Tag: Motley Fool

In morning trade the Creso Pharma Ltd (ASX: CPH) share price is storming higher following the release of an announcement.

At the time of writing, the cannabis company’s shares are up 13% to 26 cents.

What did Creso Pharma announce?

This morning the company announced that it has completed all required importing and exporting procedures and successfully delivered a second shipment of its cannaQIX products to Pharma Dynamics South Africa.

CannaQIX is Creso Pharma’s range of cannabidiol (CBD) hemp oil-based nutraceuticals. These products contain a broad spectrum of organic hemp oil extracts with CBD that aims to improve management of stress and to support mental and nervous functions.

This delivery follows the receipt of a second purchase order from Pharma Dynamics in October valued at CHF220,000 (~A$320,000).

Management notes that this money has now been banked and adds to Creso Pharma’s growing revenue profile.

What’s next?

The company advised that it is confident that additional opportunities will materialise in Africa in the coming months. It continues to work with Pharma Dynamics to establish a broader footprint in the region and anticipates purchase orders to grow in size and volume.

Management commented: “Creso is extremely pleased with the swift timing of the second PO and delivery, demonstrating a healthy relationship and positive patient response. Creso believes there will be more POs from this region in a sustainable way. This underpins Creso’s current global growth trajectory and its entry into new markets towards a recurring revenue model.”

Balance sheet update.

As of 31 December 2020, Creso Pharma had a cash balance of over $6 million. Since then, the company has received an additional $1.7 million following the exercise of options. Management believes this provides it with the cash required to fund its expansion into new markets.

Furthermore, it believes its balance sheet gives it the foundation to continue to win market share as well as to be in a position to easily capitalise any potential further international growth opportunities.

More reading

• Why ASX cannabis shares are cheering the US elections
• Why Accent, Afterpay, Creso Pharma, & Thorn shares are charging higher
• Why the Creso Pharma (ASX:CPH) share price rocketed 47% higher
• Here are 3 ASX small cap shares with exciting product launches in 2021
• Why the Creso Pharma (ASX:CPH) share price is jumping 9% higher

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Investors that have thrown everything at the ASX recovery trade and are sitting on a mountain of profit are now facing a big dilemma.

The agonising question they face is whether to take profit or brave the upcoming February reporting season.

To be sure, these investors are typically mum and dad investors as they have been aggressively buying the COVID-19 crash.

Retail investors the biggest winners

It’s the professional investors that that have been slower to act. That’s why its retail investors that are reaping the lion’s share of the close to 50% rebound in the S&P/ASX 200 Index (Index:^AXJO) since March.

Some of the best gains have come from the De Grey Mining Limited (ASX: DEG) share price, Brainchip Holdings Ltd (ASX: BRN) share price, Temple & Webster Group Ltd (ASX: TPW) share price and Afterpay Ltd (ASX: APT) share price.

You can give yourself a pat on the back if you have picked those horses amid the 2020 ASX market mayhem.

Is it time to take profit?

While I remain bullish on the ASX for 2021, now isn’t a bad time to take some profit off the table for a few reasons.

This particularly applies to those who are fully invested in the market, as I had been. I only had 65 cents in my cash trading account up till a month ago and it’s not usual for me to be 100% invested.

I typically like to hold around 5% in cash but I am aiming to collect a little more this time after the strong market run.

This is to ensure I can capitalise on any opportunities while still having significant exposure to risk assets.

What’s priced in to this ASX bull market?

What prompted me to start locking away some profit is my belief that the market is overlooking just about all risks.

I am not talking about a black swan event which can’t be priced or predicted. Even known risks are overlooked and I will outline three that particularly concern me.

3 risks to watch in 2021

The first is the rise in the 10-year US government bond yield, which jumped to the highest level since March 2020 at around 1.14%.

As I highlighted at the end of last year, investors should be looking closely at this global benchmark.

The second factor to watch is the Australian dollar. While the Aussie is backing away from its peak at just over US78 cents, currency experts believe it can climb higher still.

While some companies will benefit from this, a stronger Aussie is a net negative for ASX 200 stocks. I am expecting this issue to be more widely discussed during the upcoming reporting season.

Thirdly, return to COVID normal may take longer than what many are expecting. The current thinking is that mass vaccinations in developed countries will gather pace in the first half of the year. This will spell the beginning of the end of COVID in late 2021.

Foolish takeaway

While that’s my base expectation, there are signs that progress will be slower than expected. I don’t think the market is pricing in this or any of the other risks.

As the market saying goes, you can’t go broke by taking profit. It’s always good to have a bit in reserve, in my book, although this largely depends on your personal circumstances.

You should speak to your advisor before acting.

More reading

• 5 things to watch on the ASX 200 on Tuesday
• ASX 200 drops 0.9%
• Got money to invest? Here are 3 ASX shares to buy
• Brainchip (ASX:BRN) share price soars 52% in 5 days
• Why the QBE (ASX:QBE) share price is in focus today

Brendon Lau has no position in any of the stocks mentioned. Connect with me on Twitter @brenlau.

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Temple & Webster Group Ltd. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Temple & Webster Group Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Impedimed Limited (ASX: IPD) share price will be closely watched by investors this morning. This comes after the medical technology company announced that it has concluded its long-running Prevent trial.

At the closing bell yesterday, the Impedimed share price finished the day flat at 13 cents.

What did Impedimed announce?

It will be interesting to see which way the Impedimed share price moves today following the latest news.

According to the release, Impedimed advised that all Prevent trial patients have completed their follow-up visits. All 10 participating sites are now closed and the data gathered from the trial is currently being compiled. The company highlighted that study investigators have commenced their work on a manuscript. The paper is due to be submitted for initial journal review before the end of next month.

The Prevent trial is an international study of 1,100 patients across the United States and Australia. In partnership with 10 medical centres, it is the largest randomised controlled study on patients at risk of lymphoedema. Recruits included breast cancer survivors who are at risk of developing secondary lymphoedema in their arms through their treatment. The trial was conducted over six and half years with patients followed up for three years.

Impedimed noted that the study aimed at understanding if detecting extracellular fluid build-up through a bioimpedance spectroscopy device would reduce the rate of lymphoedema progression, followed by early intervention. This was compared with using a measuring tape to identify extracellular fluid accumulation.

What did management say?

Impedimed managing director and CEO Mr Richard Carreon commented on finishing the trial:

We are pleased to reach this important milestone and expect the results to demonstrate improved outcomes when L-Dex is used to monitor patients at risk of lymphoedema. We believe the release of the results of the PREVENT trial, together with the recent meta-analysis results, will again further our case with both the NCCN and Private Payors.

How has the Impedimed share price performed?

The Impedimed share price reached a recent peak of 18.5 cents in November, before scuttling down to 13 cents.

The company’s shares spent most of 2020 hovering below the 10-cent mark, however they have since gained traction. On current prices, Impedimed has a market capitalisation of $163 million.

More reading

• Why the Pushpay (ASX:PPH) share price could shoot higher today
• Fundies reveal 3 top ASX shares to buy for 2021
• 3 fantastic ASX shares to buy today
• 2 ASX dividend shares for income investors
• 5 things to watch on the ASX 200 on Tuesday

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Pushpay Holdings Ltd (ASX: PPH) share price will be one to watch today after the donor management and community engagement platform provider released two announcements.

What did Pushpay announce?

The first announcement revealed that Pushpay has found its new Chief Executive Officer.

The company has appointed its current Chief Customer Officer, Molly Matthews, as its new leader. Matthews will succeed Bruce Gordon, who has been in the Chief Executive Officer role on an interim basis since June 2019.

Pushpay’s Chairman, Graham Shaw, commented: “The Board is delighted to announce the appointment of Molly Matthews as Chief Executive Officer. Molly has a deep understanding of the US faith and non-profit marketplaces and exceptional customer knowledge which is critical to Pushpay’s success. Molly brings a proven strategic capability to the role focused on continued growth and expansion by delivering on our strategic goals.”

Trading update.

Pushpay’s second announcement reveals that its performance in the latter weeks of the calendar year exceeded expectations.

The company’s strong processing volume achieved in December, combined with continued operating leverage improvements, has led to it upgrading its guidance yet again.

In November, Pushpay upgraded its EBITDAF guidance for the year ending 31 March 2021 to between US$54 million and US$58 million.

Whereas it now expects EBITDAF for the year to be between US$56 million and US$60 million. This will be up 123% to 139% on FY 2020’s EBITDAF of US$25.1 million.

Though, management has warned that uncertainties and impacts surrounding COVID-19 and the broader US economic environment remain.

What else did it say?

The company also advised that it has allocated an initial investment of resource into developing and enhancing the customer proposition for the Catholic segment of the US faith sector.

Management notes that a focused investment into the Catholic segment represents a significant milestone as Pushpay continues to execute on its strategy to become the preferred provider of mission critical software to the US faith sector.

More reading

• Got money to invest? Here are 3 ASX shares to buy
• 3 stellar ASX shares to buy in January
• 2 compelling ASX shares to buy in January
• 2 fantastic ASX growth shares that could beat the market in 2021
• The Pushpay (ASX:PPH) share price jumped 80% in 2020: Can it go higher?

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of PUSHPAY FPO NZX. The Motley Fool Australia has recommended PUSHPAY FPO NZX. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Some of the country’s top fund managers have revealed some great ASX share picks for 2021.

There was a huge amount of disruption in 2020 due to the COVID-19 pandemic.

These businesses have been identified by fundies as among the best opportunities for 2021:

Sonic Healthcare Limited (ASX: SHL)

Kelli Meagher, portfolio manager from Sage Capital, went for large healthcare player Sonic Healthcare.

Ms Meagher thinks that the market is under-appreciating how long the COVID-19 testing is going to go on for. She said that the ASX share is already significantly benefiting from all of the additional testing due to COVID-19.

The fund manager pointed out that COVID-19 testing isn’t going to go away after the vaccine and it’s not known how long the vaccine actually lasts. Sonic could get another leg of growth from antibody testing, which tests if someone is immune and whether the vaccine worked for three months or six months.

Ms Meagher likes the global growth, the management team and the cashflow generation of Sonic. She also pointed out that it could buy acquisitions with the extra profit it’s generating. She also said that it had a “nice little dividend yield of 4%”, and it should do well in 2021.

According to Commsec, the Sonic share price is valued at 17x FY21’s estimated earnings.

Galaxy Resources Limited (ASX: GXY) and Pilbara Minerals Ltd (ASX: PLS)

Fund manager Julia Weng from Paradice Investment Management decided to go for two lithium ASX shares, Galaxy Resources and Pilbara Minerals.

Paradice has been doing a lot of research into electric vehicles and the implications on battery materials. Ms Weng pointed out that electric vehicles are currently at a 5% market penetration.

There has been numerous policy changes emerge during the pandemic. In previous years, electric vehicle growth was driven by China. But there has been subsidies and tax exemptions come out of the US and Europe.

The fundie said that Europe is producing more electric vehicles than China. General Motors itself will have 30 models of electric vehicles by 2025. Paradice believes that will underpin the demand for battery materials.

However, there hasn’t been a lot of lithium supply because of depressed lithium prices.

Ms Weng thinks that the lithium price has to increase to incentivise stronger production from here.

The Pilbara Minerals share price has risen by 185% since the start of November 2020 to $1.11 – it just matched its all-time high from January 2018. The Galaxy Resources share price has gone up by 159% since 25 September 2020.

More reading

• The Pilbara Minerals (ASX:PLS) share price is already up 25% in 2021
• Are ASX lithium shares staging a comeback in 2021?
• Top brokers name 3 ASX shares to buy next week
• Brokers just upgraded the Sonic (ASX:SHL) share price and this other ASX stock to “buy”
• 3 ASX mining shares hitting 52-week highs today

Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Sonic Healthcare Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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With a new month here, I’m sure many readers will be considering a few changes to their portfolio in the near future.

But which shares should you buy? To help narrow things down for you, I have picked out three shares that are highly rated:

Altium Limited (ASX: ALU)

The first ASX share to look at is Altium. It is an award-winning printed circuit board (PCB) design software provider. Over the last few years, Altium has carved out a leading position in this growing market and is now aiming to take things to the next level by dominating it.

A key part of this plan is the recent release its cloud-based Altium 365 product. Management expects this to support its aim of doubling its subscriber numbers to 100,000 and increasing its revenue by ~150% to US$500 million by 2026.

One broker that likes what it sees here is Credit Suisse. Its analysts have an outperform rating and $42.00 price target on the company’s shares.

CSL Limited (ASX: CSL)

Another option to consider is CSL. It is one of the world’s leading biotechnology companies. It is comprised of the CSL Behring business and the Seqirus business.

CSL Behring is the global number one player in a plasma therapies industry worth a massive US$30 billion per year. Whereas Seqirus is now the number two player in the US$6 billion global influenza vaccines industry.

Analysts at UBS are big fans of the company and note that it has a lucrative research and development pipeline which could support solid growth in the future. The broker has a buy rating and $346.00 price target on its shares.

REA Group Limited (ASX: REA)

A final ASX share to look at is REA Group. It is the leading player in real estate listings in the Australian market.

Although FY 2020 was a difficult year for the company because of the pandemic, its excellent costs control limited the damage. And pleasingly, with the housing market tipped to perform strongly in 2021, it looks well-placed to benefit from a return to listings growth.

In addition to this, price increases, international growth, and flat costs are likely to support its performance.

Morgan Stanley is positive on the company and has an overweight rating and $150.00 price target on its shares.

More reading

• 3 ASX growth shares to buy right now
• 2 high quality blue chip ASX shares to buy now
• Mesoblast (ASX:MSB) share price could be facing more pressure in 2021
• Why these leading ASX gold and tech shares could rally on through 2021
• Why is the CSL (ASX:CSL) share price trading around its COVID lows?

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Altium. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of CSL Ltd. The Motley Fool Australia has recommended REA Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Are you looking to boost your portfolio with some income options?

Then you might want to take a look at the ASX dividend shares listed below. Here’s what you need to know about them:

BWP Trust (ASX: BWP)

The first ASX dividend share to look at is property company BWP Trust. It is the owner of 68 Bunnings Warehouse sites across Australia.

Thanks to the quality of the Bunnings business and the retailer’s strong performance during the pandemic, BWP has been able to collect rent largely as normal during the crisis. This led to the company reporting profit growth in FY 2020 and allowed the BWP board to increase its distribution to 18.29 cents per unit.

A similar distribution is expected in FY 2021, which based on the current BWP share price, will represent a 4.2% yield for investors.

Coles Group Ltd (ASX: COL)

Another dividend share that investors might want to look closer at is Coles. This supermarket operator has been growing strongly in recent years thanks to its long track record of same store sales growth, store expansion, and its defensive qualities.

The latter proved particularly beneficial during the pandemic, with Coles one of only and a handful of companies reporting strong sales growth despite the economic downturn.

The good news is that this positive form has been maintained in FY 2021 even as COVID headwinds ease, putting Coles in a position to deliver another strong full year result.

According to a note out of Citi, its analysts are expecting Coles to deliver a robust result in FY 2021. In light of this, the broker has a buy rating and $21.20 price target on its shares. The broker is also forecasting a 63.5 cents per share fully franked dividend this year, which represents a fully franked 3.4% dividend yield.

More reading

• 3 ASX dividend shares with yields above 4%
• 2 quality ASX dividend shares to buy next week
• How to invest in ASX shares in a post-COVID world 
• The Coles (ASX:COL) share price jumped 22% in 2020 (and could still go higher)
• 2 ASX dividend shares with attractive yields

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of COLESGROUP DEF SET. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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On Monday the S&P/ASX 200 Index (ASX: XJO) started the week in a disappointing fashion. The benchmark index fell 0.9% to 6,697.2 points.

Will the market be able to bounce back from this on Tuesday? Here are five things to watch:

ASX 200 expected to rise.

It looks set to be a better day for the Australian share market on Tuesday. According to the latest SPI futures, the ASX 200 is poised to open 4 points higher this morning. This is despite a weak start to the week on Wall Street. In late trade the Dow Jones is down 0.35%, the S&P 500 has fallen 0.65%, and the Nasdaq has tumbled 1% lower.

Mesoblast on watch.

The Mesoblast limited (ASX: MSB) share price was a strong performer on Monday and jumped 14% higher. This followed the release of a positive announcement which revealed that its rexlemestrocel-L drug provides a reduction in heart attacks, strokes and cardiac death in patients with chronic heart failure. With the company’s US listed shares jumping 37% overnight on the news, its ASX listed shares may have some catching up to do today.

Oil prices mixed.

Energy producers including Beach Energy Limited (ASX: BPT) and Woodside Petroleum Limited (ASX: WPL) will be on watch after a mixed night for oil prices. According to Bloomberg, the WTI crude oil price rose 0.15% to US$52.33 a barrel and the Brent crude oil price has fallen 0.35% to US$55.79 a barrel.

Gold price rebounds.

It could be a better day for gold miners such as Newcrest Mining Limited (ASX: NCM) and St Barbara Ltd (ASX: SBM) after the gold price rebounded from Friday’s selloff. According to CNBC, the spot gold price is up 0.75% to US$1,849.10 an ounce. Traders appear to believe it was oversold on Friday when it dropped over 4%.

Zip update.

Second time lucky? Zip Co Ltd (ASX: Z1P) didn’t release its second quarter update as was largely expected on Monday, so today could be the day. Investors will no doubt be keen to see how the company performed during the all-important holiday season shopping period and if there has been any impact from growing industry competition.

More reading

• ASX 200 drops 0.9%
• Mesoblast (ASX:MSB) share price soars 14% on clinical trial results
• Broker thinks these 6 ASX energy shares could go higher
• Why the QBE (ASX:QBE) share price is in focus today
• ASX 200 down 0.4%: Afterpay tumbles, bank shares lower, gold miners crash

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of ZIPCOLTD FPO. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The A2 Milk Company Ltd (ASX: A2M) share price was out of form on Monday and tumbled lower again.

The infant formula and fresh milk company’s shares dropped 3% to $10.62.

This means the a2 Milk share price is now down almost 50% from its 52-week high of $20.05.

Why is the a2 Milk share price sinking lower?

Investors have been selling the company’s shares over the last few months after COVID-19 had a negative impact on its sales and profits.

After benefiting greatly from panic buying and pantry stocking at the height of the pandemic, demand for its infant formula has softened over the last couple of quarters.

But the greatest impact has come in the daigou channel. This is where Chinese tourists and students buy products and send them back to China at inflated prices.

With international travel coming to a standstill, daigou sales have fallen heavily and put a big dent in the company’s earnings. In fact, the extent of the decline was even greater than expected and led to a2 Milk having to downgrade its guidance recently.

The company is expecting to deliver revenue of NZ$670 million in the first half of FY 2021. This is a 7.5% to 13.5% reduction on its previous guidance range of NZ$725 million to NZ$775 million.

Whereas for the full year, management now expects revenue to be in the range of NZ$1.4 billion to NZ$1.55 billion. The mid point of this guidance range is down 18% to 22.3% from its previous guidance range of NZ$1.8 billion to NZ$1.9 billion.

The company has also lowered its margin expectations and is now forecasting an earnings before interest, tax, depreciation and amortisation (EBITDA) margin of 26% to 29% for FY 2021. This is down from 31% previously.

Based on the mid point of both guidance ranges, this represents EBITDA of NZ$405.6 million in FY 2021. This would be down a sizeable 26.2% from FY 2020’s EBITDA of $549.7 million.

What else is weighing on its shares?

Also weighing on its shares has been a recent broker note out of Ord Minnett.

According to the note, the broker has retained its lighten rating and lowered its price target on the company’s shares to $9.90.

It reduced its price target and lowering its earnings estimates to reflect the tough trading conditions it is facing.

One possible positive, though, is that the company is sitting on a sizeable cash balance. With its share price trading close to a 52-week low, the broker has suggested that capital management initiatives could be considered.

More reading

• These are the 10 most shorted shares on the ASX
• Why a2 Milk, AVZ Minerals, Nanosonics, & Premier Investments are dropping lower
• Here’s why the A2 Milk (ASX:A2M) share price was hammered in 2020
• These are the 10 most shorted shares on the ASX
• These were the best performing ASX 200 shares last week

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended A2 Milk. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The ASX materials sector dipped a collective 1.06% today and these 3 mining companies – all with strong buy ratings – fell right along with it. Let’s take a closer look. 

Westgold Resources Ltd (ASX: WGX) 

The Westgold Resources share price took an 8.65% hit today, closing at $2.43. This is in contrast to the company’s previous six-month performance which has seen Westgold shares shoot close to 13% higher. 

According to its investor presentation in December for the financial year ending 30 June 2020, the company boasted a 131% gain in its profit per share. Revenue also zoomed up, increasing 18% to $492.3 million for the period.

The Institutional Brokers Estimates System (IBES) currently rates Westgold Resources a strong buy with a positive outlook. 

Perseus Mining Limited (ASX: PRU)

Perseus Mining also dropped more than 8% to close at $1.19. The mining company finished 2020 as one of the all-around S&P/ASX 200 Index (ASX: XJO) top performers for 2020.

Fortunately for Perseus, the company recently announced pouring its first gold 5 weeks ahead of schedule at its Yaouré Gold Mine in West Africa. This supports the company’s expectation to ship its first gold from the Yaouré mine site during the March 2021 quarter.

Similar to Westgold, the IBES currently rates Perseus Mining a strong buy with a positive outlook. 

Silver Lake Resources Limited (ASX: SLR)

Silver Lake Resources also took a hit today, sliding 5.69% to close at $1.74. Some may consider it just a slight dent given the company has roared 30% higher over the previous 12-month period. 

In its most recent quarterly activities report, Silver Lake reported a quarterly group production of 62,262 ounces of gold along with 424 tonnes of copper. The company also invested $6.6 million in exploration during the reported quarter to “advance high-grade projects within established and proven mineralised corridors proximal to established infrastructure”. 

Silver Lake’s current status with the IBES is a strong buy rating with a neutral outlook.

More reading

• ASX 200 down 0.4%: Afterpay tumbles, bank shares lower, gold miners crash
• ASX 200 rises 0.7% on Friday
• ASX 200 rose 1.6%
• Why Nick Scali, Nitro Software, Silver Lake, & Xero shares are dropping lower
• Do ASX mining companies carry the Australian share market?

Motley Fool contributor Gretchen Kennedy has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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