Warren Buffett’s Investing Top Four

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“Don’t look at a stock like it is a ticker symbol with a price that goes up and down on a chart. It’s a slice of a company’s profits far into the future, and that’s how they need to be evaluated.” ~ Warren Buffett, Chairman and CEO, Berkshire Hathaway

Warren Buffett’s philosophy is simple. Buy with a “margin of safety” undervalued companies with strong fundamentals and balance sheet, and then wait. It’s possibly the most boring way to invest in the world. But it’s effective.

For Warren Buffett, deciding what stocks to buy is “simple but not necessarily easy,” according to CNBC Warren Buffett Guide to Investing.

In his Berkshire Hathaway 1977 annual letter to shareholders, he listed four attributes he wanted to see when investing, whether he’s buying the entire company for Berkshire, or just a slice of it as a stock.

1. “One that we can understand…”

When Buffett talks about “understanding” a company, he means he understands how that company will be able to make money far into the future.

He’s often said he didn’t buy shares of what turned out to be very successful tech companies like Google and Microsoft because he didn’t understand them. At the 2000 annual meeting, a skeptical shareholder told Buffett he couldn’t imagine him not understanding something. Buffett responded, “Oh, we understand the product. We understand what it does for people. We just don’t know the economics of it 10 years from now.”

2. “With favorable long-term prospects …”

Buffett often refers to a company’s sustainable competitive advantage, something he calls a “moat.”

“Every business that we look at we think of as an economic castle… And you want the capitalistic system to work in a way that millions of people are out there with capital thinking about ways to take your castle away from you, and appropriate it for their own use. And then the question is, what kind of a moat do you have around that castle that protects it?”

— 2000 BERKSHIRE ANNUAL MEETING

A “moat” consists of things a company does to keep and gain loyal customers, such as low prices, quality products, proprietary technology, and, often, a well- known brand built through years of advertising, such as Coca-Cola. An established company in an industry that has large start-up costs that deter would be competitors can also have a moat.

3. “Operated by honest and competent people …”

“Generally, we like people who are candid. We can usually tell when somebody’s dancing around something, or where their — when the reports are essentially a little dishonest, or biased, or something.

And it’s just a lot easier to operate with people that are candid.

“And we like people who are smart, you know.

I don’t mean geniuses… And we like people who are focused on the business.” — 1995 BERKSHIRE ANNUAL MEETING

The quality of the business itself, however, takes precedence.

“The really great business is one that doesn’t require good management. I mean, that is a terrific business. And the poor business is one that can only succeed, or even survive, with great management.” — 1996 BERKSHIRE ANNUAL MEETING

4. “Available at a very attractive price.”

“The key to [Benjamin] Graham’s approach to investing is not thinking of stocks as stocks or part of a stock market. Stocks are part of a business. People in this room (Berkshire shareholders) own a piece of a business. If the business does well, they’re going to do all right as long as they don’t pay way too much to join into that business. — 1997 BERKSHIRE ANNUAL MEETING

Buffett’s goal is to buy with a “margin of safety” or when the market price is below a company’s “intrinsic value.” Buffett has said that the margin of safety is the “most important concept in investing.”

“The three most important words in investing are margin of safety…” ~ Warren Buffett

“The intrinsic value of any business, if you could foresee the future perfectly, is the present value of all cash that will be ever distributed for that business between now and judgment day.

“And we’re not perfect at estimating that, obviously.

“But that’s what an investment or a business is all about. You put money in, and you take money out.

“Aesop said, ‘A bird in the hand is worth two in the bush.’ Now, he said that around 600 B.C. or something like that, but that hasn’t been improved on very much by the business professors now.” — 2014 BERKSHIRE ANNUAL MEETING

References:

  1. https://fm.cnbc.com/applications/cnbc.com/resources/editorialfiles/2022/03/22/bwp22links.pdf

Focus, Discipline and Patience are Wealth Building Super Powers!

Gratitude

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“I have every possession I want. I have a lot of friends who have a lot more possessions. But in some cases, I feel the possession possesses them, rather than the other way around.” ~ Warren Buffett

Never allow all the things you selfishly covet or you want make you forget about all the things you have or currently possess. Put a little gratitude in your life today and be thankful for all you already possess.

Moreover, happiness doesn’t mean everything is pleasing or perfect. Instead, happiness means that you can choose to see beyond the problems and imperfections, and embrace an attitude of gratitude.

The endless pursuit of hollow amenities and fruitless assets that barely add any value to your life are often so intoxicating that people loose sight of things that truly make them happy and bring them joy such as personal relationships, joy and peace in abundance.

“Sometimes you have to stop staring at your problems and start seeing how beautiful life really is.” ~ Anonymous

Don’t wait for great. Be Great everyday! Don’t allow a little negativity keep you from feeling grateful for everything that is going right and for everything that is good and pleasing in your life.

Gratitude must become a 24 hour / 365 day mindset, so that you don’t take what you have for granted.

Research shows that gratitude can:

  • Help you make friends. One study found that thanking a new acquaintance makes them more likely to seek a more lasting relationship with you.
  • Improve your physical health. People who exhibit gratitude report fewer aches and pains, a general feeling of health, more regular exercise, and more frequent checkups with their doctor than those who don’t.
  • Improve your psychological health and emotional well-being. Grateful people enjoy higher wellbeing and happiness and suffer from reduced symptoms of depression.
  • Enhance empathy and reduces aggression. Those who show their gratitude are less likely to seek revenge against others and more likely to behave in a prosocial manner, with sensitivity and empathy.
  • Improve your sleep. Practicing gratitude regularly can help you sleep longer and better.
  • Enhance your self-esteem. People who are grateful have increased self-esteem, partly due to their ability to appreciate other peoples’ accomplishments.
  • Increase in mental strength. Grateful people have an advantage in overcoming trauma and enhanced resilience, helping them to bounce back from highly stressful situations.

References:

  1. https://positivepsychology.com/gratitude-exercises/

May you have Peace, Joy and Patience in Abundance!

988 Suicide and Crisis Lifeline

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The National Suicide Prevention Lifeline is now: 988 Suicide and Crisis Lifeline.

988 has been designated as the new three-digit dialing code that will route callers to the National Suicide Prevention Lifeline (now known as the 988 Suicide & Crisis Lifeline), and is now active across the United States.

The Lifeline provides 24/7, free and confidential support for people in distress, prevention and crisis resources for you or your loved ones, and best practices for professionals in the United States.

When people call, text, or chat 988, they will be connected to trained counselors that are part of the existing Lifeline network. These trained counselors will listen, understand how their problems are affecting them, provide support, and connect them to resources if necessary.

The previous Lifeline phone number (1-800-273-8255) will always remain available to people in emotional distress or suicidal crisis.

How To Take Care Of Yourself

If you’re struggling, you can call or chat with the Lifeline, which is available 24/7 and confidential. There are crisis counselors available to listen and support you without judgment. Additionally, if you’re struggling, you can:

Make a safety plan: Have a step-by-step plan ready for if/when you feel depressed, suicidal, or in crisis, so you can start at step one and continue through the steps until you feel safe. Creating a safety plan can include listing your coping strategies, identifying the people in your life that may support you through a crisis, and more.

Limit your news consumption. The constant replay of news stories about traumatic events can increase stress and anxiety. Try to reduce the amount of news you watch, read or listen to, and engage in relaxing activities instead.

References:

  1. https://988lifeline.org
  2. https://988lifeline.org/help-yourself/black-mental-health/

Producer Price Index (PPI)

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The Producer Price Index (PPI) came in higher than expected:

  • Expectations: 7.2%
  • Actual: 7.4%

Producer Price Index (PPI) came in above estimates on both headline (7.4% vs 7.2% estimate) and core (6.2% vs 5.9% estimate), comments Liz Young, Chief Investment Officer, SoFi. The Producer Price Index measures inflation at the wholesale level, which acts as kind of a leading indicator.

Inflation remains high, but is trending down, because the main driver of inflation is not interest rates. Instead, the main driver of inflation is excessive fiscal deficit spending and loose monetary policy.

Although, PPI is still falling moderately on a year-over-year basis, but any future upside surprises don’t bode well for upcoming Consumer Price Index (CPI) numbers which will be released next week.

The Producer Price Index (PPI) measures the change in the price of goods sold by manufacturers. It is a leading indicator of consumer price inflation, which accounts for the majority of overall inflation.

Holiday Online Cybersecurity

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“By following a few guiding principles like checking your devices, shopping from trusted sources, using safe purchasing methods, and following basic cyber hygiene like multi-factor authentication, you can drastically improve your online safety when shopping online for gifts this year. Your cyber safety should be treated like your physical safety. Stay vigilant, take steps protect yourself, and trust your instincts. If you see something that doesn’t look right, there’s a good chance it isn’t.” ~ Jen Easterly, Director, Cybersecurity and Infrastructure Security Agency (CISA)

It’s imperative that Americans stay safe online this holiday season. In the coming weeks, millions of Americans will be looking for the best deals on the internet. Meanwhile, cyber criminals will be hard at work looking to target online shoppers. 

The holiday shopping season is a prime opportunity for bad actors to take advantage of unsuspecting shoppers through fake websites, malicious links, and even fake charities.

Their goal is simple: get your personal and financial information to compromise your data, deploy malicious software, steal your identity, and take your money. But with some simple actions, you can stay safe while you shop online.

The Cybersecurity and Infrastructure Security Agency (CISA) is committed to helping Americans better protect themselves online. This holiday shopping season, they want to provide a few easy steps to prevent you from becoming a victim of cyber-crime.  

Using strong passwords, updating your software, thinking before you click on suspicious links, and turning on multi-factor authentication are the basics of what they call “cyber hygiene” and will drastically improve your online safety.  

Here are the 4 common sense ways to protect yourself online:

  • Implement multi-factor authentication (MFA) on your accounts and make it much less likely you’ll get hacked. Multi-factor authentication (or two-factor authentication), uses multiple pieces of information to verify your identity. Even if an attacker obtains your password, they may not be able to access your account if it’s protected by this multiple step verification process.  
  • Update your software. In fact, turn on automatic updates.  
  • Think before you click. Most successful cyber-attacks start with a phishing email.  
  • Use strong passwords, and ideally a password manager to generate and store unique passwords. 

Before making any online purchases, make sure the device you’re using to shop online is up-to-date. Next, take a look at your accounts and ask, do they each have strong passwords? And even better, if multi-factor authentication is available, are you using it?  

Before providing any personal or financial information, make sure that you are interacting with a reputable, established vendor.

Some attackers may try to trick you by creating malicious websites that appear to be legitimate. Always verify the legitimacy before supplying any information. If you’ve never heard of it before, check twice before handing over your information.

References:

  1. https://www.cisa.gov/shop-safely
  2. https://www.cisa.gov/news/2022/11/23/cisa-reminds-online-shoppers-stay-vigilant-cyber-threats-holiday-season

National State of Emergency in Children’s Mental Health (An Unreported Crisis by Major Media Outlets)

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By 2018, suicide was the second leading cause of death for youth ages 10-24.

Health professionals, who are dedicated to the care of 73 million American children and adolescents, have witnessed soaring rates of mental health challenges among children, adolescents, and their families over the course of the COVID-19 pandemic. This has prompted the American Academy of Pediatrics (AAP), the American Academy of Child and Adolescent Psychiatry (AACAP) and the Children’s Hospital Association (CHA) to join together to declare a National Emergency in Child and Adolescent Mental Health.

Nationally, adolescent depression and anxiety — already at crisis levels before the pandemic — have surged amid the isolation, disruption and hardship of COVID-19. Children and families across our country have experienced enormous adversity and disruption, writes the American Academy of Pediatrics.  The inequities that result from structural racism have contributed to disproportionate impacts on children from communities of color. 

In the declaration, the groups emphasize that young people in communities of color have been impacted by the pandemic more than others and how the ongoing struggle for racial justice is inextricably tied to the worsening mental health crisis.

And, this worsening crisis in child and adolescent mental health is inextricably tied to the stress brought on by COVID-19 and the ongoing struggle for racial justice and represents an acceleration of trends observed prior to 2020.

Rates of childhood mental health concerns and suicide rose steadily between 2010 and 2020 and by 2018 suicide was the second leading cause of death for youth ages 10-24.

“Young people have endured so much throughout this pandemic and while much of the attention is often placed on its physical health consequences, we cannot overlook the escalating mental health crisis facing our patients,” AAP President Lee Savio Beers, M.D., FAAP, said in a statement. “Today’s declaration is an urgent call to policymakers at all levels of government — we must treat this mental health crisis like the emergency it is.”

The pandemic brought on physical isolation, ongoing uncertainty, fear and grief.

The Centers for Disease Control and Prevention researchers quantified that toll in several reports. They found between March and October 2020, emergency department visits for mental health emergencies rose by 24% for children ages 5-11 years and 31% for children ages 12-17 years. In addition, emergency department visits for suspected suicide attempts increased nearly 51% among girls ages 12-17 years in early 2021 compared to the same period in 2019.

In other research, the CDC found nearly 45 percent of high school students were so persistently sad or hopeless in 2021 they were unable to engage in regular activities. Almost 1 in 5 seriously considered suicide, and 9 percent of the teenagers surveyed by the CDC tried to take their lives during the previous 12 months.

In short, the pandemic has intensified this crisis: across the country mental health professionals have witnessed dramatic increases in Emergency Department visits for all mental health emergencies including suspected suicide attempts.

References:

  1. https://www.aap.org/en/advocacy/child-and-adolescent-healthy-mental-development/aap-aacap-cha-declaration-of-a-national-emergency-in-child-and-adolescent-mental-health
  2. https://publications.aap.org/aapnews/news/17718
  3. https://www.washingtonpost.com/education/2022/12/05/crisis-student-mental-health-is-much-vaster-than-we-realize/

U.S. Naval Base Pearl Harbor, December 7, 1941

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The Japanese plan was simple on the morning of Sunday, December 7, 1941: Destroy the U.S. Pacific Fleet.

Pearl Harbor is a U.S. naval base near Honolulu, Hawaii. It is located near the center of the Pacific Ocean, roughly 2,000 miles from the U.S. mainland and about 4,000 miles from Japan.

No one in the military, in the intelligence community, or in the President Roosevelt Administration believed that the Japanese would start a war with an attack on the distant islands of Hawaii.

Additionally, American intelligence officials were confident that any Japanese attack would take place in one of the (relatively) nearby European colonies in the South Pacific.

However, at about 8 a.m. on the morning of Sunday, December 7, 1941, Imperial Japanese Navy planes filled the sky over Pearl Harbor and attacked with bombs, torpedoes and strafing gunfire. In less than two hours, the surprise attack resulted in the eight battleships moored in Pearl Harbor sustaining significant damage.

In all, the Japanese attack on Pearl Harbor crippled or destroyed nearly 20 American ships and more than 300 airplanes. Dry docks and airfields were likewise destroyed.

The attack also killed 2,403 U.S. personnel, including sailors, soldiers and civilians. Additionally, 1,178 people were wounded. 129 Japanese soldiers were killed. Half of the dead U.S. personnel at Pearl Harbor were on board the battleship, USS Arizona.

Japanese failed to cripple the Pacific Fleet.

By the 1940s, aircraft carriers had become the most important naval warship, and as it happened, all of the Pacific Fleet’s carriers were away from the base on the morning of December 7, 1941.

Moreover, the Pearl Harbor assault had left the base’s vital onshore facilities—oil storage depots, repair shops, shipyards and submarine docks—intact. As a result, the U.S. Navy was able to rebound relatively quickly from the attack.

References:

  1. https://www.history.com/topics/world-war-ii/pearl-harbor

Federal Reserve Policy and the Stock Market

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“Don’t Fight the Fed” is an old market cliché that was very applicable during the longest bull market in US history. It is also very applicable currently as the Fed implemented policies to slow the economy by raising interest rates and selling assets from its balance sheet. ~ Chris Vermeulen, Seeking Alpha

In 1977, the US Congress officially gave the Federal Reserve a multi-part mandate to maximize employment, maintain prices near an acceptable inflation target of around 2%, and moderate long-term interest rates. In general terms, Fed policies are supposed to stimulate the economy when it’s weak and cool it when it’s too hot.

The adage highlights the strong correlation between Federal Reserve policy and the direction of the stock market.

“Don’t Fight the Fed” embodied the sentiment that if the Fed was stimulating the economy with accommodative policies, it made little sense to bet against the market’s bullish trend. Effectively, when the Federal Reserve’s monetary policy is loose, markets tend to move higher, volatility is subdued, and investors’ risk is limited, so it makes sense to stay invested and ride the wave. Why “fight the Fed” by selling stocks when it’s on your side?

The Fed held interest rates near zero and instituted a policy called quantitative easing—where it bought mortgage-backed securities and U.S. Treasuries to increase the money supply in hopes of spurring lending and capital investment.

When the Federal Reserve is on a mission to slow the economy down in order to tap down inflation, technology and growth stocks are generally hurt as the cost of capital and borrowing money increases. Thus, the old adage, “Don’t fight the Fed” becomes an important one for investors to abide.

With inflation being persistent in the U.S., Fed officials have taken a new monetary stance that is far less appealing for investors.

The Fed is in Quantitative Tightening mode and has raised interest rates and sold assets from its balance sheet. This calendar year, the Fed has raised interest rates four times and has begun shrinking its balance sheet after years of quantitative easing pushed its holdings to nearly $9 trillion. Its intent is to cool the economy and reduce inflation.

The adage, “Don’t fight the Fed”, is a warning to avoid stocks, or at least to take a more conservative approach to investing.

As a result, investors should take a more cautious approach in this tightening environment and prioritize defensive stocks with pristine balance sheets and steady revenue growth that can survive inflationary pressure.

Inflationary economies tend to punish unprofitable technology and growth companies, despite their potential. Without profits or cash flow, it’s simply too hard to improve quarter over quarter at a time when money becomes more expensive to borrow.

References:

  1. https://www.fortunebuilders.com/best-stocks-to-buy/
  2. https://fortune.com/2022/09/14/dont-fight-the-fed-new-meaning-inflation-economy-dan-niles-satori-fund/amp/
  3. https://seekingalpha.com/article/4544537-dont-fight-the-fed

Intrinsic Value

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“Every investment is the present value of all future free cash flow.” Everything Money

Cash flow refers to the net amount of cash and cash equivalents that comes in and goes out of a company. Businesses take in money from sales as revenues and spend money on expenses. Cash received represents inflows, while money spent represents outflows.

“Intrinsic value can be defined simply as the discounted value of cash that can be taken out of a business during its remaining lifetime. “ ~ Warren Buffett

A company’s ability to create value for shareholders is fundamentally determined by its ability to generate positive cash flows or, more specifically, to maximize long-term free cash flow (FCF). FCF represents the cash a company generates after accounting for cash outflows to support operations and maintain its capital assets.

Intrinsic value is defined as the discounted present value of all future cash flow of a business.

The only reason to lay out money for an investment now is to get more money later.  When you invest in a bond, its very easy to see the future cash flow and the terminal value of a bond, its printed on the certificate.

When you invest in a stock,

Investing in any financial asset involves laying out cash now in order to get cash later out of the investment.  And investing in a business, can the business deliver enough cash to you (the owner) soon enough that it makes sense to buy it as its current market value?

How much am I willing to pay for a business, considering it makes $24B in cash flow per year, and is growing at 10% annually.

Once we determine the business intrinsic value, we compare that number to the business’ current market capitalization.  Market cap is the product of the total shares outstanding and the current market stock price.

  • Market cap is higher than intrinsic value = overvalued
  • Market cap is lower than intrinsic value = undervalued

Discounted Free Cash Flow since one dollar today is worth more thant $1 in five years due to opportunity costs and lost of purchasing power of that dollar.

  • Step 1:  Find the current free cash flow – Free cash flow is the amount of money left over for the owners of the business, after factoring in cash outflows that support its operations and maintain its capital assets. The ideal FCF for valuation would equal Operating Cash Flow minu Maintenance CapEx
  • Step 2:  Grow the current free cash flow out 10 years in the future – the growth rate used will have a big impact on the final intrinsic value calculation. Check historical growth rate for cash flow and industry growth rate for cash flow.  Or, look at trend and future capital investments.
  • Step 3:  Add a terminal value – what you can sell the business for in 10 years.  Use FCF multiple.
  • Step 4:  Discount all future cash flows to present value at a rate of 12% to 15%
  • Step 5:  Add together all future cash flows to find intrinsic value
  • Step 6:  Add a margin of safety (of 20% to 30%)

In the current market environment, most companies will be trading above the intrinsic value.

References:

  1. https://www.investopedia.com/terms/f/freecashflow.asp

10 Cyber Security Tips for Small Business

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Information technology and high-speed Internet are great enablers of small business success, but with the benefits comes the need to guard against growing cyber threats, thefts, malware, ransomware and scams. ~ Federal Communications Commission (FCC)

The Internet allows small businesses to reach new and larger markets and provides opportunities to work more efficiently by using computer-based tools.

Whether a company is thinking of adopting cloud computing or just using email and maintaining a website, cybersecurity should be a priority and part of the plan.

Theft of digital information has become the most commonly reported fraud, surpassing physical theft.

Every business that uses the Internet is responsible for and must implement measures to create a culture of security that will enhance business and consumer confidence. This starts with creating a cyber plan.

In short, small businesses want to keep their cyber infrastructure running and their critical assets secure from cyber criminals. However, the chaos of rapidly changing technology and evolving cyber threats can create frustrating obstacles to your business—or introduce new growth opportunities!

Based on what your business wants to achieve in cyber security, there are best practices you should be doing to increase your chances of success. There are several security practices rank most effective, and which are making the making difference.

10 Cyber Security Tips for Small Business

Broadband and information technology are powerful factors in small businesses reaching new markets and increasing productivity and efficiency. However, businesses need a cybersecurity strategy to protect their own business, their customers, and their data from growing cybersecurity threats.

1. Train employees in security principles

Establish basic security practices and policies for employees, such as requiring strong passwords, and establish appropriate Internet use guidelines that detail penalties for violating company cybersecurity policies. Establish rules of behavior describing how to handle and protect customer information and other vital data.

2. Protect information, computers, and networks from cyber attacks

Keep clean machines: having the latest security software, web browser, and operating system are the best defenses against viruses, malware, and other online threats. Set antivirus software to run a scan after each update. Install other key software updates as soon as they are available.

3. Provide firewall security for your Internet connection

A firewall is a set of related programs that prevent outsiders from accessing data on a private network. Make sure the operating system’s firewall is enabled or install free firewall software available online. If employees work from home, ensure that their home system(s) are protected by a firewall.

4. Create a mobile device action plan

Mobile devices can create significant security and management challenges, especially if they hold confidential information or can access the corporate network. Require users to password-protect their devices, encrypt their data, and install security apps to prevent criminals from stealing information while the phone is on public networks. Be sure to set reporting procedures for lost or stolen equipment.

5. Make backup copies of important business data and information

Regularly backup the data on all computers. Critical data includes word processing documents, electronic spreadsheets, databases, financial files, human resources files, and accounts receivable/payable files. Backup data automatically if possible, or at least weekly and store the copies either offsite or in the cloud.

6. Control physical access to your computers and create user accounts for each employee

Prevent access or use of business computers by unauthorized individuals. Laptops can be particularly easy targets for theft or can be lost, so lock them up when unattended. Make sure a separate user account is created for each employee and require strong passwords. Administrative privileges should only be given to trusted IT staff and key personnel.

7. Secure your Wi-Fi networks

If you have a Wi-Fi network for your workplace, make sure it is secure, encrypted, and hidden. To hide your Wi-Fi network, set up your wireless access point or router, so it does not broadcast the network name, known as the Service Set Identifier (SSID). Password protect access to the router.

8. Employ best practices on payment cards

Work with banks or processors to ensure the most trusted and validated tools and anti-fraud services are being used. You may also have additional security obligations pursuant to agreements with your bank or processor. Isolate payment systems from other, less secure programs and don’t use the same computer to process payments and surf the Internet.

9. Limit employee access to data and information, limit authority to install software

Do not provide any one employee with access to all data systems. Employees should only be given access to the specific data systems that they need for their jobs, and should not be able to install any software without permission.

10. Passwords and authentication

Require employees to use unique passwords and change passwords every three months. Consider implementing multi-factor authentication that requires additional information beyond a password to gain entry. Check with your vendors that handle sensitive data, especially financial institutions, to see if they offer multi-factor authentication for your account.

When it comes to cybersecurity, training and transparency are key. All users have a responsibility, and if they embraced their responsibility, security in the cyberspace would be easier to achieve.

If the non-technical managers and leaders understood the impact of good and poor cybersecurity, they would use the cyber assets they have more responsibly. The workforce would be more careful about the devices they introduce to the network.

For more information, please download the cybersecurity tip sheet.

References:

  1. https://www.fcc.gov/cyberplanner
  2. https://apps.fcc.gov/edocs_public/my attachmatch/DOC-306595A1.pdf
  3. https://www.fcc.gov/communications-business-opportunities/cybersecurity-small-businesses