The Panic-Proof Portfolio (Stockchase Research)Telephone & Data Systems Inc.TDSPAST TOP PICKOct 28, 2021

Stockchase Research Editor: Michael O'Reilly We reiterate our recommendation of TDS as a TOP PICK. The US telecom provides wireless and broadband services to 6 million connections. It pays a good yield backed by a payout ratio under 50% of cash flow. It trades at a PE of only 14x and is still valued under below book value. They announced a redemption of $195 million of long term debt following the issuance of preferred shares. We would trade this with a relatively tight stop-loss of $19 (consistent with our previous update), looking to achieve $31 - over 55% upside. Yield 3.55% (Analysts’ price target is $30.63)

(A Top Pick Dec 03/20, Up 23.6%)Stockchase Research Editor: Michael O'Reilly Our PAST TOP PICK with TDS has achieved our $23.50 target. To be disciplined, we recommend covering 50% of the position and trailing up the stop (from$16) to the recommended original entry level at $19. This would all but guarantee a minimum investment return exceeding 11%.

Stockchase Research Editor: Michael O'Reilly TDS is a US telecom that provides a great yield backed by a 66% payout ratio. With a PE of only 14x, it trades at half the value of its peers and it trades below book value and is building its cash flow. We would trade this with a stop-loss of $16, looking to achieve $23.50 - over 23% upside. Yield 3.55% (Analysts’ price target is $31.90)