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RaymondJames($RJF)Analysis

TableofContents

ExecutiveSummary...............................................................................................................................2

DescriptionoftheBusiness...................................................................................................................3Segments..........................................................................................................................................3

PrivateClientGroup(PCG)............................................................................................................3CapitalMarkets(CM)....................................................................................................................4AssetManagement(AM)..............................................................................................................4RJBank.........................................................................................................................................5Other............................................................................................................................................5

Management....................................................................................................................................5StockOwnership...............................................................................................................................6

KeyStatistics.........................................................................................................................................7

TrackRecord.......................................................................................................................................10StockPerformance..........................................................................................................................10FinancialAdvisers...........................................................................................................................12

GrowthFactors....................................................................................................................................13ExpansionthroughAcquisitions......................................................................................................13InflowofCapitalandAdvisers.........................................................................................................13OperatingMarginExpansion...........................................................................................................14MacroeconomicRebound...............................................................................................................14InterestRates..................................................................................................................................14

Valuation............................................................................................................................................14PricetoBook(P/B)..........................................................................................................................14PricetoEarnings(P/E).....................................................................................................................15TradingComps................................................................................................................................16DiscountedCashFlow.....................................................................................................................16

LatestAcquisitions..............................................................................................................................17AcquisitionofDeutscheBank’sU.S.PrivateClientServicesUnit......................................................17AcquisitionofMorganKeegan........................................................................................................18

Risks....................................................................................................................................................18DepartmentofLabor(DOL)Fiduciary(“ConflictsofInterest”)Rule.................................................18MacroConditions............................................................................................................................19ExposuretoEnergy.........................................................................................................................19ContinuedPricingPressuresinCertainSegments............................................................................19

Conclusion...........................................................................................................................................19

CollatedAnnualFinancialDataSince2008..........................................................................................20IncomeStatement...........................................................................................................................20BalanceSheet.................................................................................................................................22CashFlow........................................................................................................................................24

Disclaimer...........................................................................................................................................27

References..........................................................................................................................................27

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ExecutiveSummaryForthepastfewmonths,stockshavebeenonafreefall,largelycausedbylacklustermacroeconomicperformance.Thishasledtoalargeamountofcompaniesappearingasoversoldandundervaluedtoinvestors. At a time like this, I cannot help but be reminded of one of Warren Buffet’s mostrenownedquotes:“Befearfulwhenothersaregreedyandgreedywhenothersarefearful”.WhileIdonot think itwouldbehoove investors tobuy into any security that appears tobe ‘cheap’, I dobelieve market corrections present formidable buying opportunities into high-quality businessesthathavebeenfundamentallymispricedbythemarket.OnesuchbusinessthatIfeelissignificantlyundervaluedisRaymondJamesFinancialInc.(NYSE:RJF),afinancialservicescompany.Overthepastfewmonths,RJFhasbeenpushedfromahighof$59.32onDecember42015toalowof$41onFebruary122016.Otherthanbeingsignificantlyoversold,RaymondJamesisastrongbusinesswhoserigidfundamentalspointtosubstantialfuturegrowth.ThefactorsbelowcontributetomybeliefthatRJFwillreach$60withinthenexttwoyears.

• EarningsPerSharegrowth,PricetoBookandPricetoEarningsmultiplesindicateupside• Clientsand financialadvisershavebeenandwill continue to re-allocatecapital from large

WallStreetbankstoindependentones,namelyRaymondJames• RJFwillreapthebenefitsofitsrecentacquisitions,includingthatofMorganKeeganandof

DeutscheBank’sPrivateClientService• Secularadjustments,varyingfromeconomicgrowthtomoreinvestinginthestockmarket,

willdriveassetsundermanagement(AUM)higher• RJF’s growing brand-recognition will attract more business from private and institutional

privateclients• Conservativeand shareholder-orientedmanagementwill continue topush for growthand

expansion• Overcapitalizedbalancesheetwillallowforadditional stockbuybacksandwill fuel further

acquisitions• RisinginterestrateswillgeneratehigherrevenuethroughRJBank• MacroeconomicameliorationwillleadtogreaterbusinessactivityforRJF

The aforementioned points will lend themselves to increasing revenues and improving operatingmargins.Therefore,therecentmarketturmoilpresentsabuyingopportunityforastockwithplentyofcapacityfortheupside.

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DescriptionoftheBusiness

SegmentsRaymond James is a financial institution operating in the financial services sector. The firm iscomprised of four main segments: Private Client Group (PCG), Capital Markets (CM), AssetManagement(AM),andRJBank.

PrivateClientGroup(PCG)PCGisthelargestdivisionofRaymondJames,makingupovertwothirdsofnetrevenues.Itcurrentlyemploys6,600advisersandabout$500billioninassetsunderadministration(AUA).ThroughPCG,Raymond James provides financial planning and securities transaction services to more than 2.7millionclientaccounts.RJFiscurrentlytheseventhlargestbrokerintheUnitedStates.In2015,thePCGgroupgenerated$3.5billioninrevenue.ThefunctionsofPCGarelistedbelow:

• ProvideinvestmentservicesforwhichRJFchargessalescommissionsorasset-basedfees• Offerinvestmentadvisoryservices• Sellinsuranceandannuityproductsthroughtheinsuranceagency• Providemutualfundinvestmentoptions• Facilitatetransactionsandprovideloansonsecurities.RJFchargesinterestonmarginloans

74%ofrevenueproducedbyRJFisrecurringandincludesfeesaspercentagesofassetsorfixedfeearrangements.Theother26%compriseoftransactionfeesandtradingcommissions.Aswithmanyother aspects of Raymond James, different segments cooperate, and, in this case, PCG can earncommissionsonpublicofferingsthattheCapitalMarketsgroupunderwrites.Over54%ofRJF’sfinancialadvisersarenotemployeesofthebusinessandareinsteadindependentcontractors.Therearemanybenefitstooperatingundersuchastrategyascontractorspayfortheirown overheads, which can lessen the pain in the case of a recession. Because of this, Raymond

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Jamestendstooutperformitscompetitors.However,adownsideofthemodelisthatindependentcontractors receive larger commissions relative to employed brokers, which lowers operatingmargins.Inthefinancialadvisorybusiness,retainingadvisersisparamount.Thankfully,RJFhasgrownbothitsadviserbaseand itsmarketsharesince1962.Themajorityofthisgrowthhassofarbeenorganic,though it does sometimes pursue inorganic methods such as through acquisitions, as long as itmaintainsaninternal15%returnonequity.AsmentionedbyCEOPaulReilly,“Whileourpreferenceisgenerallyorganicgrowth,wehaveusedstrategicmergers togrowthroughoutourhistorywhenthetimingandpricingarerightand,mostimportantly,whenthereisastrongculturalfitandclearpathforintegration.”Consequently, in2012,RaymondJamesboughtMorganKeeganoutfor$930million.This transactionprovidedRJFwith900additionaladvisers,98%ofwhoremainedwiththefirm,whichpoints to strong retention.Additionally,RJFexpanded itsnumberof in-housebrokers,indicatingapushbythefirmtolessenitsdependenceonindependentcontractors.

CapitalMarkets(CM)TheCapitalMarkets segmentoffersmanyof the services that canbeexpected froma traditionalinvestment-banking firm, including: M&A advisory, underwriting services, institutional sales,securitiestradingandequityresearch.ThispartofRJF’sbusinesscanbeviewedasbeingcyclicalasdemandforservicestendstofluctuateaccordingtobroad-marketconditions.Recently, the firm has seen a decline in its underwriting business due to tenuous IPO activity.Further,whileM&Asurged in2015, ithasbeguntocooldownasseen inRJF’s2015Q4quarterlyreport,whererevenuegrowthintheCMgroupslowed.AssetManagement(AM)Raymond James’AssetManagement armgenerates revenuesbyproviding investment advice andassetmanagementservicestoindividualandinstitutionalinvestmentportfolios,aswellastomutualfunds.AsofSeptember2015,therewere$65.2billioninfinancialassetsheldinmanagedprograms

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(investing at the discretion of the AM branch) and $91 billion in financial assets held in non-discretionaryasset-basedprograms(investingwithoutRJFadvice),accordingtoRJF’s10K.Over50%ofassetsareinvestedinequities,14%infixedincomeand36%inbalancedprograms.RJBankOperatingasatypicalbankingoperation,RJBankprovidescorporate,securitiesbased loans (SBL),residential loans, butmostly large syndicated loans. RJ Bank has a total of $14.2 billionworth ofassets.ThoughnottheRJF’sgreatestrevenue-generator,RJBankhasgrownsteadilyinthepastfewyears,expanding18%between2014and2015,outpacingeveryothersegment.

OtherTheOthersegmentincludesprincipalcapitalandprivateequityactivitiesaswellascertaincorporatecosts, including acquisition and integration costs. Revenue from this segment varies year to yearaccordingtocorporateactivitiesundertakenbyRJF.

ManagementRaymond James is runbyagroupof industryveteransknown for their conservativemanagementstyle.PaulReillycurrentlyservesasCEOofthecompany,apositionhehasheldsince2010,andisadvisedbyThomasA.James,theformerCEO,wholedthecompanyfor40yearsandwhocurrentlyactsasExecutiveChairman.Thefirm’seffectiveleadershipwasespeciallywitnessedduringthe2008recession,asitwasoneofthefewbankstobeleftrelativelyunscathed(asseenbythechartbelow).RJF’sleadershipiscertainlyshareholder-oriented,whichisevidencedbyitshighinsiderownership–managementownsroughly10%ofstockornearly5xpeergroupaverage.

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StockOwnershipManagementrecognizeswhenthebusiness isundervaluedandhas itselfdisclosed inarecentSECfiling that“historically,we’veconsidered repurchasingsharesofourcommonstockwhen thepricethereofisnearorbelow1.5timesbookvalue”.Thisissubstantiatedbytheirrecentmovetoincreaserepurchaseauthorizationto$150millionrelatingtocommonstockandoutstandingseniornotes.Inaddition,RJFhasatrackrecordofconstantlyraisingdividendsoverthepastdecade.Mostrecently,ithikeditsdividendinNovemberof2015by11%to20centspershare.Itisalsointerestingtonotethat,unlikemanyothercompanies,managementdoesnotexcludestock-basedcompensationfromitsearningsdata.Insider buying has been ramping up recently, with Francis Godbold, RJF’s former President andcurrentViceChairman,buyingover41,000sharessincethe25thofJanuary2016atanaveragepriceof$41.50.ThelasttimeMr.GodboldgotinvolvedandpurchasedcompanyshareswasinAugustof2011atapriceof$26.Followingthis,thestockclimbedover90%withinthreeyears,pointingtoMr.Godbold’sabilitytocorrectlypredictRJFpricemovements.FrancisGodboldTrading

Trade Date Trade Type Shares Price ($) Value ($) 2016-02-11 Buy 18,000 40.05 720,846 2016-02-03 Buy 20,000 40.94 818,880 2016-01-25 Buy 22,000 43.57 958,474 2011-08-10 Buy 5,989 25.90 155,115 2011-08-08 Buy 10,000 26.25 262,500 2011-08-09 Buy 8,600 26.22 225,500 2008-01-28 Buy 100,000 26.12 2,611,700

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KeyStatistics

Current Valuation

Market Cap 6351.4273

Enterprise Value 5809.1913

PE Ratio (TTM) 13.6599

Earnings Yield (TTM) 7.3207

PS Ratio (TTM) 1.2587

Price to Book Value 1.3668

EV to Revenues (TTM) 1.1124

EV to EBIT (TTM) 6.8519

Operating Earnings Yield (TTM) 11.261

Cash Flow Statement

Cash from Financing (TTM) 1385.788

Cash from Investing (TTM) -2259.234

Cash from Operations (TTM) 886.937

Capital Expenditures (TTM) 93.634

Liquidity and Solvency

Current Ratio (Quarterly) 0.902

Debt to Equity Ratio (Quarterly) 0.3831

Free Cash Flow (Quarterly) 194.828

Tangible Common Equity Ratio (Quarterly) 16.1023

Income Statement

Revenue (TTM) 5222.267

Revenue (Per Share Quarterly) 8.7211

Revenue (Quarterly YoY Growth) 1.7611

EPS Diluted (TTM) 3.2914

EPS Diluted (Quarterly YoY Growth) -16.092

Net Income (TTM) 482.173

EBITDA (TTM)

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Balance Sheet

Cash and Short Term Investments (Quarterly) 2596.388

Non-Current Portion of Long Term Debt (Quarterly) 1780.323

Total Assets (Quarterly) 26907.327

Total Liabilities (Quarterly) 22260.513

Shareholders Equity (Quarterly) 4646.814

Book Value (Per Share) 32.3322

Tangible Book Value (Per Share) 29.7271

Management Effectiveness

Asset Utilization (TTM) 0.2049

Days Sales Outstanding (Quarterly) 202.6586

Days Inventory Outstanding (Quarterly)

Days Payable Outstanding (Quarterly)

Receivables Turnover (Quarterly) 0.4503

Return on Assets (TTM) 1.8921

Return on Equity (TTM) 10.8171

Return on Invested Capital (TTM) 7.308

Common Size Statements

Net Income (% of Quarterly Revenues) 8.3427

Net Income (% of Annual Revenues) 9.6561

Stock Price Performance

Beta 1.5341

1 Month Price Returns (Daily) 4.1464

3 Month Price Returns (Daily) -22.8155

6 Month Price Returns (Daily) -13.7541

Year to Date Price Returns (Daily) -22.4426

1 Year Price Returns (Daily) -21.2885

3 Year Price Returns (Daily) 2.5781

52 Week High (Daily) 61.82

52 Week Low (Daily) 39.84

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Dividends and Shares

Shares Outstanding 141.2684

Dividend 0.2

Dividend Yield (Forward) 1.78

Dividend Yield (TTM) 1.6459

Cash Dividend Payout Ratio (TTM) 13.4404

Payout Ratio (TTM) 22.113

Dividend Date 1/15/16

Ex-Dividend Date 12/30/15

Last Split Factor 1.5

Last Split Date 3/23/06

Profitability

Gross Profit Margin (Quarterly)

Profit Margin (Quarterly) 8.3427

EBITDA Margin (TTM)

Operating Margin (TTM) 14.1746

Estimates

Sales Estimates for Current Quarter 1389

Sales Estimates for Current Fiscal Year 5593

EPS Estimates for Current Quarter 0.83

EPS Estimates for Current Fiscal Year 3.36

PE Ratio (Forward) 11.9153

PE Ratio (Forward 1y) 10.6163

PS Ratio (Forward) 1.1354

PS Ratio (Forward 1y) 1.0491

Employee Count Metrics

Total Employees (Annual) 11000

Revenue Per Employee (Annual) 488282.6291

Net Income Per Employee (Annual) 47149.2958

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TrackRecord

StockPerformanceRaymondJamessportsoneofthemostsolidandimpressivetrackrecordsintheindustry.Inthepast13years,thefirm’searningspershare(EPS)hasgrownata13.25%CAGRandthefirmhasreportedover112consecutiveprofitablequarters.Even inthemidstof therecession, thecompanydidnotlosemoneyandEPSfellbyabout33%,afractionofthe lossthatotherfinancial institutions inthesector encountered. Thiswasmostly due tomanagement’s decision to not stray away fromRJF’straditional services, such as its PrivateClientGroup andCapitalMarkets operation,which receivefee-based incomes and benefit from high return-on-equity (ROE). This is further evidence ofmanagement’sconservative,long-termapproach.

What isespeciallynoteworthy isthecompany’scommitmenttomaximizingshareholdervalueandreturning capital to investors. At no time since its founding has Raymond James decreased itsdividend– ithas insteadliftedtheamountpaidouttostockholdersonaregularbasis.Theannualdividendiscurrently$0.80,upfrom$0.16morethanadecadeago,representingaCAGRofupwardsof13%.Historicallyspeaking,RJFincreasesitsdividendroughlyeverytwoyears.

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Duetothesefactors,RJFhasbecomeoneofthebest-performingstocksintheS&P500andinthefinancialsector.

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While usually a high-performer, RJF’s stock has recently undergone a correction, dropping from$59.14onDecember29toalowof$40.43onFebruary11,apricemovementof31.64%.Becauseofthis, the current price level of $42.92 represents a bargain. The drop in price can mostly beattributed to excessive volatility in the financial sector and negative macro conditions, whichaffectedthecompany’srosygrowthforecasts.Asmentionedinthe2015shareholderletter:

“Our results for fiscal 2015 were excellent under the [negative market conditions] circumstancesdescribed above, although we had hoped for more growth at this time last year. Net revenuesachievedanewrecordlevelof$5.2billion,surpassing2014resultsby7%.Recordnetincomeof$502millionexceeded last year’s comparable resultsby5%.Net incomeperdiluted commonsharewas$3.43, up 3% over last year. The annual after-taxmargin on net revenueswas down by 20 basispoints from last year to9.7%. Theafter-tax returnonaverageequity for the2015 fiscal yearwas11.5%, down 80 basis points from last year, which was acceptable in the more challengingenvironment. Shareholders’ equity attributed to Raymond James Financial increased to a healthy$4.52billiononSeptember30,2015,or$31.68pershare,andthetangiblebookvaluepershare(anon-GAAPmeasure)was$29.17.”

FinancialAdvisersAs a wealthmanagement and financial advisory business, Raymond James is required to place alarge emphasis on the people it recruits, and especially its advisers. Hiring high-quality advisersdrivesbothassetsundermanagementandassetsunderadministration,and,asa result, revenuesand earnings. Many of its recent moves, including the acquisition of Deutsche Bank’s wealthmanagement segment (see“LatestAcquisitions” formore),haveasagoal togrow theamountoffinancial advisers. In the company’s recent conference call, Chief Executive Paul Reilly remarked,“Whileweareoptimisticaboutmaintainingmanyoftheadvisers,we’renotnaiveandweknowby

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lookingatotherrecenttransactionsthatrecruitersthroughoutthecountryhavebeencallingandwillcontinue calling our advisers withmuch bigger and sometimes irrational checks.” RJF has done aterrific job retaining and recruiting advisers, mainly because of the “adviser-centric” culture itpromotes. This is evidenced by the fact that 98% of advisers it hired through its acquisition ofMorganKeeganremainedwiththefirm.Withthis inmind,RJFshouldhaveno issueexpanding itsadvisorypractices intothe future,and, instead, thanks to itsgrowingbrandnameandoperations,shouldseeaninfluxofadvisers.

GrowthFactors

ExpansionthroughAcquisitionsRaymondJameshasstrategicallybeenacquiring industrypeers (see“LatestAcquisitions”) inorderto expand its assetmanagement,wealthmanagement and financial advisory businesses. This hasbeendonetonotonlygrowitsoperationsbutalsotoexpanditsgeographicalreach.TheDeutscheBankacquisition, for example, grewRJF’spresenceacross thehighly affluentNortheast andWestCoastoftheUnitedStates.RJF’sovercapitalizedbalancesheetwillprovidecapitaltofueladditionalacquisitionsanditsrevenueline.Relativetoitsassetmanagementpeers,RJFsportsalowervaluationandP/Bratio.CompanieslikeAmeriprise Financial and Franklin Resources trade at multiples of upwards of 1.9x and 1.7x,respectively,whileRaymondJamestradesat1.3x.Themaindistinctionisthatthosefirmsderivealarger portion of their revenue from their assetmanagement operations. As RJF expands its AMbusinessthroughacquisitionsandinternalgrowth,itshouldalsobeableincreaseaggregatevalue.

InflowofCapitalandAdvisersAs mentioned in the “Financial Advisers” section, an expanding advisory business grows AUM.RaymondJameshasbeenverysuccessfulinrecruitingtopadvisersandattractingcapital.Thisinturnpropelsrevenuegrowth.BelowareRJF’slatestmajorhiringmoves:

• November2015:RaymondJamesbroughtina$450millionbrokerteamfromWellsFargo.• March2015:Raymond Jameshireda teamof financialadvisers fromMorganStanleywho

manageroughly$150million.• February2015:Raymond James recruiteda teamofadvisers fromWilliamBlair&Cowho

manage$524millioninassets.• December 2014: Raymond James hired an advisory team, which manages $1 billion in

assets,fromJPMorgan.

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OperatingMarginExpansionRaymondJamesalreadysportshigheroperatingmarginsof14.2%thantheindustryaverageof7.7%.Nevertheless,economicgrowth,increasingassetpricesandhigherinterestrateswillcauseanincreaseinrevenues,whichwillleadtoacontinuedriseinoperatingmargins.Inaddition,afocusonRJF-employedfinancialadvisersinsteadofindependentadvisersresultingfromtheMorganKeeganacquisitionshouldfurtherexpandmargins.Duetothese,earningsderivedfromthePCGsegmentwillimproveoverthecomingyears.

MacroeconomicReboundFor the past fewmonths, lackluster economic data has plagued themarkets and dragged broad-market share prices lower. This was especially felt within financial stocks and is the underlyingreasonbehindRJF’sdip.RaymondJamescertainlydependsonastrongeconomytothrive,andanyevidencepointingtothecontrarycanbedetrimentalfortheshareprice.However,theseconcernsare both short-lived and cyclical so once macro fundamentals improve in the coming months,RaymondJamesshouldseeabouncebacktolevelsseenbeforethestartofthebearmarketat$58.

InterestRatesThe Fed has already indicated that rates will remain unchanged for the foreseeable future, and,givenpoormarketconditions,itissafetoassumethisforecastwillendure.However,whenratesdorise,RJFwillstandtobenefit,mostlyintheformofhigherinterestpaymentsanddepositsthroughRJBank.

Valuation

PricetoBook(P/B)Based on the current (24 February) share price of $42.92 and 2015 Q4 book value per share of$32.33, theP/B ratio stands at 1.33x.Mybelief is thatRaymond James’ P/Bwill eventually reachpre-recessionlevelsof2.23x.Givensharesatthattimetradedathalfwhattheyweretradingafewmonths ago, it can be inferred that they did not indicate a top. Thus, with a P/B of 2.23x and(current)bookvalueof$32.33,theensuingpriceis$72.Withaconservativeestimate,however,P/Bshouldstandat1.95x,whichwasseenseveral timesover thecourseof thepast twoyears,whichwould result in a target price of $63. Historical data (2011-2015) shows book value per shareincreasingby$2.845(onaverage)year-over-year.Alowestimatewouldyieldariseinbookvalueby$2.5, to$34.83, in fourquarters.Using theP/Bof1.87x seenbefore thepricedroponDecember29th,a$34.33bookvaluewouldpositionthesharepriceat$58.86,representingupsideof37%.Unlessasevererecessionhits, Ibelievethatbyyear-end2016/early2017,RJFcouldtradeat$60.This isassumingcontinuedgrowth inP/B to1.50xandabookvalueof$40.25.Following this,RJFcouldre-visitpre-recessionP/Blevelsandtop$72.

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ItisworthpointingoutthatatthetimeFrancisGodboldpurchasedhissharesatthebottomin2011,RaymondJamesstockwastradingatroughly$26persharewithaBVof$20.74,makingP/B1.3x,whichisrelativelyclosetothe1.33xseencurrently.HistoricalBookValuePerShare

Dec. 31, 2015 32.33 Sept. 30, 2015 31.64 June 30, 2015 31.12 March 31, 2015 30.65 Dec. 31, 2014 30.04 Sept. 30, 2014 29.33 June 30, 2014 28.51 March 31, 2014 27.66 Dec. 31, 2013 26.98 Sept. 30, 2013 26.25 June 30, 2013 25.46 March 31, 2013 24.96 Dec. 31, 2012 24.40 Sept. 30, 2012 23.73 June 30, 2012 22.98 March 31, 2012 22.49 Dec. 31, 2011 20.95

PricetoEarnings(P/E)SinceRaymondJamesisafinancialinstitution,itismoresuitabletousePricetoBookasopposedtoPricetoEarnings.Thatsaid,RJF’sTTMP/Ecurrentlystandsat13.04,whichrepresentsthelowofitshistorical rangeof 13-21x, according to S&PCapital IQ. Even relative to its competitors,RaymondJames remains incredibly cheap.Stifel Financial (SF)andLPLFinancial (LPLA) typically tradeatP/Erangesof21-26xand18-26x,respectively,eventhoughRJFhasoutperformedbothstocks.

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TradingComps

ThetradingcompsmodelIbuiltprovidesfurtherevidenceofRJFtradingatadiscountrelativetoitspeers:UBSGroup(UBS),BGCPartners(BGCP),StifelFinancial(SF)andLPLFinancialHoldings(LPLA).

DiscountedCashFlow

BasedontheDiscountedCashFlow(DCF)usingBloombergassumptions,RJF’sintrinsicpricebasedontheperpetuitygrowthmethod liesat$108.46,whichsignifiesupsideof134%.WACCstandsat8.8%andperpetuitygrowthat3.7%.

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Atthesametime,usingthesameWACCestimateandanexitenterprisevalueof9.1x,theEBITDAMultipleMethodyieldsanintrinsicpriceof$82.18,indicatingupsideof77%.TheDCFfurthersupportstheviewthatRJFissignificantlyundervalued.

LatestAcquisitions

AcquisitionofDeutscheBank’sU.S.PrivateClientServicesUnitInDecemberof2015,as amethodof accelerating its expansionplans,Raymond Jamesagreed tobuyDeutscheBank’sU.S.-basedassetandwealthmanagementbusinesses.Thedealwillcloseinthethirdquarterof2016andwilladd$50billioninassetsunderadministration(AUA),$300millioninrevenue and200 additional advisers. The goal of this acquisition is to growRJF’s presence acrosscontinentalU.S.,mainlytheNortheastandWestCoast.Thecostsofthepurchasewillvaryaccordingtothenumberofadvisersthatendupjoining,however, ifall join,thetotalcouldbe$420million.This deal follows a trend seen in financial services recently,whereby foreign banking institutions,suchasDeutscheBank,aredivestingtheirU.S.wealthmanagementbusinesses(see“DepartmentofLaborFiduciaryRule”below).Givenrecentpositivemarketconditions,thesalewasmadeatagoodprice,especiallywhencomparingittotheMorganKeeganacquisitionandshouldaddroughly$0.13inEPS.

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AcquisitionofMorganKeeganIn2012,RaymondJamesacquiredMorganKeegan&Company,awealthmanagementandcapitalmarkets companywith $82 billion AUM, for $930million,which, asmentioned earlier, served toexpanditsfinancialadvisorybusiness.ThispurchasewasRJF’slargestto-dateandhascreatedoneofthe largest independent full-service wealthmanagement and capital markets firms in the UnitedStates. This transactionprovidedRJFwith900additional advisers,98%ofwho remainedwith thefirm,whichpointstostrongretention.

Risks

DepartmentofLabor(DOL)Fiduciary(“ConflictsofInterest”)RuleThe Department of Labor initially proposed a rule to address conflicts of interest in the financialadvisorybusiness.GivenRaymondJamesderivesasubstantiveamountofitsrevenuefromitsPCG(Private ClientGroup) segment, the implementation of such a law couldmarginally hurt revenue.The rule in itself would ensure that advisers have their clients’ best interest in mind and wouldeliminatebackdoorpaymentsandhiddenfeelsthataresupposedly“buriedinfineprint”,accordingto theDOL.A similar lawwaspassed in theUK,which led toadecline in thenumberof financialadvisersandwealthmanagementfirms.MajorfinancialinstitutionshavebeguntorestructuretheirU.S.-basedwealthmanagement and brokerage operations. These include Barclays, which sold itsventuretoStifelFinancial,WellsFargo,whichsignedarecruitmentagreementwithCreditSuisseforadvisers,andDeutscheBank,whichsolditsoperationstoRaymondJames.Theseallhaveoccurredinasimilartimeperiod,whichiscertainlyinterestingtonote.

That said, significant research indicated that this law has little chance of being successful asmembers of both political parties, and especially those of the Republican Party, including HouseSpeakerPaulRyan,havedecriedtheproposalasitcouldimpedethefinancialadvisorybusiness.Mr.Ryan is “determined todoeverythingpossible toprotect and stop this rule” as itwouldnotonly“createmore paperwork and record-keeping requirements for planners,meaning higher costs forconsumers”, but itwould also inhibit “up to 7million IRAs” from being qualified for advice. As aresult, thereareefforts to includemeasures inanappropriationsbill thatwouldblock funding fortherule.Further,asMr.RyanmentionsinanarticlehepennedinFebruaryof2016,“theWaysandMeansandEducationandWorkforcecommitteesapprovedRep.PeterRoskam’s(R-IL)StrengtheningAccess to Valuable Education and Retirement Support (SAVERS) Act, which would requirecongressionalapprovaloftheDOLrule.AsimilarmeasureofferedbyRep.PhilRoe(R-TN),AffordableRetirementAdviceProtectionAct, alsopassed the EducationandWorkforceCommittee. Together,thesebipartisanbillsprovideaworkablealternativetotheadministration’sflawedproposal.(Moreinformation:http://www.speaker.gov/general/one-rule-could-hurt-millions-middle-class-savers)”.

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MacroConditionsRaymondJames isaffectedbychanges in theeconomythat impact the financialmarkets. Interestrates, inflation, employment, economic output and monetary/fiscal policy all have a direct orindirectimpactonthecompany’sactivities.Likemostotherbusinesses,RJFoperatesincyclesand,asaresult,aneconomicdownturncanleadtolowerrevenueandprofitability.Nevertheless,basedonhistoricalperformance,Raymond James suffers less thandoother financial institutions,mainlydue to its conservative and risk-aversenature.Given recentmarket volatility, certain analysts arewarningagainstanimpedingU.S.recession.WhileIpersonallybelievethosethoughtsarebaseless,theycannotbeignored.RJF’sshort-termperformancewillbedictatedbymacroeconomicchanges.

ExposuretoEnergyRaymond James is directly exposed to the energy sector, having made loans to 32 energycompanies. Even though only one of those businesses was in the Exploration and Productionindustry, and is itself investment-grade, RJF hasmade over $443million in energy loans, totaling3.19%ofitsloanportfolioof$13.68billion.Givenmanagement’sconservativenature,thecompanyhasset$184millionasideinreservesfor$53.5millioninnon-performingloans.Ifitcametoit,RJFwouldbeabletomarkitsenergybookdownbyroughly50%withoutinfluencingitsbookmuch.

ContinuedPricingPressuresinCertainSegmentsOver the past couple of years, there have been significant pricing pressures in such segments asfixed income and equity trading,whereby tradingmargins and commissions have decreased. Thistrend has been industry-wide, as new platforms enter themarket and undercut current players.ThoughRaymondJamesisnotentirelydependentonthesetwogroups,theydorepresentaminorsourceofrevenuewithintheCapitalMarketsgroup.

ConclusionAsmentionedintheExecutiveSummary,beingagoodinvestormeansfindingoutstandingcompaniestobetonduringseeminglybadeconomictimes.TherecentmarketdownturnpresentsabuyingopportunityforRaymondJames,acompanywhosesolidfundamentalsreflectanundervaluedstockwithplentyofroomtorun.Whilenotvital,astrongereconomywillpushthestockhigherintheshortrunandunlockplentyofvaluewithinRJF’svarioussegments.Inthelongrun,greatereconomicactivity,increasingassetpricesandrisingratesshouldgeneratetoplinegrowthandleadtohigheroperatingmargins.Atthesametime,RaymondJames’ever-expandingoperationswillcontinuetodrivegrowthforyearstocome.

JohnDucasMarch102016__________________________________________________________________________________________

20

CollatedAnnualFinancialDataSince2008*Whereapplicable,numbersinmillions.CurrencyinUSDIncomeStatement

Income Statement (Annual) 9/30/15 9/30/14 9/30/13 9/30/12 9/30/11 9/30/10 9/30/09 9/30/08

Income (Annual)

Operating Revenue 5200.21 4861.369 4485.427 3806.53

1 3334.0

56 2916.6

65 2545.5

66 2812.7

03

Excise Taxes

Fees

Revenue 5200.21 4861.369 4485.427 3806.53

1 3334.0

56 2916.6

65 2545.5

66 2812.7

03

Cost of Goods Sold

Gross Profit

Development Expense 118.712

Sales and Marketing Expense 121.95

7 200.27

3 219.32

8

General and Administrative Expense 3851.343 3617.741 3348.505 2845.16

3 2533.3

15 2020.2

61 1730.0

11 1988.4

76

SG&A Expense 3851.343 3617.741 3348.505 2845.16

3 2533.3

15 2142.2

18 1930.2

84 2207.8

04

Research Expense

Development Expense 118.712

Research and Development Expense 118.712

Income Statement Depreciation

Amortization Expense

Amortization of Securities

Rent and Landing Expense

Investment Write Off

Asset Write Down

Special Income and Charges -183.642 -172.885 -218.358 -175.22 -169.28 0

Provision for Doubtful Accounts

Loss Settling Claims

Non Income Taxes

Operating Interest Expense

Operating Interest Income

Net Operating Interest Income

Other Operating Expenses

Total Operating Expenses 3667.701 3444.856 3130.147 2788.65

5 2364.0

35 2142.2

18 1930.2

84 2207.8

04

Operating Income 776.712 715.948 593.91 467.921 450.74

5 356.14

4 236.40

1 382.54

8

Non-Operating Interest Income

Non-Operating Interest Expense Net Non-Operating Interest Income Expense

Non-Operating Income

Other Income and Expenses

JohnDucasMarch102016__________________________________________________________________________________________

21

Net Interest Income 435.253 376.795 363.228 361.889 326.48

8 308.04

1 386.63

1 331.83

4

Pre-Tax Income 776.712 715.948 593.91 467.921 450.74

5 356.14

4 236.40

1 386.85

4

Provision for Income Taxes 296.034 267.797 197.033 175.656 182.89

4 133.62

5 96.024 151.77

6

Trust Preferred Security Payments

Income from Continuing Operations 480.678 448.151 396.877 292.265 267.85

1 222.51

9 140.37

7 235.07

8

Income from Discontinued Operations Extraordinary Items, Income Statement Income Attributable to Minority Interest 21.462 32.097 -29.723 3.604 10.502 5.764 12.373

Accounting Change

Preferred Stock Dividend

Net Income 502.14 480.248 367.154 295.869 278.35

3 228.28

3 152.75 235.07

8

Normalized Income 615.7891

64 588.4661

75 513.0704

99 405.311

99 388.38

5 228.28

3 152.75 235.07

8

EBITDA

Reconciled Depreciation 68.315 64.163 66.359 51.445 40.337 39.527 34.563 27.982

EBIT 884.666 820.039 704.281 559.29 516.57

5 418.99

5 293.35

4 779.08

3

Basic EPS (Annual) EPS Basic from Continuing

Operations 3.511308 3.410448 2.63548 2.26189

2 2.2732

34 1.9129

59 1.3034

61 2.0198

65 EPS Basic from Discontinued Operations

EPS Basic from Extraordinaries

EPS Basic from Accounting Change EPS Basic from Tax Loss Carryforward

EPS Basic from Other Gains / Loss

Normalized Basic EPS 4.308578 4.183794 3.694904 3.09857

3 3.1718

36 1.9129

59 1.3034

61 2.0198

65

EPS Basic 3.51 3.41 2.64 2.22 2.2 1.83 1.25 2.02

Diluted EPS (Annual) EPS Diluted from Continuing

Operations 3.429721 3.32366 2.582805 2.24498

6 2.2660

54 1.9088

48 1.3023

5 1.9744

66 EPS Diluted from Discontinued Operations

EPS Diluted from Extraordinaries

EPS Diluted from Accounting Change EPS Diluted from Tax Loss Carryforward

EPS Diluted from Other Gain/Loss

Normalized Diluted EPS 4.208465 4.077326 3.621054 3.07541

5 3.1618

17 1.9088

48 1.3023

5 1.9744

66

EPS Diluted 3.43 3.32 2.58 2.2 2.19 1.83 1.25 1.97

Shares Data (Annual)

Average Basic Shares Outstanding 142.548 139.935 137.732 130.806 122.44

8 119.33

5 117.18

8 116.38

3

Average Diluted Shares Outstanding 145.939 143.589 140.541 131.791 122.83

6 119.59

2 117.28

8 119.05

9

Dividend Per Share 0.72 0.64 0.56 0.52 0.52 0.44 0.44 0.44

JohnDucasMarch102016__________________________________________________________________________________________

22

BalanceSheet

Balance Sheet (Annual) 9/30/15 9/30/14 9/30/13 9/30/12 9/30/11 9/30/10 9/30/09 9/30/08

Assets (Annual)

Cash

2597.568

2195.683 2593.89

1973.897

Cash and Equivalents 2601.00

6 2199.06

3 2723.02

1 2143.86

8 2439.69

5 2943.23

9 2306.08

5 3207.49

3

Short Term Investments 76.488 83.799 94.242

Cash and Short Term Investments 2601.00

6 2199.06

3 2723.02

1 2143.86

8 2439.69

5 3019.72

7 2389.88

4 3301.73

5

Accounts Receivable 2067.11

7

Loans Receivable

Notes Receivable

Other Receivables 853.107

Total Receivables 2958.55

9 2937.08

8 2780.51

9 2920.22

4 2574.84

9 2525.27

3 2458.74

5 3056.97

9

Raw Materials Inventory

Work in Process Inventory

Finished Goods Inventory

Purchased Components Inventory

Other Inventory

Inventories

Prepaid Expenses 705.391 655.256 611.425 605.566 363.221 451.357 260.427 287.836

Restricted Cash

Current Deferred Tax Assets

Other Current Assets

Total Current Assets 6264.95

6 5791.40

7 6114.96

5 5669.65

8 5377.76

5 5996.35

7 5109.05

6 6646.55

Properties

Land and Improvements 20.104 20.104 20.104 19.754 18.644 18.644 18.644 18.644

Buildings and Improvements 241.457 234.104 235.239 204.593 180.392 174.68 171.411 158.615

Machine, Furniture & Equipment 369.179 328.154 331.17 299.772 234.421 207.437 204.358 190.435

Other Properties

Construction in Progress 5.973 3.295 0.707 6.782 2.237 2.111 1.325 4.866

Leases

Gross PP&E 636.713 585.657 587.22 530.901 435.694 407.457 399.758 385.841

Accumulated D&A -

380.838 -

340.256 -

342.804 -

299.706 -

265.844 -

236.689 -

213.526 -

193.391

Net PP&E 255.875 245.401 244.416 231.195 169.85 170.768 186.232 192.45

Goodwill 307.635 295.486 295.486 300.111 71.924 62.575 62.575 62.575

Other Intangible Assets 69.327 58.775 65.978 61.135 1.043

Goodwill and Intangibles 376.962 354.261 361.464 361.246 72.967 62.575 62.575 62.575

Gross Loans 13681.4

62 11574.3

34 18214.1

92 8655.24

8 6739.07

5 6094.92

9 6593.97

3 7095.22

7

Allow for Loan/Lease Loss 172.257 147.574 136.501 147.541 145.744

Unearned Income -32.424 -37.533 -70.698 -45.417

JohnDucasMarch102016__________________________________________________________________________________________

23

Net Loan Assets 13476.7

81 11389.2

27 18077.6

91 8437.00

9 6547.91

4 6094.92

9 6593.97

3 7095.22

7

Long Term Investments 1861.79

8 1904.95

7 2015.54

8 2485.49 1628.17

6 1694.36

5 1585.84

5 1435.81

2

Long Term Notes Receivable

Long Term Receivables

Derivative Instruments

Long Term Deferred Assets

Long Term Deferred Tax Assets 266.899 231.325 195.16 168.187 171.911 165.208 156.399 108.765

Long Term Deferred Charges

Pension Asset

Other Long Term Assets

Total Long Term Assets 15971.4

16 13893.8

46 20699.1

19 11514.9

4 8418.90

7 8022.63

7 8428.62

5 8786.06

4

Total Assets 26479.6

84 23325.6

52 23186.1

22 21160.2

65 18006.9

95 17883.0

81 18226.7

28 20709.6

16

Liabilities (Annual)

Accounts Payable

4835.127

4172.634

6052.454 4687.82 111.408

Dividends Payable

Current Tax Payable

Other Payables 1207.81

8 1180.61

8 984.721 1052.25

3 5505.00

3

Total Payables 6042.94

5 5353.25

2 7037.17

5 5740.07

3 5616.41

1 11513.8

1 14038.2

98 15681.3

35

Accrued Expenses

Payables and Accrued Expenses 6042.94

5 5353.25

2 7037.17

5 5740.07

3 6378.98

3 11513.8

1 14038.2

98 15681.3

35

Current Provisions - Legal & Other

Notes Payable

Commercial Paper Liability

Liability on Credit Line

Other Current Borrowings

Current Portion of Long Term Debt

Current Capital Lease Obligation

Current Debt & Capital Lease Obligation

Current Deferred Revenue

Current Deferred Liabilities

Current Deferred Tax Liability

Other Current Liability

Total Current Liabilities 6042.94

5 5353.25

2 7037.17

5 5740.07

3 6378.98

3 11513.8

1 14038.2

98 15681.3

35

Long Term Provisions - Legal & Other

Non-Current Portion of Long Term Debt 1878.24

7 1889.62

9 1341.52

2 1410.80

6 711.95 2989.42

8 1428.27

8 2314.78

8

Long Term Cap Lease Obligation Non-Current Portion of LTD and Capital Lease Obligation

1878.247

1889.629

1341.522

1410.806 711.95

2989.428

1428.278

2314.788

Long Term Deferred Tax Liabilities

Non-Current Deferred Revenue

Non-Current Deferred Liabilities

Non-Current Accrued Expenses 418.591 330.879 345.782

JohnDucasMarch102016__________________________________________________________________________________________

24

Total Deposits 11919.8

81 10028.9

24 9295.37

1 8599.71

3 7739.32

2

Security Sold Not Yet Repurchased

Unpaid Loss Reserve

Unearned Premium on Insurance Contract

Pension Liability 842.527 814.359 741.787 690.654

Derivative Contract Liabilities 389.457 323.337 250.341 458.265 0

Minority Interest Ownership 264.067 292.02 335.413 411.342 324.226 294.052 200.676 237.322

Trust Preferred Securities Preferred Securities out of Shareholders Equity

Restricted Common Stock

Other Long Term Liabilities

Total Long Term Liabilities 15294.1

79 13348.2

69 11964.4

34 11570.7

8 8775.49

8 3702.07

1 1959.83

3 2897.89

2

Total Liabilities 21957.6

53 19184.4

16 19523.1

98 17891.3

25 15419.3

76 15580.2

65 16194.2

65 18825.7

11

Shareholder's Equity (Annual)

Total Capital Stock 1.491 1.444 1.429 1.404 1.271 4.363 4.425 1.202

Retained Earnings 3419.71

9 3023.84

5 2635.02

6 2346.56

3 2125.81

8 1909.86

5 1737.59

1 1639.66

2

Additional Paid In Capital 1344.77

9 1239.04

6 1136.29

8 1030.28

8 565.135 476.359 416.662 355.274

Treasury Stock 203.455 121.211 120.555 118.762 95 81.574 84.412 81.761

Preferred Stock 0 0 0 0 0 0 0

Unrealized Gain or Loss - Total

Minimum Pension Liabilities Adjustments for Foreign Currency Translation

Other Equity Adjustments

Accrued Comprehensive Inc -40.503 -1.888 10.726 9.447 -9.605 -6.197 -41.803 -33.976 Employee Stock Option Plan Debt Guarantee

Shareholders Equity 4522.03

1 4141.23

6 3662.92

4 3268.94 2587.61

9 2302.81

6 2032.46

3 1883.90

5

CashFlowCash Flow Statement (Annual) 9/30/15 9/30/14 9/30/13 9/30/12 9/30/11 9/30/10 9/30/09 9/30/08

Cash Flow - Operations (Annual)

Net Income 502.14 480.248 367.154 295.869 267.851 228.283 152.75 235.078

Net Income Disc. Operations

Extraordinary Items, Cash Flow

Cumulative Effect of Acct. Change

Gain/Loss on Sale Business

Gain and Loss on Sale of PPE Net Foreign Currency Exchange Gain/Loss

Gain (Loss) on Investment Securities

Earnings Loss from Eq. Investments

JohnDucasMarch102016__________________________________________________________________________________________

25

Pension and Employee Expense

Operating Gains Losses 16.86

Depreciation Expense

Amortization Expense CF

Total Depreciation and Amortization 68.315 64.163 66.359 51.445 40.337 39.527 34.563 27.982 Total Depreciation, Amortization, Depletion 68.315 64.163 66.359 51.445 40.337 39.527 34.563 27.982

Deferred Taxes -23.462 -35.171 -31.789 2.044 -6.008 -25.829 -44.671 32.422

Amortization of Securities -14.969 -11.863

Asset Impairment Charge 0 0 6.933 0 0 4.904

Unrealized Gain (Loss) on Investment Securities

Stock Based Compensation 71.488 69.609 61.862 55.729 40.978 41.845 31.746 42.127 Excess Tax Benefit from Stock Compensation 8.115 -7.437 -2.59 -2.613 -2.106 -2.28

Other Noncash Items 120.863 101.125 31.531 76.601 128.76 215.446 206.259 115.795

Change in Receivables -56.394 -

159.562 88.162 144.047 -70.499 335.693 460.545

Change in Inventories

Change in Prepaid Assets 46.896 19.33 -66.448 12.914 -13.418 -79.969 0.814 -

187.682

Change in Payables and Accrued Expense 623.222

-1728.66

3 1357.92

5 -364.88 1346.37

9 -

371.926

-2107.26

2 -

343.685

Change in Other Current Assets -

356.147 1782.22

9

-1471.83

5 782.904 -

133.687

-1163.18

9 1809.55

6 -

200.391

Change in Other Current Liabilities

Change in Other Working Cap -

220.476

Changes in Working Capital 312.421 -

116.492 155.66 -12.23 1266.06

-1473.05

6 12.613 -

275.075

Other Cash from Operations

Cash from Operations 899.177 507.587 659.805 391.289 1558.44

1

-1021.39

3 374.159 135.658

Cash Flow - Investing (Annual)

Net Change in Capital Expenditures -74.111 -60.149 -72.879 -77.515 -37.2 -22.287 -35.539 -51.043

Sale of PPE

Net Change in PP&E -74.111 -60.149 -72.879 -77.515 -37.2 -22.287 -35.539 -51.043

Net Change in Intangibles

Net Technology Purchase and Sale

Net Divestitures (Acquisitions)

-1073.62

1 0 0 0

Total Net Change in Investments 17.483 195.871 289.262 -

159.697 -88.137 86.413 -24.003 -

153.297

Net Other Investing Changes -22.201 -24.454 -3.732 31.049 61.508 -28.596 7.32

Cash from Investing

-2167.95

9

-2096.76

4 -

651.974

-2731.21

5 -

400.143 2366.22

1

-1026.08

4

-2784.61

9

Cash Flow - Financing (Annual)

Net Change in Long Term Debt 21.374 474.517 -152.51 713.296

-2335.50

5 1556.93 -

876.097 2089.58

4

Net Change in Short Term Debt -34.7 70.624 79.076

JohnDucasMarch102016__________________________________________________________________________________________

26

Net Debt Issuance -13.326 545.141 -73.434 713.296

-2335.50

5 1556.93 -

876.097 2089.58

4

Common Stock Issuance 362.823 0 0

Common Stock Payments -88.542 -8.427 -11.718 -24.877 -23.111 -3.537 -4.339 -67.243 Net Common Equity Issued (Purchased) -88.542 -8.427 -11.718 337.946 -23.111 -3.537 -4.339 -67.243

Preferred Stock Issuance

Preferred Stock Payments Net Preferred Equity Issued (Purchased)

Total Common Dividends Paid -

103.143 -88.102 -76.593 -68.782 -63.09 -56.009 -54.14 -53.151

Total Preferred Dividends Paid

Total Dividends Paid -

103.143 -88.102 -76.593 -68.782 -63.09 -56.009 -54.14 -53.151

Proceeds from Stock Option Exercised 47.964 33.633 55.997 33.811 47.383 19.917 25.022 32.594

Proceeds from Issued Warrants

Cash from Other Financing Activities -8.005 8.163 25.522 2.613 35.335 114.19 18.808 21.73

Cash from Financing 1725.90

5 1223.96

1 615.432 1879.27

5

-1679.38

4 -

712.178 -

241.816 5212.71

2

Ending Cash (Annual)

Beginning Cash

2199.063

2596.616 1980.02

2439.695

2943.239

2306.085

3207.493 644.943

Change in Cash 401.943 -

397.553 616.596 -

459.675 -

503.544 637.154 -

901.408 2562.55

Cash Foreign Exchange Adjustment -55.18 -32.337 -6.667 0.976 -0.824 1.116 -1.45 -1.201

Ending Cash 2601.00

6 2199.06

3 2596.61

6 1980.02 2439.69

5 2943.23

9 2306.08

5 3207.49

3

Additional Items (Annual)

Cash from Discontinued Operations Adjustment -6.217

Issuance of Capital Stock 362.823 0 0

Issuance of Debt 550.299 500.367 5 30.546 249.498 1607 327.043 2095

Debt Repayment -

528.925 -25.85 -157.51 -23.145

-2585.00

3 -50.07 -

1203.14 -5.416

Repurchase of Capital Stock -88.542 -8.427 -11.718 -24.877 -23.111 -3.537 -4.339 -67.243

Income Tax Paid Supplemental Data 378.928 319.279 189.73 176.539 194.233 161.345 137.618 134.783

Interest Paid Supplemental Data 106.313 101.09 106.818 91.453 55.332 59.584 58.774 396.693

Domestic Sales 4911.30

4

Foreign Sales 396.86

JohnDucasMarch102016__________________________________________________________________________________________

27

DisclaimerJohnDucas(“TheAuthor”)isnotaregisteredinvestmentadviserdoesnotpurporttotellorsuggestwhichsecuritiesyoushouldbuyorsellforyourself.Youunderstandandacknowledgethatthereisaveryhighdegreeofriskinvolvedintradingsecurities.Theauthorassumesnoresponsibilityorliabilityforyourtradingandinvestmentresults.Itshouldnotbeassumedthatthemethods,techniques,orindicatorspresentedinthisarticlewillbeprofitableorthattheywillnotresultinlosses.Thisarticleisprovidedforinformationalandeducationalpurposesonlyandshouldnotbeconstruedasinvestmentadvice.Thearticleisnotasolicitationofanyordertobuyorsell.Youshouldalwayscheckwithyourlicensedfinancialadviserandtaxadvisertodeterminethesuitabilityofanyinvestment.

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