INVESTING STRATEGIES. That Work Every Time: STOC KS. A Step-By-Step Guide to Making Your Money Grow

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1 INVESTING STRATEGIES That Work Every Time: STOC KS A Step-By-Step Guide to Making Your Money Grow J A M E S S K I N N E R M A R K V I C T O R H A N S E N R O I C E K R U E G E R

2 Investing Strategies That Work Every Time: Stocks A Step-By-Step Guide to Making Your Money Grow James Skinner, Mark Victor Hansen, and Roice Krueger shows you what the best investors know how to use time-proven strategies to multiply your wealth in real estate, stocks, private equity, and running your own business. 2007, James Skinner, Mark Victor Hansen, and Roice Krueger, All rights reserved. 1

3 The Authors JAMES SKINNER is the founder of two global financial groups that manage billions of dollars of assets. He is also recognized as one of the world s foremost business thinkers and appears regularly on Japanese television. MARK VICTOR HANSEN is the co-creator of the Chicken Soup for the Soul empire and is the best-selling nonfiction author of all time. His goal is to make the planet work for all humanity! ROICE KRUEGER co-founded Franklin Covey, the world s largest training company, and has supervised consulting projects for 80 percent of the Fortune 500. NOTE: Ideas That Can Change Your Life is a collaboration of three of the world s most amazing authors, speakers, and thinkers. The first person I may refer to any of the authors. 2007, James Skinner, Mark Victor Hansen, and Roice Krueger, All rights reserved. 2

4 Foreword There are many, many ways that we can invest in the world. We live in a phenomenal time in human history when there are literally thousands of investment vehicles available to us. Many of them are confusing and hard to understand. We want to get back to some of the basic investment strategies that have been proven over time, location, and destination to work again and again for many people who may not be spending 100 percent of their time trying to understand investing. The secret to investment success is the consistent application of time-proven strategies, not the use of complex, hard-to-understand investment vehicles created by investment bankers out to take your money! When most of us invest, we do not have the leisure of spending 24 hours investing and doing nothing else. But we still have to have investing strategies that work. 2007, James Skinner, Mark Victor Hansen, and Roice Krueger, All rights reserved. 3

5 If you look at the world as a whole, most people make their money by doing what? They do it by working. They have a job and earn money. But even if you are working for a living, you still need to invest that money to grow it, because if you want to master wealth, you need to be able to create, grow, and protect your wealth. The mastery of wealth requires you to create, grow, and protect your wealth. wealth. Investment is the primary means of growing your Investment is the primary means of expanding your wealth! Through investment, you are going to turn your money into something bigger than it was before. 2007, James Skinner, Mark Victor Hansen, and Roice Krueger, All rights reserved. 4

6 looks at four categories of investments, four questions to ask anyone who asks for your money, and five vital lessons we ve learned about business. All of them have been shown to work consistently over time, and you can use them to increase your own wealth. This book will show you proven strategies for investing in Stocks. James Skinner, Mark Victor Hansen, Roice Krueger 2007, James Skinner, Mark Victor Hansen, and Roice Krueger, All rights reserved. 5

7 Investment 2: Stocks Let s take a look at investing in stocks. We are going to look at stocks from a couple of different perspectives. The stocks that we are talking about right now are stocks that are traded on a public exchange. It could be the Stock Exchange of Singapore, the New York Stock Exchange, or the exchange in San Francisco, London, Tokyo, Korea, or even Hong Kong. It doesn t matter. These are stocks that anyone can buy. To put it simply, they are available for purchase by anybody, including you. The really great thing about the stock exchange is that it is a very level playing field. Everybody can buy. Everybody can sell. You can buy and sell when you want. You can buy and sell at the same price as anybody else. choose. The only thing that you have to know is how to 2007, James Skinner, Mark Victor Hansen, and Roice Krueger, All rights reserved. 6

8 To win at stocks, the only thing you have to know is how to choose! I want to give you some strategies for selecting stocks when you buy a publicly-traded company. Strategy 1: Buy the Leading Edge Not the Cutting Edge Everything in the world has a life cycle. Animals have life cycles. We are born, grow, wane, and die. Companies have a life cycle. Products have a life cycle. Technologies have a life cycle. Now some of these life cycles are quite predictable. For example, in the area of technology, it typically takes some 20 years to move from cutting edge to leading edge. 2007, James Skinner, Mark Victor Hansen, and Roice Krueger, All rights reserved. 7

9 It simply takes this amount of time to move from basic research to a product that a significant number of people are buying and using. It typically takes 20 to 30 years for any new technology to move from basic research to well accepted product. When cell phones came out, how many people had them? It isn t a difficult question, by the way. None. That is why they were first coming out. When TVs came out, how many people had them? None. When cars first came out, how many people had them? None. My father used to work at the Central Research Laboratories of RCA. RCA is the company that invented color televisions, just in case some of you are not familiar with them. In 1969, in the Central Laboratories of RCA, they were doing communication between the buildings by 2007, James Skinner, Mark Victor Hansen, and Roice Krueger, All rights reserved. 8

10 laser for fun. How long did it take before fiber optic communication became a part of your life? You are talking 20 to 30 years later. This is consistent from technology to technology. Take cell phones. My father had one in 1978; when did you get your first cell phone? Think about it. You are trying to imagine a time when you didn t have one, but you realize that it hasn t been all that long, right? So, if you buy a company at the very beginning of the curve working on cutting edge technologies for products that nobody has, how long are you going to have to wait before you start getting rewarded? You will wait 20 years. It is a long, long wait. This is not where you want to be choosing companies. You don t want to be choosing companies that are at the cutting edge of technology, you want to be buying companies that are leading the markets on the edge of product implementation. 2007, James Skinner, Mark Victor Hansen, and Roice Krueger, All rights reserved. 9

11 Don t buy at the cutting edge, but at the leading edge! Most technologies, by the way, never get to implementation at all. They die in the laboratory as great ideas that don t happen. A lot of people have bought those companies and never made any money. Most great ideas and technologies never get implemented, and their shareholders get nothing! As a smart investor, this is not where you want to be investing. You want to wait until we see that this technology has some legs. Is this going to be something that human beings around the world really want to buy? How will we know that they really want to buy it? This is not a difficult question. Don t think too hard. We will know that they want to buy it because will be buying it! It is not difficult to figure out. 2007, James Skinner, Mark Victor Hansen, and Roice Krueger, All rights reserved. 10

12 As they buy it, the potential population of people who can use that product will start to grow, and you will get to a point where around percent of the potential market for this product will actually be buying it. Now you know that it has some legs. The sweet spot is at the time when 10%-15% of the possible users for that product or technology have actually purchased! You know that this technology is important to people because people are buying it. You start to see around you about ten percent of your friends and work associates carrying a cell phone and you know that cell phones are starting to be important to people. It is an idea whose time has come! Nothing is as powerful as investing in an idea whose time has come! How many of your working colleagues have a cell phone now? They all have one. This is well down the road in product and technology life cycle. 2007, James Skinner, Mark Victor Hansen, and Roice Krueger, All rights reserved. 11

13 Do you want to be buying into that now? It s too late. Now, what is the competition in the cell phone space like? It is phenomenally intense. How hard is it to pick a winner now? It is really hard, right? It is easy to pick a winner early in the game. So, you go down here when people are starting to buy it, when about ten to fifteen percent of the possible users have actually purchased and you buy the number one company in that space. Buying number one is a winning strategy! How difficult is that to figure out? You call up your stockbroker and say, Who is the market leader in the following technology? He will tell you. Your stockbroker is not in the business of giving you advice. If your stockbrokers knew the answer to the 2007, James Skinner, Mark Victor Hansen, and Roice Krueger, All rights reserved. 12

14 question that you want to ask them, he would not be your stockbroker. He would be making the investment. He wouldn t be telling you about it until after he d had done it. Your stockbroker is in the business of giving you information so you can give yourself advice. So getting back to our discussion, why do you buy number one? You choose the leader in the market, because the leader in the market has a tendency to remain a leader in the market. Leaders have a tendency to remain leaders! I am just going to give you half a dozen examples or so of this, so you can see how powerful this process is and how it can be used by anyone. We will start with an old example. When ten percent of the people who were going to buy an automobile had 2007, James Skinner, Mark Victor Hansen, and Roice Krueger, All rights reserved. 13

15 bought one, who was the market leader in cars? Ford was the leader. How many would have liked to buy Ford stock at that time? That is an absolute no-brainer, right? Let s go to a more modern example. When ten percent of companies had implemented computers, which company was the market leader in computers? IBM was the market leader. How many of you would have liked to buy IBM stock at that point and time? At that time, who was the market leader in software? Microsoft was the leader. How many of you would have liked to buy Microsoft stock at that point? When ten percent of the people that you know had access to the Internet, who was the world leader in Internet equipment? Cisco Systems. How many of you would have liked to buy Cisco Systems stock at that time? It is not complicated. When ten percent of the people who were ever going to shop on the Internet had actually purchased something on the Internet, who was the leader in 2007, James Skinner, Mark Victor Hansen, and Roice Krueger, All rights reserved. 14

16 Internet shopping? Amazon was the leader. How many of you would have liked to have bought Amazon stock at that point and time? When ten percent of people knew what a Net auction was, who was the world leader in Net auctions? ebay was the leader. How many of you would have liked to have bought stocks at that time? The list goes on and on. It is not complicated. The point I want to make is that you only need to buy one great stock to become rich. When ten percent of the population in the United States had ever shopped at a discount store, who was the market leader in discount stores? Wal-Mart was the leader. When ten percent of all people had ever had fast food, which was the market leader in fast food? McDonald s was the leader. How hard is it? 2007, James Skinner, Mark Victor Hansen, and Roice Krueger, All rights reserved. 15

17 Strategy 2: Volatility in a Range I run a financial service company. We have a hedge fund and manage about $2 billion of other people s money. I have a business partner who is really a bright guy. People ask him, What do you predict the markets will do in the future? He is always right! I predict that markets will continue to be volatile. This means that prices will continue to keep going up and down. He has never been wrong yet. If you ask me what is going to happen to the price of any stock, my answer is that it will remain volatile. You can use that to your advantage. If you look at a stock and look at the graph of its price, you will find that some stocks are only volatile in a certain range. 2007, James Skinner, Mark Victor Hansen, and Roice Krueger, All rights reserved. 16

18 They go up and they go down, but somehow they are always up and down in a certain range. Some stocks exhibit volatility in a fixed range of pricing. For example, I once found a stock called Brook Trout. My apologies to the company, but to this day, I still do not know what they do. The one thing that I noticed is that their stock was volatile between $12 and $14 per share. That is the only thing to this day that I know about the company other than their ticket symbol. Every time the stock was up to $12, what do you think I did? I bought it. I would put it in a stop loss order, because I am not so bright that I think that I am always going to get it right. I told my broker that if the thing ever falls in value 10 percent below $12, it obviously means that I don t know what I am doing, so 2007, James Skinner, Mark Victor Hansen, and Roice Krueger, All rights reserved. 17

19 he should immediately sell it. You don t need to call me. You don t need to find me. You just sell it. Stop loss is a very valuable tool. I was in a place called Tofino at the very far west end of the Trans Canada highway the day that the NASDAQ crashed. I had ten trades on at that time. There was only one problem. Somebody had run a truck into a telephone pole, and they had snapped the telephone pole in half. The city of Tofino, the entire city, was without electric power, telephones, or Internet access for 16 hours. This was all because of one telephone pole. During this time, the NASDAQ was crashing. I slept very well that night because I had stop loss on every trade that I had. 2007, James Skinner, Mark Victor Hansen, and Roice Krueger, All rights reserved. 18

20 Eight of my trades lost money. Two of my trades went up dramatically during the crash, and I made money that day. You always want to invest with insurance. I buy the stock at $12, put in a stop loss order for $10.80, and wait. As soon as the share price hit $14, what would I do? I would sell it. Then what would I do? I would go short. What going short means is that you get your broker to borrow some of the stock from someone else and then you sell it. All you have to do is buy it back later to give it back to the guy you borrowed it from. Going short means that through your broker you borrow stock and then sell it. By buying the stock back at a lower price later on, you can make money in a falling market. 2007, James Skinner, Mark Victor Hansen, and Roice Krueger, All rights reserved. 19

21 I would sell somebody else s stock at $14 and I would buy it back for them at $12. So, I would make $2 per share on the trade. I did this over and over, making $2 going up and $2 going down. This thing happened every two weeks. So, $2 on a $12 investment is what percent? It is a bunch every two weeks. If you can find stocks that are volatile within a range, you will be well off. All you have to do is identify a pattern of volatility within a range. To find the volatility of a stock, I used Bloomberg. I went onto and graphed the stock price. I chose another stock and graphed the stock price, looking for a trend of volatility within a range. You can look at it for a month or for six months. 2007, James Skinner, Mark Victor Hansen, and Roice Krueger, All rights reserved. 20

22 You can also ask a good stockbroker. Let them do the work for you. They would love to help you do that. Show me some stocks that are volatile with in a range of $X. They can do it on penny stocks as well as dollar stocks, so anyone can afford it. Writing Covered Calls Covered calls are option strategies that allow you generate income off of the stocks that you hold while mitigating the risk of a fall in share price. To help you understand this strategy, we will have to first explain what an option is. An option is the right to either buy or sell something at a given price at or before a given date. It is not the obligation to do so, but the right to do so. You don t have to, but you can if you want. For example, say that I have this wonderful coat. We will do a suit option. For 50 cents, I will give you the 2007, James Skinner, Mark Victor Hansen, and Roice Krueger, All rights reserved. 21

23 right to buy this coat anytime during the next four days for $400. By giving me the 50 cents you would acquire an option to buy my coat. At your option you could either buy my coat or not buy my coat. The 50 cents is whose? It is mine. I get to keep that, whether you buy the coat or not. The money I get paid for giving you the option is called the premium, and the premium is mine to keep whether you exercise your option or not. Options are easiest to understand if you think about an option on real estate. You can go to somebody and say, How much would you like to sell this property for? Maybe they say that they want to sell it for $100,000. You say, I will give you $5,000 if you will give me the right to buy it for $100,000 at any time during the next 60 days. Now, if you are the owner, does that sound like a good idea? I am going to give you $5,000 for the right to do what you want me to do anyway. You want to sell it 2007, James Skinner, Mark Victor Hansen, and Roice Krueger, All rights reserved. 22

24 for $100,000, and I will give you $5,000 to have the right to buy it for $100,000! The reason that it might be good for me is the price of real estate in the neighborhood might go up in the next 60 days. The $100,000 property might be worth $120,000, and I would make $20,000 on what is initially a $5,000 investment. Or, I could find another buyer who wanted to buy it for $150,000, and I could sell it to him for $150,000, making $50,000 on a $5,000 investment. That is what an option is. Options provide leverage to turn small investments into big investments. Now let s look at stock options. Say you buy a stock in the Sentosa Golf Club, which is trading on the symbol of SGG, and I buy one stock for $10. Number one: I want to turn this stock into an income stream. 2007, James Skinner, Mark Victor Hansen, and Roice Krueger, All rights reserved. 23

25 Number two: I want to protect myself from risk from the value of the stock falling. I sell ( write in proper industry language) an option on the stock. The price of the option will be determined by a number of things in the market. The number-one thing that will determine it is the volatility, how much the stock tends to move up and down. The price of an option is determined by the volatility of the stock. Say that I sell you the right to by one share of stock for $10, and based on the current volatility, that option costs you $1. When do I get my $1? I get it today. That is cash in my pocket. I get the cash. 2007, James Skinner, Mark Victor Hansen, and Roice Krueger, All rights reserved. 24

26 Now, what is the worst thing that can happen? The worst thing that can happen is that the price of the stock goes down. So, if the price of the stock goes down to $9, how much money have I lost? I haven t lost any money because I got one dollar from you and I still have a $9 stock. So, I am protecting myself from the risk of the price of the stock going down by the value of the amount I sold the option for. If the price of the stock goes down to $9, will you use your option to buy it for $10 if you can buy it for $9? The option then becomes worthless, and I get to keep the $1. The next thing that can happen is that the stock can stay the same. It would still be how much? It would be $10. If you can buy a stock on the market for $10 or you can buy it from me for $10, it doesn t matter, and your option is worth how much now? It is worth nothing. 2007, James Skinner, Mark Victor Hansen, and Roice Krueger, All rights reserved. 25

27 So, let s assume this is a one-month option. So, one month from now the price of the stock is $10, and I get to keep the $1. Does that sound like a good idea? Everybody else who bought the stock and didn t write the option has $10. A month from now, they still have $10 and I have $11. Do you see why you want to become financially literate about the tools that are available to you? You can be sitting there still having $10 while smart people are having $11. When you go down to $9, the smart people are sitting there with $10. This happens every single month. Say the stock goes up to $11. How much money do I get? I get $10 plus $1, and you are now going to buy the stock from me for $10, and I still have that option so I still get $11. Now let s look at the other two things that can happen. 2007, James Skinner, Mark Victor Hansen, and Roice Krueger, All rights reserved. 26

28 lot? What happens if the price of the stock goes down a Let s say the stock goes down to $8. How much money do I have? I have $9, so I have still mitigated or reduced the amount of my loss. What if the price goes up a lot? If the price goes up to $12, I still get $11. I get $1 for the option, and you buy the stock from me at a price of $10. This is a way that you can take any stock and turn it into an income stream. That is a reliable strategy that has been used by many, many people over time to create income streams and to protect them from downside loss. You will want to study the whole concept, talk to your broker, and walk through a couple of variations of 2007, James Skinner, Mark Victor Hansen, and Roice Krueger, All rights reserved. 27

29 it, because you are able to change the price at which you are willing to sell. You can sell an option to buy it at $12.50 instead of $10, depending on if you think the stock price is going to go up and you want to capture the up side and get paid a little bit less on the option. If you sell the option to buy at $12.50, they will pay you less for the right to buy it at $10, but you can still do the same thing. We recommend that you do this on paper for eight weeks before you invest one real dollar, so you can make sure you have the formula down and you are checking it with somebody who is a master at this. Then I recommend you begin with just a few dollars; because as much as you do it on paper, the real learning will come when you actually have some real money on the table. When I started trading for my own account and for my own benefit, for the first two months I did not understand one word my broker was saying to me. After 2007, James Skinner, Mark Victor Hansen, and Roice Krueger, All rights reserved. 28

30 two months of trading with my own money, I understood everything he was saying to me. A call option is an option to buy. A put option is an option to sell. That s the language that is used. An option to buy something is known as a call. Since this is an option to buy the stock from me, it is called a call. What covered means is that I actually own the stock. If you write a call on a stock that you don t own, this is called going naked. DON T DO IT! If I give you the right to buy a stock from me at $10 that I don t own and the stock goes up to $100, then I have to go buy stock for $100 and sell it to you for $10. The amount of your loss is limited only by your imagination. Don t write naked options! 2007, James Skinner, Mark Victor Hansen, and Roice Krueger, All rights reserved. 29

31 You want to be covered; you want to own the thing that you are giving somebody the option to buy. If I give someone an option to buy a house that I don t own, I am in deep trouble. What if the guy who owns it doesn t want to sell it? Whenever you give someone the option to buy something, make sure that it is something you already own. It is very simple. That is why it is called covered. Writing call options on stock that you own is known as writing a covered call. You need to remember that you only need one or two of these strategies. You do not need to find a large number of great investments to make you wealthy! These are the three proven strategies for successful stock investing: 1. Buy the leading edge, not the cutting edge. 2. Find stocks that exhibit volatility in a range. 3. Writing covered calls. 2007, James Skinner, Mark Victor Hansen, and Roice Krueger, All rights reserved. 30

32 Make a plan. Work your plan. And may all of your investments prosper! With best wishes, James Skinner, Mark Victor Hansen, Roice Krueger 2007, James Skinner, Mark Victor Hansen, and Roice Krueger, All rights reserved. 31

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