STRATEGY REPORT

ARTICLE SOURCES

!"#$%&'$%($)&%*&$+%&,%-./$0&

Merrill Edge

Get up to $600 when you invest in a new Merrill Edge Self-Directed account

LEARN MORE

Smart Asset

Get matched with fiduciary financial advisors in your area in 5 minutes or less

LEARN MORE

M1 Finance

Invest, borrow, and spend, with full automation. Get started for free.

LEARN MORE

!12*!$

34,5&%20 !$670%,8%20$ 9:;&:,."6<

=>:&,6:"?%@,?:;< 3>/$6&:0$ ($A0

@6:/";<%@,?:;< B,.&";&%20 B"6$$60

B"?:8,6.:"%@6:/";<

(,&:;$

-./$0&,+$>:"%:0%+"6&%,8%&'$%9,&>"0'%+54?:0':.C%8"7:?<D

E50:.$00%F,>$?0

G'"&%-0%"%E50:.$00%F,>$?H

!'$%&$67%450:.$00%7,>$?%6$8$60%&,%"

;,7+".<I0%+?".%8,6%7"#:.C%"%+6,8:&D%-&

:>$.&:8:$0%&'$%+6,>5;&0%,6%0$6/:;$0%&'$

450:.$00%+?".0%&,%0$??J%:&0%:>$.&:8:$>

&"6C$&%7"6#$&J%".>%".<%".&:;:+"&$>

$)+$.0$0D%E50:.$00%7,>$?0%"6$

:7+,6&".&%8,6%4,&'%.$A%".>%$0&"4?:0'$>

450:.$00$0D%!'$<%'$?+%.$AJ%>$/$?,+:.C

;,7+".:$0%"&&6";&%:./$0&7$.&J%6$;65:&

&"?$.&J%".>%7,&:/"&$%7"."C$7$.&%".>

0&"88D%=0&"4?:0'$>%450:.$00$0%0',5?>

6$C5?"6?<%5+>"&$%&'$:6%450:.$00%+?".0%,6

&'$<I??%8":?%&,%".&:;:+"&$%&6$.>0%".>

;'"??$.C$0%"'$">D%E50:.$00%+?".0%'$?+

:./$0&,60%$/"?5"&$%;,7+".:$0%&'"&

:.&$6$0&%&'$7D

2.>$60&".>:.C%E50:.$00

F,>$?0

3%450:.$00%7,>$?%:0%"%':C'K?$/$?%+?".%8,6

+6,8:&"4?<%,+$6"&:.C%"%450:.$00%:.%"

0+$;:8:;%7"6#$&+?";$D%3%+6:7"6<

;,7+,.$.&%,8%&'$%450:.$00%7,>$?%:0%&'$

/"?5$%+6,+,0:&:,.D%!':0%:0%"%>$0;6:+&:,.

,8%&'$%C,,>0%,6%0$6/:;$0%&'"&%"%;,7+".<

,88$60%".>%A'<%&'$<%"6$%>$0:6"4?$%&,

;50&,7$60%,6%;?:$.&0J%:>$"??<%0&"&$>%:.%"

A"<%&'"&%>:88$6$.&:"&$0%&'$%+6,>5;&%,6

0$6/:;$%86,7%:&0%;,7+$&:&,60D

3%.$A%$.&$6+6:0$I0%450:.$00%7,>$?

0',5?>%"?0,%;,/$6%+6,L$;&$>%0&"6&5+

;,0&0%".>%8:.".;:.C%0,56;$0J%&'$%&"6C$&

;50&,7$6%4"0$%8,6%&'$%450:.$00J

7"6#$&:.C%0&6"&$C<J%"%6$/:$A%,8%&'$

;,7+$&:&:,.J%".>%+6,L$;&:,.0%,8

6$/$.5$0%".>%$)+$.0$0D%!'$%+?".%7"<

"?0,%>$8:.$%,++,6&5.:&:$0%:.%A':;'%&'$

450:.$00%;".%+"6&.$6%A:&'%,&'$6

$0&"4?:0'$>%;,7+".:$0D%M,6%$)"7+?$J%&'$

450:.$00%7,>$?%8,6%".%">/$6&:0:.C

450:.$00%7"<%:>$.&:8<%4$.$8:&0%86,7%".

"66".C$7$.&%8,6%6$8$66"?0%&,%".>%86,7%"

+6:.&:.C%;,7+".<D

*5;;$0085?%450:.$00$0%'"/$%450:.$00

7,>$?0%&'"&%"??,A%&'$7%&,%85?8:??%;?:$.&

.$$>0%"&%"%;,7+$&:&:/$%+6:;$%".>%"

050&":."4?$%;,0&D%N/$6%&:7$J%7".<

450:.$00$0%6$/:0$%&'$:6%450:.$00%7,>$?0

86,7%&:7$%&,%&:7$%&,%6$8?$;&%;'".C:.C

450:.$00%$./:6,.7$.&0%".>%7"6#$&

>$7".>0D

G'$.%$/"?5"&:.C%"%;,7+".<%"0%"

+,00:4?$%:./$0&7$.&J%&'$%:./$0&,6%0',5?>

8:.>%,5&%$)";&?<%',A%:&%7"#$0%:&0%7,.$<D

!':0%7$".0%?,,#:.C%&'6,5C'%&'$

;,7+".<I0%450:.$00%7,>$?D%3>7:&&$>?<J

&'$%450:.$00%7,>$?%7"<%.,&%&$??%<,5

$/$6<&':.C%"4,5&%"%;,7+".<I0

+6,0+$;&0D%E5&%&'$%:./$0&,6%A',

5.>$60&".>0%&'$%450:.$00%7,>$?%;".

7"#$%4$&&$6%0$.0$%,8%&'$%8:.".;:"?%>"&"D

Business Model

*+$;:"?%B,.0:>$6"&:,.0

3%;,77,.%7:0&"#$%7".<%;,7+".:$0

7"#$%A'$.%&'$<%;6$"&$%&'$:6%450:.$00

7,>$?0%:0%&,%5.>$6$0&:7"&$%&'$%;,0&0%,8

85.>:.C%&'$%450:.$00%5.&:?%:&%4$;,7$0

+6,8:&"4?$D%B,5.&:.C%;,0&0%&,%&'$

:.&6,>5;&:,.%,8%"%+6,>5;&%:0%.,&%$.,5C'D

3%;,7+".<%'"0%&,%#$$+%&'$%450:.$00

65..:.C%5.&:?%:&0%6$/$.5$0%$);$$>%:&0

$)+$.0$0D

N.$%A"<%"."?<0&0%".>%:./$0&,60%$/"?5"&$

&'$%05;;$00%,8%"%450:.$00%7,>$?%:0%4<

?,,#:.C%"&%&'$%;,7+".<I0%C6,00%+6,8:&D

O6,00%+6,8:&%:0%"%;,7+".<I0%&,&"?%6$/$.5$

7:.50%&'$%;,0&%,8%C,,>0%0,?>

PBNO*QD%B,7+"6:.C%"%;,7+".<I0%C6,00

+6,8:&%&,%&'"&%,8%:&0%7":.%;,7+$&:&,6%,6

:&0%:.>50&6<%0'$>0%?:C'&%,.%&'$%$88:;:$.;<

".>%$88$;&:/$.$00%,8%:&0%450:.$00%7,>$?D

O6,00%+6,8:&%"?,.$%;".%4$%7:0?$">:.CJ

',A$/$6D%3."?<0&0%"?0,%A".&%&,%0$$%;"0'

8?,A%,6%.$&%:.;,7$D%!'"&%:0%C6,00%+6,8:&

7:.50%,+$6"&:.C%$)+$.0$0%".>%:0%".

:.>:;"&:,.%,8%L50&%',A%75;'%6$"?%+6,8:&

&'$%450:.$00%:0%C$.$6"&:.CD

!'$%&A,%+6:7"6<%?$/$60%,8%"%;,7+".<I0

450:.$00%7,>$?%"6$%+6:;:.C%".>%;,0&0D%3

;,7+".<%;".%6":0$%+6:;$0J%".>%:&%;".%8:.>

:./$.&,6<%"&%6$>5;$>%;,0&0D%E,&'%";&:,.0

:.;6$"0$%C6,00%+6,8:&D%F".<%"."?<0&0

;,.0:>$6%C6,00%+6,8:&%&,%4$%7,6$

:7+,6&".&%:.%$/"?5"&:.C%"%450:.$00%+?".D

3%C,,>%C6,00%+6,8:&%05CC$0&0%"%0,5.>

450:.$00%+?".D%-8%$)+$.0$0%"6$%,5&%,8

;,.&6,?J%&'$%7"."C$7$.&%&$"7%;,5?>%4$

"&%8"5?&J%".>%&'$%+6,4?$70%"6$

;,66$;&"4?$D%30%&':0%05CC$0&0J%7".<

"."?<0&0%4$?:$/$%&'"&%;,7+".:$0%&'"&%65.

,.%&'$%4$0&%450:.$00%7,>$?0%;".%65.

&'$70$?/$0D

%Important: G'$.%$/"?5"&:.C%" ;,7+".<%"0%"%+,00:4?$

:./$0&7$.&J%8:.>%,5&%$)";&?<

',A%:&%7"#$0%:&0%7,.$<R

&'"&I0%&'$%;,7+".<I0%450:.$00

7,>$?D

!<+$0%,8%E50:.$00%F,>$?0

!'$6$%"6$%"0%7".<%&<+$0%,8%450:.$00

7,>$?0%"0%&'$6$%"6$%&<+$0%,8%450:.$00D

M,6%:.0&".;$J%>:6$;&%0"?$0J%86".;':0:.CJ

">/$6&:0:.CK4"0$>J%".>%46:;#K".>K7,6&"6

0&,6$0%"6$%"??%$)"7+?$0%,8%&6">:&:,."?

450:.$00%7,>$?0D%!'$6$%"6$%'<46:>

7,>$?0%"0%A$??J%05;'%"0%450:.$00$0%&'"&

;,74:.$%:.&$6.$&%6$&":?%A:&'%46:;#K".>K

7,6&"6%0&,6$0%,6%A:&'%0+,6&:.C

,6C".:S"&:,.0%?:#$%&'$%(E3D

=";'%450:.$00%+?".%:0%5.:T5$%A:&':.

&'$0$%46,">%;"&$C,6:$0D%B,.0:>$6%&'$

0'"/:.C%:.>50&6<D%O:??$&&$%:0%'"++<%&,%0$??

:&0%F";'U%6"S,6%'".>?$%"&%;,0&%,6%8,6%"

?,A$6%+6:;$%:.%,6>$6%&,%C$&%0&$"><

;50&,7$60%8,6%:&0%7,6$%+6,8:&"4?$%6"S,6

4?">$0D%!'$%450:.$00%7,>$?%6$0&0%,.

C:/:.C%"A"<%&'$%'".>?$%&,%C$&%4?">$

0"?$0D%!':0%&<+$%,8%450:.$00%7,>$?%:0

";&5"??<%;"??$>%&'$%6"S,6K6"S,64?">$

7,>$?J%45&%:&%;".%"++?<%&,%;,7+".:$0%:.

".<%450:.$00%&'"&%0$??0%"%+6,>5;&%"&%"

>$$+%>:0;,5.&%:.%,6>$6%&,%05++?<%"

>$+$.>$.&%C,,>%"&%"%;,.0:>$6"4?<

':C'$6%+6:;$D

B6:&:;:07%,8%E50:.$00%F,>$?0

V,".%F"C6$&&"J%&'$%8,67$6%$>:&,6%,8%&'$

W"6/"6>%E50:.$00%1$/:$AJ%05CC$0&0%&'$6$

"6$%&A,%;6:&:;"?%8";&,60%:.%0:S:.C%5+

450:.$00%7,>$?0D%G'$.%450:.$00%7,>$?0

>,.I&%A,6#J%0'$%0&"&$0J%:&I0%4$;"50$%&'$

0&,6<%>,$0.I&%7"#$%0$.0$%".>X,6%&'$

.574$60%L50&%>,.I&%">>%5+%&,%+6,8:&0D YZ[ ​

!'$%":6?:.$%:.>50&6<%:0%"%C,,>%+?";$%&,

?,,#%&,%8:.>%"%450:.$00%7,>$?%&'"&

0&,++$>%7"#:.C%0$.0$D%-&%:.;?5>$0

;,7+".:$0%&'"&%'"/$%0588$6$>%'$"/<

?,00$0%".>%$/$.%4".#65+&;<D

M,6%<$"60J%7"L,6%;"66:$60%05;'%"0

37$6:;".%3:6?:.$0J%9$?&"J%".>

B,.&:.$.&"?%45:?&%&'$:6%450:.$00$0

"6,5.>%"%'54K".>K0+,#$%0&65;&56$J%:.

A':;'%"??%8?:C'&0%A$6$%6,5&$>%&'6,5C'%"

'".>85?%,8%7"L,6%":6+,6&0D%E<%$.056:.C

&'"&%7,0&%0$"&0%A$6$%8:??$>%7,0&%,8%&'$

&:7$J%&'$%450:.$00%7,>$?%+6,>5;$>%4:C

+6,8:&0D%E5&%"%;,7+$&:.C%450:.$00%7,>$?

"6,0$%&'"&%7">$%&'$%0&6$.C&'%,8%&'$

7"L,6%;"66:$60%"%456>$.D%B"66:$60%?:#$

*,5&'A$0&%".>%V$&E?5$%0'5&&?$>%+?".$0

4$&A$$.%07"??$6%":6+,6&0%"&%"%?,A$6%;,0&D

!'$<%"/,:>$>%0,7$%,8%&'$%,+$6"&:,."?

:.$88:;:$.;:$0%,8%&'$%'54K".>K0+,#$

7,>$?%A':?$%8,6;:.C%?"4,6%;,0&0%>,A.D

!'"&%"??,A$>%&'$7%&,%;5&%+6:;$0J

:.;6$"0:.C%>$7".>%8,6%0',6&%8?:C'&0

4$&A$$.%;:&:$0D

30%&'$0$%.$A$6%;,7+$&:&,60%>6$A%7,6$

;50&,7$60%"A"<J%&'$%,?>%;"66:$60%A$6$

?$8&%&,%05++,6&%&'$:6%?"6C$J%$)&$.>$>

.$&A,6#0%A:&'%8$A$6%+"00$.C$60D%!'$

+6,4?$7%4$;"7$%$/$.%A,60$%A'$.

&6"88:;%8$??%0'"6+?<%8,??,A:.C%&'$

*$+&$74$6%ZZ%&$66,6:0&%"&&";#0%:.%\]]ZD

Y\[ ​%!,%8:??%0$"&0J%&'$0$%":6?:.$0%'">%&,%,88$6 7,6$%>:0;,5.&0%"&%$/$.%>$$+$6%?$/$?0D

!'$%'54K".>K0+,#$%450:.$00%7,>$?%.,

?,.C$6%7">$%0$.0$D

=)"7+?$0%,8%E50:.$00%F,>$?0

B,.0:>$6%"%;,7+"6:0,.%,8%&A,

;,7+$&:.C%450:.$00%+?".0%A'$6$%&A,

;,7+".:$0%6$.&%".>%0$??%7,/:$0D%E,&'

450:.$00$0%7">$%^_%7:??:,.%:.%6$/$.5$0

"8&$6%0+$.>:.C%^`%7:??:,.%,.%&'$:6

:./$.&,6:$0%,8%7,/:$0D%!':0%7$".0%&'"&

$";'%;,7+".<%7"#$0%"%C6,00%+6,8:&

;"?;5?"&$>%"0%^_%7:??:,.%7:.50%^`

7:??:,.J%,6%^Z%7:??:,.D%!'$<%"?0,%'"/$%&'$

0"7$%C6,00%+6,8:&%7"6C:.J%;"?;5?"&$>%"0

\]a%,8%C6,00%+6,8:&%>:/:>$>%4<%6$/$.5$0D

E5&%&':.C0%;'".C$%A:&'%&'$%"66:/"?%,8%&'$

:.&$6.$&D%B,7+".<%E%>$;:>$0%&,%0&6$"7

7,/:$0%,.?:.$%:.0&$">%,8%6$.&:.C%,6

0$??:.C%+'<0:;"?%;,+:$0D%!':0%;'".C$

>:065+&0%&'$%450:.$00%7,>$?%:.%"%+,0:&:/$

A"<D%!'$%?:;$.0:.C%8$$0%>,.I&%;'".C$J

45&%&'$%;,0&%,8%',?>:.C%:./$.&,6<%C,$0

>,A.%;,.0:>$6"4?<D%-.%8";&J%&'$%;'".C$

6$>5;$0%0&,6"C$%".>%>:0&6:45&:,.%;,0&0

4<%^\%7:??:,.D%!'$%.$A%C6,00%+6,8:&%8,6

&'$%;,7+".<%:0%^_%7:??:,.%7:.50%^\

7:??:,.J%,6%^U%7:??:,.D%!'$%.$A%C6,00

+6,8:&%7"6C:.%:0%b]aD%F$".A':?$J

B,7+".<%3%8":?0%&,%5+>"&$%:&0%450:.$00

+?".%".>%:0%0&5;#%A:&'%"%?,A$6%C6,00

+6,8:&%7"6C:.D%30%"%6$05?&J%:&0%0"?$0%4$C:.

&,%0?:>$%>,A.A"6>0D%B,7+".<%E%:0.I&

$/$.%7"#:.C%7,6$%:.%0"?$0J%45&%:&%'"0

6$/,?5&:,.:S$>%:&0%450:.$00%7,>$?J%".>

&'"&%'"0%C6$"&?<%6$>5;$>%:&0%;,0&0D

E<%CAROL M. KOPP c %1$/:$A$>%E<%THOMAS BROCK% c %2+>"&$>%V5?%UJ%\]\]

KEY TAKEAWAYS

3%450:.$00%7,>$?%:0%"

;,7+".<I0%;,6$%0&6"&$C<%8,6

+6,8:&"4?<%>,:.C%450:.$00D

F,>$?0%C$.$6"??<%:.;?5>$

:.8,67"&:,.%?:#$%+6,>5;&0%,6

0$6/:;$0%&'$%450:.$00%+?".0%&,

0$??J%&"6C$&%7"6#$&0J%".>%".<

".&:;:+"&$>%$)+$.0$0D

!'$%&A,%?$/$60%,8%"%450:.$00

7,>$?%"6$%+6:;:.C%".>%;,0&0D

G'$.%$/"?5"&:.C%"%450:.$00

7,>$?%"0%".%:./$0&,6J%"0#

A'$&'$6%&'$%:>$"%7"#$0%0$.0$

".>%A'$&'$6%&'$%.574$60%">>

5+D

W:6$%"%@6,d%B,7+"6$%U

M:.".;:"?%3>/:0,60

($"6%e,5

M:.>:.C%&'$%6:C'&%8:.".;:"?%">/:0,6%&'"&

8:&0%<,56%.$$>0%>,$0.f&%'"/$%&,%4$%'"6>D

*7"6&300$&f0%86$$%&,,?%7"&;'$0%<,5%A:&'

8:>5;:"6<%8:.".;:"?%">/:0,60%:.%<,56%"6$"

:.%_%7:.5&$0D%=";'%">/:0,6%'"0%4$$.

/$&&$>%4<%*7"6&300$&%".>%:0%?$C"??<

4,5.>%&,%";&%:.%<,56%4$0&%:.&$6$0&0D%-8

<,5f6$%6$"><%&,%4$%7"&;'$>%A:&'%?,;"?

">/:0,60%&'"&%A:??%'$?+%<,5%";':$/$%<,56

8:.".;:"?%C,"?0J%C$&%0&"6&$>%.,AD

*@N(*N1=9

1$?"&$>%!$670

2.>$60&".>:.C%B,0&%,8%O,,>0%*,?>%g%BNO*

B,0&%,8%C,,>0%0,?>%PBNO*Q%:0%>$8:.$>%"0%&'$%>:6$;&%;,0&0%"&&6:45&"4?$%&,%&'$%+6,>5;&:,.%,8%&'$

C,,>0%0,?>%:.%"%;,7+".<D %7,6$

=?$;&6,.:;%1$&":?:.C%P=K&":?:.CQ

=?$;&6,.:;%6$&":?:.C%P$K&":?:.CQ%:0%&'$%0"?$%,8%C,,>0%".>%0$6/:;$0%,/$6%&'$%-.&$6.$&J%A':;'%;".

:.;?5>$%E\E%,6%E\B%0"?$0D %7,6$

=E-!93%g%="6.:.C0%E$8,6$%-.&$6$0&J%!")$0J%9$+6$;:"&:,.J%".>

37,6&:S"&:,.

=E-!93J%,6%$"6.:.C0%4$8,6$%:.&$6$0&J%&")$0J%>$+6$;:"&:,.J%".>%"7,6&:S"&:,.J%:0%"%7$"056$%,8%"

;,7+".<I0%,/$6"??%8:.".;:"?%+$68,67".;$D %7,6$

@6,8:&%F"6C:.

@6,8:&%7"6C:.%C"5C$0%&'$%>$C6$$%&,%A':;'%"%;,7+".<%,6%"%450:.$00%";&:/:&<%7"#$0%7,.$<D%-&

6$+6$0$.&0%A'"&%+$6;$.&"C$%,8%0"?$0%'"0%&56.$>%:.&,%+6,8:&0D %7,6$

!,+%h:.$

!,+%?:.$%6$8$60%&,%&'$%C6,00%8:C56$0%6$+,6&$>%4<%"%;,7+".<J%05;'%"0%0"?$0%,6%6$/$.5$0D %7,6$

G'<%O6,00%@6,8:&%F"6C:.%F"&&$60

!'$%C6,00%+6,8:&%7"6C:.%:0%"%7$&6:;%50$>%&,%"00$00%"%8:67I0%8:.".;:"?%'$"?&'%".>%:0%$T5"?%&,%6$/$.5$

?$00%;,0&%,8%C,,>0%0,?>%"0%"%+$6;$.&%,8%&,&"?%6$/$.5$D %7,6$

@"6&.$6%h:.#0

Get more from your money. Open an account & invest @ E*TRADE

Get a free personalized learning experience with TD Ameritrade.

Trade 70+ currency pairs across OANDA's platforms. Losses can exceed investment

1$?"&$>%36&:;?$0

ACCOUNTING

O6,00%@6,8:&J%N+$6"&:.C%@6,8:&%".>%($&

-.;,7$

FINANCIAL STATEMENTS

W,A%>,%C6,00%+6,8:&%".>%.$&%:.;,7$%>:88$6H

FUNDAMENTAL ANALYSIS

2.>$60&".>:.C%&'$%9:88$6$.;$%E$&A$$.

1$/$.5$%".>%@6,8:&

TOOLS FOR FUNDAMENTAL ANALYSIS

W,A%9,%O6,00%@6,8:&%".>%O6,00%F"6C:.

9:88$6H

SECTORS & INDUSTRIES ANALYSIS

3.%=;,.,7:;%3."?<0:0%,8%&'$%h,AKB,0&

3:6?:.$%-.>50&6<

TOP STOCKS

W,A%9,$0%B,0&;,%F"#$%F,.$<H

3>/$6&:0$7$.&

3>/$6&:0$7$.&

3>/$6&:0$7$.&

THE 2021 NISSAN ALTIMA®

2,000 NISSAN CASHBACK$ [1] 500 BONUSCASH+ $ [2]

UP TO 200$

TOTAL SAVINGS*

FIND LOCAL DEALERS ESTIMATE YOUR

PAYMENT

*MORE OFFER INFORMATION

3>/$6&:0$7$.&

3>/$6&:0$6%9:0;?,056$

Feedback