THE COMPLETE GUIDE TO WARRANTS

BY DAVID FOREST, EDITOR, STRATEGIC INVESTOR

THE COMPLETE GUIDE TO

WARRANTS REFERENCE BOOK

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THE COMPLETE GUIDE TO WARRANTS REFERENCE BOOKStrategic Investor

TABLE OF CONTENTS1. Dave Forest’s Introduction Note ..................................................................................Page 3

2. Warrants Master Course ..............................................................................................Page 5

a. Module 1 ................................................................................................................Page 6

b. Module 2 ................................................................................................................Page 8

c. Module 3 ..............................................................................................................Page 11

d. Module 4 ..............................................................................................................Page 17

3. Frequently Asked Questions ......................................................................................Page 18

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Dear Reader,

They’re the world’s most explosive securities…

They offer limited downside risk…

And here at Strategic Investor, we have a proven system to pinpoint the best ones available… giving us a legitimate shot at 1,000% gains... or more.

The mainstream term for this little-known way to make big money is “warrants.”

And in this comprehensive report, we’ll show you:

• What warrants are… and why they’re an essential tool for strategic investors,

• How they work,

• Our unique “T-U-V” system for finding the best in the world and,

• How to buy and sell warrants,

• And our most Frequently Asked Questions.

Let’s get started…

WARRANTS: THE WORLD’S MOST EXPLOSIVE SECURITIESA stock warrant is a security that gives the holder the right (but not the obligation) to buy a share of stock at a fixed price at any time during a pre-determined period.

In simpler terms, they’re a better way to make more money than just buying a stock outright… and you can purchase them for much cheaper (more on that in a bit).

Now, some people will compare warrants to options. And they’re similar… But there are two major differences.

One, warrants are issued by the company itself – not a third party, like an exchange. The second difference is gains. Warrants are much more lucrative.

Warrants are used to “sweeten the pot.” They’re an incentive created by the company to induce investment support at a time when support is thin. That can mean a tough time in the industry (think banking in 2010, offshore oil in 2017, or gold mining in 2015)... or it can be company-specific.

Either way, they’re an essential tool for traders that many investors don’t even know exist.

And here’s the best part: Anyone with a brokerage account can buy them. No options agreement, no margin account, and no special accredited status is needed.

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They can be bought and sold just like a stock. And they often produce far greater returns, offering leverage to a rising stock price. I’ll tell you more on that in a bit.

Before we get started, it’s important to acknowledge we’ve seen plenty of volatility in the market lately. These warrants may have fallen recently along with the rest of the market.

But we still have plenty of conviction that these are great investments. In fact, due to the recent volatility, now is a great time to pick them up at bargain prices.

WARRANTS LIMIT DOWNSIDE RISKWarrants offer a way to profit without breaking the bank. It only takes a little bit of money to capitalize. Here’s what I mean by that…

You can buy a warrant for a tenth of what it would cost to buy the underlying stock.

Take Encompass Health – a hospice care provider. Back in 2015, the company’s common stock returned 34% in six months. But the warrants did much better. You could have pocketed 508% over the exact same time frame. And the warrants would have cost you pennies on the dollar. Anybody who bought the stock paid $30.91 a share.

However, the company’s warrants sold for just 74 cents. This is what we mean when we say warrants truly offer unlimited upside with capped downside.

If the company soars, the warrant will be worth a fortune. If the company does okay, the warrant will still be worth quite a bit of money. If the company flames out, it just expires worthless.

No harm, no foul.

With that, we’re sure you’re ready to start learning how warrants work… how to find them… how to buy and sell them… and how to home in on the best warrants to buy right now.

Keep walking the path,

David ForestEditor, Strategic Investor

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INTRODUCTION TO THE WARRANTS MASTER COURSEWelcome to Dave Forest’s Warrants Master Course.

In this Master Course, you’ll see what warrants are… how they’re unique and powerful profit tools…and – most importantly – how to buy and sell them with your existing brokerage account.

First thing, why warrants?

Simple: Because warrants are truly a tool for transformative wealth. Time and time again, we’ve seen gains like:

• 161% gain in 4 days

• 2,117% in 6 months

• 2,233% in three months

• 393% in 10 months

• 2,805% in less than two years

• 4,942% in 20 months... that’s a 40-bagger.

Most mom-and-pop investors will never get a chance to see these types of gains… or invest in this tiny, but extremely lucrative portion of the market.

Because the big money wants to keep it for themselves.

But we’re going to unlock this area for you.

The types of gains mentioned above in such a short time period are almost unheard of… unless you’re in a risky part of the market like cryptos or options.

But warrants aren’t either of those things. And although they are speculations… which are positions we recommend putting small money to work in… they’re still by far one of the best and safest risk/reward setups in the market.

And why the small money? Well it’s because in this exclusive, mostly unknown area of private investments, small money is all you need to make life changing gains.

Buckle up, get comfortable, grab a pen and paper, and let’s work through these lessons, starting with Warrants 101.

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MODULE #1: WARRANTS 101Welcome to Warrants 101.

If you’re here, you already know about the explosive power of warrants, and want to make these life changing gains for yourself.

In this lesson, we’re going to cover:

• What warrants actually are

• How and why they’re created

• And how they can shoot up hundreds or thousands of percent, while the underlying stock doesn’t move as much.

Let’s get started.

I like to think of warrants as a sort of penny stock play on a bigger company. And penny stocks are often great, explosive speculations.

See, publicly traded companies have their stock…

But sometimes, they run on hard times… or need to raise capital quickly… or go public by merging with a Special Purpose Acquisition Company, or SPAC for short.

And then, a company issues warrants… which can sweeten the deal when this happens.

Often, these warrants are offloaded by private investors to take some of their initial risk off the table.

But they are valuable…

Because warrants give the holder the right to buy a share of a company at a specified price during a specified time frame, often for less than the current price of the stock.

So… here’s a real example. If you have a warrant that says you can buy shares of Zions Bancorp for $36.27 apiece at anytime during the next 10 years… and Zions trades at $52 apiece 8 years later… then you can “exercise” your warrants… which means pay the price to convert them to normal, conventional shares… and then you can sell the shares back to the market, and make money.

But that takes a long time, and it makes profiting off warrants far more complicated than necessary.

But that’s where our gain lies… because most people have no idea of the simplest way to make money from warrants, which we’re cracking wide open for you in Strategic Investor.

Here’s the big secret… feel free to write it down.

We’re simply going to buy and sell warrants, just like any normal stock. And we’ll have the chance to make higher gains… with less capital at stake… and less risk.

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Take Zions Bancorp (ZION) mentioned above.

When the 2008 financial panic happened, the company issued warrants because it needed to raise money quickly.

Then they hit the market.

And while ZION stock went up 60%, the warrants went up 3,000% more than the company’s normal, everyday stock.

And you may think there’s some crazy way you have to buy them, but I promise, you can do this just as easily as buying any stock in your online brokerage account, but we’ll get to that in Lesson 3.

In short… we don’t want you to worry about exercising warrants or doing anything unnecessary and overly complicated.

We’re going to make huge gains just by trading the warrants on the open market.

And lots of these warrants have a long time until their “expiration date.” This means the company has a long time to hit potential profitable catalysts which will cause the prices of their shares to go up…

But will cause their warrants to absolutely skyrocket.

I can’t wait for you all to find out how easy it is to get into this life changing niche of the market.

In the next lesson, I’ll show you how to find these warrants in your online broker… We’ll just “spot the W”….

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MODULE #2: FINDING WARRANTS IN YOUR ONLINE BROKERGenerally, the easiest way to find a company’s warrant is to simply type the company’s name into your online broker’s search bar.

Of course, different brokerages will offer a different experience… some may be more user-friendly, or some will charge a fee to buy warrants (like TD Ameritrade) whereas some won’t (like Charles Schwab).

(Keep in mind we don’t have vested interest or receive any kickback based upon which broker you use… we just want to give you the facts.)

And warrants show up differently across exchanges…

When a warrant is listed on an exchange, its ticker symbol will often be the symbol of the company’s common stock ticker with a W or a .WS added at the end.

For example, Vivint Smart Home, symbol VVNT, has warrants listed on the Nasdaq under the symbol VVNT.WS.

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And on the Charles Schwab mobile app, the Vivint warrants stick pretty closely to that formula… with a “back slash” WS instead of a “dot” WS:

However, on the TD Ameritrade mobile app, the Vivint warrants are listed with a “plus” sign, like this:

Now, some warrants will use a conventional-looking symbol – no backslashes, or periods, or plus signs.

For example, Hostess has a ticker symbol of TWNK. Its warrant symbol is TWNKW. Here is a screenshot from TD Ameritrade on the mobile app.

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But again, one of the easiest things to do is just type in the symbol for the underlying stock, and the warrant should pop right up.

And you’ll notice that each of the example warrants have “exp” with a date next to it… that’s an “expiration date” which all warrants have.

When we recommend warrants, we’ll always give you the expiration date, ticker symbol, and a buy up to price… however…

Oftentimes brokers do NOT have the most up-to-date research and information on their websites. For example, they may have the expiration date listed incorrectly.

But you pay us for our research.

Our team uses a Bloomberg terminal, the most expensive and elite research tool out there. We scour the company filings and SEC records.

You can be confident that we provide you with the correct information.

But if the expiration date on your broker doesn’t match our recommendation, don’t worry about it. If you type in the company’s name, and find the associated warrant as we’ve shown above, you will be buying into the correct play.

Then after you’ve located the warrant you want to trade, just click on the warrant to buy it (or sell it) just as you would for any conventional stock.

We’ll cover this in depth in our next lesson.

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MODULE #3: HOW TO BUY AND SELL WARRANTSThere’s something I want us to get out of the way, first and foremost… and that’s the concept of “exercising warrants.” I’m sure several of you have questions about exercising warrants… but I want to tell you right now, that the best way to make money from warrants is not exercising them. So we won’t be doing that in Strategic Investor.

Why? Because it’s confusing, and often not as lucrative as the method we use.

At Strategic Investor, we will be buying warrants… basically like penny stocks… at a low price. And we’ll sell them when they rocket up on a catalyst before the expiration dates.

It’s worth repeating: we’ll be treating warrants just like any explosive stock. Buying low… and selling for massive gains.

No confusing process for exercising warrants, and you don’t have to worry about the expiration dates. We’ll sell our position before then.

Okay. I’m glad we got that out of the way.

So now that you’ve found the warrant in your online brokerage account using the steps in lesson two, it’s time to buy your position. But first, you must decide how much to invest… and it’ll be different for everyone.

It’s very important that you control your risk in any of our warrants – or other picks in our speculator’s corner portfolio – by position sizing appropriately. That means, only bet a small amount. Only speculate with money you can afford to lose.

After you’ve decided how much to invest, go into your brokerage account…

• Find the warrant,

• Click the “buy” or “trade” button,

• Specify how many warrants you want to buy,

• Make sure you adhere to our buy-up-to guidance,

• And be sure to use a limit order. Do NOT enter “market price.”

For those of you who don’t know, a limit order is a type of order to purchase or sell a security (in this case, warrants) at a specified price or better. For buy limit orders, the order will be executed only at the limit price or a better (lower) one. In short, a limit order allows you to get the best price on these warrants.

For example, if our buy-up-to guidance is $5… and a warrant is currently trading at $3.50, put your limit order near $3.50. This way, you’ll get that price or better. And if our buy-up-to price is $5, and the warrant is trading at $5.10… then $5 is the price point for your limit order.

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Patience is how we make money.

And make sure you use the time in force, “good til canceled” option, rather than just a “day” order.

Let’s go through a few examples.

Here’s the Purple Innovation warrants in my TD Ameritrade desktop account. To be clear, we do not recommend you buy this warrant, it is just a good example.

To buy the warrant, first confirm we’re looking at the company’s warrant…

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Then click the “buy” button…

Then we’ll enter the number of warrants we want to buy… in this example, 50…

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Then, from the “order type” drop down list, we’ll choose “limit.”

And we’ll enter the limit price, in this example, let’s assume our buy-up-to guidance was $8.65. So, I chose the market “asking price.”

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Then, from the time-in-force drop down list, I chose “GTC” which means, “good til canceled.” That means if my order isn’t filled today… I can be patient and wait for the price to come to me, without reentering a new order every day.

Then, click “review order”… and then, “place order”.

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That’s it! When your order is filled, the warrants will show up in your account.

I’ll also walk you through this same example in my Charles Schwab account, since it looks a little different.

Find the warrant… confirm it’s what you want to trade…

Then, choose “buy”… enter the quantity… order type… limit price… and select the “Good until canceled” option.

Then, you’ll review, and place your order. Different brokerages may have slightly different interfaces… but I hope after this lesson, you’ll have all the tools you’ll need to figure it out.

And now, you should be able to buy and sell any warrant we recommend in Strategic Investor.

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MODULE #4: THE BEST WARRANT TO BUY RIGHT NOWThe best warrant to buy right now is any warrant that is below its buy-up-to price in our Strategic Investor portfolio. Always check out the portfolio tab on the home page for the latest guidance on our picks.

Why any warrant that is within buying range? Because before we put together our recommendation… we spend hours and hours researching it. Then we run the warrants through our proprietary system which has led us to multiple triple-and quadruple-digit winners, including an astonishing 2,805% and a 4,942% gain on our picks.

It helps us determine the safest warrants with the most upside potential. We call it our “T-U-V” system.

It stands for Time Value, Underlying Stock Potential, and Volume.

Before we consider any warrant trade, we need to make sure all three criteria are met.

Let’s break it down:

T – Time value: Time is money. And we want to get a free ride on the cheap. Our “sweet spot” is warrants that expire in three to five years, because we want to give them room to run. Getting in at the right time is imperative. The difference between two months could cost us thousands.

U – Underlying stock potential: We need to see that the underlying stock is strong and has big upside ahead. We don’t buy any warrants on a stock that we wouldn’t consider buying on its own.

V – Volume: We eliminate even the best warrants if they don’t trade. Some don’t have enough outstanding, and others are locked up in a few hands. We discard those, even if they’re valuable.

With our system, we’re able to pinpoint the very best warrants to own. For best results, we recommend placing an equal amount of capital into each warrants pick – say, $500 per recommendation – and always using a limit order.

I hope now you see just how lucrative buying warrants can be… and why they’ll be a big part of what we do here at Strategic Investor.

https://members.caseyresearch.com/strategic-investor/portfolio/

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MOST FREQUENTLY ASKED QUESTIONSPlease refer to these before you write in. It is very likely your question has been asked by a fellow reader and answered.

1. How do you determine the best warrants?

2. Do you have a place on your website that tracks investments you recommend, and then those you recommend that we bail out of because the conditions changed?

3. I recently signed up for the Strategic Investor service and attempted to make a purchase of one of the warrants where the spread between buy and sell was 30%. Is this normal?

4. How do you cancel, sell, or back out of a warrant that you’ve bought? Is a warrant like an option, meaning that for each one purchased, it’s 100 shares?

5. Can you post videos that show an example of how to go about selling your warrants in your brokerage account?

6. Do we use stop losses? How do I manage risk?

7. I enter the warrant codes in my Schwab account, and they are not showing up. What else do I need to do in my Schwab account to trade warrants?

8. I use Fidelity as my trading platform. When I type in the warrant symbol, it does not show me when the warrants expire. Can I assume when I get an update to buy a warrant that the ticker symbol is the warrant that has the expiration date that you are advising to purchase?

9. What about warrants of Company XYZ?

10. Will we exercise warrants?

11. If a recommendation is trading past your buy-up-to price by the time I see it, what should I do?

12. I’m based in Sydney, Australia, and use Interactive Brokers (IB) to trade in the U.S. markets.

IB does not offer some warrants on the U.S. OTC market, but it has them on the TSE Smart market. When warrants are not available on the U.S. OTC market, would you say that it’s okay to buy them on the Canadian exchanges or just sit it out?

(If you still have a question that isn’t listed here, feel free to write us at [email protected].)

http://[email protected]

http://[email protected]

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STRATEGIC INVESTOR QUESTIONS ANSWEREDQuestion #1: How do you determine the best warrants?

Answer: It’s all tied to our rigorous, proven system for finding the world’s best warrants…

You see, we have a unique way to determine the safest ones with the most upside potential: We call it our “T-U-V” system. It stands for Time, Underlying Stock, and Volume.

Before we consider any warrant trade, we need to make sure all three criteria are met.

Let’s break them down:

T: Time. Time is money, and we want to get a free ride on the cheap. Our “sweet spot” is warrants that expire in three to five years. As we mentioned above, we want to give them room to run. Getting in at the right time is imperative. The difference between two months could cost us thousands.

U: Underlying stock. We need to see that the underlying stock is strong and has big upside ahead. We don’t buy any warrants on a stock that we wouldn’t consider buying on its own.

V: Volume. We eliminate even the best warrants if they don’t trade. Some don’t have enough outstanding and others are locked up in a few hands. We discard those, even if they’re valuable.

With our system, we’re able to pinpoint the very best warrants to own.

And again, we don’t consider any warrant unless it passes this test.

Question #2: Do you have a place on your website that tracks investments you recommend, and then those you recommend that we bail out of because the conditions changed?

Answer: While we always send you an alert or write about changes in positions in our portfolio review section in the monthly issues, we don’t currently have a closed position section in our online portfolio. However, you can access all of our previous issues and alerts here.

Question #3: I recently signed up for the Strategic Investor service and attempted to make a purchase of one of the warrants where the spread between buy and sell was 30%. Is this normal?

Answer: With warrants, it’s not uncommon to see large spreads between the bid and ask prices. Many times, it takes patience to get into a position.

That’s one reason why we use limit orders. Limit orders allow you to set the price you’re willing to pay.

We can’t stress this enough: Never use a market order when buying a warrant. You’ll end up paying the ask price, which could be much higher than the bid price.

https://members.caseyresearch.com/strategic-investor/portfolio

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Question #4: How do you cancel, sell, or back out of a warrant that you’ve bought? Is a warrant like an option, meaning that for each one purchased, it’s 100 shares?

Answer: To give you a quick answer, you buy and sell warrants just like stocks. Unlike options, each warrant isn’t equal to 100 shares of stock. In fact, they vary depending on the terms set by the company.

In most cases, one warrant is equivalent to one share of stock. Sometimes, it takes two warrants or more to equal one share of stock. Each time we recommend a new warrant, we include a table which explicitly shows the warrant’s conversion ratio.

The best way to learn more is by viewing our masterclass on warrants here.

Question #5: Can you post videos that show an example of how to go about selling your warrants in your brokerage account?

Answer: Selling warrants is just the same as how you sell a stock. All you need to do is enter a sell order with your broker for the number of warrants you want to sell and submit. It’s that easy.

For detailed instructions on how to buy and sell warrants in your brokerage account, check out module #3 here.

Question #6: Do we use stop losses? How do I manage risk?

Answer: We do not use trailing stop loss alerts in the warrants in our Strategic Investor portfolio. Warrants are higher-risk securities with the potential for big upside. They tend to lurch higher or lower from time to time.

Since we don’t use trailing stop loss alerts, we recommend you size warrant positions according to your risk tolerance. As you can see from some of our positions, warrants have the potential for big upside. Given that upside potential, smaller positions still give the holder exposure to potential for big returns.

The warrants in Strategic Investor is for speculative money. That also means we limit our losses through small bets. A great speculation doesn’t need more than an amount that you can afford to lose, but if it works out, it can turn into life-changing gains.

Question #7: I enter the warrant codes in my Schwab account, and they are not showing up. What else do I need to do in my Schwab account to trade warrants?

Answer: Make sure you check the warrant symbol before you enter it. Sometimes, different brokers use different systems for how they display warrants.

In some cases, you may need to search for the company by name. That way, you’ll be able to see all of its securities. However, we know that it’s not a matter of not being able to trade the warrants with Schwab. Many other subscribers who use Schwab have had no problem.

https://members.caseyresearch.com/strategic-investor/videos-cst/

https://members.caseyresearch.com/strategic-investor/videos-cst/

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Question #8: I use Fidelity as my trading platform. When I type in the warrant symbol, it does not show me when the warrants expire. Can I assume when I get an update to buy a warrant that the ticker symbol is the warrant that has the expiration date that you are advising to purchase?

Answer: We know that some brokers aren’t displaying the correct expiration dates, if at all. Don’t worry. We will always tell you the details of each warrant we recommend.

Every warrant has its own symbol and details. That’s true for multiple warrants issued by the same company. For instance, Tidewater has two warrants: the A warrants (TDW.WS.A) and B warrants (TDW.WS.B). They each have different characteristics.

When we give you advice on a warrant, be sure to pay close attention to the symbol, strike price, and expiration date.

You can also find the strike price and expiration date on our portfolio page here.

Question #9: What about warrants of Company XYZ?

Answer: There are really three reasons why we will or won’t recommend a warrant.

1. If it doesn’t trade in the U.S., we typically avoid it. Most of our subscribers don’t have access to foreign markets, so it doesn’t make sense to recommend those warrants.

2. The second reason is making sure we understand the business. We won’t recommend warrants in industries or companies that we don’t follow or fully understand, and even if we make an exception, we always do months of research and interview experts before we recommend any warrant.

3. The third reason is what our in-house proprietary pricing model says. We want to make sure we’re paying a good price for each warrant. If our model shows us it’s too expensive, we’ll stay away.

After all that, we run another check through our T-U-V System. If it passes all of our tests, we put it on our short-list for recommendations.

Our model isn’t the only reason we make a recommendation or stay away, though. However, it does keep us in check.

Having a set of rules and system in place when speculating is important. We won’t get every recommendation right, but we stick with our rules. When you start cheating outside of those rules, that’s when mistakes happen.

Question #10: Will we exercise warrants?

Answer: For us, selling warrants usually makes much more sense.

When we want to get out of a trade, we will sell the warrant. That’s it.

https://members.caseyresearch.com/strategic-investor/portfolio

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That means there are only three actions you need to take:

1. Buy the warrants up to the price we recommend.

2. Hold the warrants in your portfolio, making sure to keep track of our ongoing commentary.

3. Sell the warrants when we advise you to sell them.

Question #11: If a recommendation is trading past your buy-up-to price by the time I see it, what should I do?

Answer: Please use a limit order when placing any warrant trade and adhere to our price guidance.

We calculate our buy-up-to prices for warrants using our proprietary pricing model. We suggest you stick to our recommendations to avoid unnecessarily paying more for a warrant when patience would allow you to get in at a better price with just a little time.

Often, our picks surge past our buy-up-to prices directly after we recommend them. Generally, prices pull back, and patient limit orders get filled.

The time it will take to get filled will differ with each recommendation. What will not differ is the benefit of greater returns that comes to investors who exercise patience and get in at a better price.

Question #12: I’m based in Sydney, Australia, and use Interactive Brokers (IB) to trade in the U.S. markets. Other brokers available here, of which there are not many at all, have much higher fees.

IB does not offer some warrants on the U.S. OTC market, but it has them on the TSE Smart market. I know that you can’t give personal advice, but when the warrants are not available on the U.S. OTC market, would you say that it’s okay to buy them on the Canadian exchanges or just sit it out?

Answer: While we can’t tell you what the best option is for you to trade, we do know that Interactive Brokers does allow you to trade all of the warrants in our portfolio.

One thing IB is good for is the ability to trade in a number of different exchanges around the world. In some cases, it may route an order through its home exchange simply because it’s a better option.

That may be the case with the gold warrants we recommended. There’s nothing different about buying them through the Canadian markets. They are the same warrants with the same strike prices and expiration dates. You may have different fees, but that’s up to how your broker charges you.

Again, while we can’t give personal advice, you may want to call your broker before you place a trade. Also, each month we’ll tackle reader feedback and questions in our “Reader Mailbag” section of Strategic Investor. You can always write us at [email protected].

mailto:memberservices%40caseyresearch.com?subject=

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THE COMPLETE GUIDE TO WARRANTS