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BUS-123 - Introduction to Investments - Fall 2023
Thank You For A Great Semester!
I am going to miss you all! Keep in touch!

Free Textbook

Southwestern Community College
Instructor: Frank Paiano - Email: fpaiano@swccd.edu

Visitors, All Are Welcome!

You don't need to enroll if you are only here for the knowledge.
The material is freely available to everyone. Welcome!
We wish you the best of success in your investing adventure!


Zoom Meeting Room for Office Hours

News Flash!

Southwestern College Students Now Have Online Access to The Value Line

You will need your Southwestern College account number and password.
(Contact me if you have problems.)



Group Based on BUS-123, Introduction to Investments
Thank you, Abe!

Southwestern Investment Club
Thursdays at Noon Online
Zoom Meeting Room for Southwestern Investment Club


Chapter Presentations, Handouts, and Assignments


Part 1: Introduction including Mutual Funds


Part 1:


Syllabus:
BUS-123-501/502 - Audio Commentary of Class Syllabus - Long Format   Long format also in Canvas
  More Student Services for Fall 2023  More student services not included in syllabus
  Support for English Learners and Multilingual Students  Even more student services not included in syllabus
  Add your personal email and mobile phone number to Canvas  This will ensure that you receive all important communications. And you get 2 extra credit bonus points!

Your Humble Professor Introduces Himself
Your Humble Professor Introduces Himself with just audio
A Guided Tour of the class website - Audio  Uh, it's what yer lookin' at right now.
Online Office: Zoom Room Virtual Office Hours  We will have at least twelve online Zoom office hours this semester.
Thursday nights from 7:00 pm to 7:55 pm
     Thursday, August 24th, 7:00 to 7:55 pm (first week of semester)
     Thursday, September 14th, 7:00 to 7:55 pm (coincide with exam #1)
     Thursday, October 12th, 7:00 to 7:55 pm (coincide with exam #2)
     Thursday, October 26th, 7:00 to 7:55 pm (coincide with exam #3)
     Thursday, November 16th, 7:00 to 7:55 pm (coincide with exam #4)
     Thursday, December 7th, 7:00 to 7:55 pm (coincide with final exam) Note change of date
Saturday mornings from 11:00 am to 11:55 am
     Saturday, August 26th, 11:00 to 11:55 am (first week of semester)
     Saturday, September 16th, 11:00 to 11:55 am (coincide with exam #1)
     Saturday, October 14th, 11:00 to 11:55 am (coincide with exam #2)
     Saturday, October 28th, 11:00 to 11:55 am (coincide with exam #3)
     Saturday, November 18th, 11:00 to 11:55 am (coincide with exam #4)
     Saturday, December 9th, 11:00 to 11:55 am (coincide with final exam) Note change of date
Please let me know what days and times are good for you and we will schedule an office hour for you.

Chapter 1:
Introduction,
Overview,
and
Risk versus
Return


Chapter 1: Introduction, Overview, and Risk versus Return
Chapter 1 in textbook on LibreTexts.org
Presentation file  Every chapter has a Google Docs slide presentation that can be read with Google Docs, OpenOffice, LibreOffice, or PowerPointless
Study Guide - Video - Audio  Discussion of the chapter study guides and how to use Google Docs
Assignment - Commentary   The process is more important than the information and answers. Enjoy!
Short-Term Investments Assignment - Commentary
TreasuryDirect.gov Assignment - Commentary
   TreasuryDirect.gov  Your Federal Tax Dollars at Work!
   Cetes Directo    El TreasuryDirect.gov de Mexico - Miralo - Una tasa de interes mas grande que los Estados Unidos
How to Submit Assignments - Commentary
Discussion Forums Assignment Everyone post! We need your input! Don't worry about what you will say! Just write something! - Commentary
  Add your picture to the discussion boards!  We want to see your smiling face!

Work-Based Learning
Work-Based Learning Extra Credit Bonus Assignment - Commentary  Two points for every Investment Club meeting you attend! Better than a poke in the eye, eh?

Security? But I'm not an Administration of Justice Major!   No, not that type of security!
Security Types Matching Handout - Commentary - Answer Key   Memorize for exam! You must know these!
Investopedia: What is a Security?   Kind of a dumb name, huh? "Security."

Sample Portfolio Class Project - Commentary
  Create Your Own Portfolio: Video - Audio  (Check back often to see how we are doing.)
  Snapshot (28 Aug 2023)  Not bad! We are off to a pretty good start! Up 0.75%.
  Snapshot (1 Sep 2023)  Whoa! Not bad! A big bump to over 3%!
  Snapshot (8 Sep 2023)  Just under 3%. We are doing pretty good, all things considered.
  Snapshot (15 Sep 2023)  Still going strong at almost 4%. Well done, Artifical Intelligence!
  Snapshot (26 Sep 2023)  Down just a bit more than 1%. Could be a whole lot worse!
  Snapshot (29 Sep 2023)  Not much change this week. That's actually good given the softness in the overall market.
  Snapshot (6 Oct 2023)  Well done! We are back above $100,000! Hang on. It's probably gonna' be a very bumpy October.
  Snapshot (13 Oct 2023)  Not much change since last week. Not bad given that they are now two wars going on in the world!
  Snapshot (20 Oct 2023)  The Volatility is Real! October rears its ugly head. But we are only down 3%. Not bad!
  Snapshot (27 Oct 2023)  Another dreary week. Another drop. Could be worse! October is almost over, Thank Goodness!
  Snapshot (3 Nov 2023)  Hey, hey, hey! We are back above $100,000. Hold on to your hats!
  Snapshot (10 Nov 2023)  Off to the races! We are up almost 2%! (Now if it we only hadn't picked Johnson & Johnson...)
  Snapshot (17 Nov 2023)  Up over 3%! It always feels so fine when your portfolio is rising!
  Snapshot (24 Nov 2023)  Up over 4%! If we go up 1% each week, we will earn 52% in one year. (Ah, it doesn't work that way, Folks.)
  Snapshot (1 Dec 2023)  Ending the semester at 4.2% up. Could be a whole lot worse! Well done!

Bibliography - Books to Read (Eventually) - Commentary
Sixteen Rules for Success  According to Sir John Templeton (We will see him in chapter 6.)
Visualizing the World Economy, December 2022  Source: VisualCapitalist.com - Updated annually
   The December 2021 Graph
Visualizing the World Economy in 2050  Prediction is difficult, especially about the future. Nonetheless, the world is changing.

The Value of Long-term Investing
Future Value Worksheet - Commentary - Answer Key
Future Value Tables

Do you want to be an Investor or a Speculator/Trader?
     Psst! If you want to be an Investor, you have come to the right place. If you want to be a Speculator/Trader, sorry, we can't help you.
   Liar's Poker Story - Slide 47  Are you a Speculator/Trader or are you an Investor?
   Investopedia on the Difference between Investing and Speculating/Trading
   The Difference between Investing and Speculating/Trading according to Forbes
   Fidelity International weighs in on the discussion
   Jack Bogle Interview with Forbes  Aha! I found it! In this interview, Jack Bogle nails the difference between investing and speculating. Scroll down to [06:09] Emotion Is The Enemy
   Speculative Booms of the Past  The History of Capitalism is the History of Booms and Busts, Manias and Crashes
   Schwab's advice on risk versus return  Love the part that shows that checking your portfolio more often makes you more nervous and risk averse.

Scams   They want to take your money!
Turn $33,000 into $7,000,000 in just 2 years! - Rates of Return - Commentary
  Yet another scam -- Turn $500 into $650,000 with no risk!  When you see get-rich-quick advertisements like these, please send them my way. Thanks!
  Whoa! 66% per year since 1988!  This Porter Stansberry guy has been scamming for over 20 years!
Investopedia article on recent stock scams
Advice from a Scam Expert on How to Spot a Scam
The same kind of illegal behaviors go on in the world of weight loss supplements  Some weight loss supplements have Prozac and Viagra!

Short-term Securities Investments
Investopedia: An Introduction to Commercial Paper
Why Brokered CD's Offer Higher Rates  Investopedia's discussion of Brokered Certificates of Deposit
T. Rowe Price Cash Reserves Money Market Fund  Interesting. This fund can have securities that mature in up to 397 days but the average is 60 days.
Fidelity Money Market Fund  Annual Report -- April 30, 2023
Vanguard Municipal Money Market Fund  Municipal money market funds are tax-exempt at the Federal level
U.S. Government Money Market Mutual Fund Annual Report  Scroll down to pages 5 and 6 to see the Treasury bills and corporate paper that the money market owned on September 30, 2022
Short-term Securities Examples: Video - Audio
  2022 Example: Fall 2022
  2021 Example: Fall 2021
  2020 Example: Spring 2020
  2019 Example: Spring 2019
  2018 Examples: Fall 2018 - Spring 2018  The Federal Reserve Bank started raising short-term rates in 2015
  2014 Example: Fall 2014 -  Before 2015, short-term rates were close to zero!
Interview with a Dyed-in-the-Wool CD Investor  Jeanne tells you why she will only invest in short-term investments
Bankrate.com/banking  Popular Internet site for researching short-term investments

The Federal Reserve Bank and the Money Supply
Unusual and Foreboding Change in the U.S. Money Supply    Is this a dangerous indicator or simply a reversion to the average after Covid?

Online Audio Lectures
Chapter 1 - Lecture 1 - Slides 1 to 14    Introduction: What is an Investment?
Chapter 1 - Lecture 2 - Slides 15 to 34    An Overview of the Investment Universe
Chapter 1 - Lecture 3 - Slides 35 to 53    The Relationship of Risk versus Return
Chapter 1 - Lecture 4 - Slides 54 to 72    Short-term Investments, A Place to Park Your Money

Online Audio/Video Lectures
Chapter 1 - Lecture 1 - Slides 1 to 14    Introduction: What is an Investment?
Chapter 1 - Lecture 2 - Slides 15 to 34    An Overview of the Investment Universe
Chapter 1 - Lecture 3 - Slides 35 to 53    The Relationship of Risk versus Return
Chapter 1 - Lecture 4 - Slides 54 to 72    Short-term Investments, A Place to Park Your Money

Online Audio/Video Lectures on YouTube
Chapter 1 - Lecture 1 - Slides 1 to 14    Introduction: What is an Investment?
Chapter 1 - Lecture 2 - Slides 15 to 34    An Overview of the Investment Universe
Chapter 1 - Lecture 3 - Slides 35 to 53    The Relationship of Risk versus Return
Chapter 1 - Lecture 4 - Slides 54 to 72    Short-term Investments, A Place to Park Your Money

Mutual Funds:
Investments
for the
Masses


Chapter 2: Mutual Funds: Investments for the Masses
Chapter 2 in textbook on LibreTexts.org
Presentation file
Study Guide - Commentary
Assignment - Commentary
Mutual Fund Annual Report Assignment - Commentary   (You can use the Annual Reports and Prospectuses links below)
Thrift Savings Plan Assignment - Commentary
Bonus Assignment: Index Funds and Diversification - Commentary
   Market Concentration in 5 Charts - Summer 2023
Mutual Fund Case Studies - Commentary  (Not an assignment but something like this might just be on the exam -- hint, hint)
Investor.gov: What Are Mutual Funds   The Federal government explains mutual funds

Mutual Funds Used in Lecture #2
AB Large Cap Growth Fund   Formerly Alliance Large Cap Growth Fund
Legg Mason Value Trust   Now called Clearbridge Value Trust
T Rowe Price Dividend Growth Fund
Vanguard 500 Index Fund   The Admiral shares have replaced the orginial 500 Index Fund
Fidelity 500 Index Fund

Mutual Fund Types Scramble Sheet (Online lecture 3) - Commentary

A Sample Mutual Fund  (Online lecture 5 - Just one of over 12,000!)
ICA Prospectus: Full - Summary - Webpage - Commentary
ICA: 89 Years of Investing -  Commentary: Video - Audio
Top 75 Holdings of ICA -  Commentary
The Benefit of Time -  Commentary
Worst Day / Best Day -  Commentary

Hypothetical Illustrations  (Online Lecture 5)
$100 per month for 30 years
$100 per month for 40 years
$100 per month for 40 years - increase $10 each year
$500 per month for 20 years
$1,000 per month for 20 years
   Commentary: Video - Audio

A Shares (commission-based) versus F or I Shares (fee-based, aka Assets Under Management)
$500,000 paying the up-front commission - 20 years
$500,000 paying a yearly 1.25% annual fee - 20 years
$500,000 paying the up-front commission - 25 years
$500,000 paying a yearly 1.25% annual fee - 25 years
   Commentary: Video - Audio

401(k), 403(b), and other Employer-sponsored Plans
Jack Bogle sticks it to the 401(k) world  And Senator Oral Hatch is not pleased...

Offerings of Sample Mutual Fund Companies Performance  (Online lecture 4)
Vanguard Funds Performance
American Funds Performance
Fidelity Funds and all the other funds that they offer through their web site    Over 3,400 no transaction fee funds. Over 9,700 funds total! Woman CEO!
Dodge and Cox Funds Performance
T. Rowe Price Funds
Franklin Templeton Funds    Woman CEO!

Annual Reports and Prospectuses  (Online lecture 5 and Mutual Fund Annual Report Assignment)
Vanguard Funds
American Funds
Fidelity Funds    Woman CEO!
Dodge and Cox Funds
T. Rowe Price Funds
Franklin Templeton Funds  Choose fund and then find [Documents] - Woman CEO!

Top 10 Largest U.S. Fund Families: Morningstar  ThinkAdvisor, Sep 2019 - Careful: Difficult to get accurate, current results
The Top Three Have Earned Their Stature  At least, according to Morningstar.com
CityWire Alpha Female Report  The Women are gaining but still far behind the Men

Mutual Fund Commentaries, Insights, and Perspectives
Vanguard Insights - John Bogle's Official Website - Obituary for Howard Schow
American Funds Investment Insights - The Capital Ideas (Parent company of American Funds) - Obituary for Jon B. Lovelace
Fidelity Funds Insights - Viewpoints - Ned Johnson on Wikipedia
Dodge and Cox Funds Video Perspectives Gallery - Check out The Benefits of an Active Approach to Global Fixed Income
T. Rowe Price Investing Insights - Biography of T. Rowe Price, Jr.
Franklin Templeton Funds Investing Commentary - John Templeton's Official Website

No Investment Is Perfect ...
Mutual Funds Far Outperform Mutual Fund Investors   Huh? That does not make any sense. But it is true! See last presentation.
Why The Average Investor's Investment Return Is So Low
Like Moths to a Flame   In January 2014, investors (?) rushed out of stock funds and into bond funds ... at just the wrong time. Fun video.
A Cautionary Tale for Investors   An example of a mutual fund without proper oversight by the Board of Directors
Woodford Funds Debacle:   An example of a mutual fund manager who believed he was invincible. Look for long-term results, Dear Students!
  The decline and fall of a star stock picker  To read this one, you have to create a free account with City Wire Selector
  Morningstar's take on the Woodford Funds  Morningstar also requires you to create a free account to read the article
  Woodford Funds Debacle   The Financial Times now has a "pay wall" for this article. Sorry. You can get it at a library.
Recent Mutual Fund Scandal   The investment manager was lying about the value of the investments. How did this happen?!

Online Lectures
Chapter 2 - Lecture 1 - Slides 1 to 20     Introduction to Mutual Funds
Chapter 2 - Lecture 2 - Slides 21 to 40    Fees, Expenses, and Class Shares, Oh My!
Chapter 2 - Lecture 3 - Slides 41 to 56    Types of Mutual Funds (Scramble Sheet)
Chapter 2 - Lecture 4 - Slides 57 to 61    The Great Debate: Passive Versus Active Management
Chapter 2 - Lecture 5 - Slides 62 to 79    Fund Families and a Sample Mutual Fund

Online Audio/Video Lectures
Chapter 2 - Lecture 1 - Slides 1 to 20     Introduction to Mutual Funds
Chapter 2 - Lecture 2 - Slides 21 to 40    Fees, Expenses, and Class Shares, Oh My!
Chapter 2 - Lecture 3 - Slides 41 to 56    Types of Mutual Funds (Scramble Sheet)
Chapter 2 - Lecture 4 - Slides 57 to 61    The Great Debate: Passive Versus Active Management
Chapter 2 - Lecture 5 - Slides 62 to 79    Fund Families and a Sample Mutual Fund

Online Audio/Video Lectures on YouTube (Closed captioning available)
Chapter 2 - Lecture 1 - Slides 1 to 20     Introduction to Mutual Funds
Chapter 2 - Lecture 2 - Slides 21 to 40    Fees, Expenses, and Class Shares, Oh My!
Chapter 2 - Lecture 3 - Slides 41 to 56    Types of Mutual Funds (Scramble Sheet)
Chapter 2 - Lecture 4 - Slides 57 to 61    The Great Debate: Passive Versus Active Management
Chapter 2 - Lecture 5 - Slides 62 to 79    Fund Families and a Sample Mutual Fund


Part 2: Stocks, also known as Equities

Introduction
to Stocks



Chapter 3: Introduction to Stocks
Chapter 3 in textbook on LibreTexts.org
Presentation file
Study Guide
Assignment
Stock Markets Assignment - Commentary
Earnings Call Assignment - Commentary

Stock Transactions
The difference between limit, stop, and stop-limit orders  Limit, schlimit! If you want the buy or sell the stock, just use a market order!
Market Simulation Handout - Commentary
   Presentation: Chaos in the Classroom! (Spring 2020 just before the lockdown): Video - Video (CC) - Audio

Internet Finance Web Sites   (Assignments, Lecture #3)
Presentation: Video - Audio
The Value Line Awesome resource that used to be pay only. Check it out!
   We will use The Value Line extensively in the next chapter on valuation.
Yahoo Finance   Yahoo Finance was the best free finance site. It is still useful but not as much as before. Oh, well.
   
E-mail to and response from the CEO of Verizon   Verizon bought Yahoo. The CEO answered me personally! (Verizon then sold Yahoo.)
Bloomberg Finance
Marketwatch  Wall Street Journal's free web site (Not so free anymore...)
Morningstar  Same website as chapter 2, mutual funds.
Google Finance   Google Finance is great for checking on the international markets
CNBC
Investopedia  Pretty good website (even though it is owned by the same folks who own Tinder)
The New York Times Markets Overview

ESG - Environmental, Social, and Governance
What is it?  Yet another buzz term to throw around or a real issue (actually three) that must be considered when investing?
ESG will eat itself  Critical look at the difficulties in defining what is good and what is bad

FINRA - Financial Industry Regulatory Authority
FINRA  Investigate your broker and brokerage firm at FINRA's BrokerCheck
FINRA Broker Check  Just type "PAIANO" for the name and hit [Enter]
FINRA Registered Representative Brochure  Registered Representative is the legal term for a Stockbroker
The new Securities Industry Essentials Exam  Started October 1, 2018
Solomon Securities Industry Essentials Exam Preparation  Just one of many exam prep companies (I don't get any kickback!)
The FINRA Investor Knowledge Quiz  Actually, you should wait until the end of the semester before taking this quiz!
FINRA SIE Exam Practice Exam  Take it over and over and over again! Wait until the end of the semester.

The Spread - How market makers (aka dealers) make money
Casas de Cambio - San Ysidro and Tijuana (Lecture 2) - Video - Audio - YouTube
Investopedia explains the bid-ask spread
Robinhood is not free!   How does a brokerage firm that changes no commission make money? From the spread!
The SEC is not happy with Robinhood   But doesn't everyone know that they are still being charged when they use Robinhood? (I guess not...)
How Robinhood makes money on $0 trades   Investopedia is skeptical but not very critical of Robinhood.
Robinhood Is Making Millions Selling Out Their Millennial Customers To High-Frequency Traders
    However, this guy claims the spreads on Robinhood are very high.
SEC Considers Banning Order Flow!   31-August-2021: Whoa! Wouldn't that upset the apple cart?!

Even in hindsight, it is difficult to choose stocks
Eighty-Nine Years Ago (Lecture 3) - Commentary - Results   Don't Peek Until You Have Chosen a Company!

Stock Certificates
Disney - Allied Signal - Campbell Soup Company - Commentary

Stock Worksheets
Stocks Worksheet 1 - (Lecture 2 and 4) - Commentary - Answer Key
Stocks Worksheet 2 - (Lectures 2, 5, and 6) - Commentary - Answer Key
Stocks Worksheet 3 - (Lecture 6) - Commentary - Answer Key

Dividend Reinvestments Plans (DRIPs)
Sempra Energy DRIP (Lecture 4) - Commentary

Penny Stock and Other Stock Scams
DPER -- From $0.006 To $0.06 In Just 9 Days! (Lecture 5) - Commentary   Psst. It is now at $0.0000
PPTL -- Turn $0.0138 to $0.05 In Just One Week!   What is it selling for now? $0.0000
Yahoo! Advertisement for AwesomePennyStocks.com - Another: "Penny Stocks Made Me Rich!"
The same people who are doing the recommending to you are the same scam artists who are selling the bogus stocks to you!
They "pump" up the price and then "dump" all the shares! It is a very old scam.

AwesomePennyStocks.com shuts down after SEC/FBI probe  Sigh. These scams will never end as long as people are greedy and stupid.
Another web site that was shut down  And they spelled "receive" incorrectly! I before E except after C...
Two British Teens Ran "Stock-Picking Robot" Scam
Email scam using PRFC -   PRFC was one of the few legitimate companies on the OTC. They warned the investment community that they were being used by the penny stock scammers.
DRMC: 25-Feb-2015 - 26-Feb-2015 -- Definitive Rest Manufacturing
   Formerly manufactured mattresses but now makes materials for aerospace industry. Uh, right...
STHC: 24-Feb-2015 - 25-Feb-2015 -- SouthCorp Capital
   Started June 2014 as a company refurbishing run-down homes but now is manufacturing cans and weight loss products. Okay...
How Bernie Madoff Made Off With $18 Billion   They also ask the question, "Are we protected from the next major Ponzi scheme?" (Spoiler: No.)
PBS Frontline's take on Madoff's fraud
60 Minutes: The Man Who Knew   60 Minutes interviews the man who reported Madoff to the SEC. They didn't listen.

IPO -- Initial Public Offering or It's Probably Overpriced?
It's Probably Overpriced!
Rigging the IPO Game

Bear markets come and go. Keep a long-term perspective.
History of Bear Markets - (Lecture 3) - Commentary
Another History of Bear Markets
Five Weeks of Hell - Fall 2008  It's gonna' happen ag'n, Folks. We just don't know when. Be prepared emotionally.
What Past Market Declines Can Teach Us
Don't Lose Perspective (Lecture 5) - Commentary
BGFN, The Benjamin Graham Financial Network! - Commentary
How to Handle a Market Decline  Don't panic. Keep a long-term perspective. Buy more!
Three Ways to Prepare for Down Markets

Bibliography - Read! It will give you an unfair advantage over everyone else!
Books to Read about Stocks - Commentary (Same as Chapter 1)

Rewards of keeping a long-term perspective
96-Year-Old Secretary Quietly Amasses a Fortune Stocks can make you rich, Dear Students ... but it takes time
Woman buys 3 shares of Abbott Labs at age 26 When she dies at 100, she leaves $7 million to her favorite college

High Frequency Trading (HFT)
FINRA High-Frequency Trading (HFT) Concerns
  But this guy says that HFT is good for us! Arrgh!
  Brad Katsuyama, the Hero of Flash Boys, begs to differ. "The system is rigged."   And he started IEX to level the playing the field
    Mr. Katsuyama's full speech   The link above is an excerpt
  SEC gives approval to IEX to become a stock exchange   FranklinTempleton, Capital Group, and other large financial firms and pension funds backed IEX
  Citadel tries to stop IEX!   Citadel is the company that pays Robinhood for the order flow. They don't want any competition!
  One False Move   A High Frequency Trading firm loses $440 million in 45 minutes

Warren Buffett and Berkshire Hathaway
The History of Berkshire Hathaway Class B Shares

Robo-Advising? Robo-Trading? What is this? It sure ain't investing!
Fidelity Robotic Trading System   Whatever it is, they were charging 1.25% each year! Looks like random senseless trading by a computer.
  Presentation: Video - Audio

Online Audio Lectures
Chapter 3 - Lecture 1 - Slides 1 to 12      Introduction to Stocks - Historical Returns - Advantages and Disadvantages
Chapter 3 - Lecture 2 - Slides 13 to 35    The Stock Markets (aka The Capital Markets)
Chapter 3 - Lecture 3 - Slides 36 to 46    Stock Transactions, Transaction Costs, and Stock Quotes
Chapter 3 - Lecture 4 - Slides 47 to 59    Market Averages and Indexes; Volatility Reexamined
Chapter 3 - Lecture 5 - Slides 60 to 73    Stock Characteristics and Measurements
Chapter 3 - Lecture 6 - Slides 74 to 84    Types of Stocks, Growth versus Value, and Market Capitalization
Chapter 3 - Lecture 7 - Slides 85 to 92    Stock Investment Strategies

Online Audio/Video Lectures
Chapter 3 - Lecture 1 - Slides 1 to 12      Introduction to Stocks - Historical Returns - Advantages and Disadvantages
Chapter 3 - Lecture 2 - Slides 13 to 35    The Stock Market (aka The Capital Markets)
Chapter 3 - Lecture 3 - Slides 36 to 46    Stock Transactions, Transaction Costs, and Stock Quotes
Chapter 3 - Lecture 4 - Slides 47 to 59    Market Averages and Indexes; Volatility Reexamined
Chapter 3 - Lecture 5 - Slides 60 to 73    Stock Characteristics and Measurements
Chapter 3 - Lecture 6 - Slides 74 to 84    Types of Stocks, Growth versus Value, and Market Capitalization
Chapter 3 - Lecture 7 - Slides 85 to 92    Stock Investment Strategies

Online Audio/Video Lectures on YouTube (Closed captioning available)
Chapter 3 - Lecture 1 - Slides 1 to 12      Introduction to Stocks - Historical Returns - Advantages and Disadvantages
Chapter 3 - Lecture 2 - Slides 13 to 35    The Stock Market (aka The Capital Markets)
Chapter 3 - Lecture 3 - Slides 36 to 46    Stock Transactions, Transaction Costs, and Stock Quotes
Chapter 3 - Lecture 4 - Slides 47 to 59    Market Averages and Indexes; Volatility Reexamined
Chapter 3 - Lecture 5 - Slides 60 to 73    Stock Characteristics and Measurements
Chapter 3 - Lecture 6 - Slides 74 to 84    Types of Stocks, Growth versus Value, and Market Capitalization
Chapter 3 - Lecture 7 - Slides 85 to 92    Stock Investment Strategies

Chapter 4:
Fundamental
Analysis:
Valuation
Models


Chapter 4: Fundamental Analysis: Valuation Models
Chapter 4 in textbook on LibreTexts.org
Presentation file
Study Guide
Chapter 4 Valuation Models Assignment - Commentary
Chapter 4 Value Line Assignment - Commentary
    Great News! The Value Line is now available online through the Southwestern College Library!
    The paper version of The Value Line is available at the Chula Vista and San Diego Central Libraries.
    It is also available at selected San Diego branch libraries. May be out of date. Call First.
    Their website only shows the San Diego Central Library and Rancho Bernardo but we know it is available at other branches.

Pretzels Unlimited Discounted Cash Flow Spreadsheet   (Lecture 3)
Valuation Worksheet 1 - Commentary - Answer Key
   Jimba Jomba Jumba Juice Discounted Cash Flow Spreadsheet
Valuation Worksheet 2 - Commentary - Answer Key
The Value Line: Johnson 'n' Johnson Spreadsheet - Video - Audio

Chapter 4 Formulas
Present Value Table  (Needed for Discounted Cash Flow Model calculations)

Online Audio Lectures
Chapter 4 - Lecture 1 - Slides 1 to 5    Introduction to Valuation Models
Chapter 4 - Lecture 2 - Slides 6 to 20    Dividend Discount Models
Chapter 4 - Lecture 3 - Slides 21 to 36    Discounted Cash Flow Model
Chapter 4 - Lecture 4 - Slides 37 to 49    The Value Line: A Sip from the Financial Firehose

Online Audio/Video Lectures (Closed captioning available)
Chapter 4 - Lecture 1 - Slides 1 to 5    Introduction to Valuation Models
Chapter 4 - Lecture 2 - Slides 6 to 20    Dividend Discount Models
Chapter 4 - Lecture 3 - Slides 21 to 36    Discounted Cash Flow Model
Chapter 4 - Lecture 4 - Slides 37 to 49    The Value Line: A Sip from the Financial Firehose

Online Audio/Video Lectures on YouTube (Closed captioning available)
Chapter 4 - Lecture 1 - Slides 1 to 5    Introduction to Valuation Models
Chapter 4 - Lecture 2 - Slides 6 to 20    Dividend Discount Models
Chapter 4 - Lecture 3 - Slides 21 to 36    Discounted Cash Flow Model
Chapter 4 - Lecture 4 - Slides 37 to 49    The Value Line: A Sip from the Financial Firehose

Recorded Online Sessions with the Tuesday/Thursday Spring 2023 Face-to-Face Class Audio/Visual
TueThur Lecture 1 using Zoom -- 14 Mar 2023   Finish chapter 3: Stock Investing Strategies; Begin chapter 4: Dividend Discount Models, Worksheet #1
TueThur Lecture 2 using Zoom -- 16 Mar 2023    Discounted Cash Flow Model, Worksheet #1 Problem 3, The Value Line
TueThur Lecture 3 using Zoom -- 21 Mar 2023    Worksheet #2 (Numbers will be updated), Practice using Discounted Cash Flow Model and The Value Line
TueThur Lecture 4 using Zoom -- 23 Mar 2023    Practiced using our models and The Value Line on Palo Alto Networks, Visa, and MasterCard. Discussed exam #2.

Chapter 5:
Fundmental
Analysis:
Financial
Statements
and
Ratio
Analysis


Chapter 5: Fundamental Analysis: Financial Statements and Ratio Analysis
Chapter 5 in textbook on LibreTexts.org
Presentation file
Study Guide
Financial Ratios Assignment - Commentary
Financial Ratios Formulas

Financial Statements
Sprouts Balance Sheet
Sprouts Income Statement
Sprouts Cash Flow Statement  aka Statement of Cash Flows

SEC Edgar
Search for Company Annual and Quarterly Filings  All publicly traded companies are required to file their financial statements here

Online Audio Lectures
Chapter 5 - Lecture 1 - Slides 1 to 20   Financial Statements & Ratio Analysis
Chapter 5 - Lecture 2 - Slides 21 to 41   More Ratio Analysis

Online Audio/Video Lectures
Chapter 5 - Lecture 1 - Slides 1 to 20   Financial Statements & Ratio Analysis
Chapter 5 - Lecture 2 - Slides 21 to 41   More Ratio Analysis

Online Audio/Video Lectures on YouTube (Closed captioning available)
Chapter 5 - Lecture 1 - Slides 1 to 20   Financial Statements & Ratio Analysis
Chapter 5 - Lecture 2 - Slides 21 to 41   More Ratio Analysis

Chapter 6:
Efficient
Market
Theory:
"Who Can
Beat the
Market?"


Chapter 6: Market Efficiency Theory: "Who Can Beat the Market?"
Chapter 6 in textbook on LibreTexts.org
Presentation file
Study Guide
Assignment - Commentary

The New York Times says that women are better investors than men - And CNN agrees.
Ten Cognitive Biases that can lead to investment mistakes  Hamish Douglass of the Magellan Group
Wise advice: Do the opposite of what everyone else is doing!  The 2000's were a rough decade for investors.
A Brief History of Financial Bubbles  As told by TD Ameritrade (now part of Schwab)
Someone who was involved in the dot-com bubble describes the current kleptocurrency bubble  Henry Blodget was one of the most influential Internet analysts of the late 1990's.
Politics and the Markets  "Poli-" means "many" and "-tics" are blood sucking insects.
Republicans don't like it when you tell the truth about energy  Blackrock counters that we have to concern ourselves with our clients, not your MAGA politics.
Blackrock to no longer use the term "ESG"  The term has been weaponized to gin up the right-wing outrage machine.

Wisdom from some of the All Stars of Investing
The Psychology of Human Misjudgment  Charlie Munger's treatise on why we shoot ourselves in the foot.

Online Audio Lectures
Chapter 6 - Lecture 1 - Slides 1 to 13   Market Efficiency Theory: "Who Can Beat the Market?"
Chapter 6 - Lecture 2 - Slides 14 to 33   Investor Psychology, Active vs Passive Revisited, All Stars, and Famous Myths and Stupid Sayings

Online Audio/Video Lectures
Chapter 6 - Lecture 1 - Slides 1 to 13   Market Efficiency Theory: "Who Can Beat the Market?"
Chapter 6 - Lecture 2 - Slides 14 to 33   Investor Psychology, Active vs Passive Revisited, All Stars, and Famous Myths and Stupid Sayings

Online Audio/Video Lectures on YouTube (Closed captioning available)
Chapter 6 - Lecture 1 - Slides 1 to 13   Market Efficiency Theory: "Who Can Beat the Market?"
Chapter 6 - Lecture 2 - Slides 14 to 33   Investor Psychology, Active vs Passive Revisited, All Stars, and Famous Myths and Stupid Sayings

Chapter 7:
Technical
Analysis:
Reading
Squiggles
on a
Computer
Screen


Chapter 7: Technical Analysis: Reading Squiggles on a Computer Screen
Chapter 7 in textbook on LibreTexts.org
Presentation file
Study Guide
Optional Bonus Assignment - Commentary
Technical Analysis Presentation: Video - Audio   (Use for bonus assignment)
Random Charts Spreadsheet (Press [F9] repeatedly.) - Commentary

Who wants to be a Trader/Speculator?
Learn to be a trader in 3 days!  Special price! Only $1,495!
Traders Boot Camp!   Only $6,900 -- That's $1,000 off the regular price!
The Last Resistance Level Before a Major S&P 500 Breakout    Example of a Technical Analyst telling you that the market could go up or down.
Bearish Engulfing Pattern!
Kiplinger is not impressed.
But then Kiplinger says, "Well, maybe Technical Analysis ain't all thst bad."  (Don't believe them!)
Warrior Trading  Three levels of suckers, ah, I mean traders!
FinViz.com A former student tells me he uses this website to help with his technical analysis. The management assumes no responsibility.

Please stay long-term oriented with high-quality investments
$15,500 to $1,000,000 to $7,000    Oh, well. It was nice while it lasted.
Don't Panic!    Yet another example of investors selling at the bottom.

"The investor's chief problem, and even his worst enemy, is likely to be himself." -- Benjamin Graham
Buy High, Sell Low? Sure, why not?!
NOVA Documentary: Betting on the Market - 1997   Watch for the couple from New York who put everything into AMLN. Starts around 27 minutes.
  AMLN - Amylin Pharmaceuticals   The next year, AMLN quickly lost over 95% of its value.

Series 7 Stockbroker Exam Specifications  FINRA (Financial Industry Regulatory Authority)
Securities Industry Essentials: New Exam Coming!  FINRA wants to make it easier for you to enter the industry
Securities Industry Essentials: It's Here!  The SIE, Securities Industry Essentials, exam is now available
Securities Industry Essentials: Content Outline  Here is the content outline -- much of what it is in BUS-123, Introduction to Investments!
Securities Industry Essentials: Practice Exam  Cool! FINRA is offering a free practice exam. (Notice they showcase a woman on the webpage. We need more women in the industry!)


Part 3: Bonds, also known as Fixed Investments or Fixed Income Investments

Chapter 8:
Introduction
to Bonds


Chapter 8: Introduction to Bonds
Chapter 8 in textbook on LibreTexts.org
Presentation file
Study Guide
Assignment - Commentary

Bond Quote Sources
FINRA bond search page   This is the new and improved bond search page. That is a nice way of saying that it is harder to use.
  Presentation: Video - Audio

Composite Rates
Composite Bonds Rates from Fidelity   Can be used for question #4 of assignment.
Wall Street Journal Bond Rates   Also shows yield curve which we discuss in chapter 9.
Federal Reserve Bank of St. Louis Bond Research Web Site    Great resource for researching about bonds in aggregate (but no individual bond quotes).

What should we do with Fannie Mae and Freddie Mac?
We are still trying to decide what to do with Fannie Mae and Freddie Mac
    Here is an explanation of how they currently are working and an incremental change that may or may not help.

Bond Quote Examples
Ford: Mar 09 - Oct 09 - Jun 10 - Oct 10 - Mar 13 - Oct 14 - Oct 17 - Apr 18 - Oct 18 - Apr 19 - Apr 20 - Apr 21 - Oct 21 - Apr 22 - Oct 22 - Apr 23 - Oct 23
   Presentation: Video - Video (CC) - Audio
Muni Bonds - Poway:
Feb 09 - Jun 10 - Oct 10 - Mar 11 - Oct 11 - Mar 12 - Oct 12 - Mar 15 - Oct 18 - Apr 19 - Apr 20 - Apr 21 - Oct 21 - Apr 22 - Oct 22 - Apr 23 - Oct 23
   Presentation: Video - Audio
More Muni Bonds Quote Examples: Gardena (Mar 2009) - Puerto Rico (Mar 2012) - City of Carlsbad (Dec 2011) - Medical Establishments (Mar 2015)
California Municipal Bond Quotes  Lake Elsinore and Washington Township, July 2016
Advanta: May 09 - Video - Audio - Sure 'nuff! They went under!
    Yet another example of the eternal tug o' war between risk and return

Bearer Bond Images  From a time when bonds had "coupons" attached to them.
Can anyone predict future interest rates?   Doesn't seem so.

Online Audio Lectures
Chapter 8 - Lecture 1 - Slides 1 to 24   Introduction to Bonds, Bonds & Interest Rates
Chapter 8 - Lecture 2 - Slides 25 to 42   Types of Bonds, Bond Ratings

Online Audio/Video Lectures
Chapter 8 - Lecture 1 - Slides 1 to 24   Introduction to Bonds, Bonds & Interest Rates
Chapter 8 - Lecture 2 - Slides 25 to 42   Types of Bonds, Bond Ratings

Online Audio/Video Lectures on YouTube (Closed captioning available)
Chapter 8 - Lecture 1 - Slides 1 to 24   Introduction to Bonds, Bonds & Interest Rates
Chapter 8 - Lecture 2 - Slides 25 to 42   Types of Bonds, Bond Ratings

Chapter 9:
Bond
Yields
and
Valuations


Chapter 9: Bond Yields and Valuations
Chapter 9 in textbook on LibreTexts.org
Presentation file
Study Guide
Bond Valuation Assignment - Commentary
Bond Valuation Worksheet #1 - Commentary - Answer Key
Bond Valuation Worksheet #2 - Commentary - Answer Key
Bond Valuation Worksheet #3 - Commentary - Answer Key
Bond Valuation Formulas
Present Value Tables
Bond Calculator Spreadsheet - Video - Audio   (Lecture 2)

The Bond Yield Curve and Composite Rates
Bond Yield Curve from GuruFocus.com   Treasury bonds yield curve
Bond Yield Curve from Wall Street Journal   Also uses Treasury bonds to show yield curve
Composite Bonds Rates from Fidelity

Online Audio Lectures
Chapter 9 - Lecture 1 - Slides 1 to 19    Bond Yield Calculations
Chapter 9 - Lecture 2 - Slides 20 to 41    The Yield Curve, Bond Valuation

Online Audio/Video Lectures
Chapter 9 - Lecture 1 - Slides 1 to 19    Bond Yield Calculations
Chapter 9 - Lecture 2 - Slides 20 to 41    The Yield Curve, Bond Valuation

Online Audio/Video Lectures on YouTube (Closed captioning available)
Chapter 9 - Lecture 1 - Slides 1 to 19    Bond Yield Calculations
Chapter 9 - Lecture 2 - Slides 20 to 41    The Yield Curve, Bond Valuation


Chapter 10:
Hybrid
Securities:
Preferred
Stocks and
Convertible
Securities


Chapter 10: Hybrid Securities: Preferred Stocks and Convertible Securities
Chapter 10 in textbook on LibreTexts.org
Presentation file
Study Guide
Convertible Securities Assignment - Commentary
Convertible Securities Worksheet - Commentary - Answer Key

The Three Questions on Exam #4 about Hybrid Securities

Online Audio Lectures
Chapter 10 - Lecture 1 - Slides 1 to 16    Preferred Stock & Convertible Securities

Online Audio/Video Lectures
Chapter 10 - Lecture 1 - Slides 1 to 16    Preferred Stock & Convertible Securities

Online Audio/Video Lectures on YouTube (Closed captioning available)
Chapter 10 - Lecture 1 - Slides 1 to 16    Preferred Stock & Convertible Securities


Part 4: Portfolio

Chapter 11:
Portfolio
Diversification
and Asset
Allocation


Chapter 11: Portfolio Diversification and Asset Allocation
Chapter 11 in textbook on LibreTexts.org
Presentation file
Study Guide
Assignment - Commentary

Bonds in Retirement  versus  Stocks in Retirement  versus  Stocks and Bonds in Retirement  versus  Balanced in Retirement
  Presentation: Video - Audio

The Argument for a Balanced Approach - As Fidelity Investments Sees It
Why Diversification Matters - Video - Audio    Fidelity's take on diversification

Typical "Glide Paths" for Target Retirement Date Mutual Funds
Capital Group
T. Rowe Price

The Standard and Poors 500 Index Revisited
The S&P 500 versus the S&P 50?  Is the S&P 500 really a broadly-based, well-diversified index when 56% of the return comes from 50 companies?
Bonus Assignment: Index Funds and Diversification - Commentary -  Anybody wanna' go back and redo (or do) the Bonus Assignment for chapter 2? Very illuminating!


Part 5: Speculating, also known as Trading, better described as Gambling

Chapter 12:
Options
Contracts


Chapter 12: Options Contracts
Chapter 12 in textbook on LibreTexts.org
Presentation file
Study Guide
Bonus Assignment - Commentary
Options Notes Sheet
Options Worksheet - Commentary - Answer Key

Options Chains (aka Options Quotes)
Options Chains (aka Options Quotes) on Yahoo Finance and Marketwatch.com: Video - Audio   Johnson & Johnson

Untold Riches Can Be Yours Gambling, uh, I mean, Investing in Options!
Online Trading Academy, 7 Days, 48 Hours, Only $7,995!
   That's only $166.56 per hour -- what a deal! You will spend more in one hour than this entire 3-unit class. Must be worth it!
The Day Trading Academy    This one is only $2,997! Hurray! They need new suckers ... uh, I mean, traders!
Ooops! Optionetics is now Tom's Trading Room    We referred to Optionetics in the presentation. This world changes quickly.
TradeWins.com    These folks have got to be seen to be believed! Chuck and Wendy and Bubba want to learn ya' good! Scroll down.
Wait! Wait! Jim tells you why he buys options!   Update: He no longer trades options...

Stay Away From Options!
Trader believes he has no risk options position, then promptly loses 2,000% on the transaction "I have no money at risk."
20-year-old trader takes own life after racking up $700,000 debt selling options How could Robinhood allow this young man to have this much leverage/exposure?
He Built a $10 Billion Investment Firm. It Fell Apart in Days. Another example of the dangers of derivatives. He used instruments similar to options but even more radioactive.
Bloomberg's take on Bill Hwang and Archegos Capital's spectacular failure
The Mysterious Demise of a $1.7 Billion Mutual Fund Wait a minute! Mutual funds are not supposed to be using derivatives!

Employee Stock Options
Empoyee Exercises Options Before Company Goes Public - Potentially Loses $100,000    And he took out a loan to buy the shares! Don't do this at home, Folks.

Online Audio Lectures
Chapter 12 - Lecture 1 - Slides 1 to 16    Options Contracts; Calls and Puts
Chapter 12 - Lecture 2 - Slides 17 to 30    Options Characteristics; The Break-even Point
Chapter 12 - Lecture 3 - Slides 31 to 42    Options Strategies; Covered Calls and Naked Puts
Chapter 12 - Lecture 4 - Slides 43 to 52    Employee Stock Options; Final Comments

Online Audio/Video Lectures
Chapter 12 - Lecture 1 - Slides 1 to 16    Options Contracts; Calls and Puts
Chapter 12 - Lecture 2 - Slides 17 to 30    Options Characteristics; The Break-even Point
Chapter 12 - Lecture 3 - Slides 31 to 42   Options Strategies; Covered Calls and Naked Puts
Chapter 12 - Lecture 3 - Slides 43 to 52    Employee Stock Options; Final Comments

Online Audio/Video Lectures on YouTube (Closed captioning available)
Chapter 12 - Lecture 1 - Slides 1 to 16    Options Contracts; Calls and Puts
Chapter 12 - Lecture 2 - Slides 17 to 30    Options Characteristics; The Break-even Point
Chapter 12 - Lecture 2 - Slides 31 to 42    Options Strategies; Covered Calls and Naked Puts
Chapter 12 - Lecture 3 - Slides 43 to 52    Employee Stock Options; Final Comments

Chapter 13:
Futures
Contracts


Chapter 13: Futures Contracts
Chapter 13 in textbook on LibreTexts.org
Presentation file
Study Guide   No assignment for chapter 13
Foreign currency trading is easy - an easy way to lose money   Los Angeles Times

Online Audio Lectures
Chapter 13 - Lecture 1 - Slides 1 to 14    Futures Contracts

Online Audio/Video Lectures
Chapter 13 - Lecture 1 - Slides 1 to 14    Futures Contracts

Online Audio/Video Lectures on YouTube (Closed captioning available)
Chapter 13 - Lecture 1 - Slides 1 to 14    Futures Contracts

Chapter 14:
Buying on
Margin
and
Selling
Short


Chapter 14: Buying on Margin and Selling Short
Chapter 14 in textbook on LibreTexts.org
Presentation file
Study Guide   No assignment for chapter 14
Margin and Shorting Worksheet - Commentary - Answer Key

Selling short  aka short selling, shorting, going short
Investopedia explains short selling   Don't do it! Don't sell short! It is just too risky!
Help! My short position got crushed and now I owe E-Trade $106,445.56!   Peter Lynch says, "Never short a stock." This guy had to learn the hard way.
The First Short Sale   And it does not end well for the guy who did it...

Are there any honest stockbrokers?  Be careful out there! Get a good referral.
This guy makes me sick  He stole from his client who had been behind bars for decades.

Don't Bet on the Market
NOVA: Betting on the Market   1996/1997 discussion of the late 1990's market euphoria.
AMLN's stock price history   Go to minute 27:15 of the video and listen to one investor's idea of thorough stock research.

Online Audio Lectures
Chapter 14 - Lecture 1 - Slides 1 to 17    Buying on Margin (It is risky!)
Chapter 14 - Lecture 2 - Slides 18 to 34    Selling Short (Don't do it! It is even more dangerous than buying on margining!)

Online Audio/Video Lectures
Chapter 14 - Lecture 1 - Slides 1 to 17    Buying on Margin (It is risky!)
Chapter 14 - Lecture 2 - Slides 18 to 34    Selling Short (Don't do it! It is even more dangerous than buying on margin!)

Online Audio/Video Lectures on YouTube (Closed captioning available)
Chapter 14 - Lecture 1 - Slides 1 to 17    Buying on Margin (It is risky!)
Chapter 14 - Lecture 2 - Slides 18 to 34    Selling Short (Don't do it! It is even more dangerous than margining!)

Chapter 15:
Precious
Metals,
Art, and
Collectibles


Chapter 15: Precious Metals, Art, and Collectibles
Chapter 15 in textbook on LibreTexts.org
Presentation   No assignment
The only question on the final exam from this presentation will ask you if you should just stay away from gold, precious metals, collectibles, art, etc. The answer is, "Yes!"

Why gold is a bad investment
A Couple Stored IRA Gold in Their Home  They now owe the IRS $300,000
Thrift Store Painting Worth Quarter Million  Sure, it happens. But don't count on it happening to you, okay?

Online Audio Lectures
Chapter 15 - Lecture 1 - Slides 1 to 7   Precious Metals, Art, and Collectibles

Online Audio/Video Lectures
Chapter 15 - Lecture 1 - Slides 1 to 7   Precious Metals, Art, and Collectibles

Online Audio/Video Lectures on YouTube (Closed captioning available)
Chapter 15 - Lecture 1 - Slides 1 to 7   Precious Metals, Art, and Collectibles

Chapter 16:
Cryptocurrencies
and NFTs


Chapter 16: Cryptocurrencies and NFTs
Chapter 16 in textbook on LibreTexts.org
Presentation   No assignment
No questions on the final exam from this presentation.

Google search of "cryptocurrency"   Only 246,000,000 hits ...

Unregulated! Promises of Riches! This is exactly what we should expect.
Just one of many examples of hanky-panky
Crytocurrency scams   Only 8?!
Squid Cryptocurrency Collapse as Founders Steal Millions
Judge says crypto exchange owns customers' deposits   "Regulation? We don't need no stinkin' regulation!"

What is it worth? What is the intrinsic value?
Value investor discusses his reasons for not owning kleptocurrencies

Online Audio Lectures
Chapter 16 - Lecture 1 - Slides 1 to 11   Cryptocurrencies and NFTs

Online Audio/Video Lectures
Chapter 16 - Lecture 1 - Slides 1 to 11   Cryptocurrencies and NFTs

Online Audio/Video Lectures on YouTube (Closed captioning available)
Chapter 16 - Lecture 1 - Slides 1 to 11   Cryptocurrencies and NFTs


Part 7: Miscellaneous Topics in Investing Including Real Estate

Chapter 17:
Real Estate
and
Real Estate
Investments
Trusts
(REITs)


Chapter 17: Real Estate and Real Estate Investment Trusts (REITs)
Chapter 17 in textbook on LibreTexts.org
Presentation file
Study Guide   No assignment
Worksheet - Commentary - Answer Key
This scam artist ... uh, I mean, reality show star wants to teach you how to flip real estate.  The cost for this training? Only $34,000!
Landlord's Nightmare (one of many)
Shared Appreciation Solicitation - Commentary  This company will lend you money in exchange for sharing the appreciation of your home. Be Careful!

Online Audio Lectures
Chapter 17 - Lecture 1 - Slides 1 to 21   Real Estate and Real Estate Investment Trusts (REITs)

Online Audio/Video Lectures
Chapter 17 - Lecture 1 - Slides 1 to 21   Real Estate and Real Estate Investment Trusts (REITs)

Online Audio/Video Lectures on YouTube (Closed captioning available)
Chapter 17 - Lecture 1 - Slides 1 to 21   Real Estate and Real Estate Investment Trusts (REITs)

Chapter 18:
Retirement
Accounts,
Regular
Accounts,
and
Annuities


Chapter 18: Brokerages, Account Types, and Annuities
Chapter 18 in textbook on LibreTexts.org
Presentation file
Study Guide   No assignment
Recommended Exercise  Not an assignment! There is no assignment.

Robo-Brokerage Account
Fidelity Robotic Trading System   Let's revisit Fidelity Robo-Advisor. Would you want to have your brokerage firm do this for you?
  Presentation: Video - Audio

Annuities  Never trust an insurance company with your investments!
What is an Annuity  Investopedia's lame definition of annuities (without all the downsides)
Confessions of an indexed annuity salesperson
There's a lot not to trust about annuities
You just gave your annuity agent a great vacation!
What's In It For the Annuity Salesperson! - Commentary
Too good to be true?   It's probably an indexed annuity
Fisher Investments: Why I Hate Annuities   Here is a guy who has built an empire by trashing annuities

Get a Good Referral!
Slime Bag Broker Rapes Elderly Client And if I read the article correctly, he is only getting a 3-month suspension?! Portfolio turnover rate of 1,400%!?

Fixed Income Annuity Illustration - Video - Audio - TIAA.org Fixed Annuity Calculator
  Compare this to the chapter 11 retirement scenarios. Ken Fisher is right. Annuities Suck!

Online Audio Lectures
Chapter 18 - Lecture 1 - Slides 1 to 25  Brokerages, Account Types, and Annuities

Online Audio/Video Lectures
Chapter 18 - Lecture 1 - Slides 1 to 25  Brokerages, Account Types, and Annuities

Online Audio/Video Lectures on YouTube (Closed captioning available)
Chapter 18 - Lecture 1 - Slides 1 to 25  Brokerages, Account Types, and Annuities

Chapter 19:
Starting a
Business:
The Ultimate
Investment


Chapter 19: Starting a Business: The Ultimate Investment
Chapter 19 in textbook on LibreTexts.org
Presentation   No assignment
No questions on the final exam from this presentation.

Score San Diego (Service Corps of Retired Executives)
Kiva
Accessity (formertly Accion San Diego)  Careful! Don't go to accionsandiego.com. It's a phishing site now.
South San Diego Small Business Development Center

Online Audio Lectures
Chapter 19 - Lecture 1 - Slides 1 to 5   Starting a Business: The Ultimate Investment

Online Audio/Video Lectures
Chapter 19 - Lecture 1 - Slides 1 to 5   Starting a Business: The Ultimate Investment

Online Audio/Video Lectures on YouTube (Closed captioning available)
Chapter 19 - Lecture 1 - Slides 1 to 5   Starting a Business: The Ultimate Investment


Text Book



This is an Open Educational Resources - Zero Textbook Cost (OER-ZTC) textbook.
(Ah, that's the fancy-schmancy academic way to say that it is free to read.)

  Introduction to Investments: A Free Manual for Building Wealth
  
PDF Version (>30 Megabytes) - LibreTexts.org (mobile-friendly)


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