$3.$ Which of the following statements is CORRECT concerning the DDM$?$

a$.$ Earnings are the foundation of valuation for common stocks.

b$.$ The DDM states that the value of a stock is the discounted value of all future dividends.

c$.$ The DDM is operationalized by estimating the expected future earnings to be paid by a company, estimating the required rate of return, and discounting.

d$.$ Earnings are the only cash flow stream to be received directly by investors.