5	3.5	0.0	0.0	0.0	0.0	5.9	5.8	99.0	0.0	0.0	0.0	0.0
CBKD LI zranks	Commercial International Bank Egypt SAE	Financials	0.0	13.2	10.9	0.0	0.0	0.0	0.0	5.9	5.0	0.0	3.6	3.0	0.0	0.0	0.0	0.0	0.0	0.0	2.9	2.5
MNST US zranks	Monster Beverage Corp	Consumer Staples	48.9	30.8	26.9	29.5	18.9	16.8	10.3	7.8	7.0	6.3	7.1	6.3	0.0	0.0	0.0	60.0	64.5	64.7	14.6	20.4
RMH SJ zranks	RMB Holdings Ltd	Financials	13.1	10.7	10.1	2,234.1	0.0	0.0	0.0	3,982.3	3,567.5	2.7	2.0	1.9	4.2	5.2	5.5	0.0	0.0	0.0	22.2	19.2

Z-rankings Methodology Top Short Picks

Ticker	Company	Sector	PE RATIO 2016	PE RATIO 2017	PE RATIO 2018	EV/EBITDA 2016	EV/EBITDA 2017	EV/EBITDA 2018	P/S 2016	P/S 2017	P/S 2018	P/B 2016	P/B 2017	P/B 2018	DIVIDEND YIELD 2016	DIVIDEND YIELD 2017	DIVIDEND YIELD 2018	GROSS MARGIN 2016	GROSS MARGIN 2017	GROSS MARGIN 2018	ROA 2016	ROA 2017
PRND LI zranks	ProMOS Technologies Inc	#N/A N/A	0.0	0.0	0.0	0.0	0.0	0.0	74,933.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-51.2	0.0	0.0	-3.3	0.0
CL US zranks	Colgate-Palmolive Co	Consumer Staples	23.7	24.6	22.7	20.2	15.3	14.3	3.8	4.1	3.9	0.0	0.0	7,195.0	2.3	2.3	2.4	58.6	61.1	61.7	10.9	20.7
388 HK zranks	Hong Kong Exchanges & Clearing Ltd	Financials	29.6	33.8	30.5	13.7	14.1	12.8	19.3	18.1	16.6	8.0	7.0	6.7	3.0	2.7	2.9	0.0	0.0	0.0	3.3	2.8
RAND NA zranks	Randstad Holding NV	Industrials	20.6	13.2	12.3	12.2	10.0	9.3	0.5	0.4	0.4	3.0	2.4	2.2	2.9	3.7	4.0	18.7	20.3	20.1	7.4	9.0
CCK US zranks	Crown Holdings Inc	Materials	13.9	14.4	12.9	10.5	9.7	9.3	0.8	0.9	0.9	49.1	11.4	8.2	0.0	0.0	0.0	16.1	20.6	20.6	4.0	5.4
GFI SJ zranks	Gold Fields Ltd	Materials	0.0	20.7	11.7	3.3	3.5	3.1	0.8	0.9	0.9	0.8	0.8	0.8	0.6	1.8	2.5	0.0	30.0	33.0	-3.8	1.8
BUMI IJ zranks	Bumi Resources Tbk PT	Energy	0.0	5.9	7.4	0.0	5.9	6.9	3.2	0.4	0.4	0.0	3.3	2.3	0.0	0.0	0.0	0.0	37.4	33.1	-48.2	5.8
BTE CN zranks	Baytex Energy Corp	Energy	0.0	0.0	0.0	0.0	6.2	5.7	0.8	0.9	0.9	0.4	0.4	0.5	17.9	0.0	0.0	1.4	0.0	0.0	-19.5	0.0
ADEN VX zranks	Adecco Group AG	Industrials	1,275.7	14.0	13.5	27.4	9.9	9.4	0.5	0.5	0.5	3.3	2.9	2.6	3.5	3.5	3.6	19.0	18.8	18.8	0.1	7.9
LB US zranks	L Brands Inc	Consumer Discretionary	24.1	15.4	14.4	11.7	7.7	7.2	2.3	1.1	1.1	0.0	0.0	0.0	4.2	5.1	5.4	42.8	40.0	40.3	15.7	11.1

Recent Chart Art

Silk Roads Old and New Download file in Power Point	ML Comics: Initial Team Download file in Power Point	Gold is quite technical – performing head and shoulder act Download file in Power Point
Average Sov. Yields Move North – Not a Good Sign Download file in Power Point	Russian Funds Switch to Inflows Driven by Eurobond Funds and Equities Download file in Power Point	Facing Balooning MIFID Costs Download file in Power Point
Here is a Cash Cost Curve for Gold Companies Polyus, Highland, Centerra, Buenaventura and Global Gold Inc are the winners Download file in Power Point	CIS Junior Gold Mining Companies – May Be Bargains? Centerra Gold, Chaarat Gold, Global Gold, Petropavlosk Download file in Power Point	12 Months and YTD Performance of Gold Stocks vs. Gold Price – slightly overreacting Download file in Power Point

Latest ML Comics

Initial Team	4 Wheel drive and thoughts about business	Rear Engine Transmission Shift Problem
6 Wheeler in the Making	Rob has a new plan	Bicycle - a more reliable transportation
Rob has built a woodie	Body on Frame	Rob was working on frame for his car pre-production prototype.

Rural Craft Center Highlights

MidLincoln Rural Craft Piece	MidLincoln Rural Craft Piece	MidLincoln Rural Craft Piece
MidLincoln Rural Craft Piece

Our Recent Research Reports

2017-07-07 MidLincoln July Strategy - Globalisation Yields to Geography

2017-07-06 ML Sectors Monthly Strategy - July 2017

2017-07-05 ML Weekly

2017-07-04 Index Atlas Weekly Index Ideas

2017-07-04 ML Fixed Income Weekly

2017-07-04 ML Commodities Weekly

2017-07-03 ML Fund Atlas Weekly Flows

2017-06-30 Midlincoln Research - Subscribe to ML Premium Strategy Product

2017-06-30 ML Morning Meeting

2017-06-29 ML Morning Meeting

2017-06-28 MidLincoln Research Z-Rank Top Picks

2017-06-26 ML Fixed Income Weekly

2017-06-26 ML Weekly

2017-06-26 ML Index Atlas

2017-06-26 ML Sectors Weekly

2017-06-26 ML Morning Meeting

2017-06-26 ML IPOs Weekly

2017-06-24 ML Fund Atlas

2017-06-24 ML Commodities Weekly

2017-06-23 ML Morning Meeting

2017-06-21 Quants JV Offer With MidLincoln Research

2017-06-20 ML Fixed Income Weekly

2017-06-19 ML Weekly

2017-06-16 ML Global Sectors Weekly

2017-06-14 ML Morning Meeting

2017-06-14 ML Morning Meeting

2017-06-14 ML Morning Meeting Sorry for the wrong link.. resending today's morning meeting.

2017-06-13 ML Weekly

2017-06-12 ML Fixed Income Weekly

2017-06-11 ML Fund Atlas Weekly Fund Flows

2017-06-09 ML Morning Meeting

2017-06-09 ML Commodities Weekly

2017-06-08 MidLincoln ChartArt