Added Warnings page

digital-garden/finance/warnings.mdx

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+import BuyMeACoffee from '@site/src/components/BuyMeACoffee';
+
+# Warnings
+
+## Laws can change
+Following the Brexit, effective Jan 31st 2020, UK-based stocks have lost their eligibility to the [PEA](./getting-started/account-types#PEA).
+Impacted investors had to either sell their positions, or transfer them into a [CTO](./getting-started/account-types#PEA), thus losing any tax benefit.
+
+## Fees can change
+In the 5 years I have been investing so far, I faced various modifications of fees from my brokers:
+- Saxo bumped US-traded stock fees from $0.01/transacted share, to a minimum of $8/transaction (2020), to a minimum of $1/transaction (2024).
+- Degiro increased fees of US-traded stocks from 0.50€/transaction to 1€/transaction (2022), to 2€/transaction (2023).
+
+## ETFs can change
+
+In 2019, Amundi - one of the largest European ETF providers - made changes its ETF offering, leading to the loss of PEA eligibility for a number of them. Impacted investors were forced to sell them, incurring transaction fees.
+
+Late of 2023, Amundi - again - announced a series of shakeups to its offering as a consequence of the acquisition of Lyxor.
+For example: the ETF Amundi ETF PEA NASDAQ-100 UCITS ETF changed name to become Amundi PEA US Tech ESG UCITS ETF
+
+This change in name was accompanied by this list of impacts (values as of March 1st 2024):
+- Changed index from the Nasdaq-100 Index to the Solactive ISS ESG US Tech 100 Index.
+- Reduced diversification: 42 holdings for the new index vs 100 for the previous.
+- Apple represented 21.07% of the new index against 8.73% in the previous (x2.4).
+- Top 3 holdings had a weight of 53.24% in the new index against 22.52% in the previous (x2.4)
+- Increased fees from 0.23%/year to 0.30%/year.
+
+## Dividends can change
+
+Some investors focus on dividend-growing companies, the ones pushing the streak beyond 25 years join the club of the "Dividend Aristocrats".
+However, long streaks of growing dividends are not making a company immune to a dividend cut.
+
+Most recent examples include:
+- 2024: Walgreens (WBA), 48% dividend cut after growing the dividend annually for 47 years.
+- 2023: W.P. Carey (WPC), 19.7% dividend cut after growing the dividend annually for 26 years.
+- 2023: V.F. Corp (VFC), 70% dividend cut after growing the dividend annually for 50 years.
+- 2021: AT&T (T), 47% dividend cut after growing the dividend annually for 35 years.
+
+Examples of streaks at risk include:
+- 3M (MMM): 66 years
+- Walgreens (WBA): 47 years -> Cut in 2024
+- Stanley Black & Decker (SWK): 56 years
+
+## Earnings can change
+
+The main driver behind long-term stock performance is earnings growth.
+The more a company generates cash and keeps generating more year after year, the higher the stock price goes.
+Circumstances can change, and earnings can face dramatic changes (think of Covid).  More resilient sectors include consumer staples and healthcare.
+
+<BuyMeACoffee />