To read images in the text, most will need to be clicked which expands the size. Once 1 image is clicked, all will appear in thumbnails near the page bottom and can be reading consecutively by clicking each image.
Dollar Values of Trades Discussed in this Post:
Inflow Common Stocks/Stock Funds: $1,188.96
Outflow Common Stocks/Stock Funds: $3,480.04
Realized Gains U.S. Stocks/Stock Funds: $488.19
Net Outflow Stocks/Stock Funds: $2,291.08
Inflow Corporate Bonds: 18 (cost at $17,774.41)
Treasury Bills Purchased at Auction: $15,000 in principal amount
Treasury Note Purchased in Secondary Market: 1 (cost at $987.58)
Inflow Exchange Traded FM Bond: $98.9
Outflow Canadian Dollars: $10,000 CADs for US$7,265.59
I still have an excess position in Canadian Dollars. While IB pays something on Canadian Dollars, I am better off converting CADs into USDs and then using the proceeds to buy corporate bonds.
Why Bond Yields Are Rising—and Might Keep Heading Higher | Morningstar
S&P 500 Dividend Yield - Multpl Currently at 1.05%.
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September 2026 Fixed Income Maturities:
I discussed how I manage interest rate risk in a recent YouTube video. How I Manage Interest Rate Risk in my Fixed Income Portfolio - YouTube The following snapshot illustrates how those strategies are implemented for 1 month.
Treasury Bills: $85,000
Corporate Bonds: $32,000
All corporate bonds are bought at discounts to par value. The YTM will always be higher than the current yield and frequently substantially higher.
When I have more than 1 purchase of a security, I create a folder and put the snapshots from all purchases of the same security in that folder. The letters F, IB, S and V indicate the accounts where the securities are held: Fidelity, Interactive Brokers, Schwab and Vanguard.
Almost all of the proceeds received in September will be used to buy more of the same.
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Economy:
What the Treasury’s Buyback Surprise Says About the Bond Market | Council on Foreign Relations
Ray Dalio: Bessent move is sign debt crisis nearing, touts gold and bitcoin
Bessent announced that the Treasury, not the Federal Reserve, would increase its long treasury purchases to $4B from $2B, with the purchases apparently financed by increasing the amount of treasury bills sold by the Treasury at its weekly auctions. This kind of strategy is called a twist operation.
Twist Operations have been done in the past by the FED with minimal impact and that was when the U.S. debt was far less than the $40+ trillion now. To Boldly Go Where We Have Gone Before: Repeating the Interest Rate Mistakes of the Past (7/1/1993, Richmond Fed); Operation Twist and the Effect of Large-Scale Asset Purchases - SF FED (4/25/2011); Operation Twist | Richmond Fed (2012).
Bessent: $1 trillion Treasury General Account available for bond buybacks I see no practical difference in using proceeds in the Treasury General Account and selling more T Bills at auction. If Bessent uses $1 trillion to implement this rate manipulation scheme, then that could have a more significant temporary impact on long term rates. The purpose of this Account is to have money available 1 week before it has to spent. If those funds are used to implement a rate manipulation scheme just prior to the midterms, securities will have to be sold to replace the funds or the Account would just be drained.
The possible use of the Treasury General Account to fund bond purchases did may have contributed to a 4 basis point decline in the 10 year treasury yield:
Bessent: 'Very good chance' U.S. budget deficit has peaked under Trump I do not view Bessent as having any credibility. It is possible that the $2T or so budget deficit in the fiscal year ending 9/30/26 will be a peak during Trump's second term. I would emphasize the word "possible" which has a much lower probability than a "very good chance".
The total interest expense on the national debt and defense spending are rising rapidly. Medicare and Medicaid spending will continue to rise. A recession in the next 2 years is more probable than not, which accelerates spending on safety net programs while tax revenues take a hit. The cuts in government employees and certain programs that Republicans do not like are not going to have a material impact on the budget deficits given what is actually driving the deficits into the annual $2 trillion dollar range.
U.S. government debt passes $40 trillion, more than doubling in a decade The U.S. government debt was less than $1T in 1981. The interest on the debt has already surpassed $1T annually. Interest Expense and Interest Rates | U.S. Treasury Fiscal Data; Interest Costs on the National Debt
Treasury chief Scott Bessent signals US can 'grow' out of $40 trillion debt Talk about the future by a biased speaker with ulterior motives has no reliable or predictive value.
And what does "grow out" of mean? Significant reductions in the total debt which is the implication or debt as a declining percentage of GDP?
Federal Debt: Total Public Debt as Percent of Gross Domestic Product -St. Louis Fed Federal government debt owned by the public, which excludes Treasury debt owned by the Social Security Trust Fund for example, is a somewhat smaller percentage, close to 100%. Those intra-governmental holdings total about $8 trillion. The Federal Government Has Borrowed Trillions. Who Owns All that Debt? I am not going to exclude that debt in the debt to GDP calculation since the government has to pay interest on it.
Deficit Tracker Noting that in the first 10 months of fiscal year 2026, interest payments on the treasury debt owned by the public rose $117B compared to the first ten months of the 2025 fiscal year.
Trump announces temporary pause of beef import tariffs in effort to lower prices ahead of midterms - ABC News ("According to a recent Bureau of Labor and Statistics Report, beef and veal prices soared 9.4% last month compared to a year earlier.") This is an admission that the republican tariff taxes on beef imports, paid by U.S. importers, caused a rise in beef prices paid by U.S. consumers. This temporary relief from the Trump tariff taxes is being done because of the upcoming midterm elections.
Trump on 8/18/26: "I have paused the 50% Tariffs against Canada, that were scheduled to kick in tomorrow morning for a three day period, based on the fact that Canada and the U.S.A., subject to the finalization of documents, have a DEAL!" Trump "Truth" Social Message
On 8/21/26, the talks collapsed. U.S.-Canada talks fail; Carney says retaliatory tariffs start Sept. 8 The republican 50% tariff tax on about $20B of Canadian products exported to the U.S. started last Saturday. Canada will levy dollar-for-dollar retaliatory tariffs starting on 9/8 that will target U.S. steel, agricultural equipment, pulp, paper and other U.S. exports. PM Carney claimed that last minute changes made by the U.S. "in the U.S. proposed terms were unfair, uneconomic, and called into question the reliability of any deal.". Statement by Prime Minister Carney on Canada-U.S. trade negotiations | Prime Minister of Canada
Trump responded to Canada's retaliatory tariff announcement with a threat to impose 50% tariffs on Canada's auto exports. Trump says U.S. will hike Canada auto tariffs to 50% as trade war escalates; "Truth" Social rant (a number of false statements therein). Those new republican tariff taxes levied on U.S. importers will take effect on 1/1/27.
Trump will not honor any trade deal that he signs and will only be making more demands after Canada makes concessions in any signed trade deal, as Trump has repeatedly done already with other countries. A recent example is Trump's decision to impose tariff taxes on U.S. imports from 60 countries, including many who have negotiated trade agreements, for alleged forced labor practices. USTR Takes Action in Forced Labor Section 301 Investigations; The new Section 301 tariffs for forced labor are vastly excessive | PIIE Even more republican tariff taxes on U.S. importers are on the way.
Trump will just keep coming back for more and more. There is no end to it. Making trade concessions to the U.S. and signing a trade deal will only lead to more Trump demands. Foreign leaders have sized Trump up as totally untrustworthy, and that makes the U.S. untrustworthy since Trump is the U.S. government.
Trump: "The United States is giving serious consideration to changing the name of Lake Ontario to Lake America in that we don’t expect to doing much business with Ontario any longer".Trump "Truth" Social Message 8/25/26
Bessent announces campaign to create "economic onslaught" against Iran and its partners - CBS News With Iran no longer able to ship its crude oil through the Strait, additional economic sanctions are not likely to have much additional impact on Iran but may lead to undesirable consequences with other U.S. trade relations with China and other major trading partners. Bessent signals China will not be exempt. China responded by saying it will "do everything necessary to firmly safeguard its rights and interests."China says will 'safeguard own interests' after US vows Iran sanctions | The Times of Israel
The United Arab Emirates cooperation in implementing U.S. sanctions has resulted already in attacks on UAE's energy infrastructure; and those may increase soon. Why Dubai may be vital to the Trump administration's economic war on Iran - CBS News
Hormuz Tanker Traffic Slumps as U.S. and Iran Trade Threats | OilPrice.com (8/24/26).
Trump has declared that the Strait of Hormuz is now part of the U.S. Trump Declares Strait of Hormuz as 'New' US Territory ABC News YouTube
Houthis Target Saudi Oil Tanker in Red Sea Missile and Drone Attack | OilPrice.com (8/24/26)
US set for largest mass visa revocation in history targeting up to 200,000 foreigners, officials say - ABC News While those foreigners are not U.S. citizens, they are U.S. consumers, and many fill jobs that Americans do not want.
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Demagogue Don and His True Believers:
Iran Unleashed - The Atlantic This is an excellent assessment by Robert Kagan of how Trump and his party have unleashed Iran's leverage and consequently its power in the Persian Gulf region. Trump has come to a realization that attacking Iran's energy infrastructure and civilian structures will only lead to more attacks on U.S. bases and energy infrastructure facilities of Persian Gulf nations who may soon draw a conclusion that an accommodation with Iran may be necessary that will not be in the U.S. national security interest. Some cargo ships and tankers will be able to pass through the Strait for as long as the U.S. maintains an extensive naval presence in the region.
Trump has demanded that Alex Vindman, who he calls a "treasonous creep", be prosecuted for lying about the "Perfect Call" between Trump and President Zelensky that led to Trump being impeached by the House:
Contrary to what Trump believes, his words do not change history or create a reality that does not exist. 2019 Trump–Ukraine scandal-Wikipedia
Historians will not treat his false claims as facts, even though millions of his cult members still do. His juvenile rants will be discussed in books for generations to come, and those will be a major part of his legacy along with the wreckage and destruction he leaves behind. Trump is not making America great, but he is destroying what made America great and will continue doing so until his second term ends.
Maggie Haberman Reveals How Trump Has Gotten ‘Much Nastier’ In Term 2 | HuffPost Latest News
Trump Voter Learns President Commuted Sentence Of Woman Who Scammed Him And Others Of $20 Million Trump is sympathetic to those who have been found guilty and/or liable for fraud. President Trump's Pardons: An Embarrassment of Riches | Cato at Liberty Blog; Trump's pardons forgive financial crimes that came with hundreds of millions in punishments; Convicted Fraudsters and Wealthy Donors: A Look Into Trump’s Pardons | Video | Amanpour & Company | PBS
Trump gasses up US-Venezuela oil revenue, but ‘hundreds of billions’ is too high – PolitiFact The highest number from independent sources is $13B in total since the U.S. took Venezuela's oil industry in January 2026, though it is unclear now how that total was divided between Venezuela and the U.S. Trump makes stuff up all the time. There is no end to it. He is IMO the greatest creator of Fake News in U.S. history.
Senator Jon Ossoff (D-GA) made this comment recently referring to Trump: "While he fruitlessly drains our munitions and oil reserves, the president sleeps through his meetings. He golfs and trades stocks. See, he doesn’t want to do the job. He wants to build his ballroom and travel with Natalie on their apparently defenseless flying palace gifted by the emir of Qatar."
A CNN reporter asked Trump this question: "Jon Ossoff said that you’d rather travel with your aide Natalie Harp and build the ballroom than do your job as president. What is your response?"
Trump then attacked the reporter with this comment: "You’re a loud, boisterous person. You’re fake news. Be quiet, be quiet, be quiet".
Later his White House press team had this to say about the female CNN reporter: "Someday, your children will come across your disgusting and inhumane question. They will be sickened and embarrassed to have a parent be so callous and vindictive." The people who are actually "callous and vindictive", as well as embarrassing juvenile in their comments, are Trump and his press team, not the female reporter who asked the question.
The reliably disgusting Steven Cheung, who is the White House Communications Director, had this to say about Ossoff's comment: "Jon Jackoff has to be the biggest cuck loser in politics. Instead of denigrating hard working people serving their country, Jon should look deep into his soul and ask himself why he’s a miserable person who hates this country." I would characterize that rant as a normal one for Trump's White House Communications Director. Cheung attended the California State University at Sacramento, but did not graduate. Steven Cheung - Wikipedia
Davis Ingle, the White House Spokesperson, made this comment: "Jon Ossoff is a cringeworthy, feminine theatre kid cosplaying as Barack Obama. Nobody gives a shit what this lightweight loser says." Kimmel Host Tiffany Haddish Unloads on Davis Ingle: ‘Who the F***’ Are You?!’ Ingle received B.A. and MBA degrees from Southeastern University, one of the self-described christian universities. Southeastern University - Profile, Rankings and Data | US News Best Colleges (ranked at 395 out of 434 for undergraduate degrees)
Both Ingle and Cheung are "lightweights" and have the same maturity level as their boss IMO, or arguably lower.
Pentagon Fires Editor Of Stars And Stripes After CBS News Interview The republicans have decided to end the independence of Stars and Stripes. Those who remain will have to publish whatever propaganda Hegseth cooks up. This is an natural extension of the Orwellian state created by Trump and his party.
This is another bonkers late night "Truth" Social Message posted by the U.S. President last Friday: Trump "Truth" Social Message
Military GPS test linked to NM plane crash that killed pilots, nurses
DOJ says Comey’s 8647 seashells post was a threat to kill Trump
Supreme Court lets Trump move toward mail-ballot restrictions This was a 6 to 3 decision with the 6 Monarchists siding with Trump.
Trump is not an aberration in the U.S., but a mere reflection of a now borderline dominant segment of U.S. voters, who have always been present but whose numbers have grown considerably over the past decade under Trump's leadership.
The novelist Sinclair clearly saw the potential of a Trump like authoritarian in his 1935 novel "It Can't Happen Here". {My Video: Trump Similarities to Buzz Windrip in the Sinclair Lewis Novel "It Can't Happen Here" - YouTube}; It Can't Happen Here - Wikipedia; It Can’t Happen Here by Sinclair Lewis | Faculty of English- Oxford University; “It Can’t Happen Here” by Sinclair Lewis (1935) | June 17-23, 2026 | Real Change
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1. Eliminated COLD in Schwab Account - Sold 98+ at $15.21:
Quote: Americold Realty Trust (COLD)
Proceeds: $1,505.22
COLD is a cold storage REIT. The company "is a global leader in temperature-controlled logistics and real estate, supporting the safe, efficient movement of food worldwide. With 224 operating facilities across North America, Europe, Asia-Pacific, and South America totaling approximately 1.4 billion refrigerated cubic feet—we connect producers, processors, distributors, and retailers."
Website: Investor Relations - Americold
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
Last Discussed: Item # 1.D. Eliminated Duplicate Position in COLD - Sold 24 at $16.03 (7/28/26 Post)(profit snapshot = $84.59); Item # 1.B. Pared Duplicate Position in COLB (Fidelity Account) - Sold 17+ at $15.01 (3/15/26 Post)(profit snapshot = $14.18). I discussed in those posts an unsatisfactory occupancy rates making the following observation: For the 2023 first quarter, the economic occupancy percentage was at 84% with physical occupancy at 77.3%. SEC Filing The 2026 first quarter had the economic occupancy at 75.7% with the physical occupancy at 64.9%.
I mentioned in a comment published on 8/4/26 what I viewed as a major negative for continuing to hold the stock. The company announced a non-cash impairment charge of approximately $305M to $320 for two facilities developed for the use of Ahold USA, a grocery chain. The net book value of those 2 facilities was about $455M. The details are provided in this SEC Filing
There were too many negatives for me given my financial objectives
Profit Snapshot: Net of $68.96
Dividend: Quarterly at $.23 per share ($.92 annually), last raised from $.22 effective for the 2025 first quarter payment.
COLD Dividend History & Date | Seeking Alpha
I would not be surprised by a dividend cut later this year or next year.
Last Ex Dividend: 6/30/26
Last Earnings Report (Q/E 6/30/26):
SEC Filed Press Release and SEC Filed Supplemental
GAAP E.P.S. ($1.19), down from $.01. The decline was primarily due to the impairment charge discussed above.
FFO per share: $.08, down from $.17
Core FFO per share: $.18, down from $.27
Adjusted FFO per share: $.35, down from $.36
Reconciliation:
2026 Outlook:
Other Recent Material News: Americold Realty Trust, Inc. and EQT Announce a $1.3 Billion North American Cold Storage Joint Venture (5/7/26) "Americold expects to receive approximately $1.1 billion in net cash proceeds from the transaction, which is expected to be used to repay outstanding debt." Debt was at $4.841+B as of 6/30/26 with includes SU bonds as well as borrowings under term loans and a line of credit. While I know nothing about the facilities being sold, I suspect the buyer picked the better ones.
SU Bond: I owned for about 2 months an SU bond. Item # 2.J. Sold 2 Americold LP 5.6% SU Maturing on 5/15/32 at 100.945 (8/12/25 Post) - Item # 4.B. Bought 2 Americold Operating 5.6% SU Maturing on 5/15/32 at a Total Cost of 99.803 - Vanguard Account (6/12/25 Post); Bond Prospectus; Bond Page | FINRA.org (rated at Baa3) The recent trades IMO indicate some concern about increased credit risk since I last sold this bond.
2. Small Ball Common Stock/Stock Fund Sales:
For pares, I am selling my highest cost lots using whatever cost method achieves that result.
A. Eliminated SPXX - Sold 16 at $19:
Quote: Nuveen S&P 500 Dynamic Overwrite Fund (SPXX) Google Finance - A Buy/Write CEF
Proceeds: $303.99
Sponsor's Website: SPXX "The Fund is designed to offer regular distributions through a strategy that seeks attractive total return with less volatility than the S&P 500 Index by investing in a U.S. equity portfolio that seeks to substantially replicate the price movements of the S&P 500 Index, as well as selling call options on 35%-75% of the notional value of the Fund's equity portfolio (with a 55% long-term target) in an effort to enhance the Fund's risk-adjusted returns."
Buy/Write ETFs and CEFs will generally have heavy ROC support for their dividends.
Profit Snapshot: $140.9
There were some ROC adjustments to the tax cost basis that increased the profit.
I saw this CEF lurking in my Schwab account and have no idea how it go there. I did a symbol search in the account and there was nothing prior to April 2026 which referenced a merger, a entry of 16 shares of SMXX, and a cash in lieu of a fractional share.
The fractional share was liquidated and generated a $4.56 profit:
It took awhile to find out what happened. I had bought 20 shares of a Nuveen Buy/Write CEF that had the symbol BXMX which was acquired by SMXX. I received 16 shares for my 20 BXMX share position at an exchange ratio of 1 BXMX share for .83966629 SMXX share
10 BXMX shares were bought on 5/28/20 at $11.095 and the other 10 shares were bought on 6/29/20 at 10.78+:
Proceeds 16+ SPXX Shares = $315.84
Unadjusted cost basis BXMX 20 Shares: $218.83
Adjusted cost basis BXMX 20 shares: $169.12
Profit with ROC adjustments through 2025: $149.46
Profit Before ROC adjustments (original cost): $97.01
Goal: Any profit before ROC adjustments to the cost basis in excess of the dividend payments.
Dividend: Quarterly at $.4215, last raised from $.3375 effective for the 2026 third quarter payment.
Heavy ROC support.
Last Ex Dividend: 6/15/26
Data Date of 8/11/26 Trade:
Closing Net Asset value per share: $20.98
Closing Market Price: $19.1
Discount: -8.96%
Average 3 Year Discount: -7.19%
Sourced: SPXX - CEF Connect
Goal: Any total return before ROC adjustments to the tax cost basis in excess of the dividend yield.
Largest Annual Gain BXMX Shares: +$445.13 (117+ shares in 2021)
B. Pared NXBG in Fidelity Account (Duplicate Position) - Sold 5 at $15.36:
Quote: Neuberger Next Generation Connectivity Fund (NBXG) at Google Finance
Proceeds: $76.8
This fund will own both public and private equity positions as I discussed in the following recent post.
Last Discussed: Item # 1.F. Pared NBXG in Fidelity Account - Sold 5 at $17.13 (7/1/26 Post)(profit snapshot = $11.01)
Last Buy Discussion: Item # 2.A. Added to NBXG in Fidelity Account - Bought 10 at $13.34; 10 at $13.2 (2/17/26 Post)
SEC Filed Semiannual Shareholder Report for the Period Ending on 4/30/26
Profit Snapshot: $3 (8/10/26 sale only)
New average cost per share this account: $13.51 (30 shares)
 |
| Snapshot Intraday on 8/10/26 after pare |
Reduced from $13.69.
Dividend: Monthly at $.12 per share ($1.44 annually)
Some ROC Support.
Yield at $13.51: 10.66%
Last Ex Dividend: 8/17/26
Data Date as of 8/10/26 Trade:
Closing Net Asset Value per share: $17.45
Closing Market Price: $15.46
Discount: -11.4%
Average 3 Year Discount: -13.63%
Sourced: NBXG - CEF Connect (Click "Pricing Information" Tab)
Information about the ROC support for the dividend can be found by clicking the "Distributions" tab. The fund can only support the dividend through capital gains. Dividends paid by owned securities will probably be inadequate to cover the fund's expenses.
NBXG Page at Morningstar The fund currently has a 3 star rating, up from 2 star when I last discussed it.
NBXG Performance Page at Morningstar
NBXG Portfolio | Morningstar Lists top 10 holdings.
Goal: Any total return prior to ROC adjustments to the tax cost basis in excess of the dividend yield. The 5 shares sold at $15.36, and discussed in this post, were bought at $14.78, see Item # 1.C. (11/15/25)
C. Pared BMY - Sold 5 at $64.02:
Quote: Bristol Myers Squibb (BMY) at Zacks
Proceeds: $320.1
BMY Detailed Earnings Estimates - Zacks.com
Website: Global Biopharmaceutical Company
Pharmaceutical research and development pipeline
Product Sales:
 |
| 10-Q at page 8 |
Investment Category: Bond Substitute with some dividend growth. This category defines the goal which is to harvest the dividend and to exit the position at a 2% or higher annual return on the shares.
BMY SEC Filed 2025 Annual Report
Patent Expirations:
 |
| Page 7 Annual Report |
Last Discussed: Item # 1.L. Pared BMY - Sold 1 at $59.51; 5 at $60.6 (2/17/26 Post)(profit snapshot = $21.53)
Last Buy Discussions: Item # 1.C. Added 2 BMY at $46.45; 1 at $43.98 - Schwab Account (8/5/25 Post)(discussed the problems that BMY will be facing); Item # 2.H. Bought 1 BMY at $51.71 (3/28/24 Post); Item # 1.E. Added to BMY - Bought 1 at $48.56; 1 at $48.32; 1 at $48.15 (2/9/24 Post)
Profit Snapshot: $60.33
New Average cost per share: $45.08 (15+ shares)
Dividend: Quarterly at $.63 per share ($2.52 annually), last raised from $.62 effective for the 2026 first quarter payment.
BMY Dividend History & Date | Seeking Alpha
Yield at $45.08: 5.59%
Last Ex Dividend: 7/2/26
Last Earnings Report (Q/E 6/30/26):
SEC Filed Press Release and SEC Filed Slide Presentation
Revenues: $12.973B, up from $12.269B
GAAP E.P.S. $1.62
Non-GAAP E.P.S. = $2.04
Reconciliation (3 and 6 months):
The largest add back is $420M for "IPRD Impairments" which stands for in-process research and development."
During the three and six months ended June 30, 2026, IPRD impairment charges of $
My understanding of a IPRD impairment is that it is a non-cash charge, but also one that I am unwilling to ignore.
2026 Guidance: Non-GAAP E.P.S. of $6.75-$7, raised from $6.05-$6.35
Some Sell Discussions: Item # 1.J. Pared BMY - Sold 7 at $62.04 (3/18/25 Post)(profit snapshot = $7.57); Item # 1.A. Eliminated BMY in Fidelty Account - Sold 14 at $74.64 (2/13/23 Post)(profit snapshot = $206.75); Item # 2. Eliminated BMY in Vanguard Taxable Account - Sold 15+ at $77.56 (5/5/22 Post)(profit snapshot = $279.11); Item # 5 Sold 50 BMY at $26.5 (8/9/2010)(profit snapshot = $140.1);
D. Eliminated CLOU - Sold 10 at $29.85:
Proceeds: $288.49
Sponsor's website: Cloud Computing ETF
Expense Ratio: .68%
Last Discussed: Item # 4.D. Restarted CLOU - Bought 10 at Multiple Prices (7/8/26 Post)
Profit Snapshot: $52.03
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| Snapshot after pare/Closing Price as of 8/14/26 |
Prior Elimination: Item # 1.K. Eliminated CLOU - Sold 10 at $31.4 (10/1/21 Post)(profit snapshot = $151.19)
CLOU – Portfolio – Global X Cloud Computing ETF | Morningstar The page lists the top 25 holdings and is accessible by non-subscribers. The fund currently has a 1 star weighting.
CLOU – Performance – Global X Cloud Computing ETF | Morningstar
E. Eliminated RYLD - Sold 20+ at $16.4:
Quote: Global X Russell 2000 Covered Call ETF (RYLD) at Google Finance - A Buy/Write ETF
Proceeds: $342.05
Sponsor's website: Russell 2000 Covered Call ETF (RYLD)
Last Discussed: Item # 1.F. Pared RYLD - Sold 5 at $15.3+ (5/2/26 Post)(profit snapshot = $8.85)
Profit Snapshot: $64.95
Dividend: Monthly at a variable rate.
RYLD Dividend History & Date | Seeking Alpha
Last Ex Dividend: 7/20/26 at $.1605 per share
Last Eliminations: Item # 1.G. Eliminated Duplicate Position in RYLD - Sold 34+ at $16.65 - Fidelity Account and Item #1.H. Eliminated Duplicate Position in RYLD - Sold 40 at $16.65 - Vanguard Account (2/10/25 Post)(profit snapshots = $101.16)
Last Buy Discussion: Item # F. Added to RYLD - Bought 5 at $14.62 - Schwab Account (5/9/25 Post)
RYLD Page at Morningstar Rated 1 star.
RYLD – Performance at Morningstar
F. Eliminated QYLD- Sold 35+ at $18.2:
Quote: Global X NASDAQ 100 Covered Call ETF (QYLD) at Google Finance
Proceeds: $643.39
Sponsor's website: Nasdaq 100 Covered Call ETF
Last Discussed: Item # 1.H. Pared QYLD Again - Sold 5 at $17.65 (8/4/26 Post)(profit snapshot = $5.27); Item # 2.D. Pare QYLD - Sold 10 at $18.15 (7/8/26 Post)(profit snapshot = $14.75)
Profit Snapshot: $98.02
Dividend: Monthly at a variable rate.
QYLD Dividend History & Date | Seeking Alpha
Last Ex Dividend: 7/20/26 $.1774 per share.
QYLD Page at Morningstar Currently rated 4 stars.
QYLD – Performance at Morningstar
3. Corporate Bonds: 18
If the opportunity arises to profitably sell longer term bonds, I will consider doing so, as I did last year. I am repeating this information to put what I am doing now in context.
Starting in my 7/15/25 Post through m 9/21/25 post, I discussed selling 122 corporate bonds ($1,000 par values), maturing in 2032 or later, as part of an interest rate risk mitigation strategy, realizing a $3,092.11 "profit". Many of the bonds were bought at discounts to their $1,000 par value and sold at premiums. I believe all of those bonds were bought earlier this year.
I discussed those sales in earlier posts here:
Item # 3 (7/15/25 Post)(9 bought and 2 sold)(profit snapshot = $30.92)
Item # 3 (7/22/25 Post): (Sold 9) , profit snapshots = $103.55
Item # 3 (8/5/25 Post)(bought 2; sold 7), profit snapshots = $155.07
Item # 2 (8/12/25 Post) (Sold 20, bought 1); profit snapshots = $479.50
Item # 4 ( 8/19/25 Post) Sold 10, profit snapshots = $219.23
Item # 4 (8/26/25 Post): Sold 11, profit snapshots = $243.77
Item # 2 (9/2/2025 Post): Sold 22; profit snapshots = $523.79
Item # 2 (9/8/25 Post): Sold 15, profit snapshots = $429.61
If interest rates continue trending higher and the bond prices decline in response, I will consider buying more intermediate term bonds, which has already occurred with the Entergy Arkansas and Energy Mississippi bonds first mortgage bonds maturing in 2036 discussed below.
I do not face the interest rate risk of having to sell bonds at an inopportune time, one component of interest rate risk, to pay expenses and can hold everything that I buy to maturity.
For Fidelity bond trades, I had been taking snapshots from the "Pending" section that had the bond information, the limit order price and the total price with the $1 per bond commission. Recently that information shows the fill price at zero. This is an example of a trade that I discuss in Item #2.A. below:
To avoid confusion which would naturally occur by looking at the previous snapshot, I am instead taking a partial snapshot of my confirmation which has the price paid with the $1 per bond commission, the accrued interest paid to the seller, the yield-to-maturity and the current yield.
A. Bought 2 Sherwin Williams 3.45% SU Bonds Maturing on 6/1/2027 at a Total Cost of 99.407:
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Cost: $1,988.14
SHW Detailed Earnings Estimates - Zacks.com
SEC Filed Earnings Press Release for the Q/E 6/30/26 (Revenues at $6.7893B with net income at $843.6M)
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB
YTM at Total Cost: 4.206%
I do not view the current yield as material for bonds maturing in less than 12 months. This bond will make 2 more interest payments.
I now own 4.
Last Discussed: Item # 1.H. Bought 2 Sherwin Williams 3.45% SU Maturing on 6/1/27 at a Total Cost of 98.953 (4/4/26 Post)(YTM then at 4.374%)
B. Bought 2 Tanger Properties LP 3.875% SU Maturing on 7/15/27 at a Total Cost of 99.547 - Fidelity Account:
Issuer: Operating entity for Tanger Inc (SKT).
Cost: $1,990.94
SKT "is a leading owner and operator of outlet and other open-air retail shopping destinations, with 45 years of expertise in the retail and outlet shopping industries. Tanger’s portfolio of 38 outlet centers and four open-air lifestyle centers includes nearly 17 million square feet well positioned across tourist destinations and vibrant markets in 22 U.S. states and Canada."
Prospectus I could not find any SKT guarantee of operating partnership's senior unsecured debt. I believe this SU note is not guaranteed by SKT. e
10-Q for the Q/E 6/20/26 The debt is listed and discussed at pages 23-26. This discussion mentions that SKT guarantees a $250M exchangeable senior note and term loans only. There is no similar assertion about the 3 remaining senior unsecured notes maturing in September 2026, July 2027 and September 2031.
SEC Filed Financial Report for the Q/E 6/30/26
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB-
YTM at Total Cost: 4.374%
This bond will make 2 more semiannual interest payments.
I now own 4.
Last Discussed: Item # 2.F. Bought 2 Tanger Properties LP 3.875 SU at 99.603 (1/21/26 Post)
C. Bought 1 Entergy Arkansas 4.95% First Mortgage Bond Maturing on 1/15/36 at a Total Cost of 96.666 - Interactive Brokers Account:
%201:15:36%204.95%25%20IB%20%20.png)
Issuer: Wholly owned operating subsidiary of the utility holding company Entergy Corp (ETR)
Cost: $966.66
Entergy Arkansas Results for the Quarter and 6 months ending on 6/30:
 |
| 10-Q at page 102 |
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A2/A
YTM at Total Cost: 5.405%
Current Yield at TC: 5.121%
D. Bought 1 Entergy Arkansas 4.95% First Mortgage Bond Maturing on 1/15/2036 at a Total Cost of 96.298 - Fidelity Account:
See Item # 2.B. above.
Cost: $962.98
YTM at Total Cost: 5.457%
Current Yield at TC = 5.14%
I now own 4 bonds.
E. Bought 1 Entergy Mississippi 5.05% First Mortgage Bond Maturing on 4/15/36 at a Total Cost of 96.38 - Interactive Brokers Account:
%205.05%25%20IB%20.png)
Issuer: One of the wholly owned operating subsidiaries of the utility holding company Entergy Corp (ETR)
Cost: $963.38
Entergy Mississippi 2nd Q. Results:
ETR 10-Q for the Q/E 6/30/26 at page 138
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A2/A
YTM at Total Cost: 5.536%
Current Yield at TC: 5.24%
I now own 5.
F. Bought 2 Lowes 4% SU Maturing on 10/15/28 at a Total Cost of 98.807 - Fidelity Account:
Issuer: Lowe's Companies Inc (LOW) at Google Finance
Cost: $1,976.14
SEC Filed Earnings Press Release for the Q/E 5/1/26 (Revenues of $23.078B with net income reported at $1.628B)
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa1/BBB+
YTM at Total Cost: 4.58%
Current Yield at TC: 4.048%
G. Bought 2 RTX 4.125% SU Maturing on 11/16/28 at a total cost of 99.213:
%204.125%25%208:16:28%20F.png)
Issuer: RTX Corporation (RTX) - Aerospace and Defense
Cost: $1,984.26
RTX Detailed Earnings Estimates - Zacks.com
RTX was formed in 2020 through the merger of United Technologies and Raytheon.
SEC Filed Earnings Press Release for the Q/E 6/30/26 (Revenues of $24.708B with net income at $2.139B)
FINRA Page: Bond Page | FINRA.org (originally issued by United Technologies)
Credit Ratings: Baa1/BBB+
YTM at Total Cost: 4.483%
Current Yield at TC: 4.158%
I now own 4.
Last Discussed: Item # 4.K. Bought 2 RTX 4.15% SU Maturing on 11/16/28 at a Total Cost of 99.329 (7/21/26 Post)
H. Bought 2 NNN 4.3% SU Maturing on 10/15/28 at a Total Cost 99.31:
%2010:15:28%204.3%25%20F%20.png)
Issuer: NNN REIT Inc (NNN) at Google Finance
Cost: $1,986.2
I own the common stock and have been selling my highest cost lots.
NNN Last Discussed: Item # 5.F. Pared NNN Again In Fidelity Account- Sold 2 at $47.27 (7/21/26 Post)(profit snapshot = $12.89) I currently own in that account 28 shares with an average cost per share at $38.69.
Website: Increasing Dividends | NNN REIT
Retail Properties | Our Portfolio | NNN REIT
SEC Filed Earnings Press Release for the Q/E 6/30/26
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa1/BBB+
YTM at Total Cost: 4.635%
Current Yield at TC: 4.33%
I now own 4.
The prior purchase was not discussed here: TC at 98.751 (2/27/25)
.png)
Currently owned NNN SU Bonds: 8
2 of the 3.6% SU Maturing on 12/15/26, Bond Page | FINRA.org, discussed at Item # 3.E. Bought 2 NNN 3.6% SU Maturing on 12/15/26 at a Total Cost of 97.832 (1/1/25 Post)(YTM then at 4.766%)
I. Bought 2 Evergy Kansas 5.25% First Mortgage Bonds Maturing on 3/15/35 at a Total Cost of 99.077:
Issuer: One of the wholly owned operating subsidiaries of the utility holding company Evergy Inc (EVRG)
Cost: $1981.54
Prospectus (12/25, offering price at 101.825)
EVRG SEC Filed Earnings Press Release for the Q/E 6/30/26
Evergy Kansas 3 Month and YTD Results:
EVRG 2025 SEC Filed Annual Report The 2025 and 2024 annual results for Evergy Kansas can be found at page 78. The 2025 annual revenue was $3.6603B with net income at $551M.
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A2/A
YTM at Total Cost: 5.385%
Current Yield at TC: 5.299%
Last FM Bond Offering (5/26): Prospectus for $350M of 5.3% First Mortgage bonds maturing in 2036
J. Bought 2 Southern Gas Capital 4.05% SU Maturing on 9/15/28 at a Total Cost of 99.143:
%209:15:28%20(2)%20F%20%20.png)
Issuer: Southern Company Gas is a wholly owned operating subsidiary of the utility holding company Southern Co (SO), a S&P 500 component.
Cost: $1,982.86
Southern Gas guarantees the notes issued by Southern Gas Capital.
SO SEC Filed Earnings Press Release for the Q/E 6/30/26 (Net income of $1.374B with non-GAAP net income at $1.289B)
Southern Gas Results (Seasonal earnings and revenues):
 |
| 10-Q at page 36 |
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa1/A-
YTM at Total Cost: 4.486%
Current Yield at TC: 4.085%
I now own 4.
Last Discussed: Item # 2.J. Bought 2 Southern Gas Capital 4.05% SU Maturing on 9/15/28 at a Total Cost of 99.13 (7/8/26 Post)
K. Bought 1 Prologis LP 4% SU Maturing on 9/15/28 at a Total Cost of 99.131:
%20F%209:15:2028.png)
Issuer: Operating entity for the REIT Prologis (PLD).
Cost: $991.31
PLD SEC Filed Report for the Q/E 6/30/26
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A2/A
YTM at Total Cost: 4.442%
Current Yield at TC: 4.035%
Last Discussed: Item # 2.K. Bought 1 Prologis LP 4% SU Maturing on 9/15/28 at a Total Cost of 99.165 (7/8/26 Post)
I now own 4 including 2 in RI accounts (1 in both).4. Treasury Bill Purchased at Auction:
A. Bought 5 Treasury Bills at the 8/19/26 Auction:
%2012:22:26%20.png){kind=small}
119 Day Bill:
Mature on 12/22/26
Interest: $61.98
Investment Rate: 3.85%
B. Bought 10 Treasury Bills at the 8/24/26 Auction:
%202:25:27%20%20.png){kind=small}
182 Day Bills
Matures on 2/25/27
When held to maturity, which I will do, the interest will be taxable in 2027.
Interest: $191.61
Investment Rate: 3.918%
5. Small Ball Stock Buys:
The energy stock purchases discussed below (BP,XOM,SHEL) are too small to qualify as nibbles. I prefer to buy those stocks when they collapse in price and then sell them after energy prices recover which is what I have done in the past.
My most recent lowest price purchases of XOM were in 2020, with the lowest price paid at $33.09 (10/26/20):
 |
| 2023 XOM 9 Shares +$731.11 |
Crude oil prices have a tendency to crash as supply overwhelms demand. One primary cause for a price crash is a recession.
Another is the long term problem that too much production can overwhelm demand which is why there are been so many attempts to control production starting with the Texas Railroad Commission through the formation of OPEC. Texas Was The Model For OPEC, But It's 'Not Likely' To Limit Oil Production Now-NPR
The current energy prices are dependent on how long crude oil shipments through the Strait of Hormuz are significantly disrupted, and there is no way to predict when crude oil supply shipments will return to pre-Iran War levels.
A. Added to UNB (Schwab Account)- Bought 10 at $23.4:
Quote: Union Bankshares (UNB) at Google Finance
Cost: $234
UNB is a small bank holding company whose operating bank Union Bank, operates "throughout northern Vermont and New Hampshire. Union Bank operates 18 banking offices, three loan centers, and multiple ATMs throughout its geographical footprint."
This is a mini-cap stock that generally has a wide bid/ask spread.
Diluted Shares: 4.8326+M as of 6/30/26 or about $116M at $24 per share.
Investment Categories: Regional Bank Basket Strategy and Bond Substitute (defines the goal only).
Last Discussed: Item # 1.A. Added to UNB - Bought 5 at $21.8 (11/25/25 Post)
Last Elimination: Item # 2.L. Eliminated UNB - Sold 10 at $29.31 (10/31/24 Post)(profit snapshot = $76.2)
New average cost per share: $23.16 (25 shares)
 |
| Snapshot Intraday on 8/7/26 after add |
Dividend: Quarterly at $.36 per share ($1.44 annually), last raised from $.33 effective for the 2022 first quarter payment. In the 2016 third quarter, the rate was at $.28.
UNB Dividend History & Date | Seeking Alpha
Yield at $23.16: 6.218%
Last Ex Dividend: 7/27/26
Last Earnings Report (Q/E 6/30/26):
UNB SEC Fiiled Earnings Press Release and 10-Q for the Q/E 6/30/26
The press release is barebones. I am taking the following information from the 10-Q.
 |
| 10-Q at page 28 |
Comparisons are to the 2025 second quarter.
Diluted E.P.S. $.60, up from $.52
NIM: 3.01%, up from 2.89% (positive trend)
Efficiency Ratio: 75.87%, down from 77.85% (down is better but both are too high IMO)
NPA Ratio: .97%, down from 1.03% (both too high IMO but not yet concerning, particularly given the charge off ratio)
Charge off ratio: zero
ROE: 13.74%, up from 13.73%
Largest Gain to Date: Item #2 C. Sold 50 UNB at $24.56 (1/25/14 Post)(profit snapshot = $238.61) The stock can not be reasonably viewed as a long term hold IMO. The last stock split was in 2003. Union Bankshares, Inc. (UNB) Stock Split History | Seeking Alpha
UNB Realized Gains to Date: $429.02.
I do not regard UNB to be a long term holding.
B. Bought Back 5 FIS at $42.43 - Duplicate Position Schwab Account:
Quote: Fidelity National Information Services (FIS) at Zacks
Cost: $212.65
FIS: Detailed Earnings Estimates - Zacks.com
Investment Categories: Bond Substitute, Dividend Growth, Contrarian Value. The bond substitute category describes the objective and says nothing about the dividend's safety. The objective is a realized average annual return of at least 2% in excess of the dividend yield.
Last Discussed: Item # 4.D. Added to Falling Knife FIS in Fidelity Account- Bought 1 at $38.75 (7/1/26 Post); Item # 1.C. Added to Falling Knife FIS - Bought 1 at $40.65; 2 at $39.9; 1 at $38.88 (6/18/26 Post); Item # 3.B. Started FIS as a Placeholder in Fidelity Account - Bought 1 at $43.38; 1 at $42.22; 1 at $41.65 (5/22/26 Post)(discussed the 2026 first quarter report, SEC Filed Earnings Press Release for the Q/E 3/31/26)
I bought back 5 shares that had been sold last May at $44.96:
New Average cost per share this account: $41.9
 |
| Snapshot Intraday on 8/7/26 after add |
Dividend: Quarterly at $.44 per share ($1.76 annually), last raised from $.40 effective for the 2026 first quarter payment. In 2016, the quarterly dividend was at $.26 per share.
FIS Dividend History & Date | Seeking Alpha
Yield at New AC: 4.2%
Last Ex Dividend: 6/11/26
Last Earnings Report (Q/E 6/30/26):
SEC Filed Earnings Press Release
Revenues: $3.377B, up from $2.616B
Free Cash Flow of $525M, up 220%.
GAAP E.P.S. = $.40, up from ($.9)
Non-GAAP E.P.S. = $1.48, up from $1.36
Reconciliation:
Some of the one time items over the past year or so relate to this April 2025 announcement. FIS Announces Sale of Worldpay Stake and Strategic Acquisition of Global Payments’ Issuer Solutions Business This transaction was completed in January 2026. FIS Completes Strategic Acquisition of Global Payments’ Issuer Solutions Business and Sale of Worldpay Stake
The Worldpay acquisition was a disaster for FIS, having paid $43B in 2019 for that company which I believe included acquired debt. Worldpay, Inc. - Wikipedia In July 2023, FIS then sold to a private equity firm a 55% stake in Worldpay for $11.7B. SEC Filing No apology as FIS writes down $17b on botched Worldpay acquisition – The Business of Payments The remaining 45% was sold in January 2026 for about $24.5B. How FIS's Worldpay Bet Changed the Payments Industry - PaymentsJournal Empire building often leads to disaster.
The stock is still being punished for this acquisition disaster IMO which is in the rear view mirror except for the remaining debt used to fund the acquisition. Some analyst believe the acquisition of the Global Payments Issuer Solutions business is a good fit for FIS. I have no opinion on whether that acquisition, completed in January 2026, will generate a good return on the capital invested (Purchase price + interest paid on new debt).
C. Added to NKE - Bought 1 at $40.98; 1 at $39.46:
Quote: NIKE (NKE) at Zacks
Cost: $80.44
NKE Detailed Earnings Estimates - Zacks.com
SEC Filed Annual Report for the Fiscal Year Ending 5/31/26
Chart: Major Bear Market Pattern with no signs of a bottom in place yet IMO. The stock traded as high as 180 in 2021 and has since been in a pattern of lower highs and lower lows.
Last Discussed: Item # 5.A. Started NKE - Bought 2 at $44.5; 1 at $43.22 (6/4/26 Post) I discussed the earnings report for the Q/E 2/28/26 in that post. SEC Filed Earnings Press Release
New average cost per share: $42.53 (5 Shares)
Reduced from $44.07.
Dividend: Quarterly at $.41 per share ($1.64 annually), last raised from $.40 effective for the 2025 4th quarter payment.
NKE Dividend History & Date | Seeking Alpha
Yield at $42.53: 3.856%
Next Ex Dividend: 9/1/26
Last Earnings Report (Q/E 5/31/26):
SEC Filed Earnings Press Release This was for the 4th fiscal quarter.
Revenues: $10.972B, down from $11.097B.
E.P.S. $.72, up from $.14. The $.72 includes a $.52 per share benefit from the expected recovery of the tariff taxes found illegal by the Supreme Court.
I would just characterize the report as NIKE being in a deep rut with no clear path out of it. The current share price IMO reflects significant pessimism about a return to acceptable earnings growth.
GAAP Diluted E.P.S. for fiscal years ending May 31:
2020: $1.6
2021: $3.56
The stock was massively overpriced in 2021.
2022: $3.75
2023: $3.23
2024: $3.73
2025: $2.16
12 Month E.P.S. at $2.1, down from $2.16.
The last stock split was 2 for 1 in 2015.
Purchase Restrictions: 1 or 2 share lots with each purchase required to be at the lowest price in the chain. The current maximum position is 10 shares.
D. Restarted BP - Bought 5 at $42.9:
Quote: BP (BP) at Zacks
Quote in British Pence: BP PLC (U.K.: London)
100 Pence = 1£
Convert 1 British Pound to US Dollar - GBP to USD Exchange Rates | Xe
BP Detailed Earnings Estimates at Zacks.com
Cushing, OK WTI Spot Price FOB (Dollars per Barrel)
Cost: $214.5
Investment Category: Bond Substitute
Last Sell Discussion: Item # 2.B. Eliminated BP - Sold 8 at $42.46 (6/4/26 Post)(profit snapshot = $100.39 )
Prior Elimination: Item # 1.A. Eliminated BP-Price Range $31.2-$31.33 (3/17/22 Post)(profit snapshot = $190.44)
Last Buy Discussions: Item # 1.I. Added to BP - Bought 1 at $28.51; 1 at $27.08; 1 at $26.16 (4/13/25 Post); Item # 1.D. Restarted BP - Bought 5 at $31.51 (1/22/25 Post)
Dividend: Quarterly at $.5196 per share ($2.08 annually), last raised from $.4992 effective for the 2026 third quarter payment
BP Dividend History & Date | Seeking Alpha
The dividend was slashed by 50% in 2020, which is a major negative. BP CEO says dividend cut 'deeply rooted in strategy' (8/5/2020).
Yield at $42.9: 4.845%
Last Ex Dividend: 8/14/26 (owned as of)
Last Earnings Report (Q/E 6/30/26):
The Iran War has been a bonanza for oil companies.
"underlying replacement cost profit of $5.7 billion ($2.5 billion higher than last quarter) and an operating cash flow of $10.9 billion, after a working capital build of $1.0 billion."
Non-GAAP E.P.S. at $2.21 with the consensus at $1.79 per Schwab.
Reported profit "was $3.9 billion, compared with $3.8 billion for the first quarter 2026."
Analyst Reports (Available to Schwab Customers):
Morningstar (8/4/26): 3 stars with an estimated fair market value of $41.6, a high uncertainty and and no moat.
S&P (8/4/26): 2 stars with a 12 month price target of $37.
Argus (8/11/26): Buy with a $50 price target.
E. Restarted SHEL as a Placeholder - Bought 1 at $89.65:
Quote: Shell (SHEL) at Zacks
SHEL Detailed Earnings Estimates - Zacks.com
Shell plans to drop dual share structure, become fully UK based | S&P Global Prior to this elimination, the ADR shares traded under the RDS/A and RDS/B symbols.
Last Discussed: Item # 1. Eliminated SHEL - Sold 10 at $60.99 (2/23/23 Post)(profit snapshot = $363.88)
Last Buy Discussion: Item # 1.F. Added to RDSB-Bought 1 at $34.08; 1 at $28.9, 1 at $27.61; 1 at $24.88; 1 at $24.18- Schwab Taxable (5/23/20 Post)
Dividend: Quarterly at $.7812 per share ($3.125 annually), last raised from $.744 per share effective for the 2026 second quarter payment. The dividend is still significantly below the $.94 per share paid in the first quarter of 2020.
Dividend History: I have a negative view of this history.
The dividend was slashed from $.94 to $.32 effective for the 2020 second quarter payment. Exxon and Chevron did not cut their dividends.
Shell intends to pay out 40% to 50% of its operating cash flow in dividends.
Yield at $89.65: 3.486%
Given the erratic nature of earnings, and the dividend history, I view that yield as inadequate for me when starting a position which explains the 1 share purchase. The Placeholder position is just a way to more closely monitor a price decline that may make the stock more attractive for purchases.
Last Ex Dividend: 8/14/26 (owned as of)
Last Earnings Report (Q/E 6/30/26):
1 ADR equals 2 ordinary shares: Share information | Shell Global
 |
| In Millions Except for Share Data |
For the ADR. the per share numbers need to be doubled.
Schwab has the non-GAAP E.P.S. at $3.52 for the ADR with the consensus at $2.72.
Diluted GAAP E.P.S. at $3.84.
Analyst Reports (Available to Schwab Customers)
Morningstar (7/30/26): 3 stars with a fair value estimate of $95, high uncertainty (more like extreme uncertainty IMO), and no moat
S&P (7/30/26): 3 stars with a 12 month PT at $93. The analyst raised the 2026 E.P.S. estimate to $11.76 from $9.1 and the 2027 estimate to $10.58 from $8.19.
Argus (8/7/26): Buy with the target price raised to $101 from $.98. The 2026 ADR E.P.S. estimate was raised to $9.97 from $9.97.
Energy estimates for E&P companies can be way off.
Other Sell Discussions: Item # 5.C. Pared SHEL in Fidelity Taxable Account - Sold 4 at $56.67 (11/29/22 Post)(profit snapshot = $112.12); Item # 1. Eliminated SHEL in Schwab Account-Sold 38+ at $55.05 (8/30/22 Post)(profit snapshot = $831.18); Item # 5. Pared SHEL in Schwab Account - Sold All Shares with a Cost Basis over $50 at $58.34 (4/28/22 Post)(profit snapshot = $84.89); Item #1.P. Pared RDS/B in Schwab Account - Sold 5 at $49.36 (10/22/21 Post)(profit snapshot = $16.76); Item # 3.D. Sold All Remaining Shares Purchased with Dividends in Fidelity Account at $40.14 (10/8/21 Post)(profit snapshot = $2.39); Item # 2 Eliminated Royal Dutch Shell - Sold 52+ at RDS/A at $70.85 and 51 at $70.83 (1/28/14 Post)(profit snapshots = $325.89)
I did not track historical round-trips made before October 2008 when I started to write this blog.
Quote: ExxonMobil Holdings Corporation (XOM) at Zacks
XOM Detailed Earnings Estimates - Zacks.com As of 8/21/26, the average E.P.S. estimate for 2026 was at and at for 2027.
Last Discussed: Item # 1.A. Eliminated XOM - Sold 9 at $116.9 (4/22/23 Post)(profit snapshot = $731.11). If I had known that Trump would start a war with Iran in February 2026, I would have kept those shares. Based on what I knew in April 2023, I viewed the shares as overvalued at $116.9.
Dividends: Quarterly at $1.03 per share ($4.12 annually), last raised from $.99 effective for the 2025 4th quarter payment. The dividend was at $.75 in the 2016 third quarter.
Yield at $158.22: 2.6%
I view this yield as unsatisfactory given the high uncertainty of earnings and slow dividend growth. A price decline to $154.1 would wipe out 1 year of dividends at the $1.03 quarterly rate.
Last Ex Dividend: 8/17/26
Last Earnings Report (Q/E 6/30/26):
SEC Filed Earnings Press Release and SEC Filed Investor Summary
Revenues: $114.529B, up from $79.477B in the 2025 second quarter
GAAP E.P.S. = $3.48, up from $1.64 in the 2025 second quarter.
Adjusted Net Income = $14.68B, up from $8.772B in the 2026 first quarter
Non-GAAP E.P.S. at $3.52, up from $1.61 in the 2025 second quarter.
Schwab has the average non-GAAP estimate at $3.59 vs. $3.52 actual.
Free Cash Flow 2nd Q: $17.236B
Adjusted E.P.S. YTD (2 quarters) = $5.6, up from $3.35 in the comparable period in 2025.
Analyst Reports (Available to Schwab Customers)
Morningstar (8/3/26): 3 stars with a fair value estimate of $156, high uncertainty and a narrow moat. The analyst notes that Exxon's exposure to Qatar production is being negatively impacted by the Strait of Hormuz closure.
S&P (7/31/26): 3 stars with a 12 month PT of $170.
Argus (8/10/26): Buy with a $175 price target raised from $1.69.
2022 Discussions: Item # 6.B. Sold 1 XOM at $113.67 (11/15/22 Post)(profit snapshot = $77.57); Item # 6.N. Sold 1 XOM in Fidelity Taxable Account at $103.69 (11/1/22 Post)(profit snapshot = $64.33); Item # 4.D. Sold 4 XOM at $102.79 (6/15/22 Post)(profit snapshot = $245.51); Item # 4.A. Pared XOM in Fidelity Taxable Account - Sold 2 at $89.66 (5/5/22 Post)(profit snapshot = $92.39); Item # 2.G. Pared XOM -Sold 1.437 at $81.03; 1.78 at $85.48 (3/24/22 Post)(profit snapshot = $97.4)
2022 Realized Gains Snapshot - Fidelity Account: I did not discuss most of the buys.
 |
| 2022 11+ Shares +$577.2 |
The lowest purchase price for 1 share was at $36.09 (3/13/20).
2022-2023 XOM Realized Gains: $1,308.31 (20.127 shares)
Some Buy Discussions: Item # 1.C. Added 1 XOM at $66.16; 1 at $65.42; 1 at $64.96; 2 at $64.87; 1 at $64.22; 2 at $62.4; 2 at $62.14 (2/2/20 Post); Item # 3.B. Added 2 XOM at $67.38 (11/2/19 Post); Item # 1.A. Bought 3 XOM at $67.77 (9/4/19 Post); Item # 3.A. Bought 5 XOM at $71.35 (8/19/19 Post)
G. Added to CSR - Bought 2 at $54:
Quote: Centerspace (CSR) at Zacks - Small Apartment REIT
Cost: $108
Corporate Profile — Centerspace
Material Recent News: Centerspace Announces Outcome of Strategic Review; $245 Million of Planned Dispositions (6/1/26)
I discussed the last earnings report in a recent post Item # 5.B. Bought 1 CSR at $55.5; 2 at $54.5 (8/11/26 Post); SEC Filed Press Release
New average cost per share: $55.75 (10 shares)
 |
| Snapshot Intraday on 8/18/26 after add |
Reduced from $56.19
Dividend: Quarterly at $.77 per share ($3.08 annually)
Distributions & Dividends — Centerspace
Yield at $55.75: 5.525%
Last Ex Dividend: 6/29/26
H. Added 5 to the Falling Knife UPBD - Bought 5 at $18.3:
Quote: Upbound Group Inc (UPBD) at Google Finance
Cost: $91.5
Website: Investor Overview | Upbound Group, Inc. |
| Snapshot Intraday on 8/20/26 after add |
Reduced from $20.36
Dividend: Quarterly at $.39 per share ($1.56 annually), last raised from $.37 effective for the 2024 4th quarter payment.
I discussed this company, and its second quarter earnings report, in my last post and have nothing further to add: Item # 4.A. Added to UPBD - Bought 5 at $20.87; 5 at $19.55; 5 at $19.10 (8/18/26 Post); SEC Filed Earnings Slide Presentation and SEC Filed "Second Quarter Review"
6. Exchange Traded First Mortgage Bonds:
A. Added to ELC in Schwab Account - Bought 5 at $19.78:
Quote: Entergy Louisiana Collateral Mortgage Bonds 4.875 Due 9/1/2066 (ELC) at Google Finance
Cost: $98.9
ELC is a first mortgage bond. The snapshot incorrectly identifies this security as a preferred security.
Coupon: 4.875% paid on a $25 par value
Interest Payments: Quarterly
Trades Flat: (no accrued interest is payable to the seller, whoever owns on the ex interest date receives the entire interest payment)
First Mortgage Bond, with lien attaching to substantially all assets.
Credit Ratings: A2/A
The interest rate risk resulting from an early call due to a significant decline in interest rates is mitigated by the realized gain at a $25 par value call.
Last Discussed: Item # 7.B. Added to ELC in Fidelity Account - Bought 5 at $20.12 (6/12/26 Post)
Average cost per share this account: $20.79 (105 Shares)
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| Snapshot Intraday on 8/13/26 after add |
Yield at $20.79: 5.86%
Computation: .04875 coupon x. $25 par value = $1.2875 ÷ $20.79 average cost per share = 5.8622%
Currently Owned Energy Louisiana $1,000 par value First Mortgage Bonds: 11
I prefer owning the $1,000 par value bonds listed below since the terms are much shorter than ELC and consequently have less interest rate risk.
1 Entergy Louisiana 2.4% FM Maturing on 10/1/26 (RI account)
6 Entergy Louisiana 3.25% FM Maturing on 4/1/28 (1 in RI Account), Bond Page | FINRA.org; last discussed at Item # 3.F. Bought 1 Entergy Louisiana 3.25% First Mortgage Bond Maturing on 4/1/28 at a Total Cost of 98.198 (7/28/26 Post); Prospectus (issued in 2016); Bond Page | FINRA.org
4 Entergy Louisiana 5.15% FM Maturing on 9/15/34 (1 in RI Account), Bond Page | FINRA.org; last discussed at Item # 3.C. Bought 1 Entergy Louisiana 5.15% First Mortgage Bonds Maturing on 9/15/34 at a Total Cost of 97.951 (5/30/26 Post)(YTM then at $5.432%); Bond Page | FINRA.org; Bond Prospectus
7. Treasury Note Purchased in the Secondary Market:
A. Bought 1 T Note 4.125% Coupon Maturing on 6/30/31 at 98.75781:
This is an excerpt from a Schwab email confirmation:
YTM at 4.411%
Contrary to the statement in the confirmation, S&P does rate U.S. debt. U.S. 'AA+/A-1+' Sovereign Ratings Affirmed; Outlook Stable | S&P Global Ratings
I mentioned this purchase in a recent YouTube Video: How I Manage Interest Rate Risk in my Fixed Income Portfolio - YouTube
I bought 2 of this T Note at an auction last June that were priced then at a 4.2% YTM:
Item #4.B. Bought 2 Treasury Notes at the 6/24/26 Auction at 99.6649 (6/25/26 Post)
Rather than buying say 10 at the June 2026 auction and no more thereafter, I bought 2 and will then buy more in the secondary market provided each subsequent purchase is at the lowest price in the chain. I may end up owning 10. This is one way that I manage interest rate risk flowing from a persistent rise in interest rates which I discussed in the previously linked video. There is no way that I can predict when the persistent rise in yields will end and reverse course.
The one note purchase reduced my average cost per note to 99.57:
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| Snapshot Intraday on 8/21/26 |
Disclaimer: I am not a financial advisor, but simply an individual investor who has been managing my own money since I was a teenager. In this post, I am acting solely as a financial journalist focusing on my own investments. The information contained in this post is not intended to be a complete description or summary of all available data relevant to making an investment decision. Instead, I am merely expressing some of the reasons underlying the purchase or sale of securities. Nothing in this post is intended to constitute investment or legal advice or a recommendation to buy or to sell. All investors need to perform their own due diligence before making any financial decision which requires at a minimum reading original source material available at the SEC and elsewhere. A failure to perform due diligence only increases what I call "error creep". Stocks, Bonds & Politics: ERROR CREEP and the INVESTING PROCESS Each investor needs to assess a potential investment taking into account their personal risk tolerances, goals, and situational risks. I can only make that kind of assessment for myself and my family members.
