Mark Your Calendar: The United States of COW coming soon!

Yes California #Calexit

Mark your calendar for July 25.  If 585,407 or more Californians sign the Yes California petition by July 27, there will be a statewide vote in November which would establish an independence plebiscite on March 5, 2019.

How far behind can Oregon and Washington possibly be?  And why not form a new

United States of COW – California, Oregon and Washington?

The Yes California organization has enumerated their reasons for independence on their website: http://www.yescalifornia.org/.  Their points are quite compelling:

  1. PEACE AND SECURITY
  2. ELECTIONS AND GOVERNMENT
  3. TRADE AND REGULATION
  4. DEBT AND TAXES
  5. IMMIGRATION
  6. NATURAL RESOURCES
  7. THE ENVIRONMENT
  8. HEALTH AND MEDICINE
  9. EDUCATION

They state: Yes California is the nonviolent campaign to establish the country of California using any and all legal and constitutional means to do so. We advocate for peaceful secession from the United States by use of an independence referendum to establish a mandate, followed by a nationwide campaign to advocate in support of a constitutional exit from the Union.

As a management consulting firm, if California were to hire us to advise them on this endeavor, this would be the simplest engagement ever.  We are based in Atlanta.  Sherman did some pretty horrible things that leave an open scar to this day.  The census of 1860 put the US population at 31 million.  About 620,000 soldiers died in the Civil War.  Census.gov/popclock says we have 324,456,571 people as of this writing.  If an equivalent number of soldiers perish in the Second Civil War triggered by a Calexit, that translates to 6,397,641 lives.  Though you may wish a non-violent exit, guess what, that book is written and you will not like the ending.

Our advice: work within the system California, heed the words of our last president: “If you were successful, somebody along the line gave you some help. There was a great teacher somewhere in your life. Somebody helped to create this unbelievable American system that we have that allowed you to thrive. Somebody invested in roads and bridges. If you’ve got a business – you didn’t build that. Somebody else made that happen. The Internet didn’t get invented on its own. Government research created the Internet so that all the companies could make money off the Internet.  The point is, is that when we succeed, we succeed because of our individual initiative, but also because we do things together.”

 

 

ABOUT VERTICAL

Vertical Capital Advisors is an Atlanta-area business advisory firm built on creating tangible value for our clients, serving clients in just about every industry.  Our clients are both capital growers and capital allocators.  How can Vertical help your firm maximize value?

Joe Briner
Managing Director
Vertical Capital Advisors LLC
briner@verticalcapitaladvisors.com
866-912-9543 ext 108

Jimmy Buffett sings “Ringling, Ringling, fading away.” Who’s next?

As we watched an episode of House Hunters International about the town of Gangi on the Italian island of Sicily, the song Ringling, Ringling from Jimmy Buffett’s 1974 album Living and Dying in ¾ Time kept playing in my head:

Ringling, Ringling, fading away, only 40 people living there today, the streets are dusty and the bank has been torn down, it’s just a dying little town… I wonder how many people will be there a year from today

Since 1970 the population of Gangi has shrunk from 17,000 to 8,000.  Gangi, too, is fading away.  The 1,100 year old town is selling homes for €1.  Gangi exists at the convergence of a falling birth rate and the human migration pattern from rural, agrarian economies to urban, centralized economies.  In fact, only 105 countries out of the 224 tracked in the CIA World Factbook[i] exceed the 2.1 “population replacement” birth rate required to maintain a population.  The global birth rate map is fascinating – take a look:

global birth rate

If your country is blue, it is shrinking.  In the short-run, the only thing that can change that fact is migration from one of the more brightly-colored countries on the map.  What this means for the established, shrinking western economies is we had better be prepared for a large influx of people who don’t look or talk like the majority of the current population to become our neighbors and, for the baby boomers, caregivers as we age.

In the Atlanta area where Vertical Capital Advisors is based, we are again experiencing a building boom.  At business gatherings the question is often asked where are all the people coming from to occupy all of these new homes and offices?  While it is true that our national economy is not growing through natural births, we do continue to see urbanization of the population as younger, more mobile people opt for jobs and homes in the urban-centric service economy where one can readily buy Chik-fil-A or Krispy Kreme donuts on the way to work.  And when people immigrate to the U.S., they too tend to live and work in the population centers.

Small, rural towns like Ringling and Gangi are likely to continue fading away throughout the developed world, even if countries adopt open immigration policies.

Gangi – one has to wonder how many people will be living there one year from today.

 

ABOUT VERTICAL

Vertical Capital Advisors is an Atlanta-area business advisory firm built on creating tangible value for our clients, serving clients in just about every industry.  Our clients are both capital growers and capital allocators.  How can Vertical help your firm maximize value?

Joe Briner
Managing Director
Vertical Capital Advisors LLC
briner@verticalcapitaladvisors.com
866-912-9543 ext 108

[i] Source: CIA World Factbook https://www.cia.gov/library/publications/the-world-factbook/rankorder/2127rank.html

How Vibrant is Atlanta’s VC Ecosystem? $1 gets you $7.48

We often hear that Atlanta does not have the vibrant venture capital ecosystem that the Bay Area or Boston or even Austin have.  So how vibrant is Atlanta’s VC ecosystem?

PitchBook just released research[i] that reveals exactly where the major VC regions in the U.S. measure up.  There are only 12 cities/regions that had more than 30 VC deals that experienced successful exits in the last 10 years, a successful exit being defined as 1x or greater return of invested capital at exit.  Atlanta had 35 deals which ranks Atlanta #8 nationally, ahead of Chicago, Raleigh/Durham and Austin.

The most vibrant market is the Bay Area where the 613 successful exits exceed the rest of the markets combined.

The most impressive data from this study was that that the average multiple of invested capital at exit is 8x.  In dollar terms, $1,000,000 of VC cash invested returned $8,000,000 at exit.  The figure for Atlanta is 7.48x.  What was most impressive about Atlanta’s VC exits is that 97% yielded a return greater than 2x, the highest of all 12 regions.
multiple-on-invested-capital

We have honestly been a little bashful about projecting exit multiples in the double digits.  We walk that fine line between being credible and incredible.  Even VC firms frequently look askance at projections that show 10x or 20x multiples at exit.  We have a pharma opportunity that should generate 25x to over 50x in three to five years.  So guess what?  Vertical Capital Advisors is going to set the curve going forward.  We are going to work with the VC community to move the needle.  We are located in a wonderfully creative, talented and resource-rich region and VCA will be an agent for transformative growth in our region.

 

 

ABOUT VERTICAL

Vertical Capital Advisors is an Atlanta-area business advisory firm built on creating tangible value for our clients, serving clients in just about every industry.  Our clients are both capital growers and capital allocators.  How can Vertical help your firm maximize value?

 

Joe Briner
Managing Director
Vertical Capital Advisors LLC
briner@verticalcapitaladvisors.com
866-912-9543 ext 108

 

[i] http://pitchbook.com/news/articles/which-us-cites-generate-the-best-vc-returns

The Trump Factors (there are 3)

 

trump

A close business associate asked me if my view on the U.S. economy changed in light of the actions taken by President-elect Trump since the election.  The question caused three points to crystallize in the answer I gave.  It went something like this:

There are three Trump factors that combined do have the potential to change the trajectory of the U.S. economy: his focus on growing businesses, his plan to reduce corporate taxes and his plan to reduce regulation.

#1 – Trump’s focus on growing business.  It has been eight years since we had a President who understands and encourages business, small business in particular.  There is enormous pent-up energy that is about to be released by businesses of every size.  We could see a wave of business innovation and transformation akin to the revitalization and creativity of the Renaissance.  Massive business investment could be unleashed by changes in the tax code.

#2 – Trump’s plans to reduce corporate and other taxes.  There is no question that the Kennedy and Reagan tax reductions opened eras of incredible business growth and investment.  Did you know that Apple, by itself, has over $230 billion of cash on its balance sheet OUTSIDE OF THE U.S.?  To put that in perspective, the FDIC[i] reports that there are 5,980 insured banks in the U.S. and Apple’s cash held outside of the U.S. is greater than the combined capital of over 2,000 banks.   That’s just one company!  CNBC[ii] reports that there is $2.5 TRILLION held by U.S. corporations overseas!  That is more capital than all but the top 50 banks.  Imagine nearly 6,000 new banks eager to make loans.  It would be transformative.  (You can tell I am a recovering banker, yes?)  If the corporate tax rate is reduced and Trump’s 10% repatriation tax is implemented, the U.S. economy could see a wave of investment unlike anything in history.

#3 – Trump’s plan to reduce regulation lifts a huge psychological weight off the shoulders of business owners.  The current administration has issued over 560,000 pages of regulations[iii] and this year isn’t over yet; “we’ll add 11,190 pages over the next 44 days, to end 2016 at around 92,830 pages” notes Clyde Wayne Crews of the Competitive Enterprise Institute.

federal-register-page-counts

Source: Townhall.com

You and I must comply with every one of those half-million pages of regulations, lest we face fines and imprisonment.  It’s a staggering concept, a sobering reality.  A wet blanket that dampens the entrepreneurial spirit.

Businesses power our economy.  Relieved of the crushing regulatory overburden and freed of confiscatory taxes, entrepreneurs will flourish under an administration that values American ingenuity.

The question is whether the renewed fires fueling a new wave of growth can escape the gravity of massive debt and spending and a population that is no longer growing but is stable to shrinking and rapidly aging.  It’s a coin flip from where we are today.  We have to catch a series of breaks and President Trump’s plans all have to come to full fruition quickly to avoid a meltdown that will reveal the 2008-2010 crisis to be just the opening act.

At Vertical Capital Advisors, we are seeing a renewed spirit in many of the new clients we are working with.  In the last month we have seen a very strong interest in securing growth capital.  Business owners feel more confident about the future.  They are willing to take calculated risks.  They are willing to invest in people, plant and equipment.  This is a marked change from the previous eight years of cautious, tentative growth where only the most certain of business investments were funded.

 

 

ABOUT VERTICAL

Vertical Capital Advisors is an Atlanta-area business advisory firm built on creating tangible value for our clients, serving clients in just about every industry.  Our clients are both capital growers and capital allocators.  How can Vertical help your firm maximize value?

 

Joe Briner
Managing Director
Vertical Capital Advisors LLC
briner@verticalcapitaladvisors.com
866-912-9543 ext 108

___________________________________________

[i] https://www.fdic.gov/bank/statistical/stats/2016sep/industry.pdf

[ii] http://www.cnbc.com/2016/09/20/us-companies-are-hoarding-2-and-a-half-trillion-dollars-in-cash-overseas.html

[iii] http://townhall.com/tipsheet/leahbarkoukis/2016/11/17/obamas-new-regulations-n2247287

Leadership

The day after the most tumultuous presidential election in a lifetime, Americans and citizens of every country are redefining what leadership means.  It matters now more than ever who you have in your corner advising you.  It is easy to slip into the crowd, to go with the flow but that path rarely creates significant sustainable value in the long run.  In fact, it can be very detrimental to your enterprise.  Take a look at the screenshot below.  We hope that you were not one of the panicked hordes who drove the broad market indexes down substantially early this morning:

post-election-marketSource: Bloomberg

Because if you were, your panic was rewarded by missing the 1,000 point swing in the Dow from -800 at 2:00AM to +200 at 2:00PM.

If you have read more than one of our blog posts you know that we are focused on creating long-term sustainable value.  We acknowledge that there will be ups and downs – that is part of business life.  We will help you keep a firm hand on the wheel as you navigate the transformative events that lie ahead.  And there will be many more market gyrations in the immediate future and they probably will not be flash-crashes with immediate recoveries like the one today.

Be a leader.  Set the course for the long-term.  Don’t be distracted by temporary anomalies.  Now is a great time to be building capital reserves.  We can help you build the war chest so you can act decisively when opportunities arise – and they will arise.

 

 

_________________________

ABOUT VERTICAL

Vertical Capital Advisors is an Atlanta-area business advisory firm built on creating tangible value for our clients, serving clients in just about every industry.  Our clients are both capital growers and capital allocators.  How can Vertical help your firm maximize value?

 

Joe Briner
Managing Director
Vertical Capital Advisors LLC

Red Dragon Snowflakes

We found it!  The snowflake that will start the avalanche.  The Red Dragon Snowflake.  Here’s a picture of it falling right outside our window:

red-dragon-snowflake

In fact, the first sign of the avalanche has already happened.  There is a very good chance that it will start in China and that it will start with rapidly falling real estate prices.

Take a look at China’s money printing binge since 2000.  It dwarfs ours here in the U.S.

money-supply

Source: WSJ 11-1-16

At the same time Chinese debt has nearly doubled:

debt-as-gdp

And now, the Chinese, who by and large are incipient investors, preferring the hard asset class of real estate as their preferred investment of choice, started to pull back from real estate this year:

shenzhen

Kind of looks like a snowflake falling.  Certainly resembles a mountain peak.  Definitely represents a bubble bursting.

The Politburo centrally-controlled Chinese economy will likely be patient zero for the next correction/recession.  Look for phrases like “Asian Contagion” to ripple through media reports in the coming weeks.  The decrease in asset values in China will not have much of an impact on the rest of the world because China’s capital account is largely closed, it has enormous reserves and nearly all of its debt is held domestically and all of it is denominated in yuan.  But because markets tend to react psychologically as much as they do to economic data, when the panic starts, because of the sheer size of the Chinese market, there will be panic selling globally.  The Politburo can continue offering cheap credit and forcing Chinese citizens to invest in financial assets for a time but even the Chinese do not like to see their net worth drop, especially when it is heavily leveraged.

All bubbles burst.  We know we are in one now.  China knows it too. what-should-i

What should you do about it?

Bolster cash reserves.  Very soon, you may be able to buy good, income-generating assets like you could have at the bottom of the crash in 2008-2009.  Maybe at late 80’s prices.

 

________________________________

ABOUT VERTICAL

Vertical Capital Advisors is an Atlanta-area business advisory firm built on creating tangible value for our clients, serving clients in just about every industry.  Our clients are both capital growers and capital allocators.  How can Vertical help your firm maximize value?

Joe Briner
Managing Director
Vertical Capital Advisors LLC
briner@verticalcapitaladvisors.com
866-912-9543 ext 108

 

 

 

Reference: http://www.wsj.com/articles/asset-bubbles-from-stocks-to-bonds-to-iron-ore-threaten-china-1477952654

 

 

Watch Out for the Twin Capital Destroyers

Paraphrasing, a friend wrote to me last night and asked, “Hey Joe, is it time to invest?”  I polished me crystal ball, gazed inside and saw the charts below magically appeared:

m2-money-stock velocity-of-m2-money-stock

Pay attention to the shaded areas.  The shaded areas are recessions, destroyers of capital.  Do you see how the velocity line decreases in the shaded areas in the top chart?  What this shows is that a decrease in velocity predicts a recession.  PREDICTS a recession.  That’s an important verb, predicts.  It is not often in the life of a practitioner in the financial markets (or business manager or investor…) that you can see with clarity what is going to happen next.  And the exact timing of an event is always the most difficult part of the game.

In the top chart we have an exception to the rule.  The line bends straight down since 2011 yet no recession because of what is happening in the bottom chart.  The bottom chart shows that we printed $4.4 trillion since 2011 to prevent a recession.  PREVENT a recession.  That’s a mighty hard thing to do.  Prevent a recession.  But money supply is the only input the government controls.  So it is the only tool they have to “fix” the
economy.  And it is a binary tool – either it is on and they are pumping money into the economy or it is off and they are drawing liquidity out of the market.  This month we learned that the Fed is actually drawing money oupricet of the system.  This will accelerate the next recession.  That is government interference in the markets in action and the price we will pay is pain – material pain in the financial markets.  Great Depression-magnitude pain?  Possibly.

We should have been in a recession since 2011 based on the declining velocity of money.  If you remember the pain of the 2008-2010 recession and you can see the magnitude of the downward trajectory in the velocity of money since 2011 in the top chart, you can see that the next recession will be every bit as painful as the last recession, and, I predict, actually much worse.

As we have blogged a couple of times, the slowing velocity of money indicates that capital is being trapped or logjammed inside the financial system.  So I wrote to my friend:

When money slows, it indicates it is not being invested in productive, growing enterprises.  And if money is not being invested in productive assets, it is being invested in idle assets (read: financial engineering or speculation).  And this is a predictor of a recession (or more precisely, a bubble before a recession).  I think the drop could be 70% across the board – investment real estate included.

Today we have twin destroyers of capital working in collusion: The Fed mainlining money directly into the markets (Increasing Money Supply) and the markets plowing it into non-productive assets (Slowing Velocity of Money).  This dual action is driving prices of financial assets higher while generating no (or very little) new production of goods and services.  The twin destroyers of capital.

Be patient.  Soon you should be able to buy assets at 2008 prices.  The NASDAQ today is over 5,300.  In November 2008 it dropped below 1,500.  That would be a decline of over 70% from today’s figure!  It could get close to that number in the next downturn and while that would wipe out trillions of dollars of net worth, it will only send us back to 2008.  And somehow we all survived that setback.

Have some cash in hand but don’t rush in.  You may have an opportunity to create dynastic wealth that will transform the lives of several future generations if you can be disciplined in your approach to the market.

Business owners and capital allocators, you would do well to dust off the worst case scenario plan and focus on cash generation.  And if the storm hits as it looks like it will, give us a call.  We are experts at navigating such waters.  We can help stabilize the ship, pare back to the key drivers and help you maximize the value of your assets.  That’s how we create tangible value.

______________________________________

ABOUT VERTICAL CAPITAL ADVISORS

Based in Atlanta, GA and created to help businesses survive the devastation of the Great Recession, Vertical Capital Advisors is a firm built on creating tangible value for our clients.  We work with clients in just about every industry and we work with both capital growers and capital allocators..

Joe Briner
Managing Director
Vertical Capital Advisors LLC
briner@verticalcapitaladvisors.com
866-912-9543 ext 108

Sources: https://fred.stlouisfed.org/series/M2, https://fred.stlouisfed.org/series/M2V

 

Here Be Dragons!

It is said that ancient mariners’ maps bore legends that warned of mythical dragons beyond the horizon that would destroy any vessel venturing into their waters.

dragon-map

Many economists today feel the same trepidation that sailors of generations long past must have felt as their ships sailed beyond the known limits.  Our own Federal Reserve has minted oceans of money, trillions of dollars, out of thin air.  Our national debt stands at levels unimaginable just a handful of years ago.  Some say that our national debt is the dragon that will devour us.  By most measures, it appears that could be the case.  However our national debt is not a democrat or republican issue.  It’s a government issue – a government on a decades-long spending bender:

fed-debt-by-president

Source: truthfulpolitics.com

Yes, debt could be a dragon.

Critics of reduced government spending often say that our absolute level of debt is not a concern because our GDP and income have increased greatly over the years however when we look at our national debt as a percent of GDP, the picture is not much prettier.  Notice how it is now the highest it has been since the Great Depression?  Could be a dragon!

percent-gdp

Source: https://deutscheam.com/en-us/thought-leadership/cio-view/article/debt-curse-or-blessing?kid=disp.CIOView201610.outbrain_us.ad.focus

The real dragon in the room is deflation.  After nearly a decade of printing mountains of money, the US Federal Reserve and Central Banks the world over are not only out of bullets, they have barely kept the deflation wolf from at bay.  As we have written about in previous posts, the velocity of US money has slowed as all of the fiscal stimulus has become lodged in corporate balance sheets in the form of debt used to fund enormous stock buy-backs.  Very little investment has found its way into new property, plants, equipment or employees.

Think about it: doubling the national debt in eight years has produced a gasping patient.  With the Fed starting to soak up liquidity, the edge of the horizon is in sight.  When GDI and GDP (gross domestic income and gross domestic product) slip into negative territory, THERE BE DRAGONS!  The deflation dragon – the worst of them all!

gdi-in-us

Source: Author & unknown artist & http://www.telegraph.co.uk/business/2016/10/19/fed-risks-repeating-lehman-blunder-as-us-recession-storm-gathers/

The point?  Gather up all of the liquidity you can muster.  You probably have between a month and six months to gird your loins before the deflation dragon appears and when it does, it will likely thrash the markets for two, three or even four years – or more.  Who really knows?  We aren’t getting into this downturn on the well-worn path of the 60’s, 70’s, 80’s, 90’s and even early 2000’s.  This time we have invented a whole new breed of beast.  At the nadir, you will be able to acquire quality income-producing assets at once in a lifetime prices.  But don’t buy too early.  Channel Rothschild, JP Morgan and Joe Kennedy – buy at the bottom, after all of the liquidity that rushes into the market after the first wave is wiped out by the second and third waves.  Patience will be rewarded.

____________________________________________
ABOUT VERTICAL

Vertical Capital Advisors is a firm built on creating tangible value for our clients.  We work with clients in just about every industry.  And we work with both capital growers and capital allocators.

Joe Briner
Managing Director
Vertical Capital Advisors LLC
briner@verticalcapitaladvisors.com
866-912-9543 ext 108

 

 

Would you be willing to risk a 60% loss in order to get 2.85% interest from your bank?

Would you be willing to risk a 60% loss in order to get 2.85% interest from your bank?

Italy’s 50-Year 2.85% Bonds are 300% Oversubscribed – So what?

This week Italy began selling 50-year bonds paying 2.85% and they had three times more orders than they had bonds to sell[1].

“So what?” you ask.  “That means nothing to me”.

Or does it?

Bond buyers are generally a very bright lot.  They are probably the sharpest people in the business world.  They analyze every scrap of economic data continuously, day and night.  These hyper-analytical people are willing to commit money to an investment that has a very low yield for a very long time and whose host is in dangerous financial territory.  The Italian banking system is technically bankrupt as we wrote about in earlier posts and unemployment is over 20%.  We pegged Italy as one of the likely triggers for the next recession.

The country risks are readily apparent.  The interest rate risk is even greater. interest-rate-risk

You probably know that the price of bonds is inversely related to the rate.  As rates go down, prices generally go up.  As rates go up, prices fall.  The relative price to rate movement is determined by a bond’s duration which is a function of the rate and the time to maturity.  With a low rate, there is not much room to fall but a lot of room to rise.  And 50 years is an eternity in the world of bonds.  So if rates rise just 1%, these bonds are expected to lose 22% of their value.  Now the average rate for 10-year Italian bonds since 1991[2] has been a shade under 6%, let’s call it 3% higher than the 2.85% rate on the 50-year bonds.  Investors are willing to risk losing over 60% of the value of their bond investment in order to get a paltry 2.85% return and are in fact betting that interest rates do not return to normal, because if they do, and if they need liquidity, they will lose over 60% as sure as the sun will rise tomorrow.

italy-govt-bond

Forget Brexit.  It will be conditions like this that set off the next round of creative destruction.

So, would you be willing to risk a 60+% loss in order to get 2.85% interest from your bank?  Of course not.  Why are billions of dollars flowing into these bonds, then?  Because there is no alternative.  Investors are starved for yield.  They would rather risk the devil they know over the devil they don’t.

Fortunately, we have found a few brave capital allocators who are willing to seek higher returns from unknown enterprises like yours because they have the intellectual capital to analyze your business plan and make a rational determination that the expected return is higher and the risk is lower than Italy’s 50-year 2.85% bonds.

 

________________________________

ABOUT VERTICAL CAPITAL ADVISORS

Based in Atlanta, GA and created to help businesses survive the devastation of the Great Recession, Vertical Capital Advisors is a firm built on creating tangible value for our clients.  We work with clients in just about every industry and we work with capital consumers and capital providers.

 

Joe Briner
Managing Director
Vertical Capital Advisors LLC
briner@verticalcapitaladvisors.com
866-912-9543 ext 108

[1] Reference: http://www.wsj.com/articles/italian-treasury-sounding-out-investors-on-50-year-bond-1473260474

[2] Reference: http://www.tradingeconomics.com/italy/government-bond-yield

Church Pastors Only, Please! Lender Liquidation Auction – Church Sanctuary

Alpharetta, GA 10/7/2016 –  This email title grabbed my heart this morning:

Lender Liquidation Auction – Church Sanctuary, Gym, Parsonage.

I checked it out.  This is a beautiful church.  It must have been the spiritual epicenter for hundreds of well to do families to have been so beautiful, inviting, spacious, pastoral.    Check it out:

churches

And yet it will be auctioned to the highest bidder next Wednesday.

Pastors, stop what you are doing right now.  Before this fate is visited upon your congregation, please call us.    We have helped other churches restructure.  It doesn’t matter what state you are in, financially or geographically.  There is a solution.  Your lender does not want to end up auctioning your sanctuary.  It is the worst outcome for all parties.  Let us help you, guide you through the process.  We can’t guarantee the right outcome but we know who can!

ABOUT VERTICAL

Vertical Capital Advisors is a firm built on creating tangible value for our clients.  We work with clients in just about every industry.  And we work with both capital consumers and capital providers.

Joe Briner
Managing Director
Vertical Capital Advisors LLC
briner@verticalcapitaladvisors.com
866-912-9543 ext 108