It is very important to properly nest tags.

"If you make a phrase with multiply tags that overlap, you must close the first tag last, the second tag second-to-last, and so on."

It may be helpful to use indentation like this:

<FONT COLOR="red">
  <EM>Never go to the park at night,</EM>
  there have been 
  <U>
    <I>
      <B>wolves</B> and <B>bears</B> seen lately.
    </I>
  </U>
</FONT>

I would like to:

• go to the moon;
• write a song;
• paint a picture; and & or
• retire early.