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Dollar Value of Trades Discussed in this Post:
Inflow Common Stocks/Stock Funds (Item # 5): $455.92
Outflow Common Stocks/Stock Funds (Items 1 and 2): $4,178.81
Realized Gains Common Stocks/Stock Funds: $1,289.42
Net Outflow Common Stocks/Stock Funds: $3,722.89
Corporate Bonds (Item #3): Bought 19 (cost at $18,795.68)
Outflow Corporate Bonds: 2 (proceeds at $1,970.98; "profit" = $3.02)
Treasury Bills Purchased at Auction (Item # 5): $20,000 in principal amount
Treasury Notes Purchased Secondary Market (Item # 6): $3,000 in principal amount, cost at $2,984.88
Inflow Precious Metal ETFs (Item # 7): $323.15
Outflow Canadian Dollars: C$10,000
I have now converted C$30,000 into USDs so far this year, probably at a small net loss. I will not know the precise realized loss until IB computes it early next year. The reason for converting is that my CAD position is excessive, still over C$80K due to recent sales including POW:CA and reset equity preferred stocks, and earns little interest. Interest Rates | Interactive Brokers Canada Inc. No interest is paid on the first C$13K and the rate after that is apparently 1.706%. I am using the proceeds to buy short term investment grade corporate bonds with YTMs in the 4.4% to 4.8%.
Moody's: AI spending threatens credit quality of Amazon, Meta, Alphabet I suspect that the companies spending heavily on AI, including those mentioned by Moody's, will not earn a satisfactory return on the massive amounts spent.
On 2/27/26, the ten year treasury yield closed at 3.97%. Daily Treasury Rates | U.S. Department of the Treasury
July 2026 Treasury Yield Curve:
I have never bought a stock using borrowed money, just part of my conservative nature.
When referencing a significant stock market decline due to internal dynamics, one of those dynamics is far too much margin debt at a time when something external triggers a significant decline that results in massive margin calls and more selling as result as short sellers piling on the downtrend.
The upward trajectory of the S&P 500 is having difficulty maintaining a rally when moving into the 7,500 to 7,600 range. S&P 500 1 Year Chart at Google Finance
S&P 500 Rounded Closes:
6/2 7,610
6/10 7,267 (closing low during current channel movement)
6/15 7,554 (lower than the last rally to 7,610)
6/26. 7,354
7/10. 7,575 (lower than the rally to 7,610)
7/24. 7,412
52 week low at 6,212.69 (8/1/2025)
Close of 3/30/26: 6,343.72
Close on 12/31/25: 6,845.5
So far only a few major stocks have experienced major setbacks, which I am defining as a rapid decline of more than 30% or more than a 30% decline from a 52 week high with a consistent bearish chart. IBM is a recent example, having closed at $306.13 on 7/7 and at $214.19 last Friday (7/24) or 30.03%. That stock hit an intraday low at $199.18 on 7/23 which is a 40.01% decline from the 52 week high of $332.46 hit on 6/2/26.
Many of the enterprise software stocks have experienced similar percentage declines from their 52 week highs. Salesforce (CRM), a DJIA component has a 52 week high of $274 and closed at $163.55 last Friday, or a 40.03% decline. Other enterprise stocks experiencing bearish trends include ADBE, NOW, and WDAY. Those stocks rallied yesterday.
Downside pressure has also extended into chip stocks whose prices have started to roll over after parabolic spikes higher earlier this year {e.g SanDisk Corp (SNDK); Micron Technology Inc (MU); and Intel Corp (INTC)}
I view Advanced Micro Devices Inc (AMD) as having the same recent pattern as the S&P 500
Other major stocks showing recent chart weakness to varying decrees include Microsoft, Meta Platforms, Google, Amazon, Tesla and Nvidea. Maybe they will snap out of it, maybe not. Parabolic price spikes have a strong tendency to collapse upon themselves. A major question for the heavy AI spenders is whether they will ever generate acceptable returns on their massive spending. Is the spending being motivated by perceptions of rich rewards or by fears of being left behind and becoming yesterday's news?
Check the 1 Year Charts:
Apple Inc (AAPL) is still in an uptrend.
Warren Buffett's Favorite Stock Market Indicator Is Sounding the Alarm. History Suggests Investors Are "Playing With Fire." | The Motley Fool This indicator has been at extreme levels for several years and is currently substantially higher than the peak level hit in 2000 (162.6%). Buffett Valuation Indicator: June 2026 - dshort - Advisor Perspectives
Coca-Cola (KO) Q2 2026 earnings (Adjusted E.P.S. $.97 with consensus at $.93)
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Economy:
U.S.-Iran war pauses to give peace talks ‘space’ (7/27/26) The peace talks claim originates from the U.S.. Iran denied that it has requested a restart of negotiations. Iran says no current talks with US, while regional official hails mediation progress | The Times of Israel
Attacks continued on U.S. allies in the region on Monday. Those attacks were reportedly launched by Iran's allies in Iraq. Saudi Arabia says it shot down Iranian drones targeting its oil facilities | CBC News
Trump on Iran: "We're having good talks" - YouTube (7/27/26) I view this comment as market manipulation until proven to be a truthful assessment.
Treasury yields tumble as Middle East tensions ease (7/27/26). I would not use the word "tumble" to describe the decline.
Oil tankers under attack in Red Sea, Strait of Hormuz and Black Sea (7/24/26)
Trump sued over new tariffs, experts say courts may scrap them; Trump administration imposes new tariffs on dozens of countries over forced labor concerns - CBS News; Section 301 Investigations: Forced Labor (law firm summary). The new republican tariff taxes on U.S. importers are imposed under section 301 of the Trade Act of 1974. The bogus reason purportedly supporting those new republican tariff taxes is that 60 countries have forced labor practices, including the EU, Switzerland, Canada and the U.K. The new republican tariff taxes, paid by U.S. importers and not foreign countries as Trump claims, took effect last Friday.
Trump's new global tariff draws rebukes from trade partners
These tariffs are further proof, when none is needed, that there is no end to the republican tariff taxes on U.S. importers, even after a foreign country makes concessions to secure a trade deal with Trump. And, these tariffs are just another example of Trump's flagrant abuses of Presidential powers. Republicans in the House and Senate refuse to do anything that limits his ability to levy tariffs taxes on importers that are ultimately paid by U.S. consumers and are consequently equally responsible for the results.
Trump threatens EU tariffs over U.S. tech giant fines Trump has caused his Trade Representative to launch a Section 301 investigation into whether the EU was engaged in unfair trade practices. All investigations by the U.S. Trade Representative appointed by Trump are pro forma IMO with the conclusion reached before the investigation starts.
Statistics Canada Reveals U.S. Tourism Is Reeling Over A $3.3 Billion Blow From Canadians Where It Hurts The Most The new 50% republican tariff on several products exported from Canada will have the effect of reducing Canadian tourism in the U.S. and expanding their boycotts of U.S. products. Who can blame them? The U.S. has in effect declared an economic war against Canada and is deliberately trying to harm them and their nation. {the decline in tourism may factor into who wins the Maine senate race}
Wall Street Journal Slams Trump's Tariff 'Madness'
Oil Price Charts | Oilprice.com
Europe Heads Into Winter With Its Weakest Gas Cushion In 15 Years | OilPrice.com
Trump will impose unilaterally a 100% tariff on generic drug imports starting in 2 years, rising to 200% after 3 years. Trump's generic drug tariffs: What it means for patients, drugmakers and prices That will have the same effect as an embargo and will provide a price umbrella for U.S. manufacturers to raise prices to U.S. consumers, which is an important part of the Make America Great Movement.
The ostensible basis is that Trump had determined that the import of generic drugs threatens national security under section 232 of the the 1962 Trade Act. That is bogus of course, but unlikely to be overturned by the 6 Republican Justices IMO who will give the President wide latitude in making "national security" determinations.
What does Trump hope to accomplish? It has nothing to do with protecting national security by causing generic drugs to go up in price, but to force companies to build generic drug manufacturing plants in the U.S. to create a few jobs.
The end result will be the creation of only a few jobs, since these plants are highly automated, while raising the price of generic drugs for everyone in the U.S. Generics account for about 90% of prescription drug sales in the U.S. Only an ignorant fool would make that trade.
There are already generic drug manufacturing plants in the U.S. In the unlikely event sourcing was cut off from a foreign supplier, such as those located in India and there is no reason to predict that will happen, U.S. manufacturers can quickly restore supply.
Top 10 Largest Generic Drug Companies in the USA: Top 10 Largest Generic Drug Companies in the USA
Trump will justify whatever he wants to do on national security grounds. He imposed tariffs on kitchens cabinets and bathroom vanities, just one of the more absurd examples, claiming those imports threatened national security. If everything is a national security threat, nothing is; US to Impose 50% Tariff on Kitchen Cabinets, Bathroom Vanities - YouTube
Trump demonstrated extremely bad judgment early in his adult life. Donald Trump’s First 30 Years: Business Failures and Bailouts From Dad; Trump’s $916 million of NOLs: The Art of the Dodge? | Tax Policy Center; Lucky Loser review – how Donald Trump squandered his wealth- The Guardian His judgement has not improved with age.
The defense industry is benefitting from republican policies. Unpacking the $1.5 Trillion FY 2027 Defense Budget Topline The 2027 F/Y starts on 10/1/26.
5 million people dropped ACA health insurance after the GOP let prices rise
Michigan battles massive outbreak as state reels from Trump cuts | Reuters
CDC cuts leave US less prepared for disease outbreaks, former officials warn | US healthcare
'We were shovel-ready': A Minnesota forest hit by DOGE cuts is now ablaze - Red Lake Nation News
Mortgage Rates - Freddie Mac Both the 15 and 30 year mortgage rates are in steady upward trajectory starting in late February 2026. For borrowers, the rise in interest rates has the same impact as a tax. I discussed this issue in a comment published last Friday.
Another republican tax, which is hidden from U.S. consumers, are the tariff taxes imposed on U.S. importers. The price increases resulting therefrom are not disclosed in the receipts received from purchases. More tariff taxes have recently been levied and more are on the way.
Trump touts "best economy ever." - Newsweek
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Trump and His Party:
Hegseth made this representation to the American people a few days ago: "Our stockpiles are strong, and they will only get stronger in the future". Rapid pace of interceptor and precision-guided weapons use worries Trump administration - CBS News
Trump denied a NYT report that he had been warned that interceptor missiles were in low supply. Trump Holds Off on Major War Escalation Against Iran as Advisers Raise Concerns - The New York Times
A couple of weeks ago, I read an article in Foreign Affairs that noted the U.S. had already substantially depleted its munitions stockpile. The Middle East Power Paradox | Foreign Affairs (firing over 1,000 tomahawk cruise missiles, when only 90-100 can be produced each year; 190 THAAD interceptors and 1,060 Patriot interceptors just between 2/28 and 4/8, representing 53% and 46% of pre-war inventories respectively), see also Last Rounds? Status of Key Munitions at the Iran War Ceasefire (4/21/26)
As a consequence, Trump has severely weakened U.S. deterrence in other potential hot spots. Hopefully, nothing will happen that requires a major U.S. military response over the next two years or so.
Those expensive and high end munitions "are financially and operationally unsustainable against low-cost, long-term drone attacks", a lesson that Trump, Hegseth and others in positions of power now apparently were incapable of learning from the Ukraine War, even though the lesson taught for four years now is easily understand by an average junior high student or an intelligent grade schooler.
Lindsey Graham Said Trump Was 'Jacked' at Start of Iran War Graham: "He loves blowing stuff up". Trump has blown up a lot more than just targets hit in Iran.
Trump: 'I run the country and the world' Don the Destroyer rules as a Mob Boss, using threats and intimidation to accomplish his objectives and then enforces those tactics by actually causing harm to individuals, businesses and entire countries who displease or criticize him, fail to bend a knee and kiss his ring, and/or fail to obey his orders that can be frequently characterized IMO as thoughtless and impulsive whims of a mentally unstable demagogic authoritarian.
Trump: U.S. will bomb Iran bridges, power plants if it shoots in Hormuz:
Iran stated in response that it will retaliate by attacking similar structures in neighboring countries.
I suspect that Trump makes these threats, including the one about bombing Iran back into the stone age, without consulting anyone capable of providing fact based and reasoned advice or thinking about the consequences, including the ability to protect U.S. military installations and allies in the Persian Gulf region in response to continuous Iranian drone and missile attacks when interceptors are in short supply.
{Another recent example of a Trump thoughtless statement broadcast to the world is the one where he asserted the U.S. would start levying a 20% toll on cargo for its role as a 'Guardian" of the Strait. That new policy lasted for less than 24 hours. Trump demands 20% toll on cargos passing through strait of Hormuz | BBC News - YouTube}
Shortly after Trump made the statement about destroying civilian power plants, the Houthis attacked 2 Saudi oil tanker in the Red Sea. Houthis claim strikes on two Saudi oil tankers in Red Sea; UKMTO Operations Centre on X Saudi Arabia confirmed that one of its tankers, the Encelia, was struck by a projectile.
There is also the legal issue whether Trump commits a war crime by ordering an attack on civilian structures. The case for a war crime is strong for intentionally destroying a civilian power plant IMO. Would Trump’s Threatened Attacks on Iran’s Infrastructure Be a War Crime?
The U.S. will never turn over Trump, or anyone following his orders, to the International Criminal Court (ICC) for trial, so that is just an academic issue, though it is conceivable that a future Democrat administration may cause indirectly one or more of the highest ranking U.S. officers to be tried in a U.S. military tribunal. Court-Martial
The result of the U.S. destroying civilian structures in Iran will be to further damage U.S. standing in the free world, but that is what Trump has been consistently doing in a variety of ways already and will continue to do until his term expires in January 2029. When multiple actions by a President over a long period produce the same results, then it must be presumed that the President intended to cause those results.
U.S. signs nuclear power agreement with Saudi Arabia After being criticized by Israel and others, Trump then claimed that Saudi Arabia must first sign the Abraham Accords which appears to be a condition added unilaterally by Trump that Saudi Arabia will not accept. The U.S.-Saudi Nuclear Deal Set Off Tremors. Is It Still Alive? | Council on Foreign Relations This highlights the futility of negotiating agreements with Trump on trade or any other matter.
Texas Democrats Ask for Investigation on Ken Paxton Voter Registration — ProPublica; Ken Paxton Flees Press Conference When Asked About His Scandals; Texas GOP adopts platform opposing IVF | TPR; Ken Paxton walks back IVF stance, saying he’s open to restrictions
Trump Wants E. Jean Carroll To Return $5.6 Million Sexual Abuse Payout
IRS’ top official reportedly ousted after warning of interference; Top US tax lawyer forced out after White House clash over tax audits | Reuters
Canada marks Gordie Howe bridge opening without US after trade war deepens | Reuters Trump was told to stay away.
Fired ‘60 Minutes’ Star Says CBS Bosses Tried To Force False Reports
Pentagon removed four from official Iran war death toll; Iran War Widow, Jamiah Gonzalez-Swinton, Says 'Nobody Has Reached Out' To Explain Husband's Removal From Death Toll Trump apparently does not consider those who died during the "ceasefire" as Iran War deaths.
'Loaded weapon': Trump is ready to pull the trigger on suspending habeas corpus - Alternet.org
Trump’s anti-mail voting order gets blocked again, this time by federal appeals court - Democracy Docket; U.S. appeals court rules Trump cannot implement mail-in voting order The decision was 2 to 1 with a Trump appointed judge, Joshua Dunlap, dissenting in part. Opinion and Dissent.pdf The republican judge would in effect allow the USPS to refuse delivery of mail-in ballots in the upcoming mid-term elections as directed by Trump in his EO:
I view that passage as bogus reasoning.
Trump wants to unilaterally change through an Executive Order how elections are conducted in the U.S., which is now official republican policy for an obvious reason, and to repeal by Presidential fiat the Elections Clause in the Constitution (Article 1, Section 4, Clause 1, States and Elections Clause | Constitution Annotated | Congress.gov | Library of Congress); Trump's EO: Ensuring Citizenship Verification and Integrity in Federal Elections – The White House (see Section 3); What You Need to Know About the Proposed USPS Mail Ballot Rule - Voting Rights Lab
Trump's lawyers at the DOJ have filed an emergency petition in the Supreme Court requesting that the injunction be lifted so that the USPS has the power to implement Trump's EO and to refuse delivery of mail-in ballots. Trump administration asks Supreme Court to clear the way for new mail-in voting restrictions | SCOTUSblog It is possible that the 6 Monarchists on the Court, the first 6 in U.S. history IMO, may actually intervene in the upcoming midterms by staying the lower court injunction on Trump's EO.
The Next Big Lie: The Contours of a Federal Coup Attempt Taking Shape | Vanity Fair (subscription publication)
Man charged with damaging Reflecting Pool cites 'irregularities' ini Grand Jury| AP News The "irregularities" referenced in that article establish that David Hearn's arrest was politically motivated to distract from Trump's responsibility. The key witness, an employee of the Park Service, testified before the GJ "that the pool already was damaged before Hearn allegedly touched it, couldn’t quantify any damage attributable to Hearn and said the same repairs would have been required regardless of his conduct" ,according to his attorneys who requesting a release of the GJ transcript to establish possible prosecutorial misconduct.
No non-partisan prosecutor would have brought any of the criminal charges against citizens who touched detached fragments of the lining or even took a piece as a souvenir. The probability of convicting any of those charged is extremely low or non-existent and considerable resources and expenses will have to be devoted to pursuing the charges in the criminal courts. Those charged will bear legal expenses that many, if not all, cannot afford but that is a common tactic used by Trump is bending persons to his will, to accept less than they are owed or to silence critics. USA TODAY exclusive: Hundreds allege Donald Trump doesn’t pay his bills (4/24/2016); ABA declines to publish report referring to Trump as a "libel bully" due to a fear Trump would sue - CBS News (10/25/16).
Over 77 million adults voted for Trump in the November 2024 Presidential election.
Republicans have nominated him 3 times as their candidate for President and elected him twice.
If allowed by the Constitution, they would nominate him as their candidate in 2028 and will defeat almost every incumbent in a primary that is not endorsed by him.
It is no longer subject to any rational dispute that Trump is the Republican Party, embodies the GOP's values, advances policies viewed as important to them, and is the kind of candidate republicans want as President. That just needs to sink in deep and never be forgotten.
Trump’s standing with the Republican base | Ipsos (7/24/26)
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One of the revered MAGA Queens, Megyn Kelly, must have an insatiable and powerful urge to prove every week that she is disgusting. Brooke Baldwin Trashes Megyn Kelly for False Sex Life Claims
The Trump influencer Mark Levin says Trump will be considered by history as one of the greatest American Presidents. When the MAGA cult is no longer around and their speeches and words fall into the dustbin of history, and historians assess Trump's two terms as President decades after they end, Trump will be almost unanimously viewed by historians as the worst President in U.S. history.
Trump is currently ranked as the worst. Presidents Day survey: Trump ranked last by historians My prediction is based on the U.S. still being a democracy with a free press in 50+ or so years rather than an Orwellian dictatorship who rewrites the entirety of U.S. history. The long term survival of America's democracy remains in serious doubt given the increasingly strong trajectory of authoritarianism and what I call the American Taliban movement. Democracies are the rare exceptions in world history and ours may not last for 300 years.
Trump orders signage warning visitors of ‘inaccurate information’ at Smithsonian
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1. Pared PRWCX Again - Sold 50 Shares at $38.24:
Proceeds: $1,912
Last Discussed: Item # 1. Sold 50 PRWCX at $37.91 (6/12/26 Post)(profit snapshot = $915.85)
Profit Snapshot = $932.34
Snapshot includes prior 2026 realized gain of $915.85.
Sponsor's website: Capital Appreciation Fund (PRWCX) | T. Rowe Price
This fund is classified by Morningstar as a moderate allocation fund. The rating is 5 stars within that category. T. Rowe Price Capital Appreciation Fund Stock Price | Morningstar
Average Cost per share: $23.39 (403+ shares)
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| Snapshot after pare/Closing price as of 7/16/26 |
Dividends: Paid annually.
I have been taking the dividends in cash. Dividends are primarily sources from long term capital gains and are an important component in a total return calculation.
2025 = $3.1511 per share = $1,586.87
2024 = $3.5922 per share = $3,605.11 (ex on 12/18/24)
2023 = $1.4075 = $1,482.93
2022 = $2.8079 = $2,958.39
2021 = $3.41 = $3,592.76
PRWCX Dividend History & Date | Seeking Alpha
2025 Sell Discussions: Item # 1.Sold 50 at $37.83 (9/2/25 Post)(profit snapshot $911.85); Item # 1.A. Sold 100 PRWCX at $37.28 - T.Rowe Price Account (7/29/25 Post)(profit $1,778.68); Item # 1.A. Sold 100 PRWCX at $36.75 - T. Rowe Price Account (7/3/25 Post)(profit = $1,715.68); Item # 1. Pared PRWCX - Sold 100 at $35.84. (6/5/25 Post)(realized gain was $1,624.69 for this lot); Item # 1.A. Pared PRWCX-Sold 100 at $34.98 (3/18/25 Post)(profit = $1,538.79); Item # 1 Sold 50 out of 1,003+ PRWCX at $35.66 (2/5/25 Post)(profit snapshot = $803.25)
2025 PRWCX Realized Gains: $8,372.48 (450 shares)
2024 PRWCX Realized Gain: Item # 1.A. Sold 50 PRWCX at $38.94 (11/14/24 Post)(profit snapshot = $967.35)(subsequent to that sale, the fund went ex dividend on 12/18/25 for a $3.5922 per share dividend which reduced the price by that amount on the ex dividend day)
PRWCX Total Realized Gains to date: $11,188.02
2. Small Ball Common Stock/Stock Fund Sales:
For pares, I am selling my highest cost lots.
A. Pared DOC Again in Schwab Account - Sold 5 at $22.19:
Quote: Healthpeak Properties, Inc (DOC) at Google Finance - A Healthcare REIT and S&P 500 Component.
Proceeds: $110.95
Investment Categories: Equity REIT Common and Preferred Stock Basket Strategy and Monthly Income Generation
Portfolio - Healthpeak | NYSE: DOC
Website: Home - Healthpeak | NYSE: DOC
DOC SEC Filed 2025 Annual Report
Last Discussed: Item # 2.A. Pared DOC Again in Schwab Account - Sold 5 at $21.13; 10 at $21.59 (7/8/26 Post)(profit snapshots = $60.7)
Recent Buy Discussions: Item # 1.H.Added to DOC in Vanguard Account - Bought 10 at $16.89 (1/15/26 Post); Item # 1.D. Added to DOC in Schwab Account - Bought 10 at $17.3 (12/5/25 Post); Item # 1.C. Added to DOC in Schwab Account - Bought 10 at $16.4; 10 at $16.14+; 10 at $15.85 (12/25/25 Post); Item # 1.J. Added to DOC in Schwab Account - Bought 10 at $16.49 (12/18/25 Post); Item # 1.E. Added to DOC in Schwab Account - Bought 10 at $16.8; 10 at $16.65 (12/11/25 Post)
Profit Snapshot: $23.99
New Average cost per this account: $16.69 (145+ shares)
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| Snapshot Intraday 7/16/26 after pare |
Reduced from $16.71.
Dividend: Monthly at $.1017 ($1.22 annually)
DOC Stock Dividend History & Date | Seeking Alpha
Yield at $16.69: 7.31%
Last Ex Dividend: 7/20/26
Next Ex Dividend: 8/17/26
Last Earnings Report (Q/E 3/31/26): I discussed this report in a recent post and have nothing further to add here which is also the most recent detailed discussion. Item # 1.A.Pared DOC in Schwab Account - Sold 15 at $19; 15 at $19.61 (5/15/26)(profit snapshot = $55.8); SEC Filed Press Release and SEC Fiiled Supplemental.
Other Sell Discussions: Item # 2.A. Eliminated DOC in Vanguard Account - Sold 40 at $20.42 (6/18/26 Post)(profit snapshot = $138.03); Item # 1.A.Pared DOC in Schwab Account - Sold 15 at $19; 15 at $19.61 (5/15/26)(profit snapshot = $55.8)
DOC Realized Gains To Date: $1,014.51 (includes RI account realized gains)
The realized gain number includes profits realized from selling Physician Realty shares. Healthpeak Properties formerly traded under the PEAK symbol.
After completing the major acquisition of Physicians Realty, which had the "DOC" stock symbol, Healthpeak changed its symbol to DOC. Healthpeak Properties, Inc. - Healthpeak Properties Closes Merger with Physicians Realty Trust (3/1/24); Healthpeak Properties and Physicians Realty Trust to Combine in an All-Stock Merger of Equals to Create the Pre-Eminent Owner, Operator and Developer of Real Estate for Healthcare Discovery and Delivery, An Attractive and Growing Market (10/30/23)
Most of my trading profits were in Physicians Realty.
Physicians Realty Sell Discussions: Item # 1. Eliminated DOC -Sold 61+ at $13.73(1/12/24 Post)(profit snapshot = +$39.05); Item # 1.A. Eliminated DOC -Sold 46+ at $17.66 (7/3/2020 Post)(profit snapshot = $213.64); Item 1.A. Sold 55 DOC at $16.77 (4/18/20 Post)(profit snapshot $22.14); Item # 4.A. Sold Remaining DOC at $17.1-Used Commission Free Trade (12/9/18 Post)(profit snapshot = $69.5); Stocks, BItem # 5. Sold 100 DOC at $17.6 - Interactive Brokers Account (8/22/18 Post (profit snapshot = $61.25); Item # 3.A. Sold 103 DOC at $16.92 (8/19/18 Post)(profit snapshot = $12.97)
Largest Gain to Date - Physicians Realty: $237.96
There were no posts in June 2015, so this trade was not discussed.
Healthpeak (PEAK) Sell Discussion: Item # 1.G. Eliminated PEAK - Sold 15 at $31.08 (3/6/2021 Post)(profit snapshot = $38.01)
Discussions of Physicians Realty are linked in the right side column under the "DOC" symbol.
The DOC-PEAK link is for discussions of Healthpeak when the stock traded under the PEAK symbol and later under the DOC symbol after completing this acquisition.
Goal: A 1% realized annual total return prior to ROC adjustments to the tax cost basis in excess of the dividend payments.
Owned SU Bonds: 12
I own 8 Physicians Realty bonds which was acquired by Healthpeak:
Quote: Alpine Income Property Trust Inc (PINE) at Google Finance - Externally Managed by a wholly owned subsidiary of CTO Realty Growth Inc (CTO). I also own CTO.
Proceeds: $84.86
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
PINE is a mini-cap REIT.
Properties and Commercial Loans as of 6/30/25:
Occupancy is excellent at 99.5%.
The commercial loan investments are more fully discussed at pages 17-20 of the 10-Q for the Q/E 6/30/26PINE SEC Filed 2025 Annual Report As of 12/31/25, 127 of the properties were subject to net leases. The owned properties "are primarily subject to long-term leases, which generally require the tenant to pay directly or reimburse us for property operating expenses such as real estate taxes, insurance, assessments and other governmental fees, utilities, repairs and maintenance and certain capital expenditures." Page 3.
Last Buy Discussion: Item # 1.A. Added 25 PINE at $13.7 -Fidelity Account and Item # 1.B. Added to PINE in Schwab Account - Bought 5 at $13.73+(11/1/25 Post)
Profit Snapshot: $24.82 (7/16/26 sale only)
New average cost per share this account: $13.99 (70 shares)
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| Snapshot Intraday 7/16/26 after pare |
Reduced from $14.04
Dividend: Quarterly at $.30 per share, last raised from $.28 effective for the 2026 first quarter payment.
PINE Dividend History & Date | Seeking Alpha
Yield at $13.99: 8.58%
Last Ex Dividend: 6/11/26
Last Earnings Report (Q/E 6/30/26): This report was released after this pare.
Comparisons are to the 2025 second quarter.
Revenues: $20.002M, up from $14.863M
GAAP E.P.S. $.16, up from ($.12)
FFO per share: $.57, up from $.44
AFFO per share: $.58, up from $.44
Reconciliation:
2026 AFFO per share guidance: $2.12-$2.15
Some Sell Discussions: Item # 3.G. Pared PINE in Fidelity Account - Sold 5 at $19.55 (4/24/26 Post)(profit snapshot = $22.62, discussed the 2026 first quarter report SEC Filed Press Release and SEC Filed Press Release); Item # 2.G. Pared PINE - Sold 10 at $20.94+ (7/8/26 Post)(profit snapshot = $56.37); Item # 1.L. Pared PINE Again in Schwab Account - Sold 5 at $20.05 (7/1/26 Post)(profit snapshot = $21.24); Item # 1.B. Pared PINE in Fidelity Account - Sold 1+ at $18.33; 5 at $19.55; 5 at $19.33; 6 at $20.25 and Item # 1.C. Pared PINE in Schwab Account - Sold 7 PINE at $20; 5 at $20.75 (2/17/26 Post)(profit snapshots = $125.57); Item # 4 Pared PINE in Schwab Account - Sold 10 at $18.04 (1/29/26 Post)(profit snapshot = $6.95); Item # 4.G. Pared PINE - Sold Highest Cost 15 Shares at $18.47 (8/29/24 Post)(profit snapshot = $3.35); Item # 2.E. Eliminated Duplicate Position in PINE - Sold 11 at $17.11 - Schwab Account (7/26/24 Post)(profit snapshot = $21.07)
PINE Realized Gains to Date: $314.87
C. Pared GTY Again in Schwab Account - Sold 5 at $35.3+:
Quote: Getty Realty Corp (GTY) at Google Finance - Net Lease REIT
Proceeds: $176.53
"Getty Realty Corp. is a publicly traded, net lease REIT specializing in the acquisition, financing and development of convenience, automotive and other single tenant retail real estate. As of June 30, 2026, the Company’s portfolio included 1,224 freestanding properties located in 46 states across the United States and Washington, D.C."
Last Buy Discussions: Item # 1.F. Added to GTY in Schwab Account - Bought 2 at $27.85; 3 at $27.85 (1/1/26 Post); Item # 3.A. Added to GTY - Bought 5 at $26.8 - Fidelity Account (7/29/25 Post); Item # 1.B. Added to GTY in Fidelity Account - Bought 5 at $25.97; 5 at $25.55 (10/18/25 Post); Item # 3.A. Added to GTY - Bought 5 at $26.8 - Fidelity Account (7/29/25 Post)
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
SEC Filed 2025 Annual Report As previously discussed, GTY has some environmental issues, see pages 26-28.
Profit Snapshot: $38.59
Reduced from $26.66
Dividend: Quarterly at $.485 per share ($1.94 annually)
GTY Dividend History & Date | Seeking Alpha
I am no longer reinvesting the dividend.
Yield at $26.48: 7.326%
Last Ex Dividend: 6/25/26
Last Earnings Report (Q/E 6/30/26): This report was released after my last trade.
Comparisons are to the 2025 second quarter.
Revenues $59.051M, up from $53.257M
GAAP E.P.S. $.36, up from $.24
Diluted FFO per share: $.59, up from $.49
Diluted AFFO per share: $.62, up from $.59
Reconciliation:
"During the quarter ended June 30, 2026, the Company sold four properties for gross proceeds of $8.2 million and recorded a gain of $4.7 million on the dispositions."
That gain is subtracted from GAAP net income as part of the FFO calculation. An impairment charge, which is non-cash, is added back to GAAP.
Ideally, I would want the company to be selling a property at a profit using the original cost basis adjusted higher for improvements (not currently expensed), that is, prior to any depreciation or previously taken impairments of those assets. I do not know how much of the $4.7M gain was created by depreciation lowering the tax cost basis. Depreciation creates an artificial tax accounting gain when the property is sold at a tax profit.
2026 AFFO per share guidance: $2.52-$2.54
Some Other Sell Discussions: Item # 3.F. Pared GTY Again in Fidelity Account - Sold 5 at $34.44 (7/14/26 Post)(profit snapshot = $36.07 discussed 2026 1st Q report, SEC Filed Earnings Press Release, reduced AC to $26.41 in Fidelity account); Item # 1.C. Pared GTY in Schwab Account - Sold 5 at $33.53 and Item # 1.D. Paread GTY in Fidelity Account - Sold 5 at $33.94 (4/18/26 Post)(profit snapshots = $59.09); Item # 3.B. Pared GTY in Schwab Account - Sold 6 GTY at $32.2 (4/4/26 Post)(profit snapshot = $23.64); Item # 1.C. (2/23/26 Post)(profit snapshot = $32.18); Item # 1.I. Pared GTY in Fidelity Account - Sold 5 at $32.7 and Item # 1.J. Sold 5 GTY in Fidelity Account at $32.7 (2/17/26 Post)(profit snapshots = $27.56; discussed the 2025 4th quarter report, SEC Filed Press Release); Item # 1.H. Pared GTY - Sold 5 at $31.33 - Highest Cost Lot in Schwab Account (2/11/26 Post)(profit snapshot = $8.18); Item # 3.A. Eliminated GTY - Sold 5 at $35.65 and 20 at $35.69 (1/3/23 Post)(profit snapshot = $211.35)
GTY Realized Gains to Date: $529.5 (includes some minor gains in RI accounts)
D. Eliminated Duplicate Position in COLD - Sold 24 at $16.03:
Proceeds: $384.72
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
Profit Snapshot: $84.59 (7/17/26 sale only)
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
Last Earnings Report (Q/E 3/31/26): I discussed this report in a recent post. Item # 1.B. Pared Duplicate Position in COLB (Fidelity Account) - Sold 17+ at $15.01 (3/15/26 Post)(profit snapshot = $14.18; SEC Filed Earnings Press Release and SEC Filed Supplemental) As noted in that post, I view the recent financial reports to be unsatisfactory with declining occupancy levels which I have attributed to competition. 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%.
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 Page | FINRA.org (rated at Baa3), Bond Prospectus
E. Pared BNL Again in Schwab Account - Sold 4 at $22.51:
Quote: Broadstone Net Lease Inc (BNL) at Google Finance
Proceeds: $112.56
"BNL is an industrial-focused, diversified net lease REIT that invests in primarily single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants. . . As of March 31, 2026, BNL’s diversified portfolio consisted of 773 individual net leased commercial properties with 766 properties located in 44 U.S. states and seven properties located in four Canadian provinces across the industrial, retail, and other property types."
Profit Snapshot: $41.51
New Average cost per share: $13.74 (65+ shares)
 |
| Snapshot After Pare/Closing Price as of 7/17/26 |
Reduced from $13.78.
Dividend: Quarterly at $.295 per share ($1.18 annually), last raised from $.29 effective for the 2026 first quarter quarter.
BNL Dividend History & Date | Seeking Alpha
Broadstone Net Lease Announces Tax Treatment of 2025 Dividends
Broadstone Net Lease Announces Tax Treatment of 2024 Dividends
Last Earnings Report (Q/E 3/31/26): I discussed this report in a recent post. Item # 1.I. Pared BNL Again - Sold 10 at $19.97 (5/22/26 Post); SEC Filed Press Release and Supplemental
Other Sell Discussions: Item # 1.E. Pared BNL - Sold Highest Cost 6 Sahres at $19.62(4/18/26 Post)(profit snapshot = $25.86); Item # 3.A. Eliminated Duplicate Position in BNL - Sold 15 at $18.23 (9/2/25 Post)(profit snapshot = $54.62)
BNL Realized Gains to Date: $358.35
Realized gain numbers will generally include profits realized in my RI account when I have included snapshots of those profits in the Equity REIT Common and Preferred Stock Basket Strategy post.
F. Pared Duplicate Position in GOOD (Fidelity Account) - Sold 5 at $13.09:
Quote: Gladstone Commercial Corp (GOOD) at Google Finance - A Net Lease REIT
Proceeds: $65.48
I own this REIT in several accounts with the largest positions in my Schwab and Vanguard accounts. I am treating the investment as a Bond Substitute which defines the objective as a realized annual gain of 2%+ in excess of the dividend payments.
10-Q for the Q/E 3/31/26 at page 24 (owned 115 properties with 17.7M square feet, occupancy at 98.7%; weighted average remaining term on mortgages was at 2.4 years with a weighted interest rate of 4.2%; weighted average remaining term of SU notes was 4.2 years with a weighted average interest rate of 4.2 years; weighted average remaining lease term was 7.2 years)
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
Website: Gladstone Commercial Corporation (GOOD)
Properties- Gladstone Commercial Corporation (GOOD)
Management: External (a negative IMO)
Recent News: Gladstone Commercial Provides Summary of Mid-Year Business Developments (7/23/26)
Last Discussed: Item # 1.I. Added to GOOD in Vanguard Account - Bought 10 at $10.77 (11/8/25 Post); Item # 1.L. Bought 10 GOOD in Vanguard Account at $11.32 (10/18/25 Post)
Profit Snapshot: $26.78
New Average cost per share this account: $5.53 (25 shares)
 |
| Snapshot after pare on 7/17/25 |
Reduced from $5.9.
There have been ROC adjustments to the original cost numbers.
Dividend: Monthly at $.10 per share ($1.2 annually)
GOOD Dividend History & Date | Seeking Alpha
Yield at $5.53: 21.7%
Last Ex Dividend: 7/24/26
Next Ex Dividend: 8/18/26
Annual Core FFO per diluted share: The downdraft in the stock price is related to a decline in Annual FFO per share.
2025: $1.4, SEC Filing
2024 = $1.42 SEC Filing
2023 = $1.47 "
2022 = $1.57 SEC Filing
2021 = $1.57 "
2020 = $1.57 SEC Filing
2018 = $1.59 SEC Filing
The decline also triggered a cut in the monthly dividend from .1254 per share to the current $.10 effective for the January 2023 payment. As I recall, and my memory is nowhere near what it use to be, this REIT had too much short term borrowings whose rates rose rapidly starting with the FED rate increases that started in March 2022.
Last Earnings Report (Q/E 3/31/25):
Revenue: $41.909M
GAAP E.P.S. $.09
FFO and CORE FFO per share: $.35
Some Sell Discussions: Item # 1.C. Sold 5 GOOD at $14.77 - Fidelity Account (4/4/25 Post)(profit snapshot = $26.06); Item # 3.O. Pared GOOD - Sold 3 at $16.87 (11/7/24 Post)(profit snapshot = $14.74); Item # 2.E. Pared GOOD - Sold 5 at $15.31 A (8/8/24 Post)(profit snapshot = $14.2); Item # 2.B. Eliminated GOOD in my Vanguard Taxable Account - Sold 16 at $12.26 (11/25/23 Post)(profit snapshot = $65.77); Item # 3.B. Eliminated GOOD in Schwab Account - Sold 26+ at $13.33 (7/22/23 Post)(profit snapshot = $128.61); Item # 2.B. Pared GOOD in Fidelity Account - Sold 8 at $16.69 (2/5/23 Post)(profit snapshot = $14.77); Item # 3.F. Pared GOOD - Sold 2.197 shares at $20.8 and 2.352 shares at $20.84 (6/4/21 Post)(profit snapshot = $20.77); Item 1.M. Pared GOOD-Sold 12 at $18.72 and 10 at $19.76 (6/20/20 Post)(profit snapshot = $48.17); Item # 1.C. Eliminated GOOD in Schwab Account-Sold 50+ at $20.88 and Item # 1.D. Sold Highest Cost GOOD Share in Fidelity Account at $21.36 (3/3/19 Post)(profit snapshots = $165.33)
GOOD Realized Gains to Date: $469.77
Goal: Any total return in excess of the dividend payments before ROC adjustments to the tax cost basis.
Owned Equity Preferred Stock: 85 shares
Gladstone Commercial Corp. 6.625% Preferred Series E Stock (GOODN); Prospectus {dividends paid monthly)
I prefer owning a preferred stock issued by GOOD whose dividend can not be cut, but only deferred after the cash common share dividend is eliminated.
Last discussed at Item # 2.C. Added to GOODN - Bought 10 at $18 (7/22/23 Post) and Item # 1.E. Added to GOODN - Bought 10 at $18.25 (7/8/23 Post); Item # 1.A. Added to GOODN - Bought 5 at $18.7; 5 at $18.3; 5 at $17.86; 5 at $17.3 (4/29/23 Post)
GOODN taxable accounts: For the both the common and preferred stocks, there has been some ROC adjustments to the original cost numbers.
50 shares in my Schwab account with an average cost per share of $16.65 (yield = 9.95%%)
25 shares in my my Fidelity Account at a $16.51 AC per share (yield at 10.03%)
10 shares in my Vanguard Account with a $15.64 AC per share (yield at 10.59%)
Quote: Baxter International (BAX) at Zacks
Proceeds at $808.61
I would describe Baxter generally as a medical technology company.
The largest business segment is "Infusion Therapies and Technologies" that generated $4.101B of the $11.244B in 2025 consolidated revenues.
The "Healthcare Systems & Technologies segment includes sales of our connected care solutions and collaboration tools, including smart bed systems, patient monitoring systems and diagnostic technologies, respiratory health devices and advanced equipment for the surgical space, including operating room integration technologies, precision positioning devices and other accessories" Those businesses accounted for $3.071B in 2025 revenues.
The pharmaceutical segment, consisting of injectables, anesthesia and drug compounding products, generated $2.493B in 2025 revenues. The "advanced surgery" segment generated $1.198B. 2025 SEC Filed Annual Report at pages 36-37
Website: Baxter
The company took a major hit from Hurricane Helene in 2025. Baxter IV fluids factory knocked out by Hurricane Helene- NPR; Hurricane Helene Summary | Baxter North America (5/13/25)
Investment Category: Contrarian Value with no meaningful dividend support
BAX: Detailed Earnings Estimates - Zacks.com As of 7/21/26, the average 2026 E.P.S. estimate was at $1.91 and at $1.96. If those estimates are prescient, then the forecasted year-over-year growth in E.P.S. is an unsatisfactory 2.62%.
Profit Snapshot: Net of $74.86
A net profit was achieved only by averaging down in small lots, with the last 1 share purchase at $17.08 and a 5 share lot bought at $17.12 last March. 10 shares were sold at a $7.01 loss.
Dividend: Quarterly at $.01 per share, slashed from $.17 effective for the 2025 4th quarter payment which had slashed from $.29 effective for the 2024 4th quarter payment. The dividend history is extremely poor. There have been no stock splits since 2015.
BAX Dividend History & Date | Seeking Alpha
Last Earnings Report (Q/E 3/31/26):
Awful.
Results are from continuing operations.
Revenues: $2.701B
GAAP E.P.S. ($.03), down from $.13
Non-GAAP E.P.S. = $.36, down from $.55
Reconciliation:
My consider to restart price is <$18. The company has a yet to realize whatever turnaround potential it may have IMO.
H. Pared Duplicate Position in AMCR (Fidelity Account) - Sold 10 at $44.78:
Quote: Amcor (AMCR) at Zacks - Global Packaging Company
Proceeds: $447.7
Amcor is the global leader in developing and producing responsible consumer packaging and dispensing solutions across a variety of materials for nutrition, health, beauty and wellness categories . . . producing a range of flexible packaging, rigid packaging, cartons and closures that are more sustainable, functional and appealing for our customers and their consumers." The company has 400 locations in more than 40 countries.
Investment Category: Contrarian value with dividend support
AMCR Detailed Earnings Estimates - Zacks.com As of 7/21/26, the average E.P.S. estimate for the fiscal year ending 6/26 was at $3.97 and at $4.24 for the 2027 fiscal year.
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 in Fidelity Account (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 the 2025 4th quarter report, SEC Filed Earnings Press Release)
Profit Snapshot: $34.97
New Average Cost per share this account: $38.71 (15+ shares)
 |
| Snapshot Intraday on 7/16/26 after pare |
Reduced from $40.36.
Dividend: Quarterly at $.65 per share ($2.6 annually)
AMCR Dividend History & Date | Seeking Alpha
Yield at $38.51: 6.72%
Last Ex Dividend: 5/28/26
Last Earnings Report (Q/E 3/31/26):
SEC Filed Earnings Press Release
Revenues: $5.914B
GAAP E.P.S. $.6
Adjusted E.P.S = $.96, up 6%
Reconciliation: The add back is $.26 for amortization of intangibles which I accept as add back to GAAP E.P.S.
2026 Guidance Adjusted E.P.S. Guidance at $3.98 to $4.03, up about 12% at the midpoint with free cash flow projected at $1.5B-$1.6B
Analyst Reports (available to Schwab customers):
Morningstar (6/4/26): 4 stars with a fair value estimate of $60, medium uncertainty, and a narrow moat.
S&P (5/7/26): 4 stars with a 12 month PT of $50
Owned SU Bonds Issued by Subsidiaries and Guaranteed by AMCR: 8
2 Amcor Flexibles 3.1% SU Maturing on 9/15/26, discussed at Item # 4.E Bought 2 Amcor Flexibles 3.1% SU Maturing on 9/1/26 at a Total Cost of 97.096 (10/16/24 Post)
2 Amcor Finance 4.5% SU Maturing on 5/15/28, Bond Page | FINRA.org (not discussed):
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2025-2026 Matured Bonds:
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%20+$18.9%20.png){kind=small}
%20+$33.06.png){kind=small}
I. Pared REXR - Sold 2 at $37.7:
Quote: Rexford Industrial Realty Inc (REXR) at Google Finance - An Industrial REIT
Proceeds: $75.4
Rexford owns industrial properties in Southern California. As of 6/30/26, the company owned 409 properties with approximately 49.9M square feet. REXR is a component of the S&P MidCap 400.
Website: Rexford Industrial
Last Discussed: Item # 1.C. Started REXR - Bought 5 at $33.79; 5 at $33.2; 5 at $32.75; and 5 at $32.35 (3/30/26 Post) I discussed the 2025 4th quarter report in that post. SEC Filed Press Release and SEC Filed Supplemental
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
Profit Snapshot: $6.97
%20+$6.97%20.png)
New average cost per share: $32.96 (18+ shares)
 |
| Snapshot after pare |
Reduced from $33.05
Dividend: Quarterly at $.435 per share ($1.74), last raised from $.43 effective for the 2026 first quarter payment.
Yield at $32.96: 5.28%
Last Ex Dividend: 6/30/26
Last Earnings Report (Q/E 6/30/26):
SEC Filed Press Release and SEC Filed Supplemental
This report was released on 7/23/26 after my pare. Investors responded positively with the stock rising $3.05 or 8.48% last Friday, closing at $39.
The CEO did make some upbeat remarks in the press release:
"This quarter reflects both strong execution and a transformative step forward in advancing our strategic priorities,” said Laura Clark, Chief Executive Officer. “The realignment of our portfolio through the planned disposition of approximately $2 billion of identified non-core assets will further strengthen our portfolio, enhance cash flow durability and increase financial flexibility, positioning Rexford to maximize long-term shareholder value. We are also encouraged by the continued improvement we are seeing in fundamentals across the infill Southern California industrial market, including increasing tenant demand, positive net absorption and declining vacancy—all early signs of strengthening market conditions. We are confident that our strategic actions, combined with the strength of our value creation platform, will enable Rexford to deliver outsized returns for shareholders moving forward.”
Average same store occupancy: 95.7%
Total Portfolio Occupancy: 90%
Revenues: $245.996M, down from $249.507M
GAAP E.P.S. = ($1.32), down from $.48
Includes an impairment charge of $2.28 per share
Core FFO per share: $.63, up $.59
Reconciliation:
The company adds back the $624.754M impairment charge and $73.479M in depreciation to the GAAP number and subtracts the "gain" from real estate sales of $21.893M.
The impairment charge is apparently related to real estate that the company intends to sell. I had a significant negative reaction to this charge since it reflects far too many mistakes and view this information as more important than the upbeat commentary from the CEO. The book entry for total real estate held for investment after depreciation was $11.01329B as of 6/30/26.
2026 Outlook: Core FFO per share of $2.38-$2.43.
Equity Preferred Stock: I own REXRPRC which I last discussed here: Item # 6.D. Added to REXRPRC in Fidelity Account - Bought 5 at $20.5 (3/23/26 Post) That preferred stock has a $25 par value, a 5.625% coupon and its dividends are cumulative. A continued rise in intermediate term interest rates will negatively impact the price.
3. Corporate Bonds: Bought 19, Sold 2
My bond ladder has a short duration. Fidelity has my "bond" allocation duration at 2.509 years with an average yield-to-maturity (YTM) of 4.125% which is in an uptrend.
The duration and YTM are reduced by Fidelity including T Bills in that calculation.
The YTM has been rising steadily without a material change in the duration as interest rates rise. That is due to investing the weekly flow of redemption proceeds, including my heavy weighting in treasury bills, into higher yielding bonds and T Bills.
{I own bonds in three other taxable accounts, but those brokers do not provide me with the duration and average YTM numbers. The corporate bonds are owned in 3 with the largest dollar amount in my Fidelity account, followed by my Interactive Brokers Account and then my Vanguard Account.}
Fidelity Account Asset Allocation as of 7/25/26:
With a short duration, the constant flow of redemption proceeds each week and the ability to hold everything until maturity, my interest rate risk is minimal and almost entirely consists of what I call the risk of lost opportunity, a component of interest rate that I define as losing the opportunity to invest money at a higher rate that has already been used to fund past purchases.
A. Bought 2 Tyson Foods 3.55% SU Maturing on 6/2/27 at a Total Cost of 99.302:
%203.55%25%206:2:27%20.png)
Issuer: Tyson Foods (TSN) at Zacks
Cost: $1,986.04
TSN Detailed Earnings Estimates - Zacks.com
FINRA Page: Bond Page | FINRA.org
Credit Ratings:
YTM at Total Cost: 4.3481%
B. Bought 2 Sempra 3.25% SU Maturing on 6/15/27 at a Total Cost of 98.981:
%206:15:27%20.png)
Issuer: Sempra (SRE) -Utility Holding Company
Cost: $1,979.62
SRE Detailed Earnings Estimates - Zacks.com
SEC Filed 2026 1st Quarter Report GAAP earnings of 1.04B.
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB
YTM at Total Cost: 4.377%
C. Bought 2 Quest Diagnostics 4.2% Maturing on 6/30/29 at a Total Cost of 99:
%206:30:29%20F.png)
Issuer: Quest Diagnostics Inc (DGX) at Google Finance
Cost: $1,980
DGX Detailed Earnings Estimates at Zacks.com
DGX SEC Filed Earnings Press Release for the Q/E 3/31/26
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa1/BBB+
YTM at Total Cost: 4.563%
Current Yield at TC: 4.24%
I now own 4.
Prior Discussion: Item # 3.G. Bought 2 Quest Diagnostics 4.2% SU Maturing on 6/30/29 at a Total Cost of 99.791 (5/2/26 Post) The price decline since that purchase is IMO due solely to the anticipated FF rate increases and a rise in the the comparable maturity treasury yield. US3Y (4.21% on 7/9/26 and at 3.8% on 4/24/26, the date of the prior purchase)
I will own up to 10 Quest Diagnostics bonds. I own only 4 now.
I had 2 mature earlier this year,
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4 Matured in 2025:
%20+$35.44%20.png){kind=small}
%20+$35.82.png){kind=small}
2 Matured in 2024:
%20+$14.8%20.png){kind=small}
D. Bought 2 Jabil 4.2% SU Maturing on 2/1/29 at a Total Cost of 98.581:
%20.png)
Issuer: Jabil (JBL) at Zacks
Cost: $1,971.62
JBL Detailed Earnings Estimates at Zacks.com
JBL SEC Filed Earnings Report for the Q/E 5/31/26
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa3/BBB-
YTM at Total Cost: 4.797%
Current Yield at TC: 4.26%
E. Bought 1 Entergy Arkansas 4% First Mortgage Bond Maturing on 6/1/28 at a Total Cost of 99.267:
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Cost: $992.67
ETR 10-Q for the Q/E 3/31/26 (see page 74 for Entergy Arkansas results)
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A2/A
YTM at Total Cost: 4.408%
Current Yield at TC: 4.03%
I now own 7 bonds including 2 in Roth IRA accounts.
F. Bought 1 Entergy Louisiana 3.25% First Mortgage Bond Maturing on 4/1/28 at a Total Cost of 98.198:
%203.25%25%204:1:28%20F.png)
Issuer: One of the wholly owned operating subsidiaries of the utility holding company Entergy (ETR)
Cost: $981.98
ETR 10-Q for the Q/E 3/31/26 See page 89 for Entergy Louisiana results.
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A2/A
YTM at Total Cost: 4.348%
Current Yield at TC: 3.31%
I now own 6 which includes 1 held in a RI account.
G. Bought 2 Cencora 3.45% SU Maturing on 12/15/27 at a Total Cost of 98.603:
%20.png)
Issuer: Cencora, Inc. (COR) at Zacks
Cost: $1,972.06
COR Detailed Earnings Estimates at Zacks.com
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa1/BBB+
YTM at Total Cost: 4.475%
H. Bought 1 GATX 3.5% SU Maturing on 3/15/28 at a Total Cost of 98.26:
%203:15:28%203.5%25%20.png)
Issuer: GATX (GATX) at Zacks
Cost: $982.6
"GATX leases transportation assets including railcars, aircraft spare engines and tank containers to customers worldwide."
GATX SEC Filed Earnings Press Release for the Q/E 3/31/26 (revenues of $583.7M with net income reported at $85.5M)
GATX Detailed Earnings Estimates at Zacks.com
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa1/BBB
YTM at Total Cost: 4.592%
Current Yield at TC: 3.562%
Current GATX SU Stack:
 |
| Third Party Pricing as of 7/10 |
I. Bought 2 Zoetis 4.15% SU Maturing on 8/17/28 at a Total Cost of 99.388:
%208:17:2028%20.png)
Issuer: Zoetis (ZTS) at Zacks - An Animal Health Company
Cost: $1,987.76
ZTS Detailed Earnings Estimates - Zacks.com
SEC Filed Earnings Press Release for the Q/E 3/31/26 (net income of $601M)
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A3/BBB+
YTM at Total Cost: 4.458%
Current Yield at TC: 4.176%
I now own 4.
J. Bought 2 Lowes 4% SU Maturing on 10/15/28 at a Total Cost of 98.904 - Vanguard Account:
%2010:15:28%204%25%20.png)
Issuer: Lowe's Companies (LOW) at Zacks
Cost: $1,978.08
LOW SEC Filed Earnings Press Release for the Q/E 5/1/26 (revenues of $23.078B with net income reported at $1.628B)
LOW Detailed Earnings Estimates - Zacks.com
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa1/BBB+
YTM at Total Cost: 4.516%
Current Yield at TC: 4.044%
K. Bought 1 American Water Capital 3.75% SU Maturing on 9/1/28 at a Total Cost of 98.535:
%209:1:28%20.png)
Issuer: Wholly owned subsidiary of American Water Works (AWK) who does not guarantee the notes. There is instead a support agreement with AWK who has agreed to pay any interest or principal owed to debtors of the finance subsidiary (page S-3 prospectus)
Cost: $985.35
AWK "is the largest regulated water and wastewater utility company in the United States." The key word in that sentence is "regulated" which means in this context an investor owned company whose rates have to be approved by a state utility commission. Most water/sewer operations are not "regulated" by state commissions but will generally follow a similar method for setting rates.
AWK Detailed Earnings Estimates - Zacks.com
AWK SEC Filed Earnings Report for the Q/E 3/31/26 (net income of $196M)
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa1/A
YTM at Total Cost: 4.479%
Current Yield at TC: 3.906%
Last Bond Offering (5/26): Prospectus for $500M of 4.625% SU Notes Maturing in 2029
L. Bought 1 Prologis LP 4.375% SU Maturing on 2/1/29 at a Total Cost of 99.79:
Issuer: Operating entity of Prologis (PLD)
Cost: $997.9
SEC Filed Financial Report for the Q/E 3/31/26 (5,881 buildings, 1.3B square feet, revenues of $2.298B)
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A2/A
YTM at Total Cost: 4.463%
Current Yield at TC: 4.384%
I have been stacking the maturities of 1 bond purchases.
I last discussed buying 1 maturing in 2028. 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)
M. Sold 2 Oracle 2.8% SU Maturing on 4/1/27 at 98.649:
Issuer: Oracle (ORCL) at Zacks
Price after commission at 98.549
Proceeds: $1,970.98
ORCL Detailed Earnings Estimates - Zacks.com
ORCL SEC Filed Earnings Press Release for the Q/E 5/31/26 (revenues of $19.184B with net income reported at $4.223B; long term debt then at $122.342B, up from $85.297B as of 5/31/25; "Oracle’s capital investment program supports the pursuit of unprecedented opportunities in AI Cloud Infrastructure as described at our most recent Financial Analyst Meeting. In fiscal year 2026, Oracle raised $43 billion in debt financing and $5 billion in equity financing. In fiscal year 2027, Oracle expects to raise approximately $40 billion through a combination of debt and equity financing including its previously announced $20 billion at-the-market equity issuance")
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB-
Since I bought this bond earlier this year, S&P downgraded its SU rating to BBB- from BBB. Oracle's Credit Downgrade Could Be Early Warning of Pain for Stocks - Business Insider (7/17/26)
The 1 year ORCL stock chart has a warning, particularly for those companies spending billions on AI:
 |
| As of 7/17/26 |
"Profit" Snapshot: $3.12
%20$3.12%20.png){kind=small}
Discussed at Item # 4.B. Bought 2 Oracle 2,8% Maturing on 4/1/2027 at a Total Cost of 98.393 (2/4/26 Post), where I made the following comment: "Oracle bonds have been traded at higher YTMs than identically rated bonds from other issuers that are not pass through entities (REITs and BDCs). The reason involves vast increases in Oracles debt to fund its AI ambitions. The YTMs of those bonds suggest ratings downgrades will occur as new debt is incurred to fund those projects. Whatever the outcome, I do not see a credit risk that Oracle will default on paying off this bond on 4/1/27."
The reasons for selling this bond was to use the proceeds to buy a higher current yielding one and secondarily to reduce my exposure to ORCL bonds.
I am going to allow my remaining ORCL SU bonds run off without reinvesting the proceeds. I currently own the following:
2 of the 3.25% SU Maturing on 11/15/27; Bond Page | FINRA.org, Item # 1.G. Bought 2 Oracle 3.25% SU Maturing on 11/15/27 at a Total Cost of 97.698 (4/4/26 Post)(YTM then at 4.726%)
2 of the 4.5% SU Maturing on 5/6/28, Bond Page | FINRA.org, discussed at Item # 4.F. Bought 2 Oracle 4.5% SU Maturing on 5/6/28 at a Total Cost of 99.75 (5/15/26 Post)
4. Treasury Bills Purchased at Auction:
A. Bought 20 at the 7/27/26 Auction:
%201:28:27%20.png){kind=small}
182 Day Bill
Matures on 1/28/27
Interest: $398.88
Investment Rate: 4.081%
5. Small Ball Stock/Stock Fund Buys:
A. Bought 2 HAP at $69.3:
Quote: VanEck Natural Resources ETF (HAP) at Google Finance
Cost: $138.6
Last Discussed: Item # 1. Sold 50 HAP at $40.78 (7/12/2014 Post)(profit snapshot = $62.09)
Sponsor's website: VanEck Natural Resources ETF
Expense Ratio: .41%
Dividends: Paid Annually
HAP Dividend History & Date | Seeking Alpha
Last Dividend: $1.3636 per share.
Last Ex Dividend: 12/22/25
Holdings as of 6/30/26 with greater a 1% or higher weighting:
HAP Page at Morningstar (currently rated 4 stars)
HAP – Portfolio at Morningstar Lists top 25 holdings (accessible to non-subscribers)
HAP – Performance Numbers at Morningstar
B. Restarted UPBD - Bought 5 at $21.92:
Quote: Upbound Group, Inc. (UPBD) at - Zacks
Cost: $109.6
One day after this purchase, UPBD reported that it experienced "cybersecurity incidents in which certain non-sensitive customer information and other documents were obtained without authorization. In connection with certain such incidents, the Company believes the information was subsequently used to facilitate fraudulent lease-to-own agreements, contributing to elevated fraudulent contract losses of approximately $13 million in the Company’s Acima segment during the second quarter of 2026." SEC Filing
Upbound describes itself as "a technology and data-driven leader in accessible and inclusive financial solutions that address the evolving needs and aspirations of underserved consumers. Through our Acima and Rent-A-Center segments, we are a leading lease-to-own provider with operations in the United States, Puerto Rico and Mexico. We provide a critical service for underserved consumers by providing them with access to, and the opportunity to obtain ownership of, high-quality, name brand durable products under a flexible lease-purchase agreement with no long-term debt obligation. Our Acima segment offers lease-to-own solutions through retailers in stores and online enabling such retailers to grow sales by expanding their customer base utilizing our differentiated offering and allowing customers to access our flexible lease-to-own solutions at thousands of retailers and to lease a wide range of durable products. Through our Rent-A-Center segment, we provide a fully integrated customer experience through our e-commerce platform and brick and mortar presence. On January 31, 2025, we completed the acquisition of Brigit, a holistic financial health technology company that has helped millions of customers improve their financial health and literacy, find ways to earn and save money, access their earned wages before their regularly scheduled payday, build their credit through savings and protect themselves from identity theft. Its mission is to help customers build a better financial future." 10-Q for the Q/E 3/31/26 (emphasis addd)
UPBD Detailed Earnings Estimates at Zacks As of 7/22/26, the average 2026 E.P.S. estimate was $4.15 and at $4.85 in 2027. Those are non-GAAP numbers generated by 2 analysts.
Investment Categories: Contrarian value with dividend support and Bond Substitute. The Bond Substitute category defines the objective only which is a realized annual total return of 2% + the dividend.
Last Discussed: Item # 2.E. Eliminated UPBD - Sold 26+ at $33.57 ( )(Loss Snapshot = -$33.62) The company was previously known as Rent-A-Center that traded under the RCII symbol. Item # 1.O. Sold 2 RCII at $63.6 (4/1/21 Post)(profit snapshot = +$32.63). So, I have not been successful in small lot trading.
My memory of what caused the decline is really fuzzy, but exiting the stock at a small loss in 2024 and selling at $63.6 were the right moves in hindsight. The price decline started in August 2021 with the top near $65. This kind of company would have been hurt by the pandemic induced recession, and there may have been a problem with an acquisition.
Dividend: Quarterly at $.39 per share ($1.56 annually), last raised from $.37 effective for the 2024 4th quarter payment.
UPBD Dividend History & Date | Seeking Alpha
Yield at $21.92: 7.12%
Last Ex Dividend: 6/16/26
Last Earnings Report (Q/E 3/31/26):
SEC Filed Report and SEC Filed Slide Presentation for 2026 1st Quarter
Comparisons are to the 2025 first quarter.
Revenues: $1.219+B, up from 1.176+B
GAAP E.P.S. $.61, up from $.42
Non-GAAP E.P.S. $1.08, up from $1
Reconciliation:
I refuse to add back the $.05 per share in legal expenses, viewing them as normal operating expenses that fluctuate just as do other costs. Excluding that add back, non-GAAP E.P.S. was at $1.03.
I am willing to accept add backs to GAAP for non-cash amortization, modest stock compensation "expenses" and some other non-cash charges.
The low P/E ratio using non-GAAP earnings may be due to (1) investors losing interest after the five year price decline, (2) an unwillingness to accept most of the non-GAAP adjustments and (3) UPBD's vulnerability to an economic downturn accompanied by significantly rising unemployment rates that will disproportionately impact its customers or what the company calls the "underserved". IMO, (1) and (3) are the most important factors that are currently negatively impacting the price. The recent cybersecurity incident just adds fuel to the fire.
C. Started NFLX as a Placeholder - Bought 1 at $67.81; 1 at $67.21:
Quote: Netflix Inc (NFLX) at Google Finance
Cost: $135.12
I have been a Netflix subscriber for a long time but my weekly viewing time probably averages less than 3 hours. I spend more time watching free videos on YouTube.
NFLX Detailed Earnings Estimates - Zacks.com
5 Year Chart: Bear Market starting in June 2025 with no apparent bottom in place IMO.
The chart has been adjusted for a recent 10 for 1 stock split.
The most recent problem with the stock have been a slowdown in revenue growth.
Another criticism is that most of the Netflix movies do not have long shelf lives. My personal opinion is that the company needs to move more into the TV series space, with the first step being the acquisition of AMC Networks (AMCX) which has had success in television series programming. That makes more sense to me than the failed Netflix bid for Warner.
Dividends: None and none expected
Last Earnings Report (Q/E 6/30/26):
GAAP E.P.S.: $.8
Revenue: $12.56B, up 13.4% and forecasted to be up 11.7% in the current quarter.
GAAP net income in the first quarter was juiced by $2.8B termination fee paid by Warner. SEC Filed 1st Quarter Report
Analyst Reports Available to Schwab customers:
Morningstar (7/17/26): 3 stars with a fair value estimate of $80, high uncertainty, and a narrow moat.
S&P (7/21/26): 4 stars with a 12 month PT of $80. Notes that YouTube with its 2+M users threatens engagements and ad dollars. Analyst cut price target from $115.
Argus (7/17/26): Buy with a $120 target price.
Some analysts point to this issue as a problem: Netflix Just Changed How Often It Reports Engagement. Should Investors Worry? | The Motley Fool
D. Started GPIQ as a Placeholder - Bought 1 at $57.4; 1 at $55.2 - Schwab Account:
Quote Goldman Sachs Nasdaq-100 Premium Income ETF (GPIQ) at Google Finance
Investment Category: Bond Substitute (defines the objective only)
Sponsor's website: Goldman Sachs Nasdaq-100 Premium Income ETF | GPIQ
GPIQ Page at Morningstar - Not Rated
Discussed at 4 Nasdaq Income ETFs to Buy in 2026: Why GPIQ's 0.29% Fee Changes Everything - 24/7 Wall St.
Average cost per share: $56.3 (2 shares)
Dividend: Monthly at a variable rate.
GPIQ Dividend History & Date | Seeking Alpha
Last 12 Dividends: $6.155 per share
Yield at $56.3 Using $6.16 annual: 10.93%
Last Ex Dividend: 7/1/26
Buy/write ETFs need to be traded IMO and this article explains why. QYLD's 12 Percent Yield Has Quietly Eroded NAV by 35 Percent Over a Decade While the Nasdaq Tripled - 24/7 Wall St. QYLD may be the first ETF to use a buy/write strategy for the Nasdaq 100.
Covered Call ETFs: The Myth of Downside Protection
Possibly, the newer buy/write ETFs using the Nasdaq 100 may have learned something from QYLD's total returns. Finally, a Covered-Call ETF That Doesn't Kill Your Upside? Here's the Catch - 24/7 Wall St; 3 Covered Call ETFs to Buy for Monthly Income in 2026 - 24/7 Wall St.
6. Treasury Notes Purchased in the Secondary Market:
The YTMs of these short term treasury notes have been rising slightly and continued rising after these purchases.
A. Bought 1 Treasury Note 3.875% Coupon Maturing on 7/31/27 at 99.8164:
%207:31:27%203.875%25.png){kind=small}
YTM: 4.055%
B. Bought 1 Treasury Note 4% Coupon Maturing on 2/29/28 at a Total Cost of 99.703:
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YTM: 4.19%
I now own 2.
C. Bought 1 Treasury Note 3.5% Coupon Maturing on 1/31/28 at 98.9688:
%203.5%25%201:31:28%20.png){kind=small}
YTM: 4.203%
7. Precious Metal ETFs:
The parabolic price spikes in precious metals occurring earlier this year have collapsed upon themselves sufficiently for me to nibble on their ETFs.
My Video: Parabolic Spikes in Gold and Silver Prices - YouTube
I mentioned the following trades in a comment published on 7/21/26.
I do own gold and silver bullion, stored in bank safety deposit boxes, which I rarely trade. My last sales were discussed in posts published on 9/15/2011 (Item # 1) and 1/31/2012 (Item # 8). My last silver purchases were made at $7 per ounce, rolls of silver eagles.
I thought about selling 2 ounces of gold when the price went over $5,000 but could not develop the momentum to do anything.
There is a powerful headwind preventing me from developing that momentum, which involves why I own gold and silver.
The reason is that those assets are part of my financial armageddon planning which will happen IMO, but probably not in my lifetime. Another part of that planning is to be debt free which I have been for decades.
For its fiscal year ending on 9/30/26, the U.S. government is expected to report deficit spending of about $2 trillion. CBO Estimates FY 2026 Deficit Overtakes 2025, Totals $1.4 Trillion Borrowing First 9 Months | Committee for a Responsible Federal Budget That is $35B more than the first nine months of F/Y 2025. Interest paid on the national debt will surpass $1 trillion in F/Y ending 9/30/26. Interest Costs on the National Debt The U.S. debt was less than $1 trillion in 1981.
I will trade the bullion ETFs but only in small dollar amounts given my focus on generating current income.
The following purchases are not sufficient in size to be characterized as barely nibbles.
U.S. Government Deficit Tracker
A. Restarted GLTR as a Placeholder - Bought 1 at $178.5:
Quote: abrdn Physical Precious Metals Basket Shares ETF (GLTR) at Google Finance
The snapshot includes my sale earlier this year at $257.09 (1/23/26).
Last Discussed: Item #2.D. Eliminated GLTR as a Placeholder - Sold 1 at $257.09 (2/4/26 Post)(profit snapshot = $107.75)- Item #4.F. Restarted GLTR as a Placeholder - Bought 1 at $149.34 (9/8/25 Post)
This fund owns gold, silver, platinum and palladium bullion.
Sponsor's website: abrdn Physical Precious Metals Basket Shares ETF | Aberdeen
Expense Ratio: .6%
As of 6/30/26, the weightings were
60.7% in gold
32.5% in silver
3.7% in palladium
3.1% in platinum
To weight platinum more, I bought PPLT.
B. Bought 10 PPLT at $14.46+:
Quote: abrdn Physical Platinum Shares ETF (PPLT) at Google Finance
Cost: $144.65
This fund owns physical platinum.
I decided to restart a position after reading this article at Barchart: Why Platinum Is a Highly Asymmetric Long-Term Bet Right Now
Sponsor's website: abrdn Physical Platinum Shares ETF | Aberdeen
Expense ratio: .6%
There was a 10 for 1 split that become effective on 5/18/26.
Last Sell Discussions: Item #2.B. Eliminated PPLT - Sold 15 at $79.91 (7/10/2019 Post)(profit snapshot = $55.58); Item 3.C. Sold 17 PPLT at $83.75 (4/20/19 Post)(profit snapshot = $19.68)
Gains in 2016 & 2017: $253.66 (6 ten share lots)
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.
