Someone’s hushing up the MF Global affair
…but the time bomb is ticking!
I am intrigued, as well as suspicious, at the lengths that “someone” is going to to suppress this news outside of the USA. How can the 5th (?) largest bankruptcy ever simply not make the news here in England? Yet someone in Sussex has lost a cat and that’s newsworthy? Hmmm.
Half the locals are currently out of business with their working capital frozen and we have all witnessed the collapse in liquidity this month. You can’t take out the biggest player in an industry and expect life to carry on as normal. The American futures industry is basically mothballed until those MFG funds are released and even then there will be no “getting back to normal”. This industry is fundamentally changed by this sorry affair.
Short term market risks
Personally I think the stakes here are far higher than most people realise. I doubt that anyone with accounts at MFG will lose a single cent at the end of the day. However if this takes more than a few more days for the funds to be released back into play in the markets, the potential exists for a massive collapse in the markets in my opinion.
The issue here is not the frozen money. That will sort itself out at the end of the day. The real issue is the principle of segregated funds being sacrosanct including, in particular, the BELIEF that they are so. The whole industry has segregated funds as its bedrock. If the CME drags its heels any further in sorting this out it is gambling not just with viability of the American futures industry but also the stock market and many other markets too.
The slightest hint that segregated funds might not be 100% secure could have the effect on the markets be like a pin meeting a balloon. In 2008 we experienced a run on several banks as scared investors pulled their money out. Imagine that same fear being applied not just to a few banks but to financial markets worldwide! Anyone with a segregated account containing stocks, bonds, commodities, currencies could simply say “to hell with this I’m cashing out!”.
Even spread betting accounts here in England are segregated these days and as far as I can see are the cornerstone of pretty well all investment accounts.
The CME had better be smart enough to realise that they are playing a game of chicken here not just with its own little world but also with pretty well every financial industry you can think of. Hmmmm could that be why this news is being suppressed so heavily? Well in the internet age you can only sit on these things for a limited time. Once it gets out and if it takes hold, be afraid, be very afraid. Man itself is irrelevant. But as a catalyst its potential is enormous.
The money temporarily locked up in MFG isn’t the issue at all. As usual the majority are looking in the wrong direction. If word gets out to the big wide world from this very small circle that we traders all move in, then batten down the hatches.
Longer term implications
So what about the future, after this sorry mess has actually been resolved? My guess is that in years to come we will all be looking back at this event as the time that everything all changed. How big, how fast and how far reaching these changes will be is anyone’s guess. If I was to take my best guess then the longer term implications I can envisage would include these…
- The loss of many brokerage firms who previously relied upon Man for clearing services. Every day these businesses continue to pay their staff and other overheads while their clients are unable to trade. Existing clients are unlikely to refund new accounts and the firms will struggle to find new clients. Every day that the CME fools around rather than just ponying up as it inevitably will have to, is a day closer to the end of the road for otherwise perfectly innocent firms stuck in the middle of this mess.
- The industry will have to get used to the idea that clients will no longer deposit cash with clearing firms who will have to accept unmargined accounts secured via complex structures allowing clients money to be safely housed in banks that the brokers cannot touch. In future the only cash that will pass through the hands of brokers will be amounts representing daily profits and losses sufficient to return the account balances back to zero again. Those who will benefit from this fiasco will be those firms who are first to roll out such mechanisms, already used by small numbers of more highly valued clients, to their whole client base. Those who are slow to adopt such mechanisms will rapidly go out of business.
- A mass exodus of volume away from the fundamentally broken, and never again to be trusted, American futures industry. The European exchanges are the ones likely to hoover up all of this business by developing a more progressive regulatory regime while also providing better proximity to the emerging markets, making them the obvious next step for the global centre of the industry in its natural progression from west to east. I would be very surprised indeed if European exchanges are not already planning mass marketing campaigns and big incentive schemes for next year, ready to take on the wounded beast that the CME will shortly be revealed to be. And let’s not forget that exchange fees in Europe are already a fraction of the extortionate rates charged by American exchanges, plus contract sizes are also much bigger. So putting together very enticing schemes to lure away that volume will neither be difficult nor costly!
- A loss of the hitherto distinct Asian, European and American trading sessions as a more normalised genuine 24 hour market evolves to cater for all timezones from a more natural geographic centre in Europe.
- Lots of new and exciting products to compliment the existing deep, but limited range of markets available in Europe, with lots of volume from very early on in the new products’ life.
- Ultimately the migration of large numbers of traders from the United States to Asia and the Far East, where they can enjoy substantial tax benefits as well as trading whichever of the old timezones that best suits their lifestyles and still operating accounts within the safety of the European regime as it evolves.
Is that all bad?
Absolutely not! There certainly will be short term pain, do doubt about that. But I believe that the short term inconvenience that we are all being put through will soon be surpassed by the benefits of the improvements that will come about as an antiquated industry wakes up and gets dragged into the 21st century triggered by this catalyst that is the Man Financial mess.
Will any of my hypothesis come into being? I have absolutely no idea. But I am sure that 2012 will prove to be a major pivotal moment in the history of this industry. I also believe that whoever it is that is, so far, being effective in burying this major news, knows it too. Well the lid won’t be kept on for very much longer, there is no going back to business as usual, so the next question is what the short term fall out is going to look like before the phoenix arises from the ashes.
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Copyright © Simon Townshend Ltd 2011, all rights reserved
This is what you asked me for…and its on its way!
For two and half years now I have been trading a strategy that has also been made available to a tiny group of professional traders. Many of these people have made big money in this time, where big means 6-figures for some of them – in addition to their own trading returns.
However, this has one particular limitation and that is the fact that the signals are taken off daily charts and actioned in the most part at the end of the day. This was deliberate as it made it ideal for more passive traders and investors who had lives outside of trading and who did not want to follow the markets during the day.
But daily charts by definition mean a relatively small number of trades and relatively large initial risk per trade. This is perfect for those more “passive types” but during this 2-3 year period many more active traders have asked me…
“Isn’t there a way to trade this intra-day, off smaller charts, with lower risk trades?”
There wasn’t.
A moment of madness!
But more and more people asked which got me thinking. Then one day, in the summer of 2010, I woke up one morning and decided to do something completely crazy. I decided to start trading the same strategy intra-day off much smaller charts.
What’s crazy about that you might ask? Well nothing in principle. The bit that was a bit off the wall was doing the whole thing before a live audience!
Yeah that’s right, no quiet development in the basement late at night. Just straight in at the deep end in the live market with my most loyal and closest clients watching every damn trade in real time!
OK, lets be honest, I didn’t take that leap of faith without a pretty good idea that it would work. But it wasn’t perfect. It took a bit of refining and developing as we went along.
A little help from my friends?
We have been quietly trundling along making about $7,000 a month with this. Then last month with the help of some of the gang also watching out for the sort of things I look for on my charts, we increased our number of trades and our profit on the month exploded to $15,248!
I should point out that we are not scalping for a handful of ticks here and there, but seeking 2 to 3 high probability trades per day each worth a decent chunk of cash. Oh and we only trade 2 to 3 days per week too, so this is about as low key laid back day trading as you can find!
Well a year down the road, with a tidy old profit under our belts and having really found the groove in our weekly activities, I have decided to admit just 10 new members to this exclusive group. This is the chance for those who have been asking for such a service to finally receive exactly what they have been looking for.
Work is underway finalizing everything and I hope to release those 10 new spaces in early October. So if this sounds like your kinda thing, watch this space and I’ll let you know the moment those places become available.
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Copyright © Simon Townshend Ltd 2011, all rights reserved
Beware of news…but be aware of what it can tell you
The stock market was potentially in big trouble from the day they caught bin Laden.
No I’m not joking here, I’m actually being very serious. For over a decade now it has been accepted wisdom that the most bullish news that could hit the market would be catching the worlds most wanted man.
“The day THAT happens the market will just explode north and never look back.” I cant remember how many times I have heard those or similar words, since the atrocities of 9/11. And lets face it 9/11 did have quite the opposite effect, sending markets spiraling into the abyss.
So on Monday May 2nd we hear the news that conventional thinking said would trigger this rocket in equity values. We buckle up ready for the ride and watch with amazement as…
Nothing happens!
True the market was up briefly for a few hours that Monday morning before it closed down on the day.
So the next day, on Tuesday, there I am asking the traders in my group…”Where is the Osama rally then?” No one knew.
With hindsight this was the short signal of the year. But sadly we cant trade hindsight, even though bizarrely from that Tuesday onwards we had all been openly talking about the “Osama Top”.
Well now we can see from the chart above that the capture of bin Laden nailed the top in the stock market to the absolute very day. How stupid not to have just shorted it right there and then. Why didn’t we?
Well because we didn’t actually have a sell signal from our normal trading strategy and we are always fighting to follow our rules. That is true but also makes good cover for the other truth that secretly we were scared that the “rally of a lifetime” might just come about as all the experts had foretold for the prior ten years!
There can be no doubt that this was one heck of a missed opportunity. If I am honest we should have been bold and just stepped right in when the market failed to rally. No we didn’t have a sell signal in the normal sense. But we did have the biggest tip-off of all…
The fact that a market failed to rally in the face of the most bullish news it could possibly have received.
Now THAT is a sign of a market in serious trouble. Failing to respond positively when it had every reason to do so spelled the end of this cycle’s irrational exuberance!
This recent sell off didn’t just appear out of nowhere a month ago. It is purely a continuation of the new trend that started the day the market signaled that the bull market was done for, by failing to gain any ground at all when it should have exploded.
The market was telling us that the game was over. We just weren’t smart enough listen. Or to be precise we were smart enough to listen, which is why 24 hours later we were already talking about the Osama Top. But we weren’t smart enough, on this occasion, to react to what the market was telling us. This was an expensive mistake, even though we were following our trading rules by not taking any action.
The moral of the story therefore is simple…
A market that fails to rally in the face of exceptionally bullish news, is in serious trouble and has run out of steam. A market that fails to fall on exceptionally bad news, is in fact very strong and is likely to be turning up very soon. This strength or weakness is hidden from view but the LACK of reacting in the way it really should be in extreme circumstances is without doubt a genuine tipoff about what is about to take place.
Remember though a missed opportunity is only a missed opportunity if we fail to profit from it OR fail to learn from it. In this case we’ll treat this as an educational expense rather than a disaster!
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Copyright © Simon Townshend Ltd 2011, all rights reserved
Head & shoulders top…achieves minimum objective
Well it took a long time to form, but when it triggered boy did it run! Hmmm, but maybe there is more than just one force at work here?
George and I have been following the weekly chart of the S&P over the last few weeks, watching that classic head and shoulders pattern form. Yesterday the minimum downside objective was achieved. Pretty cool reaching a target of that magnitude within 2 bars eh?
Now classical chart patterns are not something I would claim to be any great expert in. But George likes the head and shoulders for the simple reason that it is about the most reliable of the “old school” pre-computer age setups.
The spice I would throw into the mix here, is my observation that the down move is a 1-sided market. Those who joined us for the seminar in Santa Monica a few weeks ago or who have worked with my behind the charts technique will know exactly what this means and its implication on the future.
So here is a great example unfolding where an age old technique and a modern day discovery are working hand in hand to create a really powerful combination.
If ever there was a certainty in trading it is this: After the dullest of dull starts to the year, exciting times lie ahead! Just remember that expanding volatility means much larger swings, which means much larger stops and much larger targets. In turn that means much smaller size so as not to increase your dollar risk per trade!
It is true that higher volatility means greater opportunity. But that greater opportunity should come from a greater number of trades and NOT from trading the same unit size with increased dollar risk per trade. Remember money management rules always take precedent over trading rules. So enjoy the great times ahead but keep a level head at all times!
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Copyright © Simon Townshend Ltd 2011, all rights reserved
“Evolve or Die” – LBR webinar replay
I was swamped with feedback after the webinar I recently gave with Linda Raschke and have tried (!) to respond to everyone in the days since this took place. Thank you to everyone who took part and I’m delighted so many people found it so thought provoking.
If you missed the live event or would like to watch the replay, here is a link to the video archive. Just click on the picture below…
Enjoy it, let it percolate in your mind for a few days and see how you start to think differently about the markets and start to find ways to simplify what you yourself are doing each day!
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Copyright © Simon Townshend Ltd 2011, all rights reserved
A Century of Trading – June 25th
Jeff Quinto, George Kleinman and Simon Townshend together have over 100 years of experience in the markets! That’s somewhat alarming to them but great news for you.
Call upon a century of experience and learn 6 trading techniques and money management strategies that these 3 traders use in the markets today.
At this one time, one day seminar in Los Angeles, Jeff, George and Simon will teach you techniques that have stood the test of time and that they personally use today. These are all straight forward, based upon sound logic and a century of experience in the markets.
Each of these 6 individual techniques can be used on its own and each one is more than capable of boosting your bottom line. Better still use them together as a powerful solution to long term trading success.
The 6 techniques you will learn are as follows (full details on the other 3 pages of this website):
- George’s Secret Indicator (and a complete strategy for using it)
- Behind the Chart (basic & advanced use in trend following and reversal trading)
- Don’t be Afraid of the Money (how professionals handle their capital)
- The Power of Natural Numbers (a breakthrough strategy for capturing profits)
- The Keys to the Kingdom (the much overlooked power of trade sizing)
- Overcoming Fear and Programming Confidence (turning a new trader into a survivor)
Best of all you can take any or all of these and start using them yourself straightaway on Monday morning.
To find out more, please visit: www.CenturyOfTrading.com
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Copyright © Simon Townshend Ltd 2011, all rights reserved
My First Anniversary
Time certainly flies. I find it incredible that a whole year has past since my first appearance on Friends and Quinto.
If you missed it then, here is another chance to hear Jeff and me discussing the strange volatility extremes we had been witnessing in the markets. This may be a year old, but it is every bit as valid today as it was then – now that is something that we would never have believed possible!
Just click on the icon above to hear this 8 minute broadcast.
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Copyright © Simon Townshend Ltd 2010, all rights reserved
It’s all a question of bananas and slippers!
If you are an S&P trader I am prepared to bet you are struggling right now. I know I am. As I wrote earlier this year, if you can tread water without giving too much back that is a great outcome in this environment. I regard myself as fortunate to be hanging around within a tiny percentage of equity highs – up a bit one week, down a bit the next. This is frustrating for sure but preferable to being in a big hole.
I speak with quite a few traders and I have not found any that have been making money in this market recently – not a single one. A few are holding their ground like me and most are grateful to be doing so. But the majority tell me they are going backwards, a few to alarming degrees.
Why is this? Didn’t we used to pitch up to work each day and most days go home with a profit? Every trader recognises the drop in volatility over recent months and for sure this is not helping the situation. But there is another factor in play here too, one that has even more impact on our ability to earn a living today – volume.
Many traders get confused by volume. I often see traders saying “oh the volume today is quite good”, when actually it is dreadful. They make the mistake of looking at the future volume, when the volume that really matters is the volume in the cash market. Why does cash volume matter, when we trade the futures? Simply put, the futures are going nowhere without the cash market. So if the cash market is dead, no one is going anywhere. In addition much of the futures volume is just computers trading contracts back and forth between themselves, skewing that picture even further.
So cash is king as far as volume is concerned, so what has happened to it of late? Basically volume has halved over the last few months as you can see in this chart which shows a 30 day average of the NYSE daily volume:
2bn shares per day drop to just 1bn
It is almost a decade since we last witnessed volume this low and that isn’t even the worst problem. A decade ago it was OK for the volume to be at this level as that was normal volume in those days. Today we are geared up for much higher volume. In other words we have over capacity! Any other industry that saw its volume halved would be taking its begging bowl to the governments of the world asking for bailouts!
But market makers, traders, short term liquidity providers suffer in silence. Most blame themselves for at best not making money and losing money in many other cases.
So what should we do about it then? Well we all have different portfolios of activity, but I can share my thinking with you. Firstly I looked at my activity and did a crude cost/benefit appraisal. It wasn’t a great feeling either. I have 2 main activities – short term trading the S&P and swing trading in a range of commodity markets.
- The S&P occupies 7 hours per day, transacts considerable turnover and hence incurs considerable brokerage costs, yet has been dead flat profit wise for months.
- The swing trades occupy 30 minutes a day, are on small size so have little cost and have made great profits every single month, in fact the last losing trade was in November!
Hmmm, time to adjust the game slightly I think!
As for the S&P dilemma, here is a wonderful analogy one of my partners uses to describe the situation: Imagine a visit to your local village market, where stall holders are selling all manner of different products – food, textiles, shoes, picture frames etc. In this market we are selling bananas. We buy them for 12p and sell them for 15p. When the market is busy we do this all day long – buying wholesale, selling retail if you like. But when the market is quiet or the people in the market are only interested in buying slippers or picture frames, our bananas are just sitting there. It doesn’t matter that the price we are offering is the best price in town. If people don’t want bananas we are stuck with them until the end of the day we cut them down to 8p just to clear the shelves!
Solution – let’s just sell slippers! If that’s where the action is. The product is different, but the process is the same. We don’t need to be slipper experts as we are not actually banana experts. Our expertise is in the process not the product – in buying wholesale and selling retail. So until bananas come back into fashion, let’s move to a product that is in fashion! That is exactly what we are going to do. We will still keep a few bananas (S&Ps) on our stall, but concentrate more of our effort each day on a new product. What will that product be? I’ll share those thoughts with you next time.
For the commodity swing trades, we decided to increase our trade size by 50% now and to consider a further increase in another 3 months time. If we hadn’t had such a good run, I would have considered a bigger increase right now. But sooner or later we will get some losers so I would prefer to ratchet the size up in stages. If we double or triple our size in one hit I know that will instantly precipitate a couple of losers – I am sure you know what I mean!!!
By the way, these swing trades are the S-I-R system that many readers have expressed interest in using themselves. The good news is we are launching it right now after all these months of delay. I have a handful of traders working with me, trying it out and making sure everything is working well before I invite any more members to join. If it all goes smoothly then later this month I will open up a few more places. If you have registered interest previously then you can expect an invitation over the next few weeks. If you haven’t but would be interested in taking a look then www.SeriousInvestmentReturns.com is the place to go.
If you are primarily an S&P trader, don’t despair, things will improve again it’s just a question of when. Until then have a think about where else your skills could be usefully applied. Remember this – in the old days if a market suddenly died for a while a floor trader could walk into a different pit and work in a market where there was activity. These days all we have to do is press a few buttons to achieve the same transition, yet for some reason we are more reluctant to do so. Why?
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Copyright © Simon Townshend Ltd 2010, all rights reserved
Think longer-term
Well as I said last time, things will come back to life all of a sudden. It now seems like they already have, which is wonderful news.
Aside from bringing the shorter-term S&P business back to providing much better and more frequent opportunities than we have seen for many months, there is another factor we need to be aware of right now.
I also mentioned a few weeks ago that I felt we were close to significant inflection points across a whole range of markets. I still stand by that view and believe we have now seen longer-term tops and bottoms put in across a wide range of markets; commodities, currencies, equities, energies, metals. A quick look at the daily charts will give you good feel for which markets are showing new directions and which are still just slopping around. The only market group that I am less convinced about are bonds, where I don’t really have any good insight at present.
I think many markets are in the process of starting new longer-term trends. In fact I have no less than 17 markets on my watch list for next week, for possible early entries into new trends. That is a lot of markets. Of course they won’t all set up suitable low risk, high probability entries which we look for. But with or without us on board I am looking for new trends to develop. Some markets such as the Dollar and the Euro are already well ahead of the rest having established new trends some weeks ago.
If I am correct (!) this provides one of those relatively rare opportunities to think longer-term. I don’t mean holding onto individual positions for longer necessarily, but changing perspective slightly to take advantage of a relatively unique situation. These opportunities only show up every couple of years or so, but here is how I believe we should capitalise on them when we are able to.
- Trade absolutely as normal – use the same entry setups, trade management and exits as you always do.
- However where you are able to, keep a small piece on, rather than exiting the whole trade each time. Tuck these small positions away with a breakeven, or close to breakeven stop.
- Forget about them! Don’t fiddle around or micro-manage. Think in terms of weeks, not hours or days. If you get some runners you will need to handle contract rollovers and in the future you can tighten up and start trailing stops.
- As the new trends progress and new trades setup – repeat the process, leave another tiny piece on. Keep repeating for as long as new opportunities present themselves.
- When adding to an existing position use a breakeven stop based upon the average entry price of both (or all) small positions. This gives the market plenty of room to work, but without risking any of your own capital.
- Aside from any necessary rollovers, give these speculative trades a few months (yes months!) to work and see what happens. Some will work and some will not. If you catch major moves on just 2 or 3 markets that could be a heck of a big bonus this summer. If you don’t get lucky the cost should be minimal, if anything at all.
I’ll leave you to play with the concept and see if your own trading style and approach can adopt a little add-on of this nature to take advantage of this particular situation.
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Copyright © Simon Townshend Ltd 2010, all rights reserved
Keeping out of trouble
I know many readers of my articles are S&P traders. If this is your primary, or only market, then this article is aimed squarely at you. If you trade other markets then the same concept applies to all markets, but each market reaches this point in its own cycle at different times.
In my opinion the S&P is currently presenting the most difficult environment that we have to face. Volatility has collapsed and volume is extremely light. This is a continuation of the declining environment that we saw over the last few months of 2009. This is the most dangerous place for a trader to be trying to eke out a living. The true opportunities are very few and far between and when they do present themselves the risk / reward ratio is well below the realistic levels we should all be striving to achieve most of the time.
The loss per trade should be much smaller than normal with reduced volatility, so you shouldn’t be doing too much damage to your capital with a few losers. However the percentage of winning trades will be well down against most traders normal strike rate too, so the losses may be smaller but potentially there will be a lot more of them.
The reason I regard this as is the most dangerous of environments is that there is a real risk of serious overtrading. Frustrated, eager traders find it very difficult to sit on their hands for long periods of time and that is precisely what a professional trader must do at this time. In the essentially random noise that we have been seeing over recent times it is all too easy to think you have spotted a worthwhile trade only to discover that it is actually just noise and your trade is a loser, albeit a smallish loser.
Really good days present relatively few trading opportunities if you think about it, yet it is all too easy to “keep spotting setups” in the current rubbish environment. So you can easily find lots and lots of those small losers. Guess what, at the end of the day a lot of small losers add up. This potential death by a thousand cuts is why I regard this as such a dangerous place to be.
So should you stop trading? My advice is to try to continue as normal provided you have or can develop the personal discipline necessary to take very few trades. When this market suddenly all comes good again you want to be there in the saddle and in touch with the market, not reading about it in a newspaper lying on the beach somewhere. As easy as it may sound, such discipline in extremely rare and only comes with experience. That experience must also include living though times like this I am afraid!
If you find you do not yet have that level of discipline to rein in your trade frequency, then my second piece of advice is to put in place mechanical rules to prevent overtrading. As an example I have a simple rule in my own trading plan that I may only take a maximum of 3 losing trades in a day and if reached we shut up shop for the day. That is 3 losers in total by the way, not just 3 in a row etc. Even if we had 5 winners mixed in with the losers, once 3 is hit then that’s the day over.
In this environment I tighten that up even further. 2 losers and I’m done for the day. Your risk per trade is probably only half what it would normally be. So you can take a couple of small losers per day for a long time before doing any real damage to your capital and that is really what we are trying to achieve here – keeping your hand in, whilst protecting your capital.
When this all changes as it will eventually (and probably all of a sudden), you want to be at worst only a few percent below your equity high. If you burn off 30% of your account unnecessarily in this junk today, then you will waste a lot of the profit from the new good environment just climbing back up to where you were before. Believe me I have done this in the past and working hard just to get back to where you were before is even more frustrating than losing the money in the first place! That’s why I am never going there again.
If you have little or no ground to recover when things get good again, then those first 30% of profits go straight to the bottom line where you want them. That is worth developing the discipline for and being patient in these challenging times.
If you find that you just don’t have the discipline to stop at the maximum number of losers per day that you have set yourself then further action is called for. (I have been here before too and it is another place I have chosen never to revisit again!). Speak with your broker and ask for a maximum daily loss limit to be set on your account. This is an amount more than which you cannot lose. Once the limit is reached your platform will shut off trading access for the rest of day. This way you are forced to stick to your rules, whether you have the discipline to do it yourself or not.
Finally don’t despair! This will change and probably very soon. This reminds me very much of the last throws of the bull market in back in 2007. Volume slowly fizzled out as all of the buyers reached the end of their cash reserves. As the volume dried up the volatility diminished to the point where you often wondered if the market was even open at times (sound familiar?). Just when you thought everything had changed for good and you would never see money flowing through the market again – Bam! The market turned down under its own weight and before long the sellers were only to keen to jack up the volume once again.
I am no forecaster, but my gut feel is that 2010 is going to be a great year. If I am right (and I hope I am of course) the key to maximising success this year is starting off from a good place and not at the bottom of an ugly drawdown. So have faith, keep your powder dry and preserve your capital.
I wish you a very successful 2010.
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Copyright © Simon Townshend Ltd 2010, all rights reserved
Friends and Partners
