When to Sell AAII Silicon Valley Chapter Computerized Investing Group
|
|
- Domenic Stokes
- 5 years ago
- Views:
Transcription
1 When to Sell AAII Silicon Valley Chapter Computerized Investing Group February 21, 2006 Don Stewart Bob Smithson
2 When to Sell The when to sell topic is of greater concern to most investors than when to buy. It probably shouldn t be, because if you buy a stock that drops in price and never again reaches the purchase price, there s no time to sell that won t lose money. On the other hand, if you buy a stock that rises in price and never again touches the purchase price, then there s no time to sell that won t make money. However, buying a stock that subsequently wanders above and below the purchase price can make the sell decision difficult. The buy decision would seem to be more important because it controls the importance and difficulty of the sell decision. Why, then, do investors worry so much about when to sell? I believe that this is because people expect more from their sell decisions. When you buy one stock out of 9,000 possibilities on U. S. exchanges, you can t possibly do an in-depth analysis on all of them. Therefore if you don t pick one in the top ten percent in returns over the next year, you don t much care as long as on average you get reasonable returns. However, if you sell, you are selecting one of only a few stocks that you own. Surely you should be able to pick the one with the poorest performance to sell out of a small list with which you are very familiar! However, if you think about it, you probably don t know a lot more about the company when you sell it than you did when you bought it, and there s really no reason to think that your sell decision will be any better than the buy decision was. As the SEC says, Past performance is no guarantee of future success. The basic psychological problem is that when you don t buy a stock that subsequently goes up, you think, You can t pick em all. When you sell the same stock you think, I really blew that one! If you have been making reasonable returns on your stock trades over the years, relax and don t worry. You re probably doing a decent job of selling. There is, however, one rule that can make selling both more effective and easier to live with. That rule is: Before you buy, decide what would cause you to sell. When it happens, sell. Selling should be done in a way that is consistent with the buying decision.
3 When to Sell By Dr. Robert C. Smithson Anava Capital Management LLC 2 North First St., 4 th Floor San Jose, CA Please Note: Individual companies shown or discussed in this presentation have been used as examples only and are not intended as recommendations of any kind by Anava Capital Management LLC or any of its representatives.
4 Selling and Investment Styles Consistency is the Key There are many different investment methods and styles. Fundamental investors attempt to determine the fair value of an investment as a business or as a commodity. They buy if they think the market price is unrealistically low compared to what the investment is really worth, and sell when they think the market price is unrealistically high. They reason that over the long term the market will reflect the true value of the security, and are willing to wait until it does. Technical investors attempt to predict changes in market psychology. They argue that at the end of the day it doesn t matter what the true value of a security is. The only thing that matters is the market price when a transaction is made, and this is mostly determined by psychological factors. They commonly look for repetitive patterns in price and volume that signal investor optimism or pessimism about a security. If you know why you bought a stock, you know why you should sell it. There are as many ways to make the sell decision as there are to make the decision to buy. The sell criteria should be consistent with the buy criteria. For example, if you bought a stock after extensive fundamental analysis showed that the company was a good bet for strong growth over a period of ten years or more, then it should be sold only if future developments indicate that the original analysis was wrong, or if the price rises to the point where the stock is overvalued even given the company s future growth prospects. Otherwise any price weakness is a buying opportunity. On the other hand, if you bought a stock purely based on technical indicators such as, for example, strong upward momentum, then it should be sold when the indicator turns negative, whenever it happens. One danger in selling a stock comes when it is done for reasons unrelated to the original buy decision. An example of this is if, after building a diversified portfolio that includes good companies in business sectors that tend to be uncorrelated with each other, you find that one sector is doing especially well, there is a temptation to move all your investments into the sector with the best performance. The problem is that such a move reduces diversification. If you chose a diversified portfolio because you don t have a trader s personality and don t tend to watch the market very closely, this would be a very risky move. Another danger is not watching your investments closely enough to know when your buying criteria no longer hold for a particular company. Whatever your methods, it is important to follow them. Doing nothing can be just as bad as doing things for the wrong reasons. Even buyand-hold investors should rebalance their portfolios once in a while. In other words, know why you bought a security, and sell it when that reason no longer applies. We ll give an example to start the discussion going.
5 BE CONSISTENT! WHY DID YOU BUY IT? FUNDAMENTAL ANALYSIS SHOWS A GOOD COMPANY? TECHNICAL ANALYSIS SHOWS A GOOD BUY? TO REDUCE PORTFOLIO RISK? THEN SELL IT WHEN FUNDAMENTAL ANALYSIS SHOWS THE COMPANY IS NO LONGER GOOD. TECHNICAL ANALYSIS GIVES A SELL SIGNAL. TO REBALANCE A PORTFOLIO. WHEN YOU BUY, DECIDE WHAT WOULD MAKE YOU SELL. WHEN IT HAPPENS, DO IT!
6 An Example Using Covered Calls This is an example drawn from an actual account. It was being used to try a simple covered call strategy in the current market, combined with company selection based on the rules in the AAII s Martin Zweig screen that is included with Stock Investor Pro. The strategy used to evaluate stocks for purchase was to first use the Zweig screen to select candidates, then to purchase only those companies that passed an extensive, Internet information only, fundamental analysis of subjective factors such as the quality of the company compared to peers, market stability, and the company s long term strategy. The portfolio was tilted somewhat in the direction of energy stocks. The purpose of this example is NOT to suggest that selling stocks should only be done in conjunction with covered calls. It is merely an example of a selling strategy that is consistent with the overall portfolio management objectives. In this case, the companies in the portfolio were picked with three criteria in mind. The first was that they are showing growth in sales and profitability over the past few years. Thus the intrinsic value of the company is likely to continue to rise in the near future. The second is that the market has recognized the increasing value of the company, as shown by strong price performance. The third is that the company is still undervalued by the market. In this strategy, then, there are three corresponding sell criteria: growth slows or stops, price performance weakens, or the company becomes overvalued. These fit well with a covered call strategy for sales. A covered call sale occurs when an investor owning stock sells the right to purchase that stock at a specific price within a specific time. For example, if you buy 1000 shares of SanDisk Corporation (SNDK) as of this time (April 11, 2006), you will pay $60.43 per share. If you then sell 10 May call contracts with a strike price of (each contract covers 100 shares), you will receive $3.50 per share for the right to buy your stock on or before May 19 at a fixed price of $62.50 per share. If the stock stays at or below $62.50, the calls will not be exercised, and you get to keep the $3.50 per share, which represents an additional income, in about five weeks, of 5.8%. If the stock is above the strike price on May 19, or maybe before then, the calls will be exercised and you will be forced to sell your stock at $62.50 per share. If the call is exercised, you paid $60.43 per share and your total income per share is $2.07 on the sale plus the $3.50 for the call, so your total profit is about 9.2% in 5 weeks. This represents a compounded annual rate of more than 150%, assuming you can do as well every week, which you probably can t. Still it s a very good week. If the stock is above $60 when the calls were exercised you would have done better by not selling the calls and just selling the stock on the exercise date. Statistically, however, this is unlikely, and you certainly shouldn t be overly unhappy with the return you got. If the price of the stock remains about the same over the next month, you make 5.8% from the sale of the calls. If it drops, the price of the calls will drop too. If you want to sell the stock, you buy back your calls at a lower price before selling the stock, making money on the difference between what you were paid for the calls and what you had to pay to buy them back. This money can partially or completely offset your loss on the sale of the stock. The selling strategy in this case is simple. You sell calls when the effective stock price represented by the call price plus the strike price would put the stock at a fairly valued or overvalued level. You sell the stock when the call is exercised, because it no longer fits your value criterion. After it is sold, you re-evaluate it. If you feel it is still undervalued, you can buy it back and sell another call. If it is no longer undervalued you buy something else that fully meets your criteria. You also might sell the stock because of poor price performance or because of lagging profits. In this case, you will likely be able to buy back your calls at a low price, and the profit from calls will help offset any losses you might have in the sale of the stock. Strategies like this one should be done in a tax-free or tax-deferred account with low transaction costs. Most profits tend to be short-term and are taxed as ordinary income.
7 AN EXAMPLE THE SITUATION AN IRA ACCOUNT NO TAX CONSEQUENCES TO FREQUENT (OR INFREQUENT) TRADING COMPANIES PICKED USING FUNDAMENTAL ANALYSIS COMBINED VALUE AND GROWTH COVERED CALLS ARE USED TO ENHANCE PROFITS SALES ARE MADE WHEN CALLS ARE ASSIGNED. THE COMPANY NO LONGER MEETS THE VALUE AND GROWTH CRITERIA. REBALANCING IS DONE WHEN COMPANIES SOLD ARE REPLACED
8 The AAII Zweig Screen The Martin Zweig screen is a combined value and growth screen. It tends to identify small and mid-cap stocks that have shown solid growth for a few years, but retain reasonable value. Market analysts tend to describe these companies as good companies that for some reason have lagged other companies in their industry.
9 THE ZWEIG SCREEN
10 Portfolio Transactions This portfolio was being used to test a strategy of covered call writing in a retirement account. While the stocks shown were are part of an active portfolio, only those for which option selling was possible are included in this chart. Some companies were also present that did not have options available, and these are not shown. Actual tickers are not shown in this example.
11 TRANSACTIONS
12 Sales Results of the Strategy Two sales were made since the start of the experiment. The first was a sale of BBB Corp one month after purchase as the result of an assignment of an expiring option. The option was sold on the day the stock was bought, yielding $1.25 per share. The stock was sold for $85, the strike price of the option when the market price was $ This loss on the sale was more than offset by the money received for the option, with the net proceeds being $86.25 per share or $0.51 over the market price. After the sale, a second fundamental analysis of the company was done, and although the company still passed the fundamental screening criteria, a better set of candidates were found, so the stock was not repurchased. Later, four other companies were purchased, and options sold on each of them and on the previously purchased AAA INC. About a month later the option on AAA INC. expired and was assigned. The stock was sold at $35, when the market price was $ The amount received for the call was $0.75, so the total received was $35.75 or $2.71 under the market. In this case it would have been better not to sell the call. Nevertheless, a profit of $3.42 per share was made or about 10% in 3 months. The stock was sold as it was in order to remain consistent with the strategy by which the portfolio was being managed. The overall value of the portfolio on 2/21 was $ or $ more than if calls had not been sold.
13 RESULTS
Guide to Executing Cabot Options Trader Strategies
Guide to Executing Cabot Options Trader Strategies By Jacob Mintz, Chief Analyst, Cabot Options Trader Options order entry and execution is an intricate part of trading options. In the last few years,
More informationSIMPLE SCAN FOR STOCKS: FINDING BUY AND SELL SIGNALS
: The Simple Scan is The Wizard s easiest tool for investing in stocks. If you re new to investing or only have a little experience, the Simple Scan is ideal for you. This tutorial will cover how to find
More informationThe Case For and Against Active Investment Management
The Case For and Against Active Investment Management By Dr. Robert C. Smithson Anava Capital Management LLC Cupertino, CA 408-918-9333 Please Note: Individual companies shown or discussed in this presentation
More informationPenny Stock Guide. Copyright 2017 StocksUnder1.org, All Rights Reserved.
Penny Stock Guide Disclaimer The information provided is not to be considered as a recommendation to buy certain stocks and is provided solely as an information resource to help traders make their own
More informationThe Synthetic Futures Position. Goal
The Synthetic Futures Position Goal To try to profit from a trending market using an option strategy that allows entry at a reduced cost while offering the same potential for unlimited profit (and loss)
More informationYour Stock Market Survival Guide
Your Stock Market Survival Guide ROSENBERG FINANCIAL GROUP, INC. While this report can apply to all people, it is especially geared for people who: (1) are getting close to retirement; (2) are already
More informationExplaining risk, return and volatility. An Octopus guide
Explaining risk, return and volatility An Octopus guide Important information The value of an investment, and any income from it, can fall as well as rise. You may not get back the full amount they invest.
More informationINVESTMENTS. The M&G guide to. bonds. Investing Bonds Property Equities Risk Multi-asset investing Income
INVESTMENTS The M&G guide to bonds Investing Bonds Property Equities Risk Multi-asset investing Income Contents Explaining the world of bonds 3 Understanding how bond prices can rise or fall 5 The different
More informationA Top-Performing Multi-Asset ESG Income Fund
A Top-Performing Multi-Asset ESG Income Fund July 5, 2016 by Robert Huebscher Eventide Asset Management, LLC is a Boston-based Registered Investment Advisor and serves as the Advisor to Eventide Mutual
More informationNo duplication of transmission of the material included within except with express written permission from the author.
Copyright Option Genius LLC. All Rights Reserved No duplication of transmission of the material included within except with express written permission from the author. Be advised that all information is
More informationGrowth and Value Investing: A Complementary Approach
Growth and Value Investing: A Complementary Approach March 14, 2018 by Stephen Dover, Norman Boersma of Franklin Templeton Investments Growth and value investing are often seen as competing styles, with
More informationspin-free guide to bonds Investing Risk Equities Bonds Property Income
spin-free guide to bonds Investing Risk Equities Bonds Property Income Contents Explaining the world of bonds 3 Understanding how bond prices can rise or fall 5 The different types of bonds 8 Bonds compared
More informationInsights from Morningstar COPYRIGHTED MATERIAL
Insights from Morningstar COPYRIGHTED MATERIAL Lesson 301: The Fat-Pitch Strategy All I can tell them is pick a good one and sock it. Babe Ruth In baseball, a batter who watches three pitches go past
More informationFEATURING: This Summer s 4 Must-Own Stocks. One for each trading style: Momentum Aggressive Growth Value Growth & Income
FEATURING: This Summer s 4 Must-Own Stocks One for each trading style: Momentum Aggressive Growth Value Growth & Income Table of Contents Introduction... pg 2 Step #1: Identify... pg 3 Step #2: Analyze...
More informationBINARY OPTIONS: A SMARTER WAY TO TRADE THE WORLD'S MARKETS NADEX.COM
BINARY OPTIONS: A SMARTER WAY TO TRADE THE WORLD'S MARKETS NADEX.COM CONTENTS To Be or Not To Be? That s a Binary Question Who Sets a Binary Option's Price? And How? Price Reflects Probability Actually,
More informationDivergence and Momentum Trading
presented by Thomas Wood MicroQuant SM Divergence Trading Workshop Day One Divergence and Momentum Trading Risk Disclaimer Trading or investing carries a high level of risk, and is not suitable for all
More informationInvesting Using Call Debit Spreads
Investing Using Call Debit Spreads Terry Walters February 2018 V11 I am a long equities investor; I am a directional trader. I use options to take long positions in equities that I believe will sell for
More informationTRADING PSYCHOLOGY AND INVESTOR BEHAVIOR
c01.qxd 6/16/03 4:23 PM Page 1 1 TRADING PSYCHOLOGY AND INVESTOR BEHAVIOR The market price of a stock at any exchange never represents the company s fair value. The stock instead is trading either above
More informationThe Neutral Market Strategy
The Neutral Market Strategy GOAL To make a profit selling options in a sideways-moving market. SUMMARY Experts estimate that markets typically trend roughly 30% of the time. The remaining 70% of the time
More informationZacks Method for Trading: Home Study Course Workbook. Disclaimer. Disclaimer
Zacks Method for Trading: Home Study Course Workbook Disclaimer Disclaimer The performance calculations for the Research Wizard strategies were produced through the backtesting feature of the Research
More informationTrading Basics and Mechanics Wall Street is Always the Same; Only the Pockets Change
Chapter 4 Trading Basics and Mechanics Wall Street is Always the Same; Only the Pockets Change Trading in the financial markets should be approached as a business, and few businessmen are successful over
More informationNine Secrets To Stock Market Success! Valuable Tips From Market Pros
Nine Secrets To Stock Market Success! Valuable Tips From Market Pros Nine Secrets To Stock Market Success! Valuable Tips From Market Pros Have you ever wondered what makes some investors wildly successful,
More informationQuick-Star Quick t Guide -Star
Quick-Start Guide The Alpha Stock Alert Quick-Start Guide By Ted Bauman, Editor of Alpha Stock Alert WELCOME to Alpha Stock Alert! I m thrilled that you ve decided to join this exciting new system. As
More informationSMART PLANNING FOR SMART PEOPLE. guide to investing
SMART PLANNING FOR SMART PEOPLE guide to investing 2 GUIDE TO INVESTING 3 INTRODUCTION Contents What does investing mean? 4 Understanding your needs and requirements 6 Understanding risk 8 Spreading the
More informationSmooth investing made easy. Aviva Smooth Managed Fund
The Aviva Smooth Managed Fund Smooth investing made easy 1 Smooth investing made easy Welcome to the Aviva Smooth Managed Fund The Smooth Managed Fund is designed to deliver growth over the medium to long
More informationHOW THE DEAD CAT BOUNCE STOCK TRADING PATTERN WORKS by Michael Swanson
HOW THE DEAD CAT BOUNCE STOCK TRADING PATTERN WORKS by Michael Swanson Hello my name is Michael Swanson and I m the author of Strategic Stock Trading and The Two Fold Formula, which is a book about the
More informationUsing Computers to Adapt to Changing Markets
Using Computers to Adapt to Changing Markets By Dr. Robert C. Smithson Anava Capital Management LLC Cupertino, CA 408-918-9333 Please Note: Individual companies shown or discussed in this presentation
More informationGuide to Retirement Plan Investing Basics
Guide to Retirement Plan Investing Basics WHAT S YOUR STRATEGY? Saving for retirement might be the most important thing you ever do with your money. When saving for retirement, you ll make some decisions
More information11 Biggest Rollover Blunders (and How to Avoid Them)
11 Biggest Rollover Blunders (and How to Avoid Them) Rolling over your funds for retirement presents a number of opportunities for error. Having a set of guidelines and preventive touch points is necessary
More informationEvaluating Performance
Evaluating Performance Evaluating Performance Choosing investments is just the beginning of your work as an investor. As time goes by, you ll need to monitor the performance of these investments to see
More informationDon Fishback's ODDS Burning Fuse. Click Here for a printable PDF. INSTRUCTIONS and FREQUENTLY ASKED QUESTIONS
Don Fishback's ODDS Burning Fuse Click Here for a printable PDF INSTRUCTIONS and FREQUENTLY ASKED QUESTIONS In all the years that I've been teaching options trading and developing analysis services, I
More informationTRADE FOREX WITH BINARY OPTIONS NADEX.COM
TRADE FOREX WITH BINARY OPTIONS NADEX.COM CONTENTS A WORLD OF OPPORTUNITY Forex Opportunity Without the Forex Risk BINARY OPTIONS To Be or Not To Be? That s a Binary Question Who Sets a Binary Option's
More informationFinance 527: Lecture 35, Psychology of Investing V2
Finance 527: Lecture 35, Psychology of Investing V2 [John Nofsinger]: Welcome to the second video for the psychology of investing. In this one, we re going to talk about overconfidence. Like this little
More informationKEEPING TRACK OF YOUR SHARE INVESTMENTS
KEEPING TRACK OF YOUR SHARE INVESTMENTS 8 WHERE TO FIND SHARE PRICE INFORMATION Learn about... WHERE TO FIND SHARE PRICE INFORMATION MARKET INDICATORS INVESTMENT STRATEGIES IN BRIEF Information on shares
More informationBuyer's Guide To Fixed Deferred Annuities
Buyer's Guide To Fixed Deferred Annuities Prepared By The National Association of Insurance Commissioners The National Association of Insurance Commissioners is an association of state insurance regulatory
More information2 GUIDE TO INVESTING
GUIDE TO INVESTING At Intrinsic our approach to investment advice is based on clearly understanding your financial situation, your goals, and how much risk you are prepared to take with your money. 2 GUIDE
More informationWHO IS 5i? Peter Hodson
5i Research WHO IS 5i? Peter Hodson Fellow of Canadian Securities Institute Chartered Financial Analyst Previous Chairman of Sprott Asset Management For over 31 years I ve taken great pride in helping
More informationValueWalk Interview With Chris Abraham Of CVA Investment Management
ValueWalk Interview With Chris Abraham Of CVA Investment Management ValueWalk Interview With Chris Abraham Of CVA Investment Management Rupert Hargreaves: You run a unique, value-based options strategy
More informationStrategies for staying on track. Prepare yourself for the journey ahead
Strategies for staying on track Prepare yourself for the journey ahead TIAA and you: Working together to pursue a financially secure future At TIAA, our mission is simple: We re here to help our customers
More informationAs of July 10, Quarter in Review
As of July 10, 2015 Quarter in Review The following are the total returns for many of the major asset classes in the second quarter of 2015 (note that as a client you do not have exposure to all of these
More informationLet Diversification Do Its Job
Let Diversification Do Its Job By CARL RICHARDS Sunday, January 13, 2013 The New York Times Investors typically set up a diversified investment portfolio to reduce their risk. Just hold a good mix of different
More informationStock Market Sell-Off! What Stock Market Sell-Off? PAGE 3. Stop Making Excuses And Start Saving PAGE 4. Hurricane IRMA Relief. Year End Strategies
Vol. 18 No. 4 OCTOBER 2017 NEWS Stock Market Sell-Off! What Stock Market Sell-Off? PAGE 3 Stop Making Excuses And Start Saving PAGE 4 Hurricane IRMA Relief PAGE 5 8 PA Year End Strategies PAGE 6 8 PA Table
More informationWHS FutureStation - Guide LiveStatistics
WHS FutureStation - Guide LiveStatistics LiveStatistics is a paying module for the WHS FutureStation trading platform. This guide is intended to give the reader a flavour of the phenomenal possibilities
More informationInvesting Using Bull Call or Bull Put Spreads
Investing Using Bull Call or Bull Put Spreads How I trade options as an equities investor and directional trader I use options to take long positions in equities that I believe will sell for more in the
More informationChoosing Your Investments
Choosing Your Investments Utica College FOR ASSISTANCE CONTACT US TODAY For more information, advice or help opening an account, it s easy to reach us: BY PHONE Call us at 800 TIAA-CREF (800 842-2273)
More informationHEDGING WITH FUTURES AND BASIS
Futures & Options 1 Introduction The more producer know about the markets, the better equipped producer will be, based on current market conditions and your specific objectives, to decide whether to use
More informationWelcome again to our Farm Management and Finance educational series. Borrowing money is something that is a necessary aspect of running a farm or
Welcome again to our Farm Management and Finance educational series. Borrowing money is something that is a necessary aspect of running a farm or ranch business for most of us, at least at some point in
More informationSimple Steps You Can Take Right Now To Trade Volatility Like A Pro
Simple Steps You Can Take Right Now To Trade Volatility Like A Pro Jay Soloff Options Portfolio Manager Editor Options Profit Engine About Me 20 years of experience trading options 8 years of online research
More information10 S. Riverside Plaza, Suite 1600
www.zacks.com/ultimate/blackboxtrader Zacks Investment Research, Inc. 10 S. Riverside Plaza, Suite 1600 Chicago, Illinois 60606 Contents Introduction 2 Section 1: The Mental Aspect 3 Section 2: Getting
More informationProfit Watch Investment Group, Inc. Terms and Definitions Used in Our Investment Approach
Profit Watch Investment Group, Inc. Terms and Definitions Used in Our Investment Approach Profit Watch Investment Group (PWIG) has a very narrow investment approach which may not be fully understood by
More informationIntroduction to the Gann Analysis Techniques
Introduction to the Gann Analysis Techniques A Member of the Investment Data Services group of companies Bank House Chambers 44 Stockport Road Romiley Stockport SK6 3AG Telephone: 0161 285 4488 Fax: 0161
More informationWe have seen extreme volatility for commodity futures recently. In fact, we could make a case that volatility has been increasing steadily since the original significant moves which began in 2005-06 for
More informationWhat Should the Fed Do?
Peterson Perspectives Interviews on Current Topics What Should the Fed Do? Joseph E. Gagnon and Michael Mussa discuss the latest steps by the Federal Reserve to help the economy and what tools might be
More information12 FINANCIAL RESOLUTIONS
12 FINANCIAL RESOLUTIONS Review and revamp your financial plan all year long. Instead of hauling out those familiar New Year s resolutions about eating less and exercising more, how about focusing on something
More informationwww.zacks.com/optionstrader Zacks Investment Research, Inc. 10 S. Riverside Plaza, Suite 1600 Chicago, Illinois 60606 Introduction Welcome Congratulations on getting started with the Options Trader. Did
More informationHundreds Daily With NADEX Using Simple Little Digital Options
Hundreds Daily With NADEX Using Simple Little Digital Options Copyright 2015 Kosoma LLC No part of this report can be reproduced for any reason. This is ONLY available to students of Kosoma LLC NADEX Trading
More informationActive Portfolio Management
Active Portfolio Management Disciplined, Focused, Effective Special Risk Capital Management, LLC A Registered Investment Advisor Thomas C. Hamilton, President 8 Pine Shadow Court Savannah, Georgia 31411
More informationClimb to Profits WITH AN OPTIONS LADDER
Climb to Profits WITH AN OPTIONS LADDER We believe what matters most is the level of income your portfolio produces... Lattco uses many different factors and criteria to analyze, filter, and identify stocks
More informationPay As You Go Meter Statement
Pay As You Go Meter Statement A Pay As You Go meter (or Prepayment meter) A meter that lets you pay for your electricity and gas in advance. You can buy credit at hundreds of Post Office branches or PayPoint
More informationElm Partners Asset Allocation Methodology
Elm Partners Asset Allocation Methodology Each of our strategies follows our rules-based asset allocation methodology, an approach we call Active Index Investing. This note describes in detail the three
More informationMutual Fund Expenses- Back to Basics
Mutual Fund Expenses- Back to Basics Mutual Fund Expenses- Back to Basics Jack Bogle is perhaps the biggest critic of the mutual fund industry, which is somewhat ironic in that he is the founder of its
More informationJacob Funds Wisdom Fund: Economic Value Through Return on Invested Capital Transcript Page 1 of 8
Economic Value Through Return on Invested Capital Transcript Page 1 of 8 Amy Buttell: Frank Alexander: Hi, I m Amy Buttell with Jacob Funds. We re delighted that you could join us today for our webinar,
More informationCopyright by Profits Run, Inc. Published by: Profits Run, Inc Beck Rd Unit F1. Wixom, MI
DISCLAIMER: Stock, forex, futures, and options trading is not appropriate for everyone. There is a substantial risk of loss associated with trading these markets. Losses can and will occur. No system or
More informationINVESTMENT APPROACH & PHILOSOPHY
INVESTMENT APPROACH & PHILOSOPHY INVESTMENT APPROACH & PHILOSOPHY - Equities 2. Invest regularly 1. Invest early 3. Stay Invested Research: We receive in-depth research on companies and the macro environment
More informationRead slide / introduce seminar.
Read slide / introduce seminar. Introduce yourself as a Registered Representative of Voya Financial Partners or Voya Financial Advisers (as applicable). 1 Retirement Advisory Distribution and Tax Sheltered
More informationVanguard 2017 economic and market outlook: What s ahead for 2017?
Vanguard 2017 economic and market outlook: What s ahead for 2017? David Eldreth: When talking about the investment and market outlook for 2017, the question on many investors minds is around uncertainty
More informationThe Wisconsin Deferred Compensation Program. Invest in Your Future While Reducing Your Taxes
The Wisconsin Deferred Compensation Program Invest in Your Future While Reducing Your Taxes Included in this booklet... Do you need to supplement your retirement income?..........................2 How
More informationTrading Guidelines. Why guidelines and not rules? Because there are no rules.
Trading Guidelines Why guidelines and not rules? Because there are no rules. 1. Everything that you see is in a gray fog. Nothing is perfectly clear. Close is close enough. If something looks like a reliable
More informationT H E R I S E O F W W W. A I O N N E X T. C O M
T H E R I S E O F Trading Cryptocurrency W W W. A I O N N E X T. C O M What Is Cryptocurrency? The question, what is cryptocurrency seems to be asked a lot these days. There has been widespread interest
More informationAre Your Allocations Right for RMDs?
Are Your Allocations Right for RMDs? Are Your Allocations Right for RMDs? Making sure your IRAs are allocated properly for required minimum distributions (RMDs) once you reach the age at which you must
More informationFinancial Markets I The Stock, Bond, and Money Markets Every economy must solve the basic problems of production and distribution of goods and
Financial Markets I The Stock, Bond, and Money Markets Every economy must solve the basic problems of production and distribution of goods and services. Financial markets perform an important function
More informationInvesting Using Bull Call or Bull Put Spreads
Investing Using Bull Call or Bull Put Spreads How I trade options as an equities investor and directional trader I use options to take long positions in equities that I believe will sell for more in the
More informationHOW-TO GUIDE FM 2244 Building 3, Suite 170 Austin, Texas
HOW-TO GUIDE 1. Understand our value investment philosophy The Prudent Speculator follows an approach to investing that focuses on broadly diversified investments in undervalued stocks for their long-term
More informationInvesting With Synthetic Bonds
Investing With Synthetic Bonds Creating and managing forward conversion arbitrage and collared stock positions I use options to take long positions in equities that I believe will sell for more in the
More informationWhy Your Broker Won t Tell You About Covered Calls Introduction Welcome to our free report, "Covered Calls: What Your Broker Won t Tell You " Today, we re going to keep this report short and sweet but
More informationInvesting Using Call Debit Spreads
Investing Using Call Debit Spreads Strategies for the equities investor and directional trader I use options to take long positions in equities that I believe will sell for more in the future than today.
More informationThe Fish Hook Pattern
The Fish Hook Pattern GOAL The Fish Hook Pattern is a trade entry method that is mentioned from time to time in Jim s Chartbook and on the Premium Alert Service. The idea behind the Fish Hook is that it
More informationCredit. What is Credit?
Credit What is Credit? For some, Credit can seem like this mysterious invisible force that pushes against us when we try to figure out how to buy a car, or a house. For others it is a wonderful ninja waiting
More informationTradeOptionsWithMe.com
TradeOptionsWithMe.com 1 of 18 Option Trading Glossary This is the Glossary for important option trading terms. Some of these terms are rather easy and used extremely often, but some may even be new to
More informationHow Do You Calculate Cash Flow in Real Life for a Real Company?
How Do You Calculate Cash Flow in Real Life for a Real Company? Hello and welcome to our second lesson in our free tutorial series on how to calculate free cash flow and create a DCF analysis for Jazz
More informationHow to Turn Your. Brokerage Account Into an ATM
How to Turn Your Brokerage Account Into an ATM How to Turn Your Brokerage Account Into an ATM By Jeff P. Opdyke A lot of investors are looking for investment income these days. Unfortunately, 99% of Americans
More informationBefore we get to all the details, we are going to look at a couple of trades in the first
CHAPTER 1 Let s Get Started Before we get to all the details, we are going to look at a couple of trades in the first two chapters. From them you will get a good idea where we are heading, and how we are
More informationIntroduction to Swing Trading. A free stocks swing trading guide by Prosper Trading Academy
Introduction to Swing Trading A free stocks swing trading guide by Prosper Trading Academy Introduction to Swing Trading A Stocks Swing Trading Guide by Prosper Trading Academy & Dan O Brien DAYTRADING
More informationInvest now to help make your retirement dreams a reality
Invest now to help make your retirement dreams a reality What s inside The sooner you start, the better off you ll be... 1 Chart your path to a comfortable retirement.... 2 Why Vanguard?... 5 Choose the
More informationShort Selling Stocks For Large And Fast Profits. By Jack Carter
Short Selling Stocks For Large And Fast Profits By Jack Carter 2017 Disclaimer: No financial advice is given or implied. Publisher is not registered investment advisor or stockbroker. Information provided
More informationValueWalk Interview With Ravee Mehta Of Nishkama Capital LLC
ValueWalk Interview With Ravee Mehta Of Nishkama Capital LLC ValueWalk Interview With Ravee Mehta Of Nishkama Capital LLC ValueWalk: You re the author of The Emotionally Intelligent Investor: How self-awareness,
More informationCombining Rsi With Rsi
Working Two Stop Levels Combining Rsi With Rsi Optimization and stop-losses can help you minimize risks and give you better returns. channels, and so forth should be kept to a minimum. DAVID GOLDIN ou
More informationI WILL TEACH YOU TO BE RICH BY RAMIT SETHI BOOK SUMMARY
I WILL TEACH YOU TO BE RICH BY RAMIT SETHI BOOK SUMMARY I Will Teach You to be Rich helps you identify where your money is going and gets it working for you so that you can save for the things that will
More informationMANAGED ACCOUNTS. Capital Directions. A guided approach to financial achievement
MANAGED ACCOUNTS Capital Directions A guided approach to financial achievement CAPITAL DIRECTIONS A UNIFIED MANAGED ACCOUNT THAT COMBINES FLEXIBILITY, SIMPLICITY, AND DISCIPLINE With a Capital Directions
More informationTactical Tilts and Forgone Diversification
Tactical Tilts and Forgone Diversification April 2014 Tactical timing of markets or strategies is notoriously difficult. We demonstrate that even an investor with some positive tactical timing skill may
More informationLessons from a Trading Great: Bruce Kovner
Lessons from a Trading Great: Bruce Kovner Bruce Kovner retired in 2011 from Caxton Associates, the hedge fund he founded and ran for 28 years. Over that time the fund returned an average of 21 percent
More informationAn Orientation to Investment Club Record Keeping
An Orientation to Investment Club Record Keeping Treasurer Training Orientation to Investment Club Accounting Monthly Treasurer Tasks Non Monthly Treasurer Tasks This presentation is part of a three part
More informationTHE HOT MONEY TRADER HANDBOOK
THE HOT MONEY TRADER HANDBOOK SEVEN FIGURE PUBLISHING The Hot Money Trader Handbook Hi, I m Joshua Belanger. I got my start as a runner on the floor of the Chicago Mercantile Exchange (CME) and eventually
More informationDisability Insurance Introduction
Disability Insurance Introduction I ll be doing a series of posts over the next few weeks on disability insurance. The subject is sufficiently broad, and sufficiently important, that one post isn t going
More information2) Bonds are financial instruments representing partial ownership of a firm. Answer: FALSE Diff: 1 Question Status: Revised
Personal Finance, 6e (Madura) Chapter 14 Investing Fundamentals 14.1 Types of Investments 1) Before you start an investment program, you should ensure liquidity by having money in financial institutions
More informationBUYER S GUIDE TO FIXED INDEX ANNUITIES
BUYER S GUIDE TO FIXED INDEX ANNUITIES Prepared by the National Association of Insurance Commissioners The National Association of Insurance Commissioners is an association of state insurance regulatory
More informationCALM, COOL AND INVESTED
CALM, COOL AND INVESTED Staying on track to live the life you want This brochure provides year-end performance. When data for subsequent quarters are available, the brochure must be accompanied by a performance
More informationTailor made investment approach
WHAT DOES INVESTING MEAN? 03 GUIDE TO INVESTING - Tailor made investment approach 02 GUIDE TO INVESTING Contents WHAT DOES INVESTING MEAN? 3 UNDERSTANDING YOUR NEEDS AND REQUIREMENTS 5 UNDERSTANDING RISK
More informationIn the previous session we learned about the various categories of Risk in agriculture. Of course the whole point of talking about risk in this
In the previous session we learned about the various categories of Risk in agriculture. Of course the whole point of talking about risk in this educational series is so that we can talk about managing
More informationStandard Life Active Retirement For accessing your pension savings
Standard Life Active Retirement For accessing your pension savings Standard Life Active Retirement our ready-made investment solution that allows you to access your pension savings while still giving your
More information