What is Administrative Law?

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“The fight over net neutrality. Activists and corporations battled over the structure of the internet. Internet. Both sides tried to convince the government that their way was right.

But who they trying to convince was it the president congress. The supreme court none of the above people were trying to convince the fcc. The federal communications commission. The fcc is one of these things called federal agencies and the laws around them are called administrative law.

So there isn t a perfect definition for an agency that s consistent for all things called agencies. But roughly agencies are the parts of the government that aren t congress the courts. The president or the military during wartime imagine that one of those things either congress or the president decide to do something like building roads well they re not going to pick up shovels in the concrete themselves. They re also not going to hire and oversee the workers themselves instead they ll create an agency to carry out their goal.

Agencies are most of the things in the government whose name is a jumble of letters like the nsa. The fbi. The epa. Nasa ftc atf doj.

Do e. Etc. Agencies are formed by an act of congress congress. Writes a kind of law called an organic statute that lays out the purpose and the structure of the agency and then the agency is in charge of implementing that purpose as it s laid out in the statute.

I like to think of federal agencies like giant robots. So congress needs to deal with a specific subject matter. But that issues kind of varied. They don t want to get into all the specifics themselves.

But it needs to be dealt with so they build a giant robot to deal with it while they re building it they need to give it a structure that corresponds to its goals. An agency s structure might be designed to deal with investigating federal crimes like the fbi or maybe with promulgating standards for science and industry like nist these different goals. Need different organizations to achieve them efficiently a major part of the structure is the cockpit just like some giant robots have only one pilot and some have multiple different agencies are headed up by different arrangements of officers. These positions are appointed by the president department of homeland security has one officer in charge of the whole agency who reports directly to the president.

The cece has multiple commissioners who all have slightly more independence officers in charge of certain very important agencies make up the president cabinet also while some agencies are totally independent. Other agencies can actually be subsumed into one giant super agency. The organic statutes also give agencies a subject matter specific focus like environmental protection or alcohol tobacco and firearms..

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Some agencies are purely internal in advisory like the office of management and budget. But most focus on some specific subject matter in society like housing or trade. The language of these purpose statements aren t super specific because they need to deal with varied circumstances. Remember the whole point is that congress doesn t want to do the specifics themselves.

So just like a pilot is responsible for implementing. A more general mission plan. The agency s leaders are responsible for implementing a more general statute. This is why agencies are called semi independent executive bodies they get independent.

But only within the scope of the organic statute. The agency s two biggest tools for implementing their statutes are rulemaking an adjudication agencies can make rules within their subject. Matter that have the force of law. They can also investigate prosecute and judge rule breakers.

So we have these giant robots with legal power and independence. We ve created a monster well there are several mechanisms for controlling the agencies first congress gets to shape. The agency from the beginning. The agency is dependent on congress for money and power and a purpose congress can call the agency head in front of a congressional committee and hammer them with questions they can cut off funding for the agency.

If they want to which will effectively disable. It also the president gets to put the pilot in the robot they get to choose who s steering. The agency. The president also gets to order the agencies around these are called executive orders and they re supposed to make sure that the agency is acting in accord with the will of the people so besides these structural controls.

The administrative procedure act is the laws biggest source of control over the agencies congress passed this law. The administrative procedure act or the apa in 1946. The apa controls. The agency s tools of rulemaking and agency rulemaking is how the agencies take the general mandate of their organic statute and turned it into specific rules for example.

The food and drug administration makes specific rules about the purity and manufacture of food and drugs. The highway safety administration makes specific rules about the road. The apa says that most rules made by an agency must be open to notice. And comment.

This means that a notice of the proposed rule is printed up in the giant federal list of proposed rules and the agency has to accept comments about the rule from all interested parties. The apa also says that the agency must respond to any comments that are substantial agencies also adjudicate claims of rule violations for this purpose. The apa created the position of the administrative law judge or the alj in general alj is have two primary duties in the administrative adjudication process first they oversee procedural things like depositions and witnesses and they also determine the facts of the case then they make an initial judgment of the law and judge whether or not someone has broken the agency s rules..

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So alj s act. Very much like a trial judge at a court. Except they re constrained to a much smaller jurisdiction. The vast majority of alj s work for social security determining disability and dependency questions.

What happens if people think that an agency s rule. Is bad or illegal or even unconstitutional. The apa attempts to balance the government s need to control the agency with the agency s role as the executor of the law usually the courts defer to the agency when it s interpreting its organic statute aka when the robot is interpreting its mission. The courts are much more demanding when the agency is making claims about facts.

And reasoning so in conclusion agencies are created by a congressional statute. Which gives the agency. A structure and a purpose and then the agency s given broad authority to interpret that purpose. 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After the bill and then the next day it gapped up very sharply. So this was a highly shorted name the short interest was above 15. As we saw. We can see the date of this.

The short interest was july 30th. So it s definitely before earnings were reported. They reported in early august. So what i like to do is i like to screen for stocks that have a shot a high short interest as a percentage of float and if you stick around for a couple minutes.

I m going to show you how to screen for those. But i d like to find stocks with a high short interest ratio defined as sold short divided by float and i like to look for stocks that have reported earnings and that are gapping up very strong on earning. So you want to see a spike in volume. You want to see a big green daily bar as we saw here and you basically want to see this forced buying.

And what this means as the shorts have made a mistake. And maybe they underestimated shake shack s growth and the earnings report. Now provides new information that companies growing really fast their chicken nuggets or whatever selling like hotcakes. And so their earnings are going way up and so these shorts want to get out now when 15 of the float is short that s quite significant and it will take them a couple days to get out so.

If you can find a stock that s gapping up on good earnings and on high volume. What you can do is you can go long at the end of that day or even even intraday and then what you want to do is hold it for a few days. What you ll get is what s called post earnings announcement drift and this happens..

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When when institutions big institutions have to adjust their position. And this case. Because we ve been screening for stocks with a high short interest. These are basically for the most part.

I would imagine shorts that are covering they re covering their short position. They re having to buy the stock and it s driving it higher and we can sort of as small traders we can sort of surf along on this wave. Now if you want to find stocks like this you can go there to really two ways to do it you can first go to high. Short.

Interest. Calm. Hi shorty. Interest all one wordcom.

And this provides. Just a great list of stocks that have a high short interest and they defined it as it looks to me like they defined. It as the way that i m defining it so they take the number of shares so short divided by the float. They tell you the float here and then express it as a percentage and you can search you can screen for nasdaq.

Stocks you can screen for nyc. Or you can just screen for all stocks. And you can see they they basically list stocks that have a short float a short interest float of above 20 20. You can see there s some amazing names here like gamestop that has a gme gamestop that has a 58 short float now it s very important to wait until earnings and to see if there s a real reaction as we got in shake shack and the reason for this.

The reason you want to wait is because for the most part. Short sellers are very smart people and they re usually right. So. Let s just let s just pick a couple names from this this list from high short interest calm.

Let s take a look at what we can start with gme gamestop. Which we talked about you can see the stock has just gone straight down let s pick one more we ll do h. I iq. That s the top one on the list.

The most shorted stock you can see this stock has gone down. So one thing you can do if you own any stocks you should make sure that they don t have a high short interest you can go look on under statistics on yahoo. As we talked about if your stock has a short percentage of float above 15 you better really understand the business and if you don t understand the business and the fact that it s turning around or you don t have some really deep fundamental understanding of the business probably shouldn t be holding the stock..

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A good example of this is tesla for example which i ve been quite bearish on for the last 12 months. So that s the first thing you can do you can make sure that you don t own these names. These are stocks that the companies are in decline maybe they the revenues are declining or they make a product that s not too desired. Anymore so you got to be very careful to be long these stocks that being said.

If you do get a good earnings reaction as we did at shake shack not a bad not a bad trade. Because sometimes the short sellers are wrong and when they re wrong you can get as we said a very high short squeeze. So two places to find a list of stocks like this hi. Shorty interest calm.

The other one is you can go to fin viscom. You can click on screener. Which is just right here and then you can go to the drop down where it says float short. And what you can do is you can basically screen for stocks that are over ten percent over call it over 15 percent and then what you can do is you can you condemned to range.

The buy price you definitely don t want to trade any stocks that are under five or ten dollars a share and so you can you can bring them by price and take a look at stocks with high short interest and these are good ones to watch you can see tesla earnings tree i m sorry lending tree or near the top here these are stocks to watch for some sort of earnings reaction. Some sort short. It s sort of a short squeeze. But again got to be very carefully these are not stocks you want to own as a long term investment unless you really understand the business and you know what you re doing now if you enjoyed this video.

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