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Dollar Values of Trades Discussed in this Post:
I am about 1 week behind in discussing my trades.
Inflow Common Stock: $185
Outflow Common Stocks/Stock Funds: $3,192.15
Realized Gains Common Stocks/Stock Funds: $563.76
Net Outflow Common Stocks/Stock Funds: $3,007.15
Corporate Bonds: 19 (total cost at $18,860.62)
Treasury Bills: $10,000 in principal amount
Inflow REIT Equity REIT Preferred Stock: $241.5
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Economy:
April Personal Consumption Expenditure Inflation:
12 month Core PCE Inflation: 3.3%, up from 3.2% through March.
12 month PCE Inflation: 3.8%, up from 3.5% through March
Month-to-Month Core PCE Inflation: .2%
Month-to-Month PCE Inflation: .4%
Real PCE +.1 month-to-month
Real Disposable Income: -.5% month-to-month
The personal savings rate declined to just 2.6%, down from 3.2% in March and 5.8% in April 2025. Personal savings rate falls as inflation outpaces paychecks
Personal Income and Outlays, April 2026 | U.S. Bureau of Economic Analysis (BEA)
Exxon warns oil inventories will hit dangerously low levels in the coming weeks due to Iran war Exxon's Senior VP: "We’re approaching unheard of inventory levels I mean really, really low levels. You can debate whether that’s going to hit, those really low levels, in two weeks or three weeks. Once you get to that point, then you’ll see price shoot up."
The assumption baked into stock prices IMO is that the Iran War will end soon before the world faces a crude oil shortage that causes a massive price spike. I view representations made by Trump to be unworthy of any reliance until I have a confirmation that he is making an accurate statement. The default assumption is that Trump is making false or misleading statements primarily to manipulate investors or voters.
Consumer sentiment hits fresh record low in May as Iran war fuels inflation worries (5/22/26)
The 2-Year U.S. Treasury Yield Has Now Blown Past the Federal Funds Rate. History Says the Fed Will Do This Next | The Motley Fool (5/22/26). Over the past thirty years, the Fed's next move will be to increase the FF range when the two year treasury note yield is higher than the federal funds range.
Taiwan Semiconductor (TSM) Announces Price Increase Amid Growing AI Demand; TSMC Reportedly Eyes Up to 15% 3nm Price Hike in 2H26, Further 5%–10% Seen in 2027 Amid AI, ASIC Demand
PayPal layoffs: New CEO cuts 20% of workforce in Q1 2026
If Oman cooperates with Iran in levying a "toll" for passage through the Strait of Hormuz, Trump said the U.S. would blow up that country. It was unacceptable to Trump that Oman and Iran would be allowed to control the Strait. Trump threatens to ‘blow up’ Oman amid talks over strait of Hormuz- The Guardian; Trump’s threat against Oman means he’s now attacked or threatened 1 out of every 13 countries | CNN Politics; Trump threatens to ‘blow up’ another sovereign nation - The Independent
Scott Bessent Doubles Down on Trump’s Wild Threat to Oman | The New Republic
Farmers in Iowa are struggling in Trump’s economy, but many say they still support him Those interviewed have faith in Trump's judgment.
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Trump and His Orwellian Party:
Trump represents the soul of his party. He is not an aberration in the U.S., but simply a manifestation of what has been brewing in the U.S. for a long time.
'I don't care about the midterms': Trump makes clear he's in no rush to reach deal with Iran - ABC News The proof that he does not care is his pressure on republican controlled states to gerrymander congressional districts to prevent voters from choosing a democrat incumbent.
Justice Department deletes press releases on charges against Jan. 6 rioters Why? In Trump's America, all of the rioters arrested for felonies were "hostages", analogous to the Israelis kidnapped by Hamas, and are True Patriots who were peacefully protesting on 1/6 when FBI paid agitators started to assault police officers and break windows at the Capitol to make Trump look bad. Trump describes imprisoned Jan. 6 rioters as ‘hostages’ (11/2/23); Trump on Jan. 6 insurrection: 'These were great people' - POLITICO; Trump issues sweeping pardons for Jan. 6 rioters - POLITICO(600 of them had been accused of assaulting police officers).
Trump's 100% controlled DOJ awarded Michael Flynn $1.25M to settle a claim that he was unjustly targeted for a crime that he pled guilty to committing. U.S. Government Agrees to $1.25 Million Settlement in Michael Flynn Suit | Lawfare (4/17/26)
Trump administration to pay nearly $5M in wrongful death lawsuit of Jan. 6 rioter shot by police - POLITICO "As members of the mob standing near Babbitt pounded on the doors and cracked glass window panes, outnumbered police officers stepped aside and ceded the hallway to the rioters. Moments later, Babbitt is seen on video attempting to enter the lobby through a shattered window. That’s when Capitol Police officer Michael Byrd fired the fatal shot."
Ralph Norman (R-SC) Says January 6 Was ‘Made Up’ (5/21/26)
Trump Officials Tried To Ban Half Of U.S. Voting Machines: Reuters
Trump Marks Memorial Day With Early-Morning Online Rampage At ‘Dumocrats’ Trump has never matured into an adult and never will.
Trump invested in Eli Lilly. Meanwhile, administration boosted its obesity meds; Journalist painstakingly details 3 'smoking guns' in Trump’s stock disclosure - Alternet.org
I am not surprised that Judge Joshua Hawkes of Florida’s Second Circuit Court judge, appointed by Ron DeSantis, refused to block the recent republican initiated gerrymander in Florida, claiming that there was not enough evidence that it was a partisan gerrymander in violation of Florida's Constitution which is just farcical. The fact that the republican gerrymander was designed to net the republicans 4 more congressional seats and disenfranchised black voters was insufficient to prove that the gerrymander was partisan according to Judge Hawkes. Judge denies block of GOP-friendly map in Florida; DeSantis-appointed judge allows Florida to use GOP gerrymander in 2026-Democracy Docket; DeSantis, plaintiffs agree new map breaks FL Constitution
Justice Department opens criminal probe into E. Jean Carroll; Timeline of E. Jean Carroll's Legal Battles With Trump - Newsweek Trump has appealed the $5M sexual abuse and defamation verdict against him to the Supreme Court, claiming that the trial court erred in admitting evidence. A 3 judge panel of the U.S. Court of Appeals rejected that claim. Carroll v. Trump, No. 23-793 (2d Cir. 2024) The Supreme Court has delayed deciding whether to accept Trump's appeal at least 11 times. Court puts off deciding whether to consider $5 million verdict against Trump – yet again | SCOTUSblog This is not the kind of case that the Supreme Court would review since it involves routine rules of evidence and trial court discretion. No one should be surprised by the 6 Republican Justices making a special exception and then reversing the jury verdict.
MAGA candidate's racist comments with vigilante leader exposed in leaked texts: report - Raw Story; Arizona Republic reporters detail their investigation into Mark Lamb - YouTube; Top Arizona Republicans mum on allegations of Lamb's sexting, threats Lamb came in second in the Republican primary for U.S. Senator in Arizona.
A Timeline of Nearly 20 Years of Ken Paxton Scandals; Election triumphs, a series of scandals dot Ken Paxton's political timeline - ABC News; Paxton's landslide win signals end of Bush-era Texas GOP | Brookings The Trump endorsed and ethically challenged Ken Paxton decisively beat the incumbent Senator John Cornyn. Trump-backed Paxton defeats incumbent Cornyn in Texas runoff primary election Cornyn voted with Trump 99% of the time but was viewed by Trump as insufficiently servile to him. Trump sees a kindred soul in Paxton. Both represent the core values and ethics in Trump's party. Consequently, with Texas being a solid republican state, I expect Paxton will likely win in November. Texas has not elected a democrat to a statewide office in 1994.
Trump visited soldiers at Walter Reed — but not the 14 injured in the Iran war - CBS News
Trump-IRS case should be reopened so court can probe possible fraud: Ex-judges This will probably not happen, even though there needs to be a full investigation of the settlement agreement that Trump negotiated with himself.
Trump administration prepares for proposed $250 bill with the president’s face on it; Treasury Department prepares $250 bill with Trump's face on it : NPR; White House pushes Congress to approve $250 bill with Trump’s image It has been illegal since 1866 to put the image of a living person on U.S. currency.
Trump Bought Dell Stock Before Pentagon Gave Company $9.7B Contract
Republican politicians will do absolutely nothing to restrain Trump and will follow his orders in lockstep.
+++++
1. Small Ball Stock/Stock Fund Sales:
I am cutting off sell discussions with trades made on Friday, 5/22 or earlier.
A. Pared WPC Again - Sold 5 at $73.59 - Fidelity Account:
Quote: W.P. Carey (WPC) at Zacks
Proceeds: $387.24
I sold my highest cost shares.
"W. P. Carey ranks among the largest net lease REITs with a well-diversified portfolio of high-quality, operationally critical commercial real estate, which includes 1,703 net lease properties covering approximately 185 million square feet as of March 31, 2026. With offices in New York, London, Amsterdam and Dallas, the company remains focused on investing primarily in single-tenant industrial, warehouse and retail properties located in the U.S. and Europe, under long-term net leases with built-in rent escalations."
Net Lease Definition and Types—Single, Double, Triple
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
Website: Leaseback Build-to-Suit Real Estate Finance | W. P. Carey
Last Discussed: Item # 1.A. Pared WPC - Sold 10+ at $71.4 (2/11/26 Post)(profit snapshot = $62.94; discussed the 2025 4th quarter report, SEC Filed Press Release )
Profit Snapshot: $29.56 (5/18/26 sale only)
New Average cost per share: $55.95 (35+ shares)
 |
| Snapshot Intraday on 5/18 after pare |
Reduced from $57.41
Dividend: Quarterly at $.93 per share ($3.72 annually), last raised from $.92 effective for the 2026 first quarter payment.
WPC Stock Dividend History & Date | Seeking Alpha
There was a dividend cut in 2023 4th quarter caused by the spinoff of WPC's office properties into a new REIT called Net Lease Office Properties (NLOP). W. P. Carey Announces Completion of Spin-Off of Net Lease Office Properties
The Section 199A dividends are listed in Box 5.
Tax Information - W. P. Carey Inc.
There was a $.16 per share ROC dividend support in 2024.
Yield at $55.95: 6.649%
Last Ex Dividend: 3/31/26
Last Earnings Report (Q/E 3/31/26):
SEC Filed Earnings Press Release and SEC Filed Supplemental
Revenues, including reimbursable cost, were $454.5M, up 10.4% compared to the 2025 first quarter.
GAAP E.P.S. = $.80
AFFO per share: $1.30, up from $1.17
Reconciliation:
2026 Guidance: AFFO per share of $5.16-$5.26
Other Sell Discussions: Item # 2. Eliminated Duplicate Position in WPC - Sold 30 in Interactive Brokers Account at $64.2 and 10 in Schwab Account at $64.2 (7/29/25)(profit snapshot = $323.07); Item # 6.E. Eliminated 1 Duplicate Position in WPC - Sold 5 at $54.2 (9/30/23 Post)(profit snapshot = $59.5)
WPC Realized Gains to Date: $513.59
Some small profits, primarily in RI accounts, were not discussed.
Goal: Any realized annual average total return 2% or higher in excess of the dividend yield prior to any ROC adjustments to the tax cost basis. I have met this goal so far.
Quote: Clough Global Equity Fund (GLQ) at Google Finance - Long/Short CEF
Proceeds: $597.28
SEC Filed Holdings as of 1/31/26 The GLQ information starts on page 5. The short positions are listed on page 7.
Dividend: Monthly at $.0729 ($.8748 annually)
GLQ Dividend History & Date | Seeking Alpha
Last Ex Dividend Date: 5/18/26
Profit Snapshot: $293.62
Data Date of 5/19/26 Trade:
Closing Net Asset value per share: $9.14
Closing Market Price: $8.29
Discount: -9.3%
3 Year Average Discount: -14.16%
Sourced: GLQ - CEF Connect (Click "Pricing Information" Tab)
Goal: Any total return in excess of the dividend payments prior to ROC adjustments.
Spot Check on Original Cost Numbers - Confirmation Excerpts:
5 at $6.24 on 1/24/23
5 at $5.19+ on on 10/26/53
10 at $5.82 on 12/5/23
There was no reason to check the remaining lots. As I move closer to the present, the ROC adjustments take less out of the original cost.
The goal was achieved.
C. Eliminated MDLZ - Sold 5+ at $61.51 - Fidelity Account:
Quote: Mondelez International (MDLZ) at Zacks
Proceeds: $310.23
This company was spun out of Kraft back in 2012. Spin-Off Information | Mondelēz International, Inc. I did own Kraft when it owned the businesses included in the Mondelez spin-off but sold those 300 shares in 2009 and 2010, realizing a gain of $701.57:
MDLZ Detailed Earnings Estimates - Zacks.com
Our Brands | Mondelēz International, Inc.
One concern about MDLZ is that consumers taking a weight loss drug may be less interested in buying its snacks. That is a common concern among packaged food/snack companies.
Last Discussed: Item # 1.D. Bought 1 MDLZ at $55.07; 1 at 54.1; 1 at $53.33; 1 at $52.8; 1 at $51.8 (1/8/26 Post)
Last Eliminated: Item # 3.C. Eliminated MDLZ - Sold 5 at $69.38 (12/7/24 Post)(profit snapshot = $20.51)
Last Buy Discussion: Item # 2.B. Restarted MDLZ - Bought 3 at $65.57; 2 at $64.83 (7/19/24 Post)(shares have been sold)
5 Year Chart: Roller Coaster Bear Market Pattern
I define the roller coaster bear market pattern as significant moves up and down that ends up going nowhere when the ride is over. It is a trading pattern until it ends.
All of the packaged food/snack stocks that I follow are in major bear markets with many prices returning to pre-2000 levels. An example is CPB whose price has returned to 1994 levels. Campbell's Co (CPB)
10 Year Annual Average Total Return Through 5/22/26: 6.07% far better than other packaged food/snack companies that I follow
DRIP Returns Calculator | Dividend Reinvestment Calculator
Profit Snapshot: $40.43
Dividend: Quarterly at $.50 per share
Dividend Info | Mondelēz International, Inc.
Last Ex Dividend: 3/31/26
Next Ex Dividend: 6/30/26
Last Earnings Report (Q/E 3/31/26)
Revenues: $10.08B, up from $9.313B
Diluted E.P.S. = $.44
Adjusted E.P.S. $.67, down 14.9% on a constant currency basis.
Consensus Non-GAAP estimate per Schwab: $.61
Free cash flow: .2B
Organic revenue growth: 3% (+3.5% from price increases with .5% decline in volume)
Adjusted Operating Margin: -310 basis points to 11.7% due to cocoa price inflation and increased brand spending.
2026 Outlook: MDLZ reaffirmed "Organic Net Revenue growth in the range of flat to 2 percent and Adjusted EPS growth in the range of flat to 5 percent on a constant currency basis. The company also expects 2026 Free Cash Flow of approximately $3 billion. The company currently estimates currency translation would increase 2026 net revenue growth by approximately 2.0 percent3 and increase Adjusted EPS by $0.063."(footnotes omitted)
Analyst Reports (available to Schwab customers):
Morningstar (4/29/26): Fair value estimate of $75 with a wide moat.
Argus (5/15/26): Hold, looking for a more favorable entry point. The analyst maintains 2026 adjusted E.P.S. estimate at $3.05, which is 9% below 2024 earnings.
S&P (4/29/26): 3 stars with a 12 month PT of $63
Consider to repurchase: <$55
D. Pared NTST Again - Sold 5 at $20.78 - Schwab Account:
Quote: NetSTREIT Corp (NTST). at Google Finance - A Net Lease REIT (Single tenant occupied properties)
Proceeds: $103.9
Understanding Net Leases: Single, Double, and Triple Explained
I sold my highest cost shares.
Properties as of 3/31/26: 804 with about 14.498+M square feet and average weighted remaining lease term of 10.2% and a 99.9% occupancy.
Top Tenants:
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
Website: NETSTREIT
Buy Discussions: Item # 2.N. Added to NTST - Bought 10 at $13.9 (1/1/25 Post); Item # 1.D. Added 10 NTST at $14.25 (12/26/24 Post); Item # 1.C.Added to NTST - Bought 5 at $15.17; 5 at $14.9 (12/19/24 Post); Item # 1.C. Added to NTST - Bought 5 at $15.7; 5 at $15.45 (12/12/24 Post); Item # 2.A. Started NTST - Bought 10 at $16.43; 10 at $16 (12/5/24 Post)
Last Discussed: Item # 2.E. Pared NTST Again - Sold Highest Cost 5 Shares at $20.86 (3/16/26 Post)(profit snapshot = $29.06); Item # 1.N. Pared NTST - Sold 5 at $19.67 (2/17/26 Post)(profit snapshot = $21.71)
Profit Snapshot: $29.98
The 5 share lot was bought on 12/12/24 at 15.166+ ($75.83). The profit on the original cost was $28.07 or 37.02%.
New Average Cost per share: $13.96 (20 shares)
 |
| Snapshot after pare |
Reduced from $14.13
Dividend: Quarterly at $.22 per share, last raised from $.215 effective for the 2026 first quarter payment. The rate was at $.21 in 2021.
NTST Dividend History & Date | Seeking Alpha
Of the $.85 total paid in 2025, $.1158 classified was as ROC. The ordinary income portion qualified as Section 199A dividend.
Of the $.83 total per share paid in 2024, $.065 was classified as ROC.
Yield at $13.96: 6.3%
Next Ex Dividend: 6/1/26
Last Earnings Report (Q/E 3/31/26):
SEC Filed Earnings Press Release; SEC Filed Supplemental; SEC Filed Investor Presentation
Revenues: $57.602M, up from $45.91M
GAAP E.P.S. $.03
CORE FFO and FFO per share: $.32
AFFO per share: $.34, up from $.32
Reconciliation:
"In April 2026, the Company sold 307,984 shares at a weighted average gross price of $19.54 per share under the ATM Program on a forward basis"
2026 Guidance: "The Company is increasing its full year 2026 AFFO per share guidance range to $1.36 to $1.39 from $1.35 to $1.39 and increasing net investment activity guidance to $550.0 million to $650.0 million from $350.0 million to $450.0 million. The Company continues to expect cash G&A to range between $16.0 million to $17.0 million (exclusive of transaction costs and severance payments). In addition, the Company's AFFO per share guidance range now includes $0.03 to $0.06 per share of estimated dilution (vs. the previous $0.015 to $0.03 per share) due to the impact of the Company's outstanding forward equity calculated in accordance with the treasury stock method."
Other Sell Discussions: Item # 2.B. Pared NTST Again - Sold Highest Cost 5 Share Lot at $19.16 (10/25/25 Post)(profit snapshot = $17.34); Item # 3.B. Eliminated Duplicate Position in NTST - Sold 10 at $18.94 in Fidelity Account (9/2/25 Post)(profit snapshot = $41.19); Item # 4.I. Pared NTST in Schwab Account - Sold Highest Cost 10 Shares at $17.03 (7/9/25 Post)(profit snapshot = $10.3); Item # 4.D. Sold Highest Cost 10 NTST Shares at $16.8 (6/26/25 Post)(profit snapshot = $3.95)
Goal: Annual average realized total return before ROC adjustments to the tax cost basis of at least 2% plus the dividends. The goal was achieved for this 5 share lot given the 37.02% realized gain using the original cost basis.
E. Pared NWBI in Schwab Account - Sold 10 at $13.83+:
Quote: Northwest Bancshares (NWBI) at Zacks
Proceeds: $138.35
NWBI is a bank holding company that owns Northwest Bank which has "151 full-service financial centers and ten free standing drive-up facilities in Pennsylvania, New York, Ohio and Indiana."
NWBI Detailed Earnings Estimates at Zacks.com
Investment Categories: Bond Substitute and Regional Bank Basket Strategy
Last Buy Discussion: Item # 1.G. Added to NWBI - Bought 10 at $11.4 in Fidelity Account (11/29/25 Post)
Profit Snapshot: +$7.46
New average cost per share: $11.72 (31+ shares)
Reduced from $12.05
Dividend: Quarterly at $.20 per share, last raised from $.19 effective for the 2021 second quarter payment.
NWBI Dividend History | Seeking Alpha
Dividend History: Poor IMO. The dividend was slashed from $.22 to $.10 effective for the 2010 first quarter payment. While understandable, the dividend has still not returned to the pre-slash level.
Yield at $11.72: 6.826%
Last Ex Dividend: 5/7/26
Last Earnings Report (Q/E 3/31/26):
Comparisons are to the 2025 first quarter.
GAAP E.P.S. = $.34, up from $.31
Non-GAAP E.P.S. = $.35, up from $.33
NIM: 3.7%, down from 3.87%
Charge off ratio: .16%, up from .08%.
NPL Ratio: .7%, up from .53%
Coverage Ratio: 164.1%, down from 206.91%
ROTE: 14.59%, up from 14.29%
Tangible Book Value per share: $9.72, down from 9.75
Other Sell Discussions: Item # 1 Sold 156+ NWBI at $12.52 (6/30/11 Post); Item # 2 Sold 50 NWBI at $12.5 (2/22/11 Post)
NWBI Realized Gains to Date: $312.91 (includes RI sale)
F. Eliminated NETL - Sold 10+ at $26.45+:
Quote: Colterpoint Net Lease Real Estate ETF (NETL) at Google Finance
Proceeds: $289.54
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
Last Discussed: Item # 1.K. Sold 2 NETL at $26.36+_(2/23/26 Post)
Sponsor's website: Net Lease ETF
Holdings: 22 stocks
Expense ratio: .6%
Top 10 Holdings: I own 6 of the 10 top holdings and 9 of the remaining 12.
Given the amount of duplication with my individual holdings, there is no good reason to own this fund that has a .6% expense ratio.
Profit Snapshot: $47.02
Dividends: Monthly at $.105 per share, raised from $.1 effective for the October 2025 payment.
NETL Dividend History & Date | Seeking Alpha
G. Eliminated TOPT - Sold 2 at $33.67; 5 at $33.72+:
Quote: Ishares Top 20 U S Stocks ETF (TOPT) at Google Finance
Proceeds: $235.98
Sponsor's website: iShares Top 20 U.S. Stocks ETF | TOPT
Expense Ratio: .2%
Profit Snapshots: $27.27
Last Discussed: Item # 1.C. Bought 5 TOPT at $29.97 (9/21/25 Post)
Dividends: Paid quarterly at a variable rate.
TOPT Dividend History & Date | Seeking Alpha
I view the dividend support to be effectively meaningless with the last 4 dividends being only 12 cents.
H. Eliminated SCHH - Sold 16+ at $23.65:
Quote: Schwab US REIT ETF (SCHH) at Google Finance
Proceeds: $380.43
Profit Snapshot: $35.83
Last Discussed: Item # 1.F. Started SCHH - Bought 10 at $21.58(10/25/25 Post)
Sponsor's website: Schwab U.S. REIT ETF
Expense Ratio: .07%
Top 10 Holdings as of 5/21/26:
Dividends: Paid quarterly at a variable rate.
SCHH Dividend History & Date | Seeking Alpha
Last 4 Dividends (through 2026 first quarter): $.65 per share
Yield Using $.65 annual and $23.65 Price: 2.75%
I view that yield as unattractive based on alternatives.
Last Ex Dividend: 3/25/28
SCHH – Portfolio – Schwab US REIT ETF™ | Morningstar Currently rated 3 stars. This site lists the top 25 holdings.
I will not be purchasing this ETF again.
I. Pared KBWY in Fidelity Account - Sold 26 at Prices Indicated in Snapshot Below:
Quote: Invesco KBW Premium Yield Equity REIT ETF (KBWY) at Google Finance
Proceeds: $397.08
Last Discussed: Stocks, Bonds & Politics:Item # 2.B. Added to KBWY in Fidelity Account - Bought 5 at $15.41; 5 at $15.12 (4/4/26 Post);Item # 2.A. Added to KBWY - Bought 2 at $15.97+; 2 at $15.88 (2/11/26 Post); Item # 1.J. Added to KBWY in Fidelity Account - Bought 5 at $15.49; 5 at $15.23 (10/11/25 Post)
Last Sell Discussion: Item # 3.E. Pared KBWY - Sold 10 at $20.54; 17+ at $20.63 (10/16/24 Post)(profit snapshot = $11.39, sold highest cost lots)
Sponsor's website: Invesco KBW Premium Yield Equity REIT ETF
Expense Ratio: .35%
Top 10 Holdings as of 5/22/26:
Of those stocks, I currently own CHCT, HIW, AHRT, SLG, GOOD, XRN, and APLE. Among the remaining 22 stocks owned by this ETF, I own CTO, GNL, DEA, DOC, COLD, UMH, GTY, PINE, FVR, and ARE. I recently eliminated NSA and SILA due to pending acquisitions.
The REIT stocks owned by this fund will have higher yields than most equity REITS and much higher compared to broad REIT ETFs like SCHH discussed in Item # 1.H. above. The higher yields generally come with higher risks.
While there is substantial duplication with individual holdings, I am inclined to keep a small position in KBWY due to the high dividend yield.
Profit Snapshot: Net of +$6.89
New Average cost per share: $15.43 (43+ shares)
 |
| Snapshot Intraday on 5/21/26 after last pare |
Dividend: Monthly at a slightly variable amount. The monthly dividends generally fall into the $.1225-$.1252 per share range.
KBWY Stock Dividend History & Date | Seeking Alpha
Last 12 Dividends through May 2026: $1.5052 per share
Yield Using $1.51 annual and $15.43 AC: 9.755%
Last Ex Dividend: 5/18/26
KBWY – Portfolio – Invesco KBW Premium Yield Equity REIT ETF | Morningstar Lists top 25 holdings. Currently rated at 1 star.
J. Eliminated WASH - Sold 3 at $32.19:
Quote: Washington Trust Bancorp (WASH) at Zacks
Proceeds: $96.57
WASH Detailed Earnings Estimates at Zacks.com
I have had a negative reaction to the last earnings reports. I am also concerned that the dividend may be in danger of a cut given the payout ratio. I am not able to generate an iota of enthusiasm now.
Profit Snapshot: $18.9
Last Discussed: Item # 1.H. Bought 1 WASH at $26.57; 3 at $25.5 (4/13/25 Post)
Dividend: Quarterly at $.56 per share ($2.24 annually)
Dividends - Washington Trust Bancorp, Inc.
Last Ex Dividend: 4/1/26
Last Earnings Report (Q/E 3/31/26)
Comparisons are to the 2025 first quarter.
E.P.S. $.66, up from $.63
NIM: 2.63%, up from 2.29% (while improving the 2.63% NIM is still low)
Adjusted Efficiency Ratio: 65.3% (too high IMO)
NPL Ratio: .81%, up from .42% (worrisome IMO)
Coverage Ratio: 101.7%, down from 189.95% (still OK IMO but the trend is worrisome)
ROA: .78% (too low IMO)
ROE: 9.23% (below average)
Tangible Book value per share: $25.14, up from $23.61.
Other Sell Discussions: Item # 1.E. Eliminated WASH - Sold 10 at $32.32 (8/2/24 Post)(profit snapshot = $4.64); Item # 2.I. Eliminated WASH in Schwab Account - Sold 14+ at $32.2 (7/26/24 Post)(profit snapshot = $41.29); Item # 2. Eliminated WASH-Sold 50 at $61.53 (6/25/18 Post)(profit snapshot = $2,309.26); Item # 2. Sold 50 of 100 WASH at $22.44 (1/5/11 Post)(profit snapshot +$347.03)
K. Pared APLE in Fidelity Account - Sold 15 at $14.43+:
Quote: Apple Hospitality REIT Inc (APLE) at Google Finance - Hotel REIT
I sold my highest cost shares.
Proceeds: $216.53
Investment Categories: Equity REIT Common and Preferred Stock Basket Strategy and Monthly Income Generation
Website: Apple Hospitality REIT
APLE's "hotel portfolio consists of 114 Hilton-branded hotels, 96 Marriott-branded hotels, five Hyatt-branded hotels and one independent hotel." The hotels had 29,583 guest rooms located in 37 states and 84 markets.
Top 30 Markets:
Last Discussed: Item # 1.E. Added to APLE in Fidelity Account -Bought 5 at $11.36 (12/5/25 Post); Item # 1.E. Added to APLE - Bought 15 at $11.5 - Schwab Account (10/25/25 Post); Item # 1.D. Added to APLE - Bought 5 at $11.5 (5/30/25 Post); Item # 1.E. Bought 7 APLE at $11.74 (4/25/25 Post)
Profit Snapshot: $2.36
The 10 share lot was bought at $14.37 on 8/28/24:
Taxation of Dividends: Immaterial ROC support in 2025 and none in 2024.
2025
2024
Dividend Tax Information/Form 8937 - Apple Hospitality REIT
New Average cost per share this account: $12.16 (45+ shares)
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| Snapshot Intraday 5/22/26 after pare |
Reduced from $12.68.
Dividend: Monthly at $.08 per share ($.96 annually)
APLE Dividend History & Date | Seeking Alpha
Yield at $12.16: 7.89%
Last Ex Dividend: 5/29/26
Last Earnings Report (Q/E 3/31/26):
SEC Filed Earnings Press Release
For hotel REITs, the first quarter will be one of the weakest quarters.
Revenues: $337.741M, up from $327.702M
GAAP E.P.S. $.12
Modified FFO per share: $.34, up from $.33
Reconciliation GAAP to MFFO:
No adjustment is made for maintenance expenditures.
Other Financial Data:
RevPar = Revenue Per Available Room
"Apple Hospitality consistently reinvests in its hotels to maintain and enhance each property’s relevance and competitive position within its respective market. During the three months ended March 31, 2026, the Company invested approximately $27.5 million in capital expenditures. The Company anticipates investing approximately $80 million to $90 million in capital improvements during 2026, which includes comprehensive renovation projects for approximately 21 hotels, however, inflationary pressures, supply chain shortages or tariffs, among other issues, may result in increased costs and delays for anticipated projects."
2026 Guidance:
L. Pared APLE in Schwab Account - Sold 15 at $14.48:
See Item # 1.K. above.
I sold my highest cost shares.
Proceeds: $217.2
Profit Snapshot: $3
New average cost per share: $12.1 (50+ shares)
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| Snapshot after pare on 5/22 |
Reduced from $12.6.
Yield at $12.1: 7.93%
M. Pared NBXG in Fidelity Account - Sold 5 at $15.91:
Quote: Neuberger Next Generation Connectivity Fund (NBXG) at Google Finance - A Balanced CEF
Proceeds: $79.55
I sold my highest cost 5 shares.
Sponsor's website: Neuberger Next Generation Connectivity Fund | Neuberger
The fund will own both public and private company stocks.
SEC Filing: Holdings as of 1/31/26 (cost then at $1.097+B with the value then at $1.296+B).
SEC Filed Annual Report for the period ending on 10/31/25. Note at page 25 the fund had "utilized capital loss carryforwards of $154,148,714," and still had $36.628+M in short term loss carryforwards. I view those amounts as pathetic.
NBXG Page at Morningstar The fund is currently rated 1 star. Recent performance has been good.
NBXG Portfolio | Morningstar Has list of top 22 holdings.
Last Discussed: Item # 2.D. Eliminated Duplicate Position in NBXG - Sold 12 at $14.55 - Schwab Account (5/2/26 Post)(profit snapshot = $33.27) The goal was achieved by realizing a $23.63 profit based on the original purchase costs.
Last Buy Discussions: Item # 2.A. Added to NBXG in Fidelity Account - Bought 10 at $13.34; 10 at $13.2 (2/17/26 Post); Item # 1.E. Added to NBXG - Bought 5 at $13.77 (11/29/25 Post); Item # 1.D. Added to NBXG - Bought 5 at $14.21 (11/22/25 Post); Item # 1.C. Added to NBXG - Bought 5 at $14.76 - Fidelity Account (11/15/25 Post); Item # 1.A. Bought 10 NBXG in Fidelity Account at $15.15 (9/21/25 Post); Item # 3.B. Bought 10 NBXG at $12.75 (10/3/24 Post);
Profit Snapshot: $4.9
This lot was bought as part of a 10 share purchase at $15.15. (9/12/25)
New Average Cost per share this account: $13.84
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| Snapshot Intraday on 5/22/26 after pare |
Dividend: Monthly at $.12 per share ($1.44 annually), last raised from $.10 effective for the September 2025 payment.
NBXG Dividend History & Date | Seeking Alpha
Heavy ROC Support. The only way to support the dividend is with capital gains. The fund has been using capital loss carryforwards to absorb more recent capital gains.
Yield at $13.84: 10.4%
Last Ex Dividend: 5/15/26
Data Date of 5/22/26 Trade:
Closing Net Asset value per share: $18.35
Closing Market Price: $15.95
Discount: -13.08
Average 3 Year Discount: -14%
Sourced: NBXG - CEF Connect
Goal: Any total return before ROC adjustments to the tax cost basis in excess of the dividend payments. The goal was achieved for this sale.
N. Pared NMAI in Fidelity Account - Sold 10 at $13.92:
Quote: Nuveen Multi-Asset Income Fund (NMAI) at Google Finance - A Leveraged Balanced CEF
Proceeds: $139.2
Last Discussed: Item # 3.A. Added to NMAI in Fidelityi Account - Bought 10 at $12.6 (8/26/25 Post); Item # 7.A. Added to NMAI - Bought 10 at $11.2 (11/11/23 Post)
Sponsor's website: NMAI
Leveraged: Yes at 29.69% as of 4/30/26
Asset Allocations as of 4/30/26
Profit Snapshot: $16.54
The lot sold was bought on 8/22/25. The original cost was $12.6:
The profit on the original cost was $13.16.
New Average cost per share this account: $10.28 (20 shares)
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| Snapshot Intraday on 5/22/26 after pare |
Reduced from $10.94.
Dividend: Monthly at $.116 per share ($1.392 annually)
NMAI Dividend History & Date | Seeking Alpha
Yield at $10.28: 13.54%
Last Ex Dividend: 5/15/26
Data Date of 5/22/26 Trade:
Closing Net Asset value per share: $15.04
Closing Market Price: $13.96
Discount: -7.18%
Average 3 Year Discount: -9.98%
Sourced: NMAI - CEF Connect
Nuveen Multi-Asset Income (NMAI) Portfolio at Morningstar (accessible to non-subscribers). This page has a list of the top 25 holdings. The fund currently has a 2 star rating.
Goal: Any total return prior to ROC adjustments to the tax cost basis in excess of the dividends. The goal was achieved with this sale since the profit using the original cost, prior to all ROC adjustments, was $13.16.
The tax profit will be increased slightly for ROC adjustments for the dividends paid on this 10 share lot this year. That is irrelevant to whether the goal was achieved based on original cost. The reason for using original cost in a total return calculation is that it avoids double counting that part of the dividends classified as ROC.
2. Corporate Bonds: 19
I am cutting off discussions with trades made on Thursday 5/21/26 or earlier.
A. Bought 2 Bunge Finance 3.75% SU Maturing on 9/26/27 at a Total Cost of 99.299:
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Issuer: Wholly owned subsidiary of Bunge Global SA (BG) who guarantees the notes.
Cost: $1,985.98
BG SEC Filed Earnings Press Release for the Q/E 3/31/26
10-Q for the Q/E 3/31/26 Debt is listed at page 27.
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa1/A-
YTM at Total Cost: 4.287%
B. Bought 2 Parker Hannifin 4.25% SU Maturing on 9/15/27 at a Total Cost of 99.911:
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Issuer: Parker-Hannifin Corp (PH) at Google Finance
Cost: $1998.2
PH Detailed Earnings Estimates - Zacks.com
PH SEC Filed Earnings Press Release for the Q/E 3/13/26
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A3/BBB+
YTM at Total Cost: 4.316%
C. Bought 2 Martin Marietta Materials 3.45% SU Maturing on 6/1/27 at a Total Cost of 99.025 - Interactive Brokers Account:
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Issuer: Martin Marietta Materials (MLM) at Zacks
I now own 4.
Cost: $1,980.5
"Martin Marietta, a member of the S&P 500 Index, is an American-based company and a leading supplier of aggregates and other building materials."
MLM Detailed Earnings Estimates - Zacks.com
MLM SEC Filed Earnings Press Release for the Q/E 3/31/26
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB+
YTM at Total Cost: 4.336%
D. Bought 2 American Electric Power 4.3% SU Maturing on 12/1/28 at a Total Cost of 99.422:
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Issuer: American Electric Power (AEP) - Zacks -Utility Holding Company
Cost: $1,988.44
AEP Detailed Earnings Estimates - Zacks.com
AEP SEC Filed Earnings Press Release for the Q/E 3/31/26 ("first-quarter 2026 GAAP earnings of $874 million".)
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB
YTM at Total Cost: 4.535%
Current Yield at TC: 4.325%
I discussed in my last post buying 2 American Electric 3.2% SU bonds that mature on 11/13/27. Item # 2.B. (YTM at total cost then at 4.395%); Bond Page | FINRA.org
E. Bought 2 Southwestern Electric Power 4.1% SU Maturing on 9/15/28 at a Total Cost of 99.165 - Vanguard Account:
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Issuer: An operating utility wholly owned by American Electric Power Company Inc (AEP)
Cost: $1,983.3
10-Q for the Q/E 3/31/26 (see pages 90-98)
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB+
YTM at Total Cost: 4.481%
Current Yield at TC: 4.135%
I own 2 Southwestern SU bonds that will mature on 10/1/26.
F. Bought 2 Enbridge 3.7% SU Maturing on 7/15/27 at a Total Cost of 99.298 - Vanguard Account:
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Issuer: Enbridge Inc (ENB) at Google Finance - Energy Infrastructure
I now own 4.
Cost: $1,985.96
ENB SEC Filed Earnings Press Release for the Q/E 3/31/26
Credit Ratings - Enbridge Inc.
I have a small position in the common stock.
Last ENB Discussion:Item # 1.S. Pared ENB - Sold 5 at $45.45 (4/4/25 Post)(profit snapshot = $66.91)
I also own the Enbridge reset equity preferred stock ENBPRP:CA.
Last ENBPRP:CA Discussion: Item # 3.A. Pared ENBPRP:CA - Sold 50 at C$24.01 (5/9/26)(profit snapshot = C$389)
Last ENB SU Bond Purchase: Item # 1.E. Bought 2 Enbridge 3.7% SU Maturing on 7/1/27 at a Total Cost of 99.301 (4/11/26 Post) This is the same bond with the purchase made in my Fidelity account.
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB+
YTM at Total Cost: 4.33%
Currently Owned ENB SU Bonds:
2 Spectra Energy Partners (acquired) 3.375% Maturing on 10/15/26
4 Enbridge 4.25% SU Maturing on 12/1/26, Bond Page | FINRA.org, last discussed at Item # 3.B. Bought 2 Enbridge 4.25% SU Bond Maturing on 12/1/26 at a Total of 99.171 (1/22/25 Post)
4 Enbridge 3.7% SU Maturing on 7/1/27, Bond Page | FINRA.org
2 Enbridge 3.125% SU Maturing on 11/15/29, Bond Page | FINRA.org, discussed at Item # 2.B. Bought 2 Enbridge 3.125% SU Maturing on 11/15/29 at a Total Cost of 95.798 (12/18/25 Post)
G. Bought 2 Healthcare Trust of America 3.75% SU Maturing on 7/1/27 at a Total Cost of 99.218:
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Issuer: Now known as Healthcare Realty Trust Inc (HR)
Cost: $1,984.36
Merger: Healthcare Realty Trust (HR) and Healthcare Trust of America (HTA) Announce Closing of Merger - Healthcare Realty HR acquired HTA but HTA was the company that survived, a reverse merger. After the merger was consummated, the name of the surviving company was change to Healthcare Realty and the symbol changed from HTA to HR.
SEC Filed Supplemental for the Q/E 3/31/26
I now own 10, with 8 owned in my Fidelity taxable account:
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| Third Party Price as of 5/20/26 |
The other 2 were bought in my Vanguard RI account.
I have been paring my common stock position.
Last HR Discussion: Item # 1.G. Pared HR Again - Sold 5 at $19.7 (5/15/26 Post)(profit snapshot = $18); Item # 3.B. Pared HR - Sold 50 at $18.24 (3/23/26 Post)(profit snapshot = $100.42)
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB
YTM at Total Cost: 4.476%
I had 4 HR 3.5% SU bonds called on 5/20 that would have matured on 8/1/26:
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| "Profit" of $108.62 |
4 mature on 1/15/28; Bond Page | FINRA.org
Last SU Purchase Discussions: Item #2.B. Bought 2 Healthcare Trust of America 3.625% SU Maturing on 1/15/28 at a Total Cost of 96.467 (4/15/25 Post); Item # 2.E. Bought 2 Healthcare Trust of America 3.625% SU Maturing on 1/15/28 at a Total Cost of 96.048 (3/18/25 Post); Item # 3.A. Bought 2 Healthcare Realty 3.75% SU Maturing on 7/1/27 at a Total Cost of 97.287 (2/10/25 Post)
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Issuer: Crown Castle Inc (CCI) at Google Finance - Cell Tower REIT
Cost: $1,981.56
CCI "owns, operates and leases approximately 40,000 cell towers and approximately 90,000 route miles of fiber supporting small cells and fiber solutions across every major U.S. market."
SEC Filed Financial Report for the Q/E 3/31/26
CCI 10-Q for the Q/E 3/31/26 Debt listed at page 12. Given the debt load, I am not comfortable owning more than 5 CCI bonds and am unwilling to buy any maturity more than 5 years from the purchase date.
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa3/BBB
YTM at Total Cost: 4.398%
I have 1 Crown Castle 3.7% SU Bond that will mature on 6/15/26.
I also own 2 Crown Castle 4.3% SU maturing on 2/15/29: Item # 2.J. Bought 2 Crown Castle 4.3% SU Maturing on 2/15/29 at a Total Cost of 97.981 (4/4/25 Post)(YTM at TC then at 4.878%)
I view the YTMs for CCI SU bonds to be slightly higher than other Baa3/BBB graded bonds maturing at about the same time. This generally indicates that bond investors assign a lower credit rating than the agencies. This is common for REITs who pay out a higher percentage of free cash flow than non-pass through entities, resulting in less of a cash cushion for bond investors.
In the 2026 first quarter, CCI paid a $1.0625 per share common share dividend. Common Stock Dividend History | Crown Castle GAAP E.P.S. was reported at $.34. FFO per share was reported at $.88 with AFFO per share at at $1.02.
I. Bought 2 Public Service of Colorado 4.15% First Mortgage Bonds Maturing on 3/13/29 at a Total Cost of 98.899:
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Issuer: Wholly owned operating subsidiary of the utility holding company Xcel Energy Inc (XEL0|
Cost: $1,977.98
XEL SEC Filed Earnings Press Release for the Q/E 3/31/26 Public Service of Colorado contributed $.42 per share of the reported $.91 E.P.S.
XEL SEC Filed 2025 Annual Report Page 8 has a map of the service territory.
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A1/A
YTM at Total Cost: 4.569%
Current Yield at TC: 4.196%
I now own 4.
J. Bought 1 ERP 4.15% SU Maturing on 12/1/28 at a Total Cost of 99.434:
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Issuer: Operating entity of the Apartment REIT Equity Residential (EQR)
Cost: $994.34
EQR SEC 2026 First Quarter Report
10-Q for the Q/E 3/31/26
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A3/A-
YTM at Total Cost: 4.388%
Current Yield at TC: 4.174%
Last Bond Offering (5/25): Prospectus for $500M 4.95% SU maturing in 2032.
Equity Residential recently announced that it was acquiring another large apartment REIT. AvalonBay Communities and Equity Residential Announce Merger of Equals, Creating One of the Country's Leading Real Estate Companies
3. REIT Equity Preferred Stock:
A. Added to XRNPRB - Bought 5 at $24.3; 5 at $24 - Fidelity Account:
Quote: Chiron Real Estate Inc Preferred Shares Series B
Cost: $241.5
Last Discussed: Item # 6.A. Added to XRNPRB in Fidelity Account - Bought 5 at $24.65 (5/2/26 Post)
Issuer: Chiron Real Estate Inc (XRN) at Google Finance - Healthcare REIT I have a small position in the common stock.
The issuer cut its monthly common share from $.25 to $.16 effective for the June 2026 payment. XRN Dividend History & Date | Seeking Alpha The reason was "to facilitate new strategic and growth plans". Chiron Real Estate Inc. Announces First Quarter 2026 Financial Results (5/6/26) This initiative involves acquiring senior housing communities. Chiron Real Estate Inc. Enters into Agreements to Acquire $425 Million of SHOP Communities (5/6/26).
SEC Filed Report for the Q/E 12/31/25
Investment Category: Advantages and Disadvantages of Equity REIT Cumulative Equity Preferred Stocks, part of the Equity REIT Common and Preferred Stock Basket Strategy
Coupon: 8%
Par Value: $25
Dividends: Paid quarterly and cumulative
Stopper Clause: Standard (page S-17 Prospectus)
New Average Cost per share this account: $24.55 (25 shares)
Reduced from $24.82
Yield at $24.55: 8.147%
Computation: .08% coupon x. $25 par value = $2 annual dividend per share ÷ 24.55 = 8.1466%
Last Ex Dividend: 7/14/26
4. Treasury Bills Purchased at Auction:
I am currently limiting my T Bill purchases to 10 each week. The reason is that my 2026 bond ladder is most full except for December. Instead, I am filling up weeks in 2027 and 2028 with corporate bond purchases.
A. Bought 10 T Bills at the 5/26 Auction:
183 Day Bill
Matures on 11/27/26
Interest: $185.54
Investment Rate: 3.771%
5. Small Ball Common Stock Buys:
I am cutting off purchase discussions with trades made on Thursday 5/21/26. There were 3 different Lotto stock purchases made on 5/22/26 that I will discuss in the next post. The stocks have been smashed in price.
A. Added to AMCR - Bought 5 at $37:
Quote: Amcor (AMCR) at Zacks - Global Packaging Company
Cost: $185
Investment Category: Bond Substitute. This category defines only the objective which is an annual total return of 2% or higher in excess of the dividend yield. So for this stock, the goal is an annual total return of 8.55% or higher.
Website: Global leader in producing responsible packaging | Amcor
AMCR Detailed Earnings Estimates at Zacks.com
Amcor Completes One-for-Five Reverse Stock Split
Amcor completes combination with Berry Global
Last Discussed: Item # 5.A. Added to AMCR - Bought 5 at $39.9; 5 at $39 (5/2/26 Post)
Last Elimination: Item # 1.D. Eliminated Duplicate Position in AMCR (Fidelity Account)-Sold 6 at $47.17 (2/11/26 Post)(profit snapshot = $26.56); discussed 2025 4th quarter report, SEC Filed Earnings Press Release)
New average cost per share this account: $39.69 (20 shares)
Dividend: Quarterly at $.65 per share ($2.6 annually), unchanged from the $.13 per share prior to the 1 for 5 reverse stock split.
AMCR Dividend History & Date | Seeking Alpha
I am reinvesting the dividend.
Yield at $39.69: 6.55%
Last Ex Dividend: 5/28/28
Last Earnings Report (Q/E 3/31/26):
SEC Filed Earnings Press Release
Revenues: $5.914B
GAAP E.P.S. = $.60
Adjusted E.P.S. = $.96, up from $.9
Reconciliation:
There is a $.15 per share add back for restructuring and integration expenses related entirely or primarily to the Berry Global acquisition completed on 4/30/26. I am willing to accept those adjustments through the Q/E 9/30/26.
Generally, I will accept add backs for cash expenses provided they are not recurring too often. So I am not going to ignore a constant stream of cash expenses related to acquisitions.
I do not accept the $.01 add back for interest expenses associated with the Berry acquisition if it is recurring.
Once cash expenses become recurring, as with continuous restructuring and/or integration expenses, or additional interest costs based on more debt incurred as a result of an acquisition, I do not accept the add backs to GAAP E.P.S.
Recurring cash expenses are not something to be lightly disregarded when valuing a company. There is a point where they make a transition to becoming part of operations IMO.
9 month adjusted E.P.S. at $2.79, up 11%
2026 Guidance: Adjusted E.P.S. $3.98-$4.03, growth of ~ 12% at the midpoint with free cash flow of $1.5B-$1.6B.
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.
