Education Day: Make It Last: Strategies to Stretch Your Dollars | Michael Kealy

Hello, there. I am glad to be with you folks
for another TD Ameritrade Investor Education Day. Of course, today’s sessions are
devoted to retirement planning principles. And this is something
that I’m really keen on helping to
facilitate more knowledge as it relates to how
you might approach the all-important
decision-making that leads up to, and certainly
is involved with, being in retirement. My name is Michael Kealy. It is October, and
we are going to have what I would label a
really phenomenal blend of both conceptual
knowledge as it relates to a couple of
strategies, as well as the practical application. Actually going live on to
the TD Ameritrade website and putting some screening
tools to work, so that we can identify
companies that fit certain characteristics
that we’re after to really mold into shape the
opportunities that surround a couple of key strategies. Those would notably be covered
calls and dividends as far as a strategy orientation. So my name is Michael Kealy. I do have a Twitter handle,
as do all of us coaches here. We would love for you
to make use of that, so that you can identify
with those things that we’re tweeting
about on a daily basis. We hope to bring some insight
and some meaningful information to the Twitter sphere there. I am @kealy underscore TDA. And like I said, all of
my counterpart coaches are active on Twitter as well. I need to remind everybody that
options, which we will discuss, are not suitable
for all investors as there are risks inherent
in options trading. That could expose
investors to potentially rapid and substantial losses. Before trading options, you
need to make an application to see if you can get squared
away for step number one, which is the Options Approval. And then, do make use of
the prospectus for options. I call it a prospectus,
but really, it’s the Characteristics and Risks
of Standardized Options. The following presentation is
for educational purposes only and does not constitute
any recommendations of strategies nor
recommendations of specific securities. All the examples are used
for that educational purpose. Returns always
vary in the market. Past performance is never
indicative of what you should expect in the marketplace. And as far as the amount of
risk that lies in the market, we need to be aware of that. And it is ever present. So this is me. I have been in the education
realm as a coach since 2002. And I operate on all
levels from the webcast that we offer, to
help in generating content behind our
education center– some of the coursework
I’ve been very involved with helping to produce. And I regularly contribute
to the TD Ameritrade Network, which, as stated here, is
brought to you by TD Ameritrade Media Productions
Company, separate but affiliated subsidiary of
this TD Ameritrade Holding Corporation, which is associated
with TD Ameritrade as well. The passions that I have
involve teaching what I can in the marketplace, that makes
use of fundamental analysis, as well as portfolio
management principles. And I can wrap into
technical analysis and what to make of charts as
well in that process of what I do on a daily basis. The pursuits, for me, involve
chasing my kids around. I say chasing because
I do like to run, and I chase them up and down
mountains because we all like to get on the snow and
skateboards, believe it or not. Yes, that childish and selfish
pursuit of skateboarding is something that I am very
fond of at nearly the age of 50. Today, you’ll learn
to gain perspective on decisions that can lead to
negative impacts on retirement income, evaluate retirement
income from investments. We can make use of some tools at that make this a lot more efficient– a process to recognize, where
and when the potential income might be kicked off of a
variety of types of investments. Understand strategies
designed to provide income. So that’s going to be digging
into the heart of the strategy called Covered Calls, as well as
dividend-producing securities. I love this quote by
Helen Gurley Brown. “Money, if it doesn’t
bring you happiness, will at least help you
be miserable in comfort.” [GIGGLES] So even for those lone wolves
out there that say, well, I don’t have a real
purpose for money, you should think twice about
that because there are lots of opportunities to make
use of some well-established retirement accounts
down the line– or maybe in front of retirement
to pursue a range of things that might fit the bill. And these are just
some conventional ones that a lot of
people have in mind as it relates to a target focus. And it’s always good
to have that focus. Now, I wanted to begin with
what we label impediments to lasting retirement income. So a big obstacle, folks,
would be, for instance, collecting Social Security
payments at the earliest possibility, and then
seeing that, over time, particularly if you live
a long, healthy lifespan– which we hope
everyone does, right– then, you’d see that, well,
I really short changed the amount of
retirement income that I could have been achieving
from Social Security specifically by taking it at
the earliest possible age. The reason being,
the earlier you take your Social Security,
the less the retirement income benefit will be forever
more in your life. Another way of thinking about
this, folks, if I’ve lost you, just think, if I wait as
an individual retiree– I’m speaking
hypothetically now– if I wait to receive my
retirement income distributions until later in age,
then my distributions will be higher in amount. And hopefully, you can invest
productively and profitably, so that you’re capable of
withdrawing money from exterior sources like retirement
plans, 401(k)s, individual retirement
accounts and the like, after-tax investment accounts,
slated for retirement. If you can draw from those
sources, then perhaps, you can delay that retirement
benefit from Social Security to make it bigger. So there are tables. It’s not a drawn conclusion,
where I could just say with authority, you’re
always best off collecting at the latest available age. That’s not the case because what
if you die on the earlier end. So there are factors to
consider here, folks. Number two, a big obstacle– maintaining an inefficient
distribution, also known as a
decumulation strategy. So we do have
educational material that lies behind
the Education tab at
that will help tap you into these things like
decumulation approaches that might be prudent. Third, selling investments
in a bear market or a severe correction
because what this can do is, it can really produce a
catastrophe in your account– in that, you aren’t
contributing perhaps to that retirement account after
you’ve taken a big withdrawal. So you don’t have time
to make up for that. And then if you sell,
a substantial amount of your retirement assets
when the chips are down, then that could come to
haunt you in the event that the market surfaces and
does better into the future. That tool that I had
mentioned making use of will help us see where the
income is coming, how much, and when. And so this is a view of that. This is a customized
view that makes use of things like
dividend payments, the timing of those,
maturity and ex-dividend dates, expiration dates for
things like fixed income investments would apply here. So we can make use of a
variety of different interfaces that help us see the
income being kicked off of a variety of investments. And one of those is called
the income estimator. And I’m going to make use
of that in just a moment. But you should also consider
that your brokerage account statements– and these aren’t
just once a year. You can generate these account
statements from TD Ameritrade’s website monthly. And so if you pay
attention to those, they have an income
component, so that you can see
what’s been the case for the income in that
account up to that point. And there are projections as
well if you own fixed income investments, like bonds,
treasuries, corporate bonds. Then, there will be a
projected yearly income in those brokerage statements. So how do we keep
pace with all of this? Well, as I’d
mentioned, we’re going to be hopping over to the website now. And the income estimator he
is found behind the Planning and Retirement main tab up top. So I’m coming down,
and over to the left clicking where it
says Income Estimator. Now that I’ve done that, I get
a separate window that loads. And I will get that
arranged visually, so that hopefully it’s right
where we need it to be. And I always figured
that it’s a good idea to take a look at an example
portfolio, which really, we would label this a watch list
of things that pay dividends. One in this particular account
that is in the demonstration account I use for teaching
is called dividend growth. Remember, these are not
recommendations, folks. These are merely
examples pulled out of a given dividend-producing
screen that was run from the platform So you can see, once you
roll down, OK, there’s lots of stocks that actually
will be paying dividends if all goes according to plan here. And it lays out
the dividend amount per share, the frequency
of those dividends. There are a few that actually
we would call them oddballs. They’re semi-annual dividend
payments, rather than the more standard quarterly
dividend payments. And so if I just threw on a
hypothetical what if, and said, well, what if we
owned, for instance, 100 shares of Citigroup? And I plug that in as the
allotment in the Quantity box, and then clicked
Calculate Income, when you drift back up higher
in the page now, look at that. We can now identify
with the fact that if I owned 100
shares of Citigroup, it would presumably distribute
$204 in dividend payments. And your estimated
average monthly income– well, that’s helpful to know. They just divide that
by 12, easy enough– would amount to $17. And of the amount
that was potentially paid for these shares– remember, this is hypothetical– that would amount to a
nearly 3% dividend yield from the invested funds in
that particular company. Now, we could say, well, what
if I had 100 shares of Best Buy? Well, that throws on a
different increment of months. And it just happens
to be the case that it’s almost an equivalent
dividend yield, it looks like. See that? It’s still at 2.99%. For all intents and purposes,
it’s the same dividend yield. But if I roll down, let’s
say that I had shares of Mondelez, a foreign firm. And I say, all right, let’s
calculate the income from that. Then, it populates and
boosts that higher. So there are a lot
of useful reasons that you might make
some use of this. Notice that it shows
the total market value of those investments being
21,800 and some odd dollars. And the amount of yearly
income comes to 518. Now, notice as well,
folks, if you roll down toward the bottom, it’s got a
View Past Dividends, as well as find some dividend
opportunities through a screen that’s called High
Dividend Yield. And what’s more
that’s predefined? You could just run
that screen right away with the click of the mouse. So these are very
helpful features on top of the income
estimator’s abilities to produce what we see now– very efficient
way of doing this. So I’m going to close
that one down and go back to the slide deck. Here we go. And let’s now make our way into
the world of covered calls. Now, for those of
you that haven’t seen how covered calls
work, be prepared for a lot of information very quickly. That’s just a heads up. For those of you that
are on the advanced end, the strategy is probably
under your belt at this point. So we’ll get through these
slides pretty swiftly. And then, we’ll go to the
practical application, where I think you that are
on the advanced end, might find more of the
informative part of this. So selling covered
calls is just that. You sell somebody the right
to buy shares of stock that you already
own at a determined price for a set length of time. That’s the one-sentence answer. I wasn’t even looking
at my slide deck. So what are the
strategy objectives? Additional income on
stocks you already own, the potential to provide
monthly portfolio return enhancements–
yes, covered calls can be pursued on a
month-to-month basis because options expire on
a frequent enough basis to make that possible. In fact, you have some options
that expire every week. It provides limited
downside protection. At least you have some
downside protection, which is more than you can say
about owning shares of stock. When you buy shares of stock,
if you don’t do anything else, then you just hold
those shares of stock. There is no downside protection. You have to do something
to achieve that. With the covered call
approach, if you wanted to, you could do what’s
called a buy-write, which is buying the shares of
stock simultaneously, or one right immediately
after the next. Buy the shares of stock,
sell the covered call. And you can arm the more
advanced trading platforms, like TD Ameritrade offers,
to do that in one fell swoop. That’s called a
buy-write transaction. And it will offer the amount
of downside protection that you collect in premium
by selling the call. It’s the way that works. There’s always risks with
anything that has an advantage. So you have a chance
of losing your stock. If you don’t want
to lose your stock, this is a dicey
strategy to pursue because you could lose the
stock at any point in time once you’ve sold that call. Monthly return enhancement is
possible but not guaranteed. The strategy may not
work in your favor on a consistent basis. So the big negative with respect
to pursuing covered calls is if the underlying
stock does not behave in a
bullish-to-neutral fashion. In other words, if that
underlying stock goes downhill, then that will likely produce
a loss on the entire trade. Outcomes for a covered
call at expiration– well, if the stock
goes sideways or up, a profitable end result
is the likely outcome. Now, this is not assuming things
like transaction costs and fees associated with the trades. But you know what? TD Ameritrade just
went to commission-free as it relates to a whole
swath of different type of investments that
you might pursue as a self-directed investor. So they aren’t going to
factor in as much as they once did the impact of fees. Now, the stock can even go
down by a limited amount– see that dotted
line with green– by a limited amount. And you’re still not going to
be faced with a losing scenario. That’s a nice thing to
know about this strategy. So let me hop back over onto
TD Ameritrade’s website. And what we’re going to
do is, I want to show you a predefined screen. If I come down here
within the screeners to where it says Options,
and I click Options, then you’ve got a number
of different paths that you can take from here. These are the predefined
screens for covered calls. Now, CFRA, that’s
a third party that feeds information into the
TD Ameritrade platform. This is not a recommendation. This is not advice
to utilize this. This is one of many
different types of screens that you might use. I’m clicking the one that
says CFRA Five Stars. That is their optimal
ranking for the purposes of this type of strategy and
given that these companies have five-star rankings. So it’s alphabetized. There’s quite a few. There are 53 that result.
I might as well just make use of one of the
first one that populates. One of the first ones is
Albemarle, A-L-B. Now, this is a company that
makes the product that goes into batteries. If I’m not mistaken,
it’s lithium is what they provide
the marketplace. That’s their main business line. If investors have a longer-term
perspective on batteries being more in use rather than
less in use into the future, then that could be
an interesting one to research further. Now, with Albemarle, it says
that there’s a covered call. That’s right there. As far as the option
that’s been selected, it would be a December
2019 $65-call option. Now, I want you to also
recognize over here on the far right side, it
states that the net debit would be $61. Now, we can ride
away– now, this is for those of
you that might have an inkling of understanding
of what a covered call is. So you’re buying
the shares of stock. You’re selling someone the right
to purchase those same shares, 100 shares for each one
contract, at the strike price– in this case 65. So if the net debit says 61,
what the computer is telling us here, the website knows
that you could potentially work yourself into a
trade that costs you $61, but yet get called out and sell
your shares of stock at 65. Well immediately,
the math brains will recognize that that’s
a $4 profit per share if that’s the case. If you can buy at
61 and sell at 65, it’s excluding any costs
and fees associated with the transaction. But that’s a $4
advantage selling at 65 from the purchase at 61. So if you wanted
to see this call, you could just click right
here on the line item. It fires up. You can even say, OK,
let me View Option Chain. And that loads
independently now. And once I’ve clicked the View
Option Chain, roll that down. Then, it was the
December $65 call. And so what we see is that
it’s got a bit price of $5.20. The purchase price on
the shares of stock is practically that,
66.24 to be precise. So if you buy the shares
of stock at 66.24, you sell that $65 call at
5.20, then let’s just call it a $61.20 debit. And if all goes
really well, and you get called out at that higher
strike price of 65, then that equates to a roughly $4
gain on a per-share basis. That’s a pretty sweet profit. On the basis of having a trade
that does cap your profit, you have to recognize
that profits capped can’t make any more than 65
because that’s where you’re obligated and will be required
to sell it if the case holds. But you also have a
potentialability as an investor to buy it back if you feel
like you’re threatened with an assignment, which is
the selling of those shares, and it hasn’t happened yet. You can buy back
that call potentially to remove the obligation. So that’s one alternative. Let me go back to
the slide deck. So that was short and sweet
on the covered call strategy. We’re now going to shift gears. Remember, this is higher level. We have lots of additional
education on this. I’ll show you where
that’s found in a moment. But dividend stock
basis, these are going to be easier to grapple with. I think, for those that are
newer to this type of material, dividends are simply a
payment that a company can authorize through
its board of directors to pay shareholders. And it’s really a way of
reaping some of the rewards from that business doing
well as a shareholder. Income stocks may have a
higher or lower dividend yield than that of a benchmark. So over on the right
portion of the slide, you see this
Morningstar graphic, where they’ve got high
dividend yield-paying stocks, outpacing the standard
dividend yield-paying stocks, and certainly outpacing
by a wider margin the S&P 500 returns. Since 1998, you can see that
if you were the investor that plugged in $1,000 to
high-dividend payment stocks, that would have translated
to 6,386, relative to 51.29 for the standard dividend payers
and 42.18 for the standard S&P 500. And yes, the S&P
500, as an index, carries a dividend yield. ETFs carry distributions
that reflect that if those ETFs target the
basket approach of the S&P 500. So dividend stock
yield’s pretty easy to come to grips with here. Simply, the yield would simply
be the amount of dividend that’s assumed on a
yearly basis, divided by the amount paid per share. If that were $5 divided by
$100 in the purchase price, then that would equate
with a 5% dividend yield. Now, there are a
bunch of dates that can be assigned to the companies
that are paying dividends. It’s important to know
what those dates mean and where are the
important dates lie. First is the declaration. So the company says, all right,
we’re presenting to the public here the fact that we are
paying an upcoming dividend. They tell the market
these shares will be paid as of this date, and
the shares will trade x dividend on this date. And shareholders of
record are the ones that will be entitled to
the upcoming dividend. So all these dates
are spelled out. Now, I think it’s helpful for
me to jump over once again to the TD Ameritrade website. And first thing
would be, well, I wonder if Albemarle, as a
company, pays a dividend. We’ll look at another screen
in a moment that caters to the dividend-paying stocks. But if I were to pull
up Albemarle here, and I would like to address
that question– does this company pay a dividend? The answer is
immediately yes because I see that right in here for
the annual dividend yield. 2.22% is what that amounts to. So again, that dividend yield
is simply the yearly dividend forecasted divided by
the price per share that might be paid
on purchase, 2.22%. Now, it does give us
an x dividend date. But there are some other
features as related to, let’s just call them, qualifiers
that some might look for. And these are not hard and fast. There are many, many metrics
that people might employ to say, OK, the case fits. I like the looks of
that opportunity. But some of the
more popular ones can include, well, I
wonder if this company has grown its sales earnings
and dividends in the past. I did say three things there– sales, earnings, and dividend. Have they been growing, let’s
say, over the last five years? Now to address that, you can
go to the Fundamentals tab up here underneath
the Day Change. And once I’ve done
that, it gives me a little blurb on the company. Lithium was correct. I wanted to make sure
I was right on that– one of the key components that
goes into battery production. And when I roll down,
notice down in here, I did have to scroll a little
bit so that I could see it. But we now have relayed to us
earnings per share, revenues, and dividends. Have they been growing
for five years? Yes. The answer is yes
because we’ve got positive green numbers over
here on the right-hand side. Does everybody see that? EPS going up at a clip
of approximately 4.8% yearly over each of
the last five years. Revenues clipping along
at a 7% annualized pace. Dividends have
grown as well 2.7%. Not a phenomenal amount,
but they certainly have grown nonetheless over
each of the last five years. So there is some information
that you might land upon as a self-directed
individual investor to qualify a stock as
having some elements that look desirable versus non. We could just as easily pull up
a stock like General Electric, and roll down the same page, and
see that the EPS is basically nonexistent in terms of growth. Revenues have
grown a little bit, but the dividend,
unfortunately, has not been growing over
the last five years. And if you wanted to see further
specificity on that dividend, than if you were
to click Calendar– I’m going to slow
down for a moment. I know we’ve already covered
a wide swath of information from covered calls, to some
retirement planning principles up front, to now the inner
workings of companies that pay dividends. So the three tabs that
I’ve made use of thus far– this isn’t super,
super complicated in terms of remembering. We’ve been on three tabs. We’ve been on the Summary page. That was the first
starting point. Whenever you click
a ticker symbol in, that will usually
be what fires up, unless the computer
remembers a former tab. Second, we loaded
the Fundamentals tab. That’s the one that has EPS– or the lack thereof
in the case of GE– revenues, and dividends,
and whether they’ve been growing or diminishing. And then, the third one is
going to be the Calendar link. So I’ve just now
clicked on Calendar. And you’ll notice that it’s
got a number of items in place. Notice Past Dividends. September 13, 2019, the
shares went ex-dividend. The dividend to be paid, which
is still a couple weeks out, $0.1 per share. Uh, this is sad, $0.1 per share. General Electric used to
be one of the bellwethers for companies that do
pay dividends in income type of a stock. But it is no longer. So what kind of
characteristics might you look for as an individual
investor to make more of a case for looking at a stock
as an opportunity? Well, I know I asked the
question rhetorically. But the real answer
is, how about stocks that fit a profile that looks
for quality-type of elements? And so I can go into
the Stocks Screeners. And I’m actually going to make
use of one of my own customized stock screeners called
Dividend Growth. You see it here? Now, it tells me
right off the bat, today’s results would be 31. So I can expect that when I
run this screen, which I’m now about to do, it will
pull forward 31 resulting matches on the
criteria that I have established in this screen. Now, those criteria
are listed right here. That’s very convenient. I can see them very swiftly. Certain exchange
criteria, namely the Amex, the New York Stock
Exchange, the NASDAQ, we have to be at a certain
pace of dividend yield. I’ll share with
you what that is. It’s 2% to 4%. I don’t want it to be too lofty. Market cap, we’re looking at a
size factor on these companies. We want to EPS growth at a
certain phase, volume range. And last, it’ll tell us
which sector industry and sub-industry these
companies hail from. So now that I’ve
done that, I just explained some of
those criteria, then we’ve got a listing of matches. But I want to click Modify
Screen to get you acquainted with those screening inputs. And they include,
like I said, stocks that trade on the
major exchanges, dividend yield, as I’d
stated between 2% and 4%. Oh, OK, I didn’t
mention anything about these other three. Market cap needs
to be large cap. That would bring 272 companies
if I didn’t have anything further on my list. If I went mid-cap, that really
expands the list up to 500. However, notice this. I think, this is
really interesting. If I leave in only
large cap stocks, it would be 272 stocks that
meet the grade to this point. The end of the line would be 31. If I included mid-cap stocks,
that would launch us up to 500 resulting companies,
nearly double, but yet only 35 as an end result. And that’s
because of this EPS growth input. This weeds out the
vast majority of dividend-paying mid-cap stocks. This is medium-sized. We call it mid-cap or medium cap
because of this quality input of earnings per share growth
needing to be at least 15% but not more than 25%
over the last year. Why not more? Because I’m not looking for
supercharged growth stocks that are probably a lot more
volatile than these companies that we’re going to pull
fourth out of this screen. Volume range– greater
than 250,000 shares. For those of you that
might think, well, what about a blended approach? What about an approach where
I use both covered calls as a means of
potentially-producing income on these shares of
stock that I own. But I additionally look for
companies that are already kicking off a dividend yield. Yes, that can be done. If that were the case, you
might ramp up your number of shares traded on
average daily trading volume to something like,
oh, let’s just say a million. And that would bring you
down to 10 stocks that would fit the bill. 10 is a pretty
concentrated number. It may be that many
of you look at that and say, well, that’s
my preferred manner. Let’s look at few words
that have many, many more. And to each their own, right? So if I were to view these 10
companies, they now appear. And they’re on
screen, showing me each of those
parameters in the fact that they have been satisfied– dividend yields all
between 2% and 4%. Market caps are
all mid and large. EPS growths all fitting
into that framework, volume, sectors, et cetera. So these are the companies that
quote unquote “fit the bill.” The highest dividend
yield appears to be BB&T sitting right here. So I could pull that one
up as an example stock. Stock’s been kind of
waffling sideways. Look at that
one-year performance, not all that dramatic
in terms of any trend. It’s actually
trendless in my view. It’s moving sideways. We don’t have an
uptrend or a downtrend for any significant
length of time. But yet, this is
a company that’s kicking off a fairly
substantial dividend yield– look at that, at 3.48%. Now remember those items that
I had mentioned earlier– sales, EPS, dividends. Have they been growing
for five years? Well, we can look at
the Fundamentals tab– I’d like to reinforce
that at this point– and see that, yes,
that looks a lot more satisfactory and desirable even
than what we had seen with GE, double-digit EPS growth,
double-digit dividend growth. That’s over each of the
last five years, folks. Revenues have been a little bit
more muted, I would say, 4.5% revenue growth. That’s not the kiss of
death for banks, folks. If you wanted to see what other
like-natured banks have done for those metrics, maybe you
already know the ticker symbol, like JP Morgan, is JPM. We could look at that
one as a for instance. Roll down and see that the
revenue growth has been more outstanding on JP Morgan. In fact, I didn’t
look carefully enough to see if this was a company
that was listed on the former, is one of the stock candidates. But that could
certainly be done. There would be no
issues with doing that. So folks, believe
it or not, I’ve packed in what I wanted to as
far as the conceptual framework on two entire strategies– the covered calls, as
well as the dividends. That’s a lot of material. I would be remiss if I
didn’t reinforce that we want you to take the next steps. So we don’t want
you to just say, OK, I got each of
those bullet points that you wanted to present on. We’d prefer it if you
went marching forward and really learned
from the material that we’ve put together, which
again, includes online courses, webcasts, in-person events. We’ve got a daily set of shows
on TD Ameritrade Network. So all of those
are opportunities to really go a lot
further, and I’d like to show you
where you find all of that additional information. And you can locate that– I wound up closing the one
of two tabs that I had up and loaded. So I’m going to load it just
real quickly once again. Bear with me. Here we go. So you’re now with me once
again on my own desktop. And behind the Education
main tab up top, you’ve got an Education
Center that includes plenty of options material. You’ve got webcasts. Let me just pop into
there momentarily. And these will enable you– look at that. It couldn’t have lined
up more perfectly. The second one in
the queue for today is Ben Watson teaching
on covered calls and cash-secured puts. How about that? That’s an
intermediate-level session as far as the experience
level that we try to cater to. You’ve got lots of
archived webcasts. That can be loaded at a moment’s
notice and at your convenience. Additionally, you’ve got
in-person events folks. These are terrific. If we were coming
close enough to you, or you’re willing
to make a trip, then do consider our
in-person events. They include one-
and two-day formats on a whole slew of different
strategies and techniques from short-term to
long-term investing. So we’ve got those workshops
that are available. We have branch seminars
that are being hosted on a very routine
basis, which wrap into a lot of different subject
matter from swing trading to, look at that,
dividend-growth investing. We’ll be hosted in
Ohio, on the night. That’s just merely
a few days away. And last, but
certainly not least, you’ve got the TD
Ameritrade Network. And I do present on
this on a daily basis. So I’d be shunned from
my network colleagues if I didn’t say
something about this. So there you’ve got all that
additional information, folks. I want to remind
you, once again, that everything that
was pursued today was done so for
educational purposes only. There were no recommendations
of strategy or individual stocks that were doled out. And options are not
suitable for all investors. There’s always risk
in the marketplace. Past performance is not
indicative of future returns. Take care, folks. I hope you’ve
enjoyed this lesson. And you can both
make sense of it and make headway into your
own personal investing. And in the
corresponding returns, we all hope are
satisfactory for you. Take care, folks.

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