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2010 Update to Preferred Stock Investing Now Available!
Readers of my book, Preferred Stock Investing, Third Edition, are entitled to free periodic updates to the preferred stock tables presented throughout chapter 15 of the book as long as the Third Edition is in print. Providing free periodic updates helps keep readers of Preferred Stock Investing up to date.
The 2010 update to Preferred Stock Investing is now available!
And I am also happy to announce that as a special service to readers, the 2010 update goes beyond an update to the preferred stock tables found in chapter 15. In this update I also take the opportunity to provide you with the results of the "CDx3 Income Engine" (the preferred stock investing method explained throughout the book) as implemented throughout the Global Credit Crisis (2007 - 2009). The nature of the preferred stock market since June 2007 deserves special attention and the 2010 update to the book would not have been complete without wrapping up the method's performance during these historic (extreme) conditions.
Specifically, the 2010 update to the Third Edition of Preferred Stock Investing includes updates to the following chapters:
Preferred Stock Investing, Third Edition is one of the most highly reader-rated books of any kind available for sale in the United States. To receive the free 2010 update to Preferred Stock Investing, Third Edition just follow the instructions on the first page of chapter 15 in the book.
If you have yet to pick up your copy of Preferred Stock Investing, Third Edition you can do so at any of your favorite online retailers (see retailers). Please pick up your copy today then follow the instructions on the first page of chapter 15 to download the free 2010 update.
Just Posted On The Preferred Stock Investing Reader's Forum: In an August 30 post to my blog, I introduce the topic that is the focus of this month's issue of the CDx3 Newsletter. Preferred stock investors who purchased Big Bank-issued trust preferred stocks during the Global Credit Crisis are looking at substantial, but unrealized, capital gains in their brokerage accounts. The article describes one way to identify possible candidates to sell. (jump to Forum)
The last two issues of this CDx3 Newsletter have described the opportunity that the new Wall Street Reform Act, sign into law on July 21, 2010, creates for preferred stock buyers. The Last Month's CDx3 Investor Results article describes how the Act has also created an equally significant opportunity for sellers - those wishing to cash in the crisis-generated capital gains now sitting in our brokerage accounts and reinvest the proceeds for additional income. In this article I provide an easy way to identify the best candidates for consideration. (jump to article)
The Special Announcement article provides you with an updated list of trust preferred stocks (TRUPS) that will be among the first to be affected by Section 171 of the Wall Street Reform and Consumer Protection Act. Remember that subscriber's to the CDx3 Notification Service, my preferred stock email alert and research newsletter service, receive this same list with all of the trading symbols. This month's list identifies 18 of the highest-rated, highest-quality trust preferred stocks. Secondly, I have summarized some of the research from my book, Preferred Stock Investing, Third Edition, and am making it available to brokers, financial planners and investment groups for free. (jump to article)
In the CDx3 Company Spotlight article I introduce you to BRE Properties, a $2.6 billion apartment developer founded in 1970. This multi-year recession has created a massive group of Generation-Y young adults who are just begging to get out of their parent's house and strike out on their own. This article shows you some very interesting demographic data with respect to the coming apartment supply shortage and what BRE is doing to position themselves in front of that parade. (jump to article)
The CDx3 Question of the Month is presented both here and on the Preferred Stock Investing Reader's Forum. If you visit the Forum you can test your knowledge by clicking on your answer to the question. You will receive an automatic email that provides you with the correct answer and my explanation. Or you can just read the answer in the below CDx3 Question of the Month article. This month's question relates to the selection criteria that was most responsible for saving preferred stock investors during the Global Credit Crisis - "what is the difference between a 'cumulative' dividend and a 'non-cumulative' dividend?" (jump to article)
Why wait until next month's CDx3 Newsletter to find out what is going on in the preferred stock marketplace? Throughout the month I post regular research articles on the Preferred Stock Investing Reader's Forum and make them available to you for free. In the Free Special Offer article below I provide you with a link that allows you to receive my posts via an email message rather than having to visit the Forum to see what's new. Any time a new article is posted, you will receive a message in your email inbox automatically - free. (jump to article)
Coming Up For Preferred Stock Investors: Whenever the supply of a product increases dramatically and suddenly, the market price drops, at least temporarily, creating a "buyer's market." We saw this happen during the Global Credit Crisis when Freddie Mac and Fannie Mae introduced massive new preferred stock issues back-to-back in a desperate bid for cash. Prices dropped, creating the strongest buyer's market for preferred stocks in history. The Wall Street Reform and Consumer Protection Act, signed into law on Wednesday, July 21, may very well create a similar opportunity for preferred stock buyers. Because of the provisions in section 171 of the Act, our Big Banks are very likely to retire their trust preferred stocks with new, traditional preferred stocks at essentially the same time (around January 1, 2013). Read about how big this coming avalanche just might be in the Next Month's Sneak Peek article. (jump to article)
I look forward to reporting back to you in next month's issue of the CDx3 Newsletter.
Global Credit Crisis: The Disaster That Keeps On Giving
New Wall Street Reform Act Gives Preferred Stock Investors A Way To Cash In Crisis-Era Gains
If you purchased Big Bank-issued trust preferred stocks (TRUPS) during the Global Credit Crisis (2007-2009), you have a significant unrealized capital gain staring back at you from your brokerage account. While the last two issues of the CDx3 Newsletter (July | August) have described the significant opportunity that the just-passed Wall Street Reform Act has created for preferred stock buyers, the Act has also created an equally significant opportunity for those considering selling their preferred stock shares.
The provisions in section 171 of the Act have injected a layer of certainly about the future that allows preferred stock investors to determine whether we would be better off by (a) pocketing our crisis-generated capital gains or (b) holding, and continuing to collect more dividend income.
The Act makes it very likely that Big Bank-issued TRUPS are going to be called once they reach/exceed their respective call dates, beginning on January 1, 2013. In the event of a call, shareholders will receive $25 per share. Since many of these TRUPS are available today for less than $25, preferred stock investors can position themselves for a nice capital gain on top of the 7+% annual dividend income, courtesy of the U.S. government (see this month's TRUPS table in the Special Announcement article below).
Since the amount of your current unrealized capital gain is known (if you were to sell today), and the amount of the likely remaining dividend payout is also now known (if you were to hold onto your shares until they are called per the provisions of the new law), we can compare the two scenarios with substantially greater certainly than investors are typically use to.
Remaining Dividend Payout Before January 1, 2013: $4.50
Because of the new law, effective January 1, 2013 Big Banks (assets greater than $15 billion) will no longer be able to count their TRUPS toward their reserves (“Tier 1 Capital”) and will therefore almost certainly redeem (“call”) them and replace them with new traditional preferred stock issues (which will still be allowed to be counted).
So these trust preferred stocks have about nine quarters left before they start falling under the provisions of the new law. Big Bank-issued TRUPS pay about $0.50 per share in dividends every quarter. That means that any Big Bank-issued TRUPS that you happen to own that are redeemable (i.e. have a call date) prior to January 1, 2013 have about $4.50 in dividend payout left in the event they are redeemed by the issuing bank (which the new law makes very likely).
$4.50 per share; that's what is likely left to make in dividends if you hold onto your shares.
Now look at your brokerage statement.
If you purchased any Big Bank-issued TRUPS during the Global Credit Crisis, it would not be unusual for your shares to be showing a current unrealized capital gain of more than $4.50 per share. Many such TRUPS that were purchased during the crisis for less than $20 per share are now selling for well above $25.
Any Big Bank-issued TRUPS that you own where your unrealized capital gain is greater than $4.50 per share deserve special consideration. The capital gain that you would realize on such issues, if you were to sell now, is greater than the likely remaining dividend payout on these preferred stocks.
While a $4.50 per share capital gain sounds like a lot (and, historically, it is), such unrealized gains are very common at the moment because of the rock-bottom preferred stock prices that we saw during the Global Credit Crisis (the crisis that keeps on giving).
I'll show you how to run the numbers in a moment, but you are very likely to be money ahead by selling such shares now, and reinvesting the proceeds, since the capital gain that you would realize is now greater than the remaining dividend payout, in the event of a call.
Example: Hold For Dividends Or Sell For Capital Gain
To protect the value of subscriptions to the CDx3 Notification Service (my preferred stock email alert and research newsletter service), I will use a real example here but substitute “PFD-A” for its real trading symbol. Already a subscriber? Check the CDx3 Discussion Group on the subscriber's website for this example's trading symbols.
Say you purchased PFD-A (a Big Bank-issued trust preferred stock) in May 2009 for $20 per share. PFD-A has a coupon rate of 8.0%, has a call date prior to January 2013 and is selling today for about $26. So you would pocket a $6 per share capital gain if you were to sell your shares of PFD-A today.
Table 1 shows what accountants refer to as a "Statement of Cash Flows" that itemized the cash in/cash out of your investment in PFD-A.
With a coupon rate of 8%, a share of PFD-A generates $0.50 per quarter in dividend income for you. That means that if you hang onto your shares of PFD-A it will take twelve more quarters (three years) for you to make the same $6 that you can make today in one shot by selling and pocketing the $6 capital gain.
To many investors, having the $6 now rather than waiting three more years for the same money starts to make a certain amount of sense.
But here’s where the new law makes this even more interesting. PFD-A is a Big Bank-issued TRUPS and therefore comes under the provisions of section 171 of the new Wall Street Reform Act. Since PFD-A has a call date prior to January 2013, it will almost certainly be called by the issuing Big Bank on or about January 1, 2013 when the new law kicks in.
That’s nine quarters from now, which means that you are only likely to see $4.50 in remaining dividend payout ($0.50 per quarter times nine remaining quarters); short of the $6 that you need to break even.
Now look at Table 2. Here I have added a second column that tallies up the cash proceeds if you were to sell PFD-A, collect the $6 per share capital gain, then reinvest the proceeds in PFD-B, another Big Bank-issued TRUPS that is currently selling for less than $25 per share.
To find PFD-B I used this month's list of Big Bank-issued TRUPS from the below table in the Special Announcement article. Subscribers to the CDx3 Notification Service receive this same list each month, with trading symbols, in the subscriber's newsletter, CDx3 Research Notes.
For our example here I selected a Big Bank-TRUPS that has a dividend rate (coupon) of 7.625%, which is as close to the 8% of PFD-A that I can get at the moment (the TRUPS list changes every month).
The column that I have added to Table 2 shows your sale of PFD-A at today's price of $26.00 per share and your reinvestment of the proceeds in PFD-B at today's price of $24.89. For the remaining nine quarters, before the new law kicks in, you receive quarterly dividends of $0.48 per share from PFD-B. When PFD-B is called by the issuing bank on January 1, 2013 (per the new law) you receive $25 per share.
Results: Trade $0.18 In Dividends For $1.11 In Capital Gains
Since the unrealized capital gain that you have sitting in your brokerage account for PFD-A ($6 per share) is substantially more than the remaining nine quarter's worth of dividend payout ($4.50), Table 2 shows that you are better off by selling PFD-A now and reinvesting the proceeds. While holding onto PFD-A until it is called (assuming that it is) earns you a total income of $12.50 per share, selling PFD-A now and reinvesting the proceeds, even in an issue that carries a lower quarterly dividend payment, provides you with total income per share of $13.43, almost a dollar per share more than continuing to hold PFD-A.
While you give up $.018 per share in dividend income in this example ($7.50 versus $7.32), your capital gain income increases by $1.11 per share (from $5.00 to $6.11). And don't forget that capital gain income has, at least for the rest of this year, more favorable tax treatment (see your tax advisor).
Whether or not to sell your Big Bank-issued TRUPS is a decision that only you can make in light of your personal financial goals, resources and risk tolerance. And remember that we do not know for sure that these Big Banks will, in fact, call their TRUPS (even though the new law eliminates the primary reason for keeping them on the books).
But if you are considering selling and are not sure which issues might be good candidates, the just-signed Wall Street Reform Act has identified a good place to start looking - Big Bank-issued TRUPS that show a current, unrealized capital gain that is greater than the remaining dividend payout of $4.50 per share.
Create your own table like the one seen here and plug in the particulars for your Big Bank-issued TRUPS. For a list of reinvestment purchase candidates that are currently selling for less than $25 per share, please consider subscribing to the CDx3 Notification Service today.
Learn To Screen, Buy and Sell The Highest Quality Preferred Stocks
Preferred Stock Investing includes the information, websites and other resources needed for you to be a very successful preferred stock investor. For those who would rather someone else do the research and calculations, I offer the CDx3 Notification Service. Subscribers to the CDx3 Notification Service receive an email alert when there are buying and selling opportunities coming up. Subscribers also receive their own non-promotional preferred stock research newsletter every month, have their own website that hosts the CDx3 Preferred Stock Catalog and have access to the CDx3 Discussion Group, the only online forum just for preferred stock investors.
UPDATED: This Month's Under $25 Trust Preferred Stock List
These 18 Preferreds Will Be Among The First To Come Under The Wall Street Reform Act
This table presents an updated list of Big Bank-issued trust preferred stocks (TRUPS) that will be among the first affected by section 171 of the Wall Street Reform and Consumer Protection Act, signed into law on Wednesday, July 21, 2010.
Section 171 creates the largest single opportunity for preferred stock investors in history (how's that?). The window of opportunity will be open at least until January 1, 2013, but like most investments, the highest returns will tend to favor those who get in earlier rather than later.
The new law prohibits Big Banks (assets greater than $15 billion) from counting their TRUPS in their "Tier 1 Capital" calculation, a measure regulators watch when assessing the adequacy of a bank's reserves. These Big Banks are therefore likely to retire ("call") their TRUPS and replace them with new traditional preferred stocks. Investors who hold shares of a TRUPS when it is called will receive $25.00 per share, so investors who purchase shares now for less than $25 position themselves for a capital gain on top of the above-average dividend income that they will be earning in the meantime.
The far right column of this table shows you the effect that adding a capital gain onto the regular quarterly dividend income has on your Effective Annual Return...courtesy of the U.S. Government.
By watching this list each month, you will be able to monitor this opportunity as the January 1, 2013 implementation date approaches (expect prices to generally increase toward $25.00 per share).
Since market prices change every day, the list of affected TRUPS selling for less than $25 per share changes as well. So I will provide you with an updated list in this Special Announcement article every month. These are the highest rated, highest quality issues that are going to be first affected by section 171 of the new law that are also selling for less than $25 per share right now.
Subscriber's to the CDx3 Notification Service (my preferred stock email alert and research newsletter service) are provided with this same TRUPS list, including the trading symbols, on page 7 of each monthly issue of the subscribers' newsletter, CDx3 Research Notes. Please consider becoming a subscriber to the CDx3 Notification Service today.
Brokers And Investment Groups: New Meeting Materials Now Available
As the most comprehensive research service available for the highest quality preferred stocks, all of the large, and many smaller, brokerage firms subscribe to the CDx3 Notification Service.
My Preferred Stock Investing Group Materials are intended for brokers with a group of clients or self-directed investment groups that are interested in learning something about preferred stock investing.
The Preferred Stock Investing Group Materials include a slide show (27 slides, PowerPoint Show format) and an accompanying handout that provides my commentary for each slide. The handout is available in color and black and white (PDF format) for easy printing.
The materials include my tips regarding how to select, buy and sell the highest quality preferred stocks and summarize much of the research from my book, Preferred Stock Investing. Specifically, the materials are organized into three parts:
Part 1: Approach and Objectives To Preferred Stock Investing
Part 2: How and When To Buy and Sell Preferred Stocks
Part 3: Preferred Stock Investing Resources
To request the Preferred Stock Investing Group Materials just send an email request to:
You will receive an auto-reply email message with current download instructions.
Who Are These Companies That Issue CDx3 Preferred Stocks?
BRE Properties, Inc. (NYSE: BRE)
BRE Properties is a $2.6 billion real estate investment trust (REIT) engaged in the development and acquisition of multi-family apartment communities in the western United States. BRE was founded in 1970 and is headquartered in San Francisco.
How old were you when you finally told your folks that, as great as it has been, you were going to be striking out on your own? The current group finding itself in that position, referred to as "Generation Y" by those who come up with names for such things, numbers over 70 million, about one quarter of the entire U.S. population.
Perhaps unfairly, this recession has locked a relatively huge percentage of Gen-Y young people in the same building with their parents well beyond the point where all involved would say is reasonable. Year after year, as unemployment has kept these young adults at home, the volume of those anxious to get over the wall has been swelling bigger and bigger. The only missing ingredient: a job.
But take a look at this table. In the six core markets where BRE earns over 96% of its net operating income, employment is starting to turn positive. Up 53,100 jobs in just the first quarter of 2010.
The number of young people about to move into their own apartment in these markets is staggering and BRE has positioned themselves directly in front of that parade. BRE's focus is very west coast centric with a special emphasis on property-constrained California. Any improvement in employment is going to release years worth of unmet demand into a severely supply-constrained geography. And studies also show that Gen-Y's propensity to rent, rather than to buy, a home is much higher than prior generations.
In its property portfolio BRE boasts 75 wholly-owned properties with 21,735 units; 13 joint venture properties with 4,080 units and five sites under development with 1,568 units. And to further position itself for what BRE feels is a coming flood of new renters, the company has been acquiring both land and existing properties in its core markets. On August 31, 2010 the company provided the follow update:
BRE's understanding of its markets and customers has allowed the company to continuously pay a common stock dividend to shareholders since its founding. Because of its strategic thinking and execution, the company has enjoyed a nice string of upgrades from analysts as well.
Reader Note: The purpose of the CDx3 Company Spotlight article is to give you a sense of the types of companies that issue CDx3 Preferred Stocks. Companies that appear in the CDx3 Company Spotlight either currently, or in the past, have issued CDx3 Preferred Stocks. Since I am not familiar with your financial goals, resources or risk tolerance, my mention of these companies here should not be taken as a recommendation by me for you to buy, or not buy, securities issued by these companies. Companies can issue multiple series of preferred stocks, some of which may meet the CDx3 Selection Criteria while others do not.
What is the difference between a 'cumulative' and a 'non-cumulative' dividend?
There were thirteen Big Banks facing bankruptcy during the Global Credit Crisis. These thirteen Big Banks had a total of 70 preferred stock issues trading. As those 70 preferred stocks were subjected to the ten CDx3 Selection Criteria (Preferred Stock Investing, chapter 7 "Identifying CDx3 Preferred Stocks"), 57 were filtered out as unworthy to begin with while the remaining 13 were of high enough quality to be considered "CDx3 Preferred Stocks" (see sidebar at the top of this CDx3 Newsletter).
Once the crisis abated and the results were tallied up, we learned that the CDx3 Selection Criteria, originally published in October of 2006, had saved preferred stock investors 100% of the time. In 70 out of 70 cases, the ten CDx3 Selection Criteria eliminated the exact 57 preferred stocks issued by the Big Banks that would fail during the crisis and let through the 13 preferred stocks issued by the Big Banks that were saved (see summary table of results by bank).
If I had to pick a single criteria out of the ten that was most responsible for saving preferred stock investors throughout the crisis, it would have to be CDx3 Selection Criteria #6 - Dividends must be "cumulative."
The question this month for preferred stock investors:What is the difference between a "cumulative" dividend and a "non-cumulative" dividend?
A cumulative dividend is one that increases each quarter;
non-cumulative dividends stay the same.
(C) Cumulative dividends can be paid at any time while non-cumulative dividends are paid quarterly.
The correct answer to this question is (B), cumulative dividends must eventually be paid (assuming the issuing company remains solvent).
The prospectus of a preferred stock will refer to cumulative dividends in one of two different ways. Most frequently, the term "cumulative" will actually be used in the description of the dividend payments. Less frequently, however, the prospectus, rather than use the term "cumulative" and assume that the reader knows what it means, will use a explanation instead. In this case, the dividends will be described as ones that can be "deferred" (as opposed to being "suspended").
With a cumulative dividend, in the event that the issuing company is unable to make the quarterly dividend payment to you, the dividend will be deferred. The company's obligation to pay you does not go away; they still owe you the money. And until they pay you, no dividends can be paid to common stock shareholders; you get paid first.
With a non-cumulative dividend, the issuing company is allowed to suspend your dividend payment. So if they miss a dividend payment to you, you're out.
The highest quality preferred stocks ("CDx3 Preferred Stocks") are preferred stocks that carry the cumulative dividend requirement. Interestingly, the 57 preferred stocks issued by the Big Banks that failed during the Global Credit Crisis were all non-cumulative, while the 13 preferreds issued by the Big Banks that dodged failure by being acquired were all cumulative.
This question also provides an opportunity to clarify a common misconception. You will often read or hear reference to cumulative and non-cumulative preferreds as being two types of preferred stock. This is incorrect. There are only three types of preferred stock (traditional, trust and third-party trust) as defined by their accounting treatment. Whether or not a preferred stock has a cumulative dividend is a characteristic of the security; it does not define another type (see Preferred Stock Investing, chapter 2 "Creating A New Preferred Stock").
You can submit your own preferred stock question: Submit your question.
Preferred Stock Market Research Now Available All Month Long - Free
Automatic Email Delivery Of Preferred Stock Market Research Now Available
Readers do not have to wait until next month's issue of the CDx3 Newsletter to stay plugged into the market for high quality preferred stocks. Preferred stock research articles, marketplace observations and preferred stock news from the financial press and other information are posted to the Preferred Stock Investing Reader's Forum (my "blog") throughout the month.
A separate window from FeedBurner (a Google service) will open on your screen. Enter and verify the email address that you want articles from the Forum to be emailed to as instructed. And don't worry - you'll never receive any spam from me and your email address will not be shared.
By receiving the articles as I post them via email, you do not have to visit the Forum in order to stay plugged into my research regarding the marketplace for the highest quality preferred stocks.
You are also invited to visit the Forum and comment on my articles.
Massive Supply Of New Traditional Preferreds As Big Banks Replace TRUPS
Buyers May Be Treated To Yet Another Opportunity, Courtesy Of The Wall Street Reform Act
There is another mechanism at play here that will be very interesting to watch as we approach January 1, 2013 when section 171 of the Wall Street Reform Act kicks in.
The provisions of the Act all but require that our Big Banks retire their callable trust preferred stocks, beginning on January 1, 2013, and replace them with new traditional preferred stocks. While the Act prohibits the inclusion of trust preferred stocks in the bank's reserve calculation ("Tier 1 Capital"), it allows banks to continue counting traditional preferreds toward this closely watched regulatory metric.
Think about what that means for the supply (and therefore market price) of high quality traditional preferred stocks as January 1, 2013 approaches. We are likely to have a massive supply of new, very high quality traditional preferred stocks hit the market within a very short period of time. Capital One alone, for example, has about $3.5 billion of outstanding trust preferreds that will, in all likelihood, be retired and new traditional preferred stocks issued to replace them. And that's just one Big Bank; there are many more that fall under the TRUPS provisions of the Act - all at the same time.
The last time we saw a huge spike in the supply of preferred stocks was when Freddie Mac and Fannie Mae introduced massive new issues (all non-cumulative of course) during the Global Credit Crisis within a very short period of time. The sudden increase in supply did what it always does - preferred stock prices dropped dramatically for about three months across the board, producing a very strong buyer's market for preferred stock investors.
The last two issues of the CDx3 Newsletter (July | August) have described the unprecedented opportunity that the new Wall Street Reform Act has provided for preferred stock buyers. And in this issue I describe an equally interesting opportunity for preferred stock sellers, courtesy of the U.S. government. But there may be a third opportunity that has yet to reach us; the Act may create a temporary buyer's market as January 1, 2013 approaches and perhaps for a while thereafter, when we are treated to a massive smorgasbord of brand new, high quality, traditional preferred stocks available at dirt cheap market prices, at least for a few months.
I look forward to reporting back to you in next month's issue of the CDx3 Newsletter.
to screen, buy and sell the highest
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CDx3 Notification Service
15 of Preferred Stock Investing
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readers also receive free periodic
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Chapter 15 of Preferred Stock Investing includes a list of all of the CDx3 Preferred Stocks issued since January 2001 and the investing results you would have achieved had you invested in them using the CDx3 Income Engine.
And readers also receive free periodic updates to the preferred stock lists in chapter 15 as long as the Third Edition of the book is in print.
Please take a look at www.PreferredStockInvesting.com. And if you know someone who might be interested in simple investing for non-experts please have them send an email message to:
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Many Happy Returns,
Doug K. Le Du
Copyright (c) 2010 by Doug K. Le Du
CD Times 3, CDx3, CDx3 Income Engine, CDx3 Investor, CDx3 Portfolio, CDx3 Preferred Stock, CDx3 Perfect Market Index, CDx3 Bargain Table are trademarks of Doug K. Le Du. All rights reserved.
Company logos are trademarks of the indicated companies. Service Marks (SM) are service marks of the indicated companies.
DISCLAIMER: The content of this CDx3 Newsletter is to be regarded as educational, rather than advisory. There can always be exceptions to trends and/or generalizations that may be discussed herein. Consider your financial resources, goals and risk tolerance before investing. You, and not Doug K. Le Du, are solely responsible for your own investment decisions.