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Hallgarten & Company Portfolio Strategy - January 12, 2011
Hallgarten & Company Portfolio Strategy - January 12, 2011
Hallgarten & Company Portfolio Strategy - January 12, 2011
Hallgarten & Company Portfolio Strategy - January 12, 2011
Hallgarten & Company Portfolio Strategy - January 12, 2011
Hallgarten & Company Portfolio Strategy - January 12, 2011
Hallgarten & Company Portfolio Strategy - January 12, 2011
Hallgarten & Company Portfolio Strategy - January 12, 2011
Hallgarten & Company Portfolio Strategy - January 12, 2011
Hallgarten & Company Portfolio Strategy - January 12, 2011
Hallgarten & Company Portfolio Strategy - January 12, 2011
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Hallgarten & Company Portfolio Strategy - January 12, 2011

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Rare Earth portfolio strategy by Hallgarten & Company

Rare Earth portfolio strategy by Hallgarten & Company

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  • 1. Wednesday, January 12, 2011Portfolio StrategyChristopher Ecclestonececclestone@hallgartenco.comMV Rare Earth/Strategic Metals (REMX)Strategy: Neutral ! "# $ % & % ($ )* $" " +
  • 2. Wednesday, January 12, 2011MV Rare Earth/StrategicMetalsSheep in Wolves’ Clothing + !" # $ % & $ $ $ $ ( + ($ % ( $ $ ) ( % ! )) * $ + ( + % $ ! !, ) - % $ )) % ! ) ( ) ! $ $% !. )) % ( $ / ( ) 0 1 # 2 $ ( ) ) %( $ ) & $ 3 & $ - $ ! # 2 # 2 % $ % " # $ ! ) % % )- % $ + % ! (! - $ % !4, $ ) % ) ) $ $ ) $ % .5 % $ ) ) )) . ! ( ! ! ) # 2 % .6 ( ( ! ( " # # 2 ) $ $ $ ( ( % $ % ( (! ! % . 7 ) $ ! ! % % 8 % . 3 " # 9& $ # 2+"# :, ( % ) ) 0$ % ( (! $ % % 1. 6 $ % ! ) ! $ "## # 2 7 $ + & . , 7 $ ; ! ./ $ ! $ ) "# : . !( % ) "## & $ % ( (! "## $ % % % ) . < % !( & $ % ! % $ % *$ (! "## ( % ! ./ % ! . ! " # ! = ) % ! $ . ! ) ) % ( $$ ! $ ! !$ % = $$ % $% % )$ $ $ ) % % )Portfolio Investment Strategy 2
  • 3. Wednesday, January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ortfolio Investment Strategy 2
  • 4. Wednesday, January 12, 2011 % ( ) % % +$ % % ( % % % , FFF ) $ )$ $ ) $ $ 1. ( ( $ ! % )$ $ ! $ ) !. $ $ ) % ! 8 &C & ); ( ) ) )) ; . ( ( .2 % ) $ ) ! % % % .E ? % $ $ $ % $ $ %% (! +) % % % $ % ( ! %,. % - % $ ) $ ) % ) . G $ % ( ! 8& + ! % / ,% % ! ( ( G $ (! "## $ % 7 (( ! ( . )) ) % % ) % ! % $ ! %. - ) HI ! ! $ ) % $ = ) $ ! / ( ! $% 6 . % ( ! ) ! )$ ) $ $ !+. . 2 = -% % , $ ( ( $ ! $Portfolio Investment Strategy 2
  • 5. Wednesday, January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ortfolio Investment Strategy 2
  • 6. Wednesday, January 12, 2011 " $ %& >> %./ % $ $ $ $ % $ $ )$ ) $ ./ % % ! ( $ $ % !( *% & $ ( + $ ) ( !$ $ % - % $ , ) ) %% % $ . ) % ! ( . - $ ! $ % . % % ; 9 ( $ % $ ! ! ) ! % $ 0 % 1 ) . $ ) % E $ ( ! ) % .6 % ) $ & $ . ( " $ %& ! = ) & $ 6 . $ %% ( ( $ ( A 5 & $ / . ! ( ) $ % $ ( $ ) M & $Portfolio Investment Strategy 2
  • 7. Wednesday, January 12, 2011 . ( ) $ ! ) % % $ ( % .6 ! ( $ $ % . $ %& 2 $ % ) ) $ ) !- % % ) A5 & $ 6 . )) ) % ! ! % (! - . $ %& % ) $ + $ 5 $ ) ( ! ,. ! $ % = ( $ %% ! )% % ! % (! .6 $ $ $ $ ) ! $ . * )! 1 $1. % $ !$ !( ) % # 2 !% !( ) ; I ) $ % % + % 7 $ K % ) % ) % ,A . % ! L E $ % .6 ) % ! + M ! ! ) ! , L E ( $ % ) $ .& % $ ) # 2( $ $!.) " $) %& < (! C ! $ . ) % % $ ( ! % .A % $ !) ! $ . ) ) *$Portfolio Investment Strategy 2
  • 8. Wednesday, January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ortfolio Investment Strategy 2
  • 9. Wednesday, January 12, 2011 6 ) # 2 ! $ " # % !$ 0 % $ 1F .. ( .. "# $ # 2 ( % . % $ $ % ) 8 ( # 2 $ % $ .& % % ! & $ % ) $ # 2. .. ) & $ $ # 2 ) ( % 0" # A 5 % 2 1. !( % % $ ) . / $ ( ! )) & $ ( " # $ !. ! ( ( ( ! ) !( % % * ! ( $ $ ) "## $ . ) "## %+ $ ! $ O $ O !( % $ , "# :% ! ) % "## $ % (! ( $ D K =+ ,./ $ "## $% ! ) % & $ (! ! % . $ "# : % $ ! "## $ % ! ) % $ % .< $ )# 2 % ( ! ) $ % ( $ ( )$# 2$ $ . & % $ ( # 2 ) ! $ .Portfolio Investment Strategy 2
  • 10. Wednesday, January 12, 2011 "# : ) ( ) !. % % ) ( $ $ # 2( & $ " # $ .Portfolio Investment Strategy 2
  • 11. Wednesday, January 12, 2011Important disclosuresI, Christopher Ecclestone, hereby certify that the views expressed in this research report accurately reflect mypersonal views about the subject securities and issuers. I also certify that no part of my compensation was, is, or willbe, directly or indirectly, related to the specific recommendations or view expressed in this research report.Hallgarten’s Equity Research rating system consists of LONG, SHORT and NEUTRAL recommendations. LONGsuggests capital appreciation to our target price during the next twelve months, while SHORT suggests capitaldepreciation to our target price during the next twelve months. NEUTRAL denotes a stock that is not likely to provideoutstanding performance in either direction during the next twelve months, or it is a stock that we do not wish to placea rating on at the present time. Information contained herein is based on sources that we believe to be reliable, butwe do not guarantee their accuracy. Prices and opinions concerning the composition of market sectors included inthis report reflect the judgments of this date and are subject to change without notice. This report is for informationpurposes only and is not intended as an offer to sell or as a solicitation to buy securities.Hallgarten & Company or persons associated do not own securities of the securities described herein and may notmake purchases or sales within one month, before or after, the publication of this report. Hallgarten policy does notpermit any analyst to own shares in any company that he/she covers. Additional information is available uponrequest.© 2011 Hallgarten & Company, LLC. All rights reserved.Reprints of Hallgarten reports are prohibited without permission.Web access at:Research: www.hallgartenco.com60 Madison Ave, 6th Floor, New York, NY, 10010Portfolio Investment Strategy 19

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