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URL:  http://boards.fool.com/an-announcement-from-joe-tenebruso-30249924.aspx

Subject:  An Announcement From Joe Tenebruso Date:  9/7/2012  4:31 PM
Author:  TMFGuardian Number:  26 of 77

All of us invest so that we can improve the lives of ourselves and our families. Here at the Fool, we also invest in a way that honors our commitment to you, our members, by disclosing what we own and putting our public advice ahead of our personal actions.

Both principles are at the heart of this brief announcement: My wife and I are hoping to buy a home in the next year, and in order to raise the necessary capital for a down payment, I need to sell my shares of Apple and close my Apple option positions (written puts).

Rest assured, I continue to believe that Apple is a superior stock that will beat the market. So I feel that I'll be leaving a lot of gains on the table by exiting my Apple positions now, but, on the other hand, I know that I'd be taking a huge risk by having funds invested in the market that I need for a major purchase in the next year. We strive to practice what we preach here at The Motley Fool, and in the end, it just wouldn't be very Foolish to take that risk. And so after our waiting period, I will be selling my Apple shares and buying to close my written puts on Apple. I wanted to let you know, up front, what my intended actions are in the Foolish spirit of transparency.

Fool on!

Joe Tenebruso
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