QTEC

Many of the biggest quant strategies in the stock market these days are plagued by doubt and debate. In fixed income, they just got a $25 trillion endorsement.

Golden Ocean Group Limited (NASDAQ and OSE: GOGL) (“Golden Ocean” or the “Company“) today announced that the Company and Mr. Thomas Semino, Chief Commercial Officer of Golden Ocean Management AS, have reached an agreement pursuant to which Mr. Semino will be stepping down from his current role. Mr. Semino, who is based in Singapore, has agreed to make himself available in the near term to assist Golden Ocean with an orderly transition of his responsibilities.Mr. Ulrik Andersen, Chief Executive Officer of Golden Ocean Management AS, commented: "I would like to thank Thomas for his contributions to Golden Ocean over the last four years and wish him all the best in his future endeavors” The Company has commenced the recruitment process to fill the vacancy created and will announce a replacement in the near future. In the meantime, Golden Ocean maintains an appropriately staffed commercial department to ensure our chartering capabilities are not disrupted.”About Golden OceanGolden Ocean, a leading dry bulk shipping company, owns or controls a modern fleet of 78 vessels with an average age of approximately 6 years. The Company is one of the largest publicly listed owners of Capesize vessels and has a leading position in the ice class Panamax vessel niche. Golden Ocean is listed on the NASDAQ and Oslo Stock Exchange under the symbol ‘GOGL’.October 16, 2020The Board of Directors Golden Ocean Group Limited Hamilton, BermudaFor further queries, please contact:Ulrik Andersen: Chief Executive Officer, Golden Ocean Management AS +47 22 01 73 53

Sandwiched between the two extremes of the largely shut-down Stay-at-Home Economy and a fully opened New Normal Economy, the Re-Opening Economy is an uncertain, transitional phase.We have identified multiple themes that we believe play an essential role in achieving these goals, including Cloud Computing, Genomics, the Internet of Things, and Telemedicine.Though the Re-Opening Economy roughly began in July, the lack of a vaccine and continued flare-ups of COVID-19 around the world suggest that this transitional phase is likely to remain in place for an extended time frame.

First Trust NASDAQ-100-Tech Index ETF (QTEC) declares $0.1335/share quarterly dividend, -29.1% decrease from prior dividend of $0.1882.Forward yield 0.48%Payable Sept. 30; for shareholders of record Sept. 25; ex-div Sept. 24.See

Investors have been on a wild ride over the past week as tech stocks plunged, dragging down major global indexes with them.Some are suggesting this is the start of another dramatic sell-off, similar to the spring of 2000, when the “tech bubble” burst. I highly doubt that.I think of this rout not so much as a correction, but as a digestion given that the NASDAQ Composite rose more than 60% from its March bottom in the course of less than six months.

Market swings are like pendulums. They always go too far.But just like a pendulum, it inevitably swings back, and this time is no different.Investors using fundamental arguments to judge this market have been off for 5 years now, but the sentiment indicators, the best judge of market turning points, are flashing red.And just like the Buffett quote, what the wise man does in the beginning, the fool does in the end. The argument for tech stocks to keep surging driven by low-interest rates are no longer strong because valuations have already reflected low rates.Given the rising anecdotal evidence of sheer greed and participation from retail, we don't think this time is different and this tech bubble won't last.

Markets tend to be more inefficient in the short term and more efficient in the long term.One way of thinking about this is that the information we obtain in the short term tends to be incomplete. So, investors have to make informed guesses about market prices.To be clear, this is different from the tech bubble in that most of the firms seeing the price appreciation are earning real profits.