Trim Tabs Investment Research - Research Highlights

Research Highlights

• December 27, 1999. "Historically bull markets end for one reason and one reason only: the supply of shares exceeds the demand. Liquidity analysis is the only way to know to determine when a bull market will end. Liquidity is bullish right now. But that will change starting with the new year. . . .Therefore, starting in February the free float could grow each month by $60 billion - $23 billion, or $37 billion. Where will the more than $37 billion of new cash monthly come from to stop a market collapse?" (Liquidity TrimTabs, December 27, 2002)

• December 26, 2002. “We are as bullish this year end as we were bearish at the end of 2001. This is the first time since the end of 1999 that all three of our liquidity indicators at year-end were fully aligned with anecdotal evidence. (At the end of 1999) we were bearish, now we are bullish. L1, the net change in the trading float of shares, is bullish as corporate buying outweighs corporate selling. L2, flows in and out of U.S. equity funds, is bullish due to the extreme bearishness of fund investors. L3, margin debt, either shrank more than the market when stocks dropped or rose less than the market when stocks rose since July, 2002.” (Barron's Magazine, January 6, 2003)

• May 14, 2012. "For disclosure reasons I plan to buy Facebook either the day of or the day after the IPO and keep it for the long term. In my opinion, Facebook has greater long-term growth potential than Google(GOOG), LinkedIn(LNKD), or any other social media play. Yes, Facebook has yet to figure out how to monetize iPhone(AAPL) usage, but they will." (Biderman's Daily Edge, May 14, 2012)