More News Concerning Options!

While I mentioned previously that we will have a speaker from the CBOE to address us at our meeting in April, it has come to my attention that there is another offering on Options that will be available in March, and I mention this in case you cannot make it to our April meeting.

The Lyons Township High School in La Grange has an Adult Education Center and this coming March 8, 2005 - they will be offering a one-class session called, "Learning About Your Options." This class will be an introduction to Option Trading. It is for those who are getting started and are looking for strategies and ideas about buying and selling options that work for their situation. The instructor will explain how investors use options to double or triple returns and protect from loss at the same time. Among the topics which will be covered:
1. Covered call writing.
2. Calls vs. Puts.
3. Covered vs. Naked
4. In, Near, and Out of the Money strategies.

This class has a cost of $25.00 - and you can learn more about it at:

http://www.lths.net/Academics/AdultEd/

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A Tip To Improve Your Investment Results

There are two things to look for whenever you are evaluating a stock for purchase:

1. Buy a stock only if it has shown double-digit earnings over the past ten years.

2. Buy a stock only if it has shown double-digit price appreciation over the past ten years.

Of course when it comes to any investment, there are no guarantees. However, stocks that have shown both of these results generally do so because of superior management and therefore should be expected to continue delivering better-than-average results for an extended period of time... And you still must monitor your investment periodically in order to remain alert to any changes that could adversely affect future results!

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Portfolio Protection

You are aware of the fact that investing always involves risk and therefore the idea is for you to create a portfolio that you will feel comfortable in holding no matter what conditions may develop. And here is a strategy that goes a long way toward fulfilling that objective!

This involves using a combination of Treasury bonds and ETFs, in what is known as a "zero wrap" strategy. This involves using a particular type of Treasury called a zero coupon, which doesn't pay interest, but rather is bought at a discount to its maturity value in much the same way as Series EE government savings bonds. Now here is the way this would work.

Example: Suppose you have $100,000 for investing but you do not want to risk your principal. Using this strategy, you would purchase a zero-coupon treasury with a 10-year maturity value of $100,000 - which sells currently for about $65,000. That leaves $35,000 left over for ETFs. And if you hold the zero to maturity, you would be guaranteed to receive $100,000 - plus whatever the ETF shares will be worth at that time.

One very important fact to remember is this: Zero-coupon bonds should ONLY be held in a tax deferred account such as an IRA or a KEOGH, because any interest earned on a zero-coupon bond is taxable during the year in which the interest is earned, even though you do not actually receive that interest until the zero-coupon bond matures!

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How To Boost Your Investment Results From Good To Great!

We've talked from time to time at our meetings about the wisdom of creating your own personal investment library at home. One of the benefits of doing this is that it helps you to discipline yourself by devoting your valuable time to reading and learning about investing which you otherwise might not be doing!

There certainly is no shortage of good financial books, and you can find a very excellent reading list at the www.bobbrinker.com Web site.(in our "Links" section.)

One book that really stands out was published in 2001, and yet it still remains on the list of business "best-sellers." The book I refer to is, "Good To Great: Why Some Companies Make The Leap... and Others Don't," by author Jim Collins. This book is all about a group of elite companies that made the jump from being merely average or worse in performance, to eventually turning in really great results!

There are valuable insights for any investor - regardless of his/her level of investment expertise - and one of the most important benefits is the way this book will teach you about how to research investment ideas!

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News That You Can Use!

As a follow-up to last evening's meeting, I am pleased to inform you that we now have a featured speaker promised from the CBOE who will speak to us about "Beginning With Options" - and this will be at our meeting on April 21st!

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Many thanks to member Erik Berg for suggesting the "Dividend Discount Model" Web site which you will find listed in our "Links" section under "Dow Dividends."

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For those of you who invest in Mutual Funds but may have missed the recent Lipper Quarterly Mutual Fund Guide in Barron's, there is available now the latest issue of Forbes magazine (January 31, 2005) which incorporates Forbes' "2005 Fund Guide" that rates 1,000 funds.

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Ever wonder whether or not you or some member of your family might be able to lay claim to some "long lost" funds?... Well just in case you do harbor such thoughts, there is a place on the Internet where you can search for such items as lost bank accounts and/or CDs; lost stocks, bonds and mutual funds; uncashed checks and wages; even lost utility deposits. The place I speak of is a database established by the National Association of Unclaimed Property Administrators. This site is absolutely free, and you can access it from our list of "Links" where it appears as "NAUPA."

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And finally, we read in Business Week magazine (12/27/04 - page 74) where it is suggested that the stock market will very likely be led during 2005, by companies that have consistent earnings growth, as well as strong balance sheets with a healthy cash flow and low debt. The reasoning here is the fact that cash-rich companies are more likely to outperform cash-poor companies due to a climate of rising interest rates. Since weaker companies need fresh capital in order to stay in business, but the rising interest rates make capital more expensive, this in turn will have the effect of dampening their earnings. And what may also prove to be true this year is that companies with strong cash flow and solid earnings tend to raise their dividends, which adds extra appeal to all investors!

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Interesting Data From the IRS

The Internal Revenue Service recently released some very interesting information that disproves once and for all the lies of those political demagogues who try to label the Bush tax cuts as "favoring the rich."

According to the IRS summary for tax year 2002, the top 1% of tax payers accounted for 16.12% of income earned during calendar year 2002, yet they paid 33.71%of all taxes - which is more than double their share!

The last time that the top 1% paid more than twice their share of taxes was in 1996. The ratio began trending downward in 1997 through 1999, but then it resumed heading upward in 2000 and has continued its upward spiral to the year 2002. So it will be very interesting to watch next year when the IRS reports on tax year 2003. But in any event, the so-called Bush tax cuts certainly did not help the highest 1% of wage earners - not even a little bit!

The fact is that those Americans who pay most of the taxes are clearly being punished by our tax system, and this is a national disgrace. And these people are doing the only legal thing that they can in order to defend against this ever increasing assault against their wealth. They are leaving the United States!

Those who pay most of the government's bills are being forced to take their money and leave the country. There are approximately 1.283 million taxpayers that make up the top 1%, and if a majority of them did leave, that would constitute a loss of more than one-third of the U.S. tax base. And sad to say, many of these people are leaving in droves!

An examination of IRS data going back to 1989 reveals that regardless of the political party in power, the trend is to increase the tax load on the wealthiest taxpayers. So it should come as no surprise to read the U.S. Census Bureau report that estimates upwards of 363,000 persons - both U.S. citizens as well as permanent residents - left the U.S. permanently in 2002!

Now we hear that President Bush plans to delay his promised push for reform of the hellish tax code. Thus one wonders whether there will be any "rich folks" left for the bureaucrats in Washington to pillage from if the day ever arrives when tax reform finally happens... Don't hold your breath!!!

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NEXT MEETING: Thursday, January 20, 2005

This coming Thursday, we shall meet again at DePaul University in Naperville, Illinois - located at 150 West Warrenville Road.

Meeting time begins at 7:00 PM and ends at 9:00 PM.

Topic: "Concepts of Investment Risk and Return" - as presented in the AAII Investment Home Study guide.

This meeting is open to anyone who has an interest in learning and talking about investing , however, we do request a $5.00 donation from all non-members. Our annual dues are still $15.00 per year.

Please send any questions or comments to: rwm123@hotmail.com

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Getting Good Bond Prices

If you ever had any dealings in the bond market, then you know that the idea of price transparency is for the most part merely a myth. Ordinary investors, as opposed to giant institutions, often end up settling for whatever price their broker palms off on them. You might end up paying a markup of 0.25 to 3 points over what the broker paid for the bond.

There are ways around this problem of course. For instance, you can always restrict your purchases to new-issue bonds, where you pay the same price as a large mutual fund. But what if you insist on buying bonds in the secondary market? Then there are two facts that you had better bear in mind.

First of all, it is important for you to know in what capacity your broker is acting whenever you purchase bonds in the secondary market. It turns out that in any such transaction, your broker will either be acting as a principal, or as an agent. It is very important that you understand this because when your broker acts as principal, this means that the brokerage is participating in underwriting the issuance of the bonds in question, and in that capacity, the broker is not required to divulge the mark-up that he/she is adding to the price of the bonds... When the broker is acting as agent, this means that the brokerage must go out and purchase the bonds for your account, and in this instance the SEC requires that the brokerage must show the amount of mark-up on the Advice that accompanies your trade.

The second fact to bear in mind whenever you deal in the secondary bond market is that you can find out a lot of very valuable information just by logging on to the Bond Market Association's Web site, www.investinginbonds.com (which is included among our Links) and use the new and improved Trace system. Trace is an acronym for Trade Reporting and Compliance Engine, which mainly tracks recent trades for corporate bonds.

Trace covers more than 4,200 bonds and gives you a history of trades, yields, prices and quantities for the same day. There is a five hour delay. Yet since most bond trades occur early in the morning, you can gain a good and useful sense of the day's market before trading closes at around 4:30 P.M. eastern time.

You wouldn't pay the list price at a flea market or a car dealership. Why should you in the bond market?

A retail price 1 or 2 points above a recent wholesale trade is acceptable on a $20,000 order for a corporate issue. For a $100,000 trade, the mark-up should be considerably smaller. (In bond parlance, a point represents $10 on a typical corporate with a $1,000 par value.) Accepting the broker's price is called "lifting the offering," which you do not have to do... Do not be afraid to haggle!

Here's how to search, step by step. After getting on to the BMA Web site, click on "corporate bond trade information." You'll see a chronological list of trades, as reported by brokers to the NASD. To buy a specific bond at the best price, first look at all the posted trades, pick out those familiar names with coupons, maturities, and credit quality that fit your investment profile.

A beautiful feature of Trace is that you can observe a bond's trading history for months back, which tells you how volatile the issue is and the difference between the price for smaller and larger trades.

This bond buyer's tool is truly a godsend!

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Organize Your Financial Life

You may have made a few New Year's Resolutions such as losing weight, or paying off some debts, or saving more money. But I'm willing to bet that you overlooked making a resolution to do something we should all be doing: organizing your financial life!

The first step to getting your financial life organized is sorting your important documents. These documents fall into two categories: (1) critical documents that go into a safe deposit box and (2) important-but-not-critical documents to store at home.

A safe-deposit box is for those documents that would be difficult or impossible to replace. Documents that you can replace can stay at home in a centralized file drawer, or better yet, a fireproof safe. Here's where to store your vital documents:

SAFE DEPOSIT BOX

* Family documents such as marriage licenses, birth certificates, adoption papers, divorce decrees, and diplomas.

* Vehicle titles.

* Original copies of wills and trusts.

* Real estate deeds or certificates.

* Video and written inventory of home contents.

* Social Security cards.

* Stock certificates.

* List of bank, brokerage, credit union, mutual fund, and credit card accounts.


IN-HOUSE FILE

* Power of attorney and medical directives.

* Copies of wills and trusts.

* Funeral and burial instructions.

* Insurance policies.

* Passports.

* List of bank, brokerage, credit union, mutual fund, and credit card accounts.

* List of trusted family advisors: lawyers, accountants, broker, financial planner, realtor, insurance agent, etc.

* List of the contents of the safe deposit box.

* Most importantly, the directions for its location and how to access it.

Make sure that all your family members know where your in-house documents box is actually kept, as well as information about where safe deposit boxes are located.

Getting organized is simple, doesn't take much time, and is one of the smartest steps you can make for 2005!

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Making Money

Making money entails a lot more than predicting which way the stock or bond markets are heading or trying to figure which stock or mutual fund will double over the next few years. For the great majority of investors, making money requires a plan, self-discipline, and desire. On the other hand, if you happened to be a genius like a Michael Dell or a Bill Gates then you don't have to know about the Dow or the markets or about yields or price/earnings ratios. When you're a phenomenon in your own field, you are going to make big money as a by-product of your talent and ability. But this kind of genius is very rare.

For the average investor, since we're not geniuses, we therefore have to have a financial plan. In view of this fact, we now offer a few items for your consideration if you are really serious about making money as an investor!

Rule 1: Compounding: One of the most important lessons for living in the modern world is that in order to survive, you've got to have money. But in order to live happily, you must have love, health (both mental and physical), freedom, intellectual stimulation -- and money. And to help you understand the time value of money, you will need to equip yourself with a volume of compounding interest tables.

Compounding is the royal road to riches. Compounding is the safe road, the sure road, and fortunately, anybody can do it. In order to compound successfully however, you need the following: perseverance in order to keep you firmly on the savings path. You need intelligence in order to understand what you are doing and why. And you need a knowledge of the mathematics tables in order to comprehend the amazing rewards that will come to you if you faithfully follow the compounding road. And, of course, you need time, time to allow the power of compounding to work for you. Remember, compounding only works through time.

But there are two catches in the compounding process. The first is obvious -- compounding may involve sacrifice (you can't spend it and still save it). Second, compounding is B-O R-I-N-G. Or perhaps we should say that it's boring until (after seven or eight years) the money starts to pour in. Then, compounding becomes very interesting. In fact, it becomes downright fascinating!

Rule 2: Don't Lose Money. This may sound naive, but believe me it isn't. If you want to be wealthy, you must not lose money -- especially BIG money. Absurd rule? ... Silly rule? Maybe, but MOST PEOPLE LOSE MONEY in disastrous investments, gambling, rotten business deals, greed, poor timing, in the stock market, in options and futures, in real estate, in bad loans, in mindless gambling, and in their own business.

Rule 3: Rich Man, Poor Man: In the investment world the wealthy investor has one major advantage over the little guy, the stock market amateur and the neophyte trader. The advantage that the wealthy investor enjoys is that HE DOESN'T NEED THE MARKETS. You can't imagine what a difference that makes, both in one's mental attitude and in the way one actually handles one's money.

The wealthy investor doesn't need the markets because he already has all the income he needs. He has money coming in via bonds, T-bills, money market funds, stocks and real estate. In other words, the wealthy investor never feels pressured to "make money" in the market.

The wealthy investor tends to be an expert on values. When bonds are cheap and bond yields are irresistibly high, he buys bonds. And when stocks are on the bargain table and stock yields are attractive, he buys stocks. When real estate is a great value, he buys real estate. When great art or fine jewelry or gold is on the "give away" table, he buys art or diamonds or gold. In other words, the wealthy investor puts his money where the great values are.

And if no outstanding values are available, the wealthy investor waits. He can afford to wait. He has money coming in daily, weekly, monthly. The wealthy investor knows what he is looking for, and he doesn't mind waiting months or even years for his next investment (this is also known as patience).

But what about the little guy? This fellow always feels pressured to "make money." And in return, he's always pressuring the market to "do something" for him. But sadly, the market isn't interested. When the little guy isn't buying stocks offering 1% or 2% yields, he's off to Las Vegas or Atlantic City trying to beat the house at roulette. Or he's spending twenty dollars a week on lottery tickets, or he's "investing" in some crackpot scheme that his neighbor told him about (in strictest confidence, of course).

And because the little guy is trying to force the market to do something for him, he's a guaranteed loser. The little guy doesn't understand values so he constantly overpays. He doesn't comprehend the power of compounding, and he doesn't understand money. He's never heard the adage, "He who understands interest -- earns it. He who doesn't understand interest -- pays it." The little guy is the typical American, and he's deeply in debt.

The little guy is in hock up to his ears. As a result, he's always sweating -- sweating to make payments on his house, his refrigerator, his car, or his lawn mower. He's impatient, and he feels perpetually put upon. He tells himself that he has to make money -- fast. And he dreams of those "big, juicy mega-bucks." But in the end, the little guy wastes his money in the market, or he loses his money gambling, or he dribbles it away on senseless schemes. In short, this "money-nerd" spends his life dashing up the financial down-escalator!

But here's the ironic part of it. If, from the beginning, the little guy had adopted a strict policy of never spending more than he made, if he had taken his extra savings and compounded it in intelligent, income-producing securities, then in due time he'd have money coming in daily, weekly, monthly, just like the rich man. The little guy would have become a financial winner, instead of a pathetic loser.

Rule 4: Values: The only time the average investor should stray outside the basic compounding system is when a given market offers outstanding value. And we judge an investment to be a great value when it offers (a) safety; (b) an attractive return; and (c) a good chance of appreciating in price. At all other times, the compounding route is safer and probably a lot more profitable, at least in the short run.

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Thoughts of Chairman Buffett

On How To Get Wealthy

"I will tell you the secret of getting rich on Wall Street... You try to be greedy when others are fearful, and you try to be very fearful when others are greedy."

-Warren Buffett

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Understanding Risk!

Risk is something that we will always have with us as investors so it's best to accept this fact and then learn ways of dealing with risk. And since there really are just two kinds of risk, foolish risk and intelligent risk, this task is by no means all that difficult!

Let me pose this question: Suppose you could choose between two investments. One offers $1 outright, the other offers $1 per spot on the roll of the die. Which investment is riskier?

According to traditional risk measures which examine variability, the roll of the die is riskier -- your return could vary anywhere from $1 for one spot to $6 for six spots. But you would probably not think of it as riskier because it has no chance of underperforming the sure thing. In other words, the worst you could possibly do with the roll of the die is to receive $1 -- the same return that you would receive with the sure thing -- and the probability is large that you will receive more than $1.

Risk, or uncertainty, can be viewed in a variety of ways. If it is defined in absolute dollar returns, the first investment -- the $1 outright -- is certain, since the return will always be $1. However, if uncertainty is defined in relative terms, the roll of the die presents the certain alternative, because it is certain that the outcome will always be equal to or greater than the first investment.

Now, suppose we change the investment alternatives to a sure $3 versus $1 per spot on the roll of a pair of dice. The roll of the dice produces a less certain absolute dollar return than the sure thing, ranging from $2 for snake eyes (a pair of singles), to $12 for box cars (a pair of sixes). But many investors would hesitate to call it riskier, because there is only about a 3% chance that the roll would produce a pair of spots, generating a $2 return, and thus underperform the sure $3 return.

This concept also exists in the investment world. Is a portfolio that contains an equal amount of stocks and long-term bonds riskier than a portfolio that simply contains Treasury bills, which are commonly thought of as "riskless" investments?

The answer depends upon the length of your investment horizon. The stock market is very variable, but over the long-term the returns have been positive and much higher than those of Treasury bills. If your investment horizon is sufficiently long, the relative riskiness of a balanced portfolio is akin to that present in the dice example. The absolute dollar return on the balanced portfolio of stocks and bonds is less certain than the absolute dollar return on the Treasury bill portfolio. But it would be difficult to call the balanced portfolio riskier, because it is almost certain over a long-term period to provide a return that is higher than the Treasury bill portfolio.

This concept can be illustrated by looking at simulations of returns based on the historical performance of portfolios that include a variety of securities such as Treasury bills and bonds, corporate bonds, common stocks, and combinations of these securities.

When the probabilities of returns are compared, an important risk-reduction feature is evident: The probability of receiving a return that is less than that of Treasury bills decreases markedly as the investment horizon increases. Thus, the relative riskiness of an investment depends on the length of the investment horizon. It is also clear from this probability study that the portfolios traditionally viewed as more "risky" because of their volatility over short-term periods -- the stock portfolios and the stock-bond-T-bill combinations -- are less risky on a relative basis over long-term periods than the bond portfolios.

The probability of realizing returns below that of an all-Treasury bill portfolio decreases for a given portfolio as the investment horizon is lengthened. The most dramatic decreases are realized in the stock and diversified portfolios.

These results point to a number of important investment implications:

* The risk of a portfolio depends upon the length of the investor's planned investment time horizon. A portfolio may be highly risky if the investment horizon is short, but of modest risk if the investment horizon is long. And there are substantial benefits to diversification across time.

* The percentage of a portfolio invested in non-short-term debt should, everything else being the same, increase with the length of the investment horizon. In other words, the longer the time horizon, the more that should be invested in alternatives other than money market funds, since they will lower an investor's relative risk.

* The probability of underperforming some target return or target value is a measure of relative risk. This downside measure complements the traditional risk measures because it helps distinguish between uncertainty of dollar return and risk. The concept of relative risk also complements the traditional risk measures by highlighting important elements of the elusive concept of risk.

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There's A Snafu In The New Dividend Rules!

Members of our Congress apparently do not know how to count, and they proved this fact back in 2003 when they wrote a new rule to prevent tax schemers from playing fast and loose with the new dividend tax break. It turns out that when Congress slashed the tax on "qualified dividends" that year, it set a minimum holding period for payouts to qualify.

The law states that you must hold the dividend paying stock for at least 61 days out of the 120-day period that begins 60 days before the ex-dividend date (which is the day you must own the stock in order to receive a dividend). The idea is to prevent investors from buying a stock just in time to get a dividend taxed at 15% and then selling it right away in order to claim a capital loss that could result in a savings as high as 35%. (When a dividend is paid, a stock's price falls by the amount of the payout.)

This all sounds good, but there's a little problem. For tax purposes, the holding period begins the day after you buy. So, if you buy the day before the ex-dividend date, your holding period actually starts on the ex-dividend date. And, since the prescribed 120-day period ends 60 days later, there's no way to hold the stock for 61 days in order to qualify for the tax break!

Of course, the Congress didn't intend to ban purchases on the day before a stock's ex-dividend date. And lawmakers have promised the IRS that they will fix the law. However, despite what the law and the IRS instruc-
tions say, dividends can qualify for the tax break if you owned the stock for at least 61 days out of the 121-day period that starts 60 days before the ex-dividend date.

If a literal interpretation led you to overpay your tax on dividends - by treating qualified payouts as nonqualified - file an amended return using Form 1040X in order to reclaim your money.

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5 Steps To Investing Better Than The Pros

Since we have now embarked upon a brand new year, if you aren't satisfied with the results of your investing efforts up to this point in time, perhaps a change in tactics is now what's needed!

Well to help you do just that, we've outlined five basic steps below, and if you follow them faithfully, you'll not only beat the "pros" at their own game, but you'll also become a great investor in the process!


WHY THE "PROS" DON'T THINK FOR THEMSELVES:

The fact that someone works for a big firm does not mean they actually know anything about making money. When you work for a large firm, like a Morgan Stanley for instance, the truth is you're not really expected to think for yourself about the big picture. You're simply a cog in the wheel. And so is everybody else in the organization. It works... all the cogs rely on each other.

For example, a Morgan Stanley broker's job is not to think about the markets... That's what guys like Barton Biggs and Byron Wien at Morgan Stanley are paid to do.

You're not expected to pick stocks...
That's the research department's job.

You're not expected to fill orders...
That's the trading department's job.

You're not expected to fill out account forms and send them to the home office...
That's the operations department's job.

And you don't have to keep up with the regulators...
That's the compliance department's job.

So what exactly does Mr. Broker do?

As a broker, your sole job is to be on the phone taking orders. That's it. "No thinking for yourself please... we have a department for that!"

So you as an investor can really beat those so-called "pros" - and you can do it by simply putting it all together by using these five steps. However, most people will not have the time or the patience or the desire to go through with this. But if you've got the time and you stick to these five steps, you can beat practically everyone!


THE FIVE KEYS TO BEATING EVERYONE AT INVESTING:

1) COMMITMENT. Succeeding at investing must become the primary thing consuming your brain. Among two roughly equally skilled competitors, the one with deeper commitment usually wins.

2) HOMEWORK. You need to know more than the other guy. This means educating yourself (reading) and crunching numbers yourself.

3) EXPERIENCE. Unless you're someone like Tiger Woods, even with all the skills and commitment, you're not going to win big your first year. But, you at least need to be in the game. Then keep paying your dues (by investing), take personal responsibility for your losses and try to learn from them, and the big profits will come.

4) THINKING FOR YOURSELF. It is a real "eye-opener" the day that you discover the fact that there are only a couple of persons in the "investing arena" who really think for themselves. These names include Warren Buffett, Bill Gross, and Jim Rogers... That's an amazingly short list. And don't ever forget the fact that employees of brokerage firms are not paid to think for themselves. So you'll be able to beat the brokerage firms in no time. But, if you're simply copying their advice, then you'll never beat them!

5) AVOIDING MAJOR MISTAKES. The "catastrophic loss" is what kills you as an investor. You can't afford to lose it all. Cut your losses early. Do whatever it takes to keep your downside limited and your upside unlimited. Then one day, that unlimited upside will show up in your account.

Finally, always remember that there are ways to do okay in 30 minutes a year. There are ways to do well in 30 minutes per week. But that's not what we have been talking about here. These Five Steps are intended to make anyone who follows them faithfully become a superstar - the best full-time investor possible!

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JANUARY MEETING!

The first meeting in 2005 of the AAII - West Suburban Sub-Group will take place on Thursday, January 20, 2005 from 7:00 to 9:00 PM.

We normally meet at DePaul University located in Naperville, Illinois - at 150 West Warrenville Road (at the intersection with Herrick Road). The room number for this meeting will be posted on the easel located near the reception desk in the main lobby.

Our meeting is open to anyone who is interested in learning and talking about investing and investments. However, there is a charge of $5.00 per meeting for all non-members. Our annual membership is still only $15.00 per year.

The topic for this meeting will be announced later this month!

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