Dollar Value of Trades Discussed in this Post:
Inflow Common Stocks (Item # 1): $393.03
Outflow Common Stocks/Stock Funds (Item # 2): $1,274.87
Net Outflow Common Stocks/Stock Funds: $881.84
I am back in my heightened caution mode.
Realized Gains: $282.11
Treasury Bills Purchased at Auction (Item # 3): $25,000 in principal amount
Corporate Bonds (Item #4): $6,000 in principal amount at a total cost of $5,877.56.
Inflow Bond ETFs (Item $ 5): $785.57
Inflow Leveraged Junk Bond/Senior Loan CEF (Item # 6): $225
Outflow Bullion ETF: $257.09 (profit = $107.75)
5-Year and 10 Year Breakeven Inflation Rates | FRED | St. Louis Fed:
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Economy:
ADP jobs report January 2026: Private payrolls increased by 22,000 with the consensus at 45,000. The December increase was revised down to 37,000 from 41,000. ADP National Employment Report: Private Sector Employment Increased by 22,000 Jobs in January; Annual Pay was Up 4.5% This report is consistent with an unfolding stagflation scenario.
December Poducer Price Index Release Producer prices rose .5% month-to-month in December which was the largest increase since July 2025. The price index for services rose .7%. Core wholesales prices increased by .4%.
Discussed at Wholesale prices rise sharply and show new Fed chief could confront stubborn inflation - MarketWatch (subscription publication) and at Companies are getting hit by rising prices, just like consumers
Trump: Powell probe over Fed HQ renovation should continue to the end Trump's DOJ has gone rogue IMO and is no longer even remotely independent of Trump's will.
Kevin Warsh and Weathervane Economics - Paul Krugman; Warsh Isn't a 'Complete Partisan Clown,' Krugman Says - YouTube
My Video: Medicare Paid $1.8B in Fraudulent Claims Submitted by 2 Firms Controlled by a Russian Citizen - YouTube; Feds allege $3.4 billion Medicare fraud scheme tied to Russian citizen living in Austin | KXAN Austin Medicare paid $1.8 billion of the claims.
Trump and His Orwellian/Authoritarian Party:
20 Signs You May Be Dealing With a Psychopath
This is an interesting article: Epstein's sex empire was 'KGB honeytrap': Paedophile financier had multiple talks with Putin after conviction - with Russian girls flown in to harvest 'kompromat' on world-famous figures | Daily Mail Online I would not draw any conclusions based on the information contained in that article. At most IMO, it is a subject worth further investigation, but that will not happen now for at almost 3 more years. I would characterize the claims as mostly an argument based on some information in the Epstein files. Some of the allegations made therein were asserted by Craig Unger: "American Kompromat: How the KGB Cultivated Donald Trump, and Related Tales of Sex, Greed, Power, and Treachery
Mom Confession - SNL - YouTube Funny sketch of a mom trying to tell her family that she may have been wrong about Trump.
ICE Meeting Cold Open - SNL - YouTube
An elderly U.S. citizen criticized the deportation of an Afghan man who claimed that he would be killed by the Taliban. Trump admin deploys 'secretive legal weapon' against retiree for criticizing DHS - Alternet.org Five hours after posting his plea, he received an email from Google that it had received a subpoena from DHS that required the disclosure of his personal information. Soon thereafter, men with badges showed up at his home.
The DHS has issued an administrative subpoena, meaning no judge was involved in supervising or authorizing the subpoena. There is no oversight even though it is clear that DHS is acting in an abusive and lawless manner even against U.S. citizens. The purpose was to intimidate a U.S. citizen for engaging in lawful First Amendment protected speech.
This is plea the elderly gentlemen that inflamed Trump's paramilitary force: "Mr. Dernbach, don’t play Russian roulette with H’s life,” he wrote in an email. “Err on the side of caution. There’s a reason the US government along with many other governments don’t recognise the Taliban. Apply principles of common sense and decency." DHS Hunts Down 67-Year-Old U.S. Citizen Who Criticized Them in Email
Joseph Dernbach was the attorney handling the case for Trump's DHS. He is an attorney who graduated from the Widener School of Law. I never heard of that law school, but I did learn after some research that it was rated 169 out of 195 law schools.
"This Job Sucks": DOJ Attorney Asks Judge to Hold Her in Contempt | The New Republic (Government Attorney Julie Le: "I wish you would just hold me in contempt of court so I can get 24 hours of sleep. The system sucks, this job sucks, I am trying with every breath I have to get you what I need.") DOJ Lawyer ASKS TO BE ARRESTED over Trump’s ORDERS!!! - YouTube
‘My own government attempted to execute me’: Victims of ICE and Border Patrol aggression testify - YouTube Several U.S. citizens who have been shot or victimized by ICE testified at a Congressional hearing. No republican attended the hearing as you would expect.
Trump’s Profiteering as President Hits $4 Billion | The New Yorker (1/29/26) This does not include the $500M discussed below.
UAE royal invests $500 million ‘secret stake’ in Trump cryptocurrency firm: Report - YouTube; UAE 'Spy Sheikh' bought stake in Trump crypto company: WSJ Trump apparently forgot to mention to the public that his crypto venture, World Liberty Financial, received last January $500 million dollars. This transaction was secret but was recently unearthed by investigative reporters. What would republican politicians say if a Democrat President had done any of this? They will remain silent because they are hypocrites to the their core. Trump Says He Was Unaware of $500M UAE Investment in World Liberty Financial
Soon after becoming President, Trump authorized UAE to receive the most advanced AI chips viewed by many as a national security risk given UAE's close ties to China. White House faces questions over UAE royal's investment in Trump family's crypto firm - ABC News When Ty Cobb criticized these deals, Trump's former criminal defense attorney and current Deputy AG Todd Blanche simply said Trump was ethical and then personally attacked Cobb without trying to defend, of course, what Trump had done. ABC Presses Todd Blanche on Trump's $500 Million Crypto Deal
Bruce Springsteen - Streets Of Minneapolis (Official Audio) - YouTube
Three time Trump voter and U.S. Citizen describes harrowing encounter with ICE - YouTube She apparently became concerned about ICE tactics when this happened to her and her children.
ICE Attacks Observer While Tailing a Bus Full of Clergy - YouTube The U.S. citizen had her window smashed by Trump's paramilitary forces causing cuts to her face. Trump's paramilitaries were trailing a bus full of clergy for purposes unknown.
'This is MAGA town': Couple allegedly beats woman after asking her ethnicity - YouTube
Trump is IMO the #1 well known creator of Fake News in the world today. Anyone who fact checks his reality creations with accurate information is immediately put down as suffering from Trump Derangement Syndrome and/or a part of the Fake News media without more having to be said in rebuttal.
'Sometimes you need a dictator': Trump - YouTube
After ICE release St. Paul woman, she says agents keep returning to her home - YouTube
The DOJ cover up continues. New Epstein Files Reveal Pathetic Depths of America’s Elites | The Next Level - YouTube Blanche is going to keep secret about 1/2 of the files. Does Blanche see any problem with him supervising the release of those files and his former position as Trump's criminal defense attorney?
Trump’s “Smile, Woman” Meltdown in the Oval Office - YouTube; :Donald Trump Clashes With Another Female Reporter, Kaitlan Collins, After Epstein Question - Newsweek
Trump's DOJ/FBI Seizes 2020 Ballots and Other Voter Information in Fulton County, Georgia - Atlanta:
Trump says Republicans should 'nationalize' elections Trump wants the republicans to take control over elections because he "cares deeply about the safety and security of our elections" according to the White House spokesperson Abigail Jackson.
Trump wants to take control over the elections in 15 blue states in order to insure a "fair" election. Trump will decide what is fair and unfair.
He has claimed, for example, that he won California, Minnesota and most other blue states that he lost by the verified vote totals.
In Trump's America, evidence is not required to substantiate any of the frequently bizarre and false election claims made by Trump created out of whole cloth with no factual support.
Trump will still not accept the 2020 election results. This is not news.
In front of an international audience at Davos, the President of the United States in 2026 rambled and raved about the 2020 election being stolen from him. He claimed that his DOJ was going to bring criminal prosecutions against the alleged perpetrators. Fact-Checking Donald Trump’s Speech at Davos | TIME The order has been given.
Trump's DOJ and FBI will IMO do whatever Trump tells them to do. Trump's DOJ will indict and criminally prosecuted anyone selected by Trump.
Trump will deny any involvement in seeking the indictment, even though he publicly stated that some person needs to be indicted and criminally prosecuted because he believe they are guilty as hell, directing that order publicly to his Attorney General Pam Bondi and then they are indicted.
The DOJ and FBI recently seized almost 700 boxes of ballots and voter information from the Fulton County Depository.
Claims of fraudulent voting had had previously been litigated with nothing proven, and the returns underwent multiple audits, but Trump will not let go, nor will his cult. Why Was Tulsi Gabbard at an FBI Raid Over the 2020 Election? - YouTube; Fulton County officials react to FBI raid on elections office - YouTube; FBI’s Search of Fulton County, Georgia, Election Center Is Unprecedented, Experts Say — ProPublica (noting that Trump acolytes have taken control of the Georgia Election Board, Georgia’s New Elections Rule Violates State Law, Experts Say — ProPublica); Search warrant allowed FBI to seize ballots, voting records in Fulton County - YouTube; FBI raid in Georgia highlights Trump's preoccupation with the 2020 election
Kash Patel did fire the top FBI official at the Atlanta office, Paul W. Brown, 7 days before this raid. He was ousted because he refused to go along with this Trump vengeance campaign. FBI ousts its top agent in Atlanta for questioning 2020 election probe This is what the Trump/DOJ/FBI will do until there is no resistance to Trump's exercise of total control.
The criminal investigation is not being conducted by the Federal DA in Atlanta but by the Trump appointed appointed DA for the Eastern District of Missouri Thomas Albus. Albus graduated from the Missouri-Columbia School of Law. Albus has been identified as an election denier. Top Election Denier Involved in FBI’s Georgia Election Office Raid
The warrant was reportedly signed by Magistrate Judge Catherine M. Salinas. In the fullness of time, the public will find out what information was relied upon by this Magistrate Judge to issue a search warrant.
The Deputy Director of the FBI, Andrew Bailey (politician), attended the FBI raid as did Tulsi Gabbard, one of the leading 2020 election conspiracy proponents that Trump appointed as the Director of National Intelligence. Gabbard's qualification for that job was her 100% devotion to Trump. Here’s Why Tulsi Gabbard Was at FBI’s Georgia Election Office Raid; Tulsi Gabbard Starts Wild New Conspiracy About Hillary Clinton; Does Tulsi Gabbard Have Damning Obama Evidence? See for Yourself; Attorney says Gabbard is holding up a complaint about her actions, which her office denies
FBI agents know what they have to do in order to keep their jobs. Many have already been dismissed for following the law and doing what is right.
Gabbard is a ridiculous clown IMO and a well known generator of fact free election conspiracy theories who now has the power of Trump's fascist government behind her. Maybe she will come out with another fake report to please her master.
Gabbard has confirmed in writing that she attended the FBI's raid at Trump's direction. She also put the FBI agents involved in the search on the phone with Trump. Tulsi Gabbard put Trump on the phone with FBI agents who searched Fulton County elections office
It is possible that Maduro, who is sitting in prison and is possibly the most unreliable witness in U.S.. custody, may have said something since he has nothing to lose. Trump advances bizarre conspiracy theory about Venezuela, 2020 election; MAGA Thinks Maduro Will Prove Trump Won in 2020 - The Atlantic Maybe he was seized in the most expensive arrest in U.S. history for this reason, at least to some significant degree, and that will need to be investigated fully.
Trump also recently re-posted a debunked claim that Italian spy satellites changed votes from Trump to Biden as part of a Chinese plan to install Biden as their puppet. Trump posts discredited conspiracy theories following seizure of 2020 ballots in Georgia | GMA
Trump also wants to relitigate the claim that 2 election workers pulled suitcases of fraudulent ballots from under a table.
There was never any proof supporting that claim, and video evidence proved it was just another false republican claim that was part of widespread campaign by Trump and many others to overturn the verified 2020 election results. Georgia poll workers accused in Trump-backed conspiracy theories cleared of election fraud allegations - ABC News; Surveillance tape breeds false fraud claims in Georgia | FOX 5 Atlanta The Trumpsters will be making similar false claims after the upcoming midterms, even if republicans do much better than currently predicted by pollsters.
{Do not be surprised when DHS seizes ballots in battleground states after the 2026 midterms, cast by voters in major cities that provide large margins to the Democrat candidates. (e.g. Atlanta, Detroit, Philadelphia), but not in cities like Nashville and Memphis because Tennessee is controlled by Trump voters. He would be a major shock if the Trumpster Senator Bill Hagerty loses to a Democrat in the 2026 election, so there would be no reason to seize ballots in Memphis and Nashville. President Trump said in an interview that he regretted not seizing voting machines after the 2020 election; How Trump attempted to use federal agencies to seize voting machines after 2020 election; Trump was repeatedly warned he did not have the authority to seize voting machines, officials tell special counsel}
The end result of the Trump and republican false 2020 election conspiracy claims was a mob storming the Nation's Capital to disrupt the peaceful transfer of power. Republicans have already rewritten what actually happened that day.
Like all republican created fake election conspiracy claims, this one about the 2 election workers in Atlanta refuses to die. It will live on in the impenetrable MAGA World Bubble, possibly forever. The permanent residents in that alternate reality will never allow facts to penetrate.
The 2 election workers accused by the republicans won a defamation suit. Jury awards $148 million in damages to Georgia election workers over Rudy Giuliani's 2020 vote lies Does any of that matter to Trump and his DOJ. The answer is of course not. All that matters in Trump's America is what Trump says, no matter how bizarre and demonstrably false, and what our Dear Leader tells other people to do which must be obeyed or else.
Voters were repeatedly and publicly warned by people who knew Trump that he would govern as a fascist which included warnings from two 4 star generals who knew him well. Trump's top general calls former president "fascist" and "dangerous" threat; John Kelly says Trump fits 'fascist' definition, prefers 'dictator approach' - YouTube; John Kelly says Donald Trump fits ‘fascist’ definition and prefers ‘dictator approach’ Kelly is a retired 4 star Marine General who was at one time Trump's Chief of Staff.
The only question now IMO is whether a fascist government in the U.S. will continue after Trump is no longer President. I believe the republicans will do whatever they can to steal the 2026 and 2028 elections, so there may soon be a point of no return. Some roadblocks to stealing an election that existed in 2020 have now been removed by them.
Republicans are becoming more desperate by the day since Trump's gerrymandering plan has been muted by the response of California to what Texas did at Trump's insistence.
Why are FBI agents going to spend thousands of hours looking at 2020 ballots and other voter information in Atlanta. What is the real reason?
Trump's DOJ may bring charges against someone with no or exceedingly flimsy evidence supporting the charge and no hope for a conviction. This will not be surprising in the least.
There are no restraints left on the MAGA mob at the DOJ and FBI.
A few DOJ lawyers and at one FBI agent have resigned and a few more may when required to do something unlawful, unethical or a clear violation of DOJ prosecution standards that existed before Trump started his second term. Most will stay IMO and obey. It is their livelihood at stake.
If they even hint at having an objection to an action on ethical or legal grounds, they will be fired. I view the FBI now to be part of Trump's personal police force.
One purpose for seizing Fulton County election records will be to punish Georgia election workers who would not find enough ballots for Trump to win Georgia in 2020. Trump Pressed Georgia Official to Find 11,000 Votes in Heated Call - YouTube; Fact Check: Trump’s Georgia Call to Raffensperger | Brennan Center for Justice
Another purpose IMO is to intimidate Fulton County voters and election workers in advance of the midterm elections. This intimidation is already happening.
The goal IMO is to beat Senator Jon Ossoff (D) through those election rigging tactics.
Code red issued as NY Times declares midterms in serious risk from Trump - Raw Story I would characterize what Trump and his party have been doing and will continue to do as a five alarm fire for the U.S. democracy. It is not important that the fascists acknowledge that this is happening. They just needed to be defeated in the next election by overwhelming numbers and removed from power through the election process before it is too late.
The Trump Administration’s Campaign to Undermine the Next Election
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The Killing of Alex Pretti:
The republican masked paramilitary forces, who have invaded Democrat governed major cities, are out-of-control.
As expected, Trump and his Administration will not cooperate with Minnesota's investigation of the Alex Pretti killing.
CBP Agents Jesus Ochoa, Raymundo Gutierrez ID’d in Alex Pretti Shooting — ProPublica; Federal agents identified in fatal shooting of Alex Pretti | MPR News Ochoa's ex-wife said he was a gun enthusiast and owned "about 25 rifles, pistols and shotguns" DHS has not confirmed their identities, and Minnesota's Governor Tim Waltz stated earlier DHS has not given the state any names which is consistent with the Trump Administration refusing to cooperate with state and local investigators. I have not seen any denials about those identifications.
Trump made it clear when asked about an investigation of Renee Good's killing that he was issuing orders to DOJ and FBI on cooperating with local officials. Trump Says He’s Freezing State Out Of ICE Probe Because Walz Is 'Stupid'
High ranking republican officials at the DHS and Stephen Miller (the Shadow President), concluded shortly after the killing that Pretti was a domestic terrorist and an "assassin", who brandished a firearm at Trump's paramilitaries intending to kill them, and that the killing was a justifiable act of self defense, a claim that DHS parrots irrespective of the contrary evidence. Bovino, Noem Say Pretti Approached ICE With Handgun - YouTube; Killing of Alex Pretti - Wikipedia; Stephen Miller behind Noem's misleading claim that Alex Pretti wanted to 'massacre' agents - The Mirror US The evidence has proved those claims to be false but evidence is so irrelevant in Trump's America.
None of those individuals have any credibility, possessing what I call negative credibility, where it is just reasonable to assume that statements made by them are false or at best misleading unless you have accurate information that confirms the statements as true which will be rare IMO. That rarity is why they have negative credibility.
Alex Pretti killing: The Trump administration’s rushed narrative about the shooting has collapsed The go to response among republicans is to demonize the victim, to create a false narrative about the killing, to obstruct any independent investigation of what actually happened and to never apologize for their misconduct.
Initially DHS claimed that it would be responsible for investigating its employees involved in the killing. This "investigation" is continuing.
Todd Blanche, Trump's former defense attorney and the Trump appointed Deputy Attorney General, stated last Friday that the DOJ civil rights division will open an investigation of the shooting. Alex Pretti shooting by federal agents prompts DOJ civil rights probe - NPR This happened after a week of protest and bipartisan calls for an independent investigation. Otherwise, the DOJ would have IMO swept the entire matter under a rug and then buried the rug.
There are a few republican politicians who managed to muster enough courage to call for an investigation, and that is rare. They are still totally cowed by Trump and might as well give Trump their vote proxies and go home.
Blanche had previously shut down a similar investigation of the Renee Good killing which prompted several attorneys in the civil rights division to resign. DOJ prosecutors resign in protest over handling of ICE shooting investigation
I have no confidence in the DHS "investigation" and close to zero in the Trump/Bondi/Blanche DOJ. I view the DOJ now as a rogue organization that dances to whatever tune Trump plays for them.
Until the DOJ starts to share information with state authorities, the credibility of any result favorable to DHS and its goons, reached by the Trump/Bondi/Blanche DOJ, will not be credible.
One eyewitness to the killing was interviewed by CNN which is worth a watch: Woman who filmed Pretti shooting through windshield speaks out: Exclusive - YouTube This witness filmed the killing but no one from the federal government has bothered to contact her prior to this interview. She noted that a masked paramilitary came up to her and screamed that she was a "f**king cu*t". It takes courage for anyone to criticize Trump or his Administration.
There is a deep and pervasive moral rot in Trump, the "Chosen One", and many GOP politicians, which has been clear IMO for a very long time The only question is whether voters will allow them to remain in power.
They wrap themselves in the flag notwithstanding conduct and rhetoric that is antithetical to traditional American and Christian values and create an easily penetrable façade of being Christians.
When Trump was asked about his favorite Bible passage, he would not name one since it was so personal to him. 'The whole Bible is incredible': Donald trump ridiculed for not naming favorite Bible verse-Catholic Online The real reason IMO was that he had no idea what was in the Bible since he had never read any of it. After being asked several times to name one, the Republican Messiah Chosen by God to rule the World stated that his favorite passage was an "eye for an eye". Trump's favorite Bible verse: 'Eye for an eye' - POLITICO; Donald Trump: My Favorite Bible Verse is 'Eye for an Eye' - ABC News
Trump says his 'own morality' is the only potential limit to his global power - ABC News; Trump to The Atlantic: 'I run the country and the world'
More Trump Lawsuits:
Trump sues IRS and Treasury Department for $10 billion over leaked tax records Who is going to defend the IRS and Treasury Department? Pam Bondi's DOJ? Maybe she will allow a default judgment and Bessent could then have the U.S. Treasury borrow $10B and then just deliver those funds to Trump. This is an other frivolous lawsuit. The IRS did not leak Trump's tax returns. The leak came from Charles Littlejohn who was an independent contractor.
There is certainly no guarantee in America today that any private information will not be stolen. Everyone has had sensitive financial information stolen from them. Mine has been stolen multiple times. It is a routine occurrence today.
When a female reporter dared to ask a question about this lawsuit, Trump attacked her and refused to answer the question. Trump lashes into female ABC News reporter with new insult when pressed on $10 billion IRS lawsuit | The Independent
Trump claims the leaks damaged his reputation. How is a reputation damaged by disclosing facts that undermine a falsely created image or just accurately reports how much tax Trump paid and his losses? Other Presidents publicly released their tax returns. Trump refused to do so and it is obvious why.
The release of his tax returns to the NYT did confirm that Trump was losing hundreds of millions of dollars when he was repeatedly claiming to be a genius businessman in the late 1980s and into the 1990s.
Decade in the Red: Trump Tax Figures Show Over $1 Billion in Business Losses - The New York Times "The numbers show that in 1985, Mr. Trump reported losses of $46.1 million from his core businesses — largely casinos, hotels and retail space in apartment buildings. They continued to lose money every year, totaling $1.17 billion in losses for the decade. . . His core business losses in 1990 and 1991 — more than $250 million each year — were more than double those of the nearest taxpayers in the I.R.S. information for those years." (emphasis added) How can the biggest loser be a financial genius is just one question to ask.
The Trump self promotion books started with the publication of the "Art of the Deal" in 1987. Trump is shameless, always has been and always will be.
See also, Trump declared a $916 million loss in 1995 tax returns - CBS News; Wealth of Donald Trump - Wikipedia; Donald Trump reported losses of nearly $1 billion over 2-year period, accountant says - ABC News; Trump’s tax returns released by House committee show he paid little in taxes; Donald Trump Tax Returns Leaked From 1995 - YouTube
Trump is also seeking up to $250 million from the DOJ for the past investigations of him including the 2022 search of Mar-a-Lago pursuant to a a court issued search warrant. Trump demands DOJ pay him $230 million for past cases, New York Times reports - YouTube Trump cites Judge Cannon in seeking compensatTrump says Republicans should 'nationalize' electionsion for the Mar-a-Lago search I wonder how that claim is being handled by the Trump/Bondi/Blanche DOJ. Both Bondi and Blanche were Trump's personal lawyers prior to being elevated to the top two DOJ positions. Trump indicated that a settlement was in the works.
'I'm Supposed To Work Out A Settlement With Myself': Trump Addresses Lawsuit Against IRS - YouTube Trump claimed no one would care if he cut government checks to himself, referring to pending suits where he is suing the federal government that he controls, because he may give some amount to charities that he likes.
Trump threatens legal action against ‘pathetic’ Trevor Noah for Epstein joke | The Independent
In late January 2026, Trump stated that he would sue the NYT over a poll that he did not like. Trump to sue New York Times over unfavourable opinion poll | The Straits Times Trump called the poll, which showed a decline in his popularity consistent with other polls, was a a "Radical Left" lie and wanted "fake" polling to be criminalized. Trump decides what is and is not fake in Trump's America.
Trump goes on wild overnight attack against NYT — demands $1 billion - Alternet.org
Those who are sued by Trump need to pursue all their legal remedies after winning the lawsuits. There is no other way to stop him from intimidating companies, universities, law firms, media companies and individuals. Trump has unlimited resources to bring these suits. He repeated the libel of E. Jean Carroll even after a jury found the statements liable, and that led to a huge punitive damage award in the second case. He has not learned anything since that judgment.
The DHS Masked Paramilitary Forces and Tom Homan:
Police chief steps in to stop ICE arrest: ‘I gave her a ride home’ - Raw Story Multiple paramilitaries chased a car driven by a woman, boxed her car with 3 unmarked paramilitary vehicles, exited their vehicle with all drawing their guns and pointed them at her, and then dragged her out of her car causing multiple scraps and bruises. The masked paramilitaries started to drive her to an ICE detention facility.
After talking to their supervisor, they left her at the St Peter, MN. police station, and she was driven home by the police chief.
She was very fortunate in that she was not more severely injured or killed by the republican paramilitaries who routinely use excessive force against U.S. citizens and immigrants. Federal agents drew weapons on unarmed woman in St. Peter, Minnesota - YouTube; St. Peter police chief intervened and got federal agents to release resident, sources say-MPR News In Trump's America, the crime of this American citizen was filming the ICE agents who were about to arrest her.
Her husband arrived and tried to stop the paramilitaries from searching his wife's car since they had no warrant. As you would now routinely expect in Trump's America, the masked Trump paramilitaries were dismissive of that 4th Amendment Constitutional right. After all Trump can repeal by Executive Order parts of the Constitution that he does not like including the provision that the states control elections.
Some believe that Tom Homan is somehow better than Noem or Gregory Bovino. He is less likely to knowingly make a false statement immediately after Trump masked paramilitaries kill or injure an American citizen and then quickly label the victim as a "domestic terrorist" who was justifiably killed by Trump's masked paramilitary forces. That conclusion will still be the one reached IMO, irrespective of the evidence proving those claims false, after a DHS "investigation".
The DHS paramilitaries continue to harass and attack journalists covering their activities and protesters. E.G. AP reporter describes federal officers pushing journalists back to car as they documented operation - YouTube (2/2/26).
Tom Homan, who is now in charge of Trump's invasion of Minneapolis, was chosen by Trump to be Border Czar based on what is viewed by Trump and many other republicans as good work during Trump's first term.
Homan was the architect of separating children from their parents at the border during Trump's first term. Trump names the architect of family separation as new border czar In Trump's America, actually implementing that policy deserved to be rewarded rather than criticized.
And then there is the alleged bribery shortly before the 2024 election. Homan managed to avoid an arrest and prosecution for allegedly accepting a bag containing $50,000 in cash in exchange for favors. The weakness in the case appears to be that Trump had not won the election yet when Homan allegedly took the cash in September 2024. If Trump won, Homan probably knew he would receive a high level position in Donald's government and would be in a position to carry out the favors asked of him.
I say allegedly took the $50K because there are multiple reports that the FBI filmed the entire episode, but the whereabouts of that video, if it still exists, is not currently known. Homan denies taking $50,000 which may mean he did not take any cash, or he counted less than $50K, say $49.98K, after examining the bag's contents - so in that example he did not take $50K, or maybe he just lied about taking $50,000 knowing that Trump's DOJ and FBI would protect him. White House’s Homan deflects when pressed on Cava bag controversy Border czar Tom Homan denies he took $50K from undercover agents - POLITICO
After Trump became President, the investigation of this close Trump ally was abruptly ended, as you would expect.
Trump's former attorney Todd Blanche, now the Deputy AG, and Kash Patel, claimed there was no "credible evidence" of wrongdoing. DOJ ended probe of 'border czar' Tom Homan for allegedly accepting $50K in FBI sting: Sources - ABC News
Karoline Leavitt stated that the investigation was politically motivated and part of Biden's weaponization of the DOJ, which is always the claim made by Trump or his minions, irrespective of how much evidence supports the investigation and a criminal prosecution.
The weaponization of the DOJ and FBI actually started in Trump's second term, and last occurred during Nixon's Presidency, but accusing others of what he has done and is doing is a standard practice for Trump.
While making those kind of claims about the Homan investigation, the Trump Administration conveniently refuses to produce the tape or even acknowledge that a tape exists.
If the tape exists, it will need to be released by the next Democrat President since the republicans will never do it as part of their what ia their real transparency, as opposed to their claimed transparency, and then the public can decide whether Homan took a bribe and whether the investigation was legitimate.
'How do I know you’re a US citizen?' ICE agent confronted by protest after questioning man in MN - YouTube He was questioned about his citizenship because he had black skin. The 6 Deeply Reactionary Republican Justices under what is now known as the Kavanaugh Rule permit the paramilitaries to detain and question people based on their skin color. Kavanaugh Stop - Wikipedia Kavanaugh was accused of a sexual assault in his confirmation hearing. Reporters Dig Into Justice Kavanaugh's Past, Allegations Of Misconduct Against Him There were more witnesses than the woman, Christine Blasey Ford, who testified at his confirmation hearing. One witness, Deborah Ramirez stated that Kavanaugh puts his penis on her face at a college party, and she provided the FBI with a list of 20 people that could corroborate the claim, none of whom were interviewed. Who is Deborah Ramirez, the second Kavanaugh accuser?
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Arresting Journalists - More Evidence of Trump's Rogue DOJ:
Church services should not be disrupted by protesters. A protest can occur on a sidewalk near the church. Citizens can point out to the media that a pastor works for ICE.
The legal issue is whether Don Lemon and Georgia Fort, who were covering the protest as journalists, can be charged with a crime for exercising their First Amendment rights to cover a protest. Don Lemon arrested after covering protest at Minnesota church Their arrest for exercising those rights is something that I would expect to happen in a country governed by fascists, so this is not surprising that both were arrested and criminally charged by Trump's government.
Trump called Lemon a sleazebag and claimed he had nothing to do with his arrest. WATCH: Trump Publicly Attacks 'Sleazebag' Don Lemon After Ex-CNN Anchor's Arrest By Federal Agents - YouTube (2/1/26).
Trump Shares Call For Don Lemon’s Imprisonment Over Minnesota Church Protest Coverage (1/19/26) Trump is shameless.
Georgia Fort filmed federal agents who came to her home and arrested her. The federal agents did manage to terrorize and traumatize one of her children who was awake. Video: Why journalist says her arrest over church protest is a ‘chilling message’
Does Trump's rogue DOJ have a chance to secure a criminal conviction against Lemon or Fort? I would say no. The case is most likely to be dismissed before a trial on constitutional grounds.
Trump's DOJ is relying on a never used provision in 18 U.S. Code § 248(a)(2) - Freedom of access to clinic entrances.
There are several First Amendment claims that would support a dismissal of the claims against the two journalists. The other defendants have a much tougher argument IMO. Unconstitutional Arrest of Independent Journalists, Including Don Lemon and Georgia Fort, Fits Lawless Pattern of Escalation by Trump Administration | Free Press; The arrest of Don Lemon is blatant censorship. And he is not the only one
Silencing and punishing journalists is what a fascist regime can be expected to do so that is what is being done now.
If anyone is punishing the exercise of First Amendment rights, it is the assaults on, and even killing peaceful protesters by the DHS masked paramilitary forces with substantial support provided by republican politicians and the Trump aligned Fake News outlets. Press arrests used to silence protest coverage in 2025 - U.S. Press Freedom Tracker
While several appeals courts have upheld this law, when applied to abortion clinics, as a legitimate exercise of federal government power under the Constitution's Commerce Clause, recent decisions by the Republican Justices on other laws indicates that they may strike down this law based on the limits placed by them on exercises of federal government power through the Commerce Clause. A Loss of FACE: The Freedom of Access to Clinic Entrances Act post Dobbs v. Jackson Women’s Health Organization - Issues in Law & Medicine The Court rejected in U.S. v. Morrison the "the argument that Congress may regulate noneconomic, violent criminal conduct based solely on that conduct’s aggregate effect on interstate commerce." 529 U. S. at 617.
{5 of the 6 Republican Justices are Catholics and one was raised as a Catholic but became an Episcopalian as an adult. How Did Six Conservative Catholics Become Supreme Court Justices Together? | Marci A. Hamilton, Leslie C. Griffin | Verdict | Legal Analysis and Commentary from Justia; The Religion of the Supreme Court Justices That explains a lot.}
In addition to intimidating the free press, the criminal charges have PR value in Trump's America which explains why Bondi was quick to publicly state the Lemon and Fort engaged in a "coordinated attack on Cities Church in St. Paul, Minnesota." This was a clearly inappropriate comment for the AG to make.
Trump's DOJ first tried to secured an arrest warrant from a Federal Court Magistrate Judge who refused to issue the warrant since there was no probable cause for an arrest. Trump's DOJ then convened a GJ who was convinced after receiving one sided arguments to issue criminal indictments for Lemon and another reporter.
U.S. Press Freedom Tracker - U.S. Press Freedom Tracker
Trump's 'Free Speech' Presidency Racked Up 200 Censorship Attempts in Its First Year | Free Press
There has always been a very large number of authoritarian leaning U.S. citizens. That has been crystal clear through a detailed study of U.S. history and confirmed by my personal experiences starting when I was in the Alabama public schools to today.
American history is replete with authoritarians gaining power or significant influence in the U.S. and now is really no different than the past except that the current U.S. President is an authoritarian IMO, something that has not happened previously, including periods such as the Joseph McCarthy era, the mass delusion that produced in 1918-1920 the First Red Scare and other anti-immigrant, Nativist movements in the past, a long history of denying blacks and women the right to vote, the current push to disenfranchise black voters in congressional elections because they do not vote for republicans, the surge in the KKK membership in the 1920s, and slavery. Hundreds of other historical events support that thesis.
The American Novelist Sinclair Lewis observed this strong authoritarian tendency among tens of millions in the U.S. back in the 1920s-1930s and wrote a book titled It Can't Happen Here that was published in 1935. I discussed that book in a Youtube Video published over a year ago: Trump Similarities to Buzz Windrip in the Sinclair Lewis Novel "It Can't Happen Here" - YouTube
What Trump has done over the past decade is to significantly increase the number of authoritarians and to legitimize clearly authoritarian actions and rhetoric using the MAGA label, so that converts no longer feel restrained in publicly supporting and justifying clearly authoritarian policies and actions including those that can be described as using the power of the Presidency to rig the next election and to extort and intimidate U.S. law firms, universities and media organizations.
I do believe that fascists are far more powerful now in the U.S. than at anytime in U.S. history.
The One Trait That Predicts Trump Support (w. Matthew MacWilliams) - YouTube MacWilliams wrote this article published in 2016: Donald Trump 2016: The One Weird Trait That Predicts Whether You’re a Trump Supporter - POLITICO Magazine The word is authoritarian.
Carlinville vigil honors Alex Pretti, denounces ICE About 120 Americans protested the killing of Alex Pretti at the Macoupin County Courthouse located in Carlinville, Ill. There were two vehicles that continually circled this small peaceful protests with Trump flags attached, shouting expletives at the protesters, with one occupant yelling "kill them all". Carlinville vigil honors Alex Pretti, denounces ICE
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The U.S. Government's "Abduction" of a 5 Year Old Child:
Republicans and republican aligned "news" outlets were incensed that anyone would call the removal of a 5 year old child, Liam Conejo Ramos, to a government facility an abduction. 5-year-old asylum seeker detained as ICE expands enforcement in Minnesota - ABC News; ICE detains 5-year-old Minnesota boy; school leader says agents used him as ‘bait’; Detention of Liam Conejo Ramos - Wikipedia
Their argument first assumes that the father was legally arrested and transferred to an ICE detention facility. If that arrest was illegal, then the child was abducted by Trump's government.
The attorney for the family claims that there was a pending asylum application, and the family had followed the law for those seeking asylum. There is a government document that says the asylum case was docketed on 12/17/24. 5-year-old taken into custody by ICE has active immigration case, preventing deportation for now - CBS News CBS examined the documents and confirmed their authenticity.
A decision on that application is not made by Trump's masked paramilitary forces or by Todd Blanche, but by an immigration judge following the law.
The DOJ claims that the government has no record of the Ramos family filing an asylum application.
Todd Blanche Interview with George Stephanopoulos
"STEPHANOPOULOS: I should say, to clarify, the lawyer for Liam Ramos and his father say they were following the legal process for asylum.
BLANCHE: I mean, I don't know what that means. They were following legal process, and yet the judge disagreed with us --
STEPHANOPOULOS: They applied for asylum.
BLANCHE: Excuse me?
(My Observation: He had no idea)
STEPHANOPOULOS: They applied for asylum, and they were going through the legal process.
BLANCHE: Well, there's -- so that's not true. That is not true. There's a very meaningful dispute about whether they had properly applied for asylum.
And again, I do -- I cannot get into the -- the specifics of this litigation, but you can read the same briefs I can. And what you just said is not true.
After reading what Blanche said in that interview, I have concluded that, notwithstanding his confident demeanor and forceful delivery, nice suit, and perfectly tied tie, he does not know what he is talking about. He may be confusing whether the DOJ can legally deport those who have applied for asylum and have cases pending before an immigration court with undocumented immigrants with no pending asylum cases who have filed in federal court a writ for habeas corpus. See generally, Stephen Miller's Wish List: Over 100 Court Orders Defied - YouTube The Trump Administration is ignoring court orders granting writs of habeas corpus. The DOJ and DHS do not decide whether an asylum application was properly filed.
Blanche says in one breath that Ramos and his young child had not applied for asylum, even though he has access to documents contradicting that claim. Blanche then stated something much different, claiming there is a "meaningful" dispute on whether they had "properly" applied for asylum, suggesting that an application was filed but something was improper. He then refused to go into any specifics, possibly because he had no specifics.
Cruelty is the republican objective and it on display in what Trump's DOJ is doing throughout the country.
Judge orders release of 5-year-old Liam Conejo Ramos and his father from ICE detention; Liam Ramos returns to Minnesota after judge orders release - USA Today This ruling was not dispositive of the case. A hearing will be held to determine whether the detention was lawful.
Judge orders 5-year-old detained in Minnesota and dad to be released from ICE detention in Texas - CBS News; Liam Ramos: Judge orders 5-year-old and his father be released from immigration detention
The Trump/Bondi/Blanche DOJ is appealing their release from confinement. Todd Blanche, deputy AG, vows appeal to judge's order freeing 5-year-old and father from ICE custody | Washington Times Blanche asserted without laughing that the government always follows the law when implementing its mass deportations. The father has committed no crimes in the U.S.
Vance (R) defends ICE detainment of 5-year-old
Vance Says ICE Agent Who Killed Renee Good Deserves Gratitude - YouTube
Attorney of 5-Year-Old Detained By ICE Speaks to the Press- C-SPAN.org He claimed there was an asylum petition filed using the CBP One App and the asylum request was docketed for review. The Trump administration shut down the use of that App on 1/20/2025
There is also a factual dispute between the witnesses and DHS agents as to whether others were willing to take the child before he was detained and shipped to an ICE facility. Trumpsters will dismiss those witnesses and regurgitate whatever claims are made by DHS.
ICE halts "all movement" at Texas detention facility due to measles infections - CBS News This is the Dilley detention facility which DHS was holding Liam Ramos.
Thomas Jefferson had this to say about King George: "He has sent hither Swarms of Officers to harass our People" Declaration of Independence: A Transcription: "He has erected a multitude of New Offices, and sent hither swarms of Officers to harrass our people, and eat out their substance." Harrass is spelled with 2 'r' letters in the original document.
Just lie after lie after lie - YouTube Referring to Todd Blanche's interviews last Sunday.
Many Trump voters now say that they supported only the deportation of violent non-documented immigrants. Trump made a number of statements to that effect but it was clear to me that he was conditioning the claim as an initial focus of deporting the violent ones.
It was extremely naive for anyone to believe that the republicans would stop with deporting only violent criminals.
The vast majority of Trump voters support deporting all undocumented immigrants including those who have lived a long time in the U.S. and have children born in the U.S.
One republican response is that the children born in the U.S. can go back to their parents country of origin
The other response is Trump attempting to end the Constitutional right of birthright citizenship by Executive Order, with that order now being challenged in the courts and the 6 Monarchists refusing to decide the issue when it was last presented to them. The current estimate is that 70% of the deportations involve people who have committed no crimes and have leaved peacefully in the U.S.
This is what Blanche had to say on this issue when asked by Stephanopoulos:
STEPHANOPOULOS: They are being released across the country as well by judges. And the president said he was going to prioritize those who had criminal records, but about 70 percent at least of those who have been detained don't have criminal records.
BLANCHE: Well, just -- hang on. The fact that they're here illegally is a crime. And so when you say they don't have criminal records, they are -- by their presence being here without status, having come into this country illegally or overstayed illegally, that is a crime.
IMO, both the DOJ and FBI no longer have a scintilla of independence from Trump and will do whatever they are told. Both have gone completely rogue.
Texas Governor Abbott (R) Orders Investigation After Students Stage ICE Protest - Newsweek
Democrat flips reliably Republican seat in Texas in ominous sign for Trump ahead of midterms | The Independent This was a state senate seat in Texas. Trump carried the district by 17 points in 2024. The republican candidate lost to the Democrat by about 14%.
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Small Ball Trading Rules:
Baseball Analogy: Small ball (baseball) - Wikipedia
Primarily a risk reduction trading technique, one of many strategies that I employ to mitigate risks that are assumed when owning risk assets where loss of capital is possible.
(1) Each purchase has to be at the lowest price in the chain; or has to lower my average cost per share;
(2) Purchases are made in small lots using commission-free trades;
(3) On price pops, I will consider selling my highest cost shares at a profit, no matter how small;
(4) Some positions will be eliminated altogether on price pops when the goal is achieved;
(5) Shares purchased with dividends may be sold when it is profitable to do so and the share price is outside my consider to buy range; and
(6) There is no hesitation to sell a stock after a dividend cut or a disappointing earnings report, when I can realize any capital gain.
The most important objective is to reduce risk through a controlled and disciplined trading strategy that realizes gains, particularly by selling the highest cost lots that reduce my average cost per share and increases my dividend yield.
The corollary is to buy the dips, particularly during extreme volatility events that would be associated with major declines in stocks.
Another aspect is selling fractional shares bought with dividends in order to harvest the original dividend amount plus a small profit on the shares. Generally, if I am willing to buy a dividend stock now through a market purchase, I will consider reinvesting the dividend. Conversely, if I am not willing to buy shares, I will likely turn off the dividend reinvestment option.
My Primary Investment Objectives: (1) Preservation of Capital; (2) Income Generation; (3) Realized Capital Gains in risk assets.
Normally, I will try to generate at least $25K in trading profits during each year as a supplement to my dividend and interest income.
It will be very difficult to achieve that goal in 2026 due to my very low stock allocation, but I may hit that target with realized gains in mutual fund sales and continued success in short term trading.
1. Small Ball Buys:
A. Added to Falling Knife WEN - Bought 10 at 7.78; 10 at $7.65:
Quote: Wendy's Co. (WEN) - Fast Food Restaurant Chain
Cost: $154.28
As of 9/28/25, "the Wendy’s restaurant system was comprised of 7,363 restaurants, with 5,979 Wendy’s restaurants in operation in the U.S. Of the U.S. restaurants, 421 were operated by the Company and 5,558 were operated by a total of 202 franchisees. In addition, at September 28, 2025, there were 1,384 Wendy’s restaurants in operation in 35 foreign countries and U.S. territories. Of the international restaurants, 1,370 were operated by a total of 113 franchisees and 14 were operated by the Company in the United Kingdom (the “U.K.”)."
Investment Categories: Primarily classified as a Lottery Ticket, with secondary categories being Bond Substitute and Contrarian Value. The Bond Substitute category describes the goal only and says nothing about the safety of the dividend. The goal is simply to harvest the dividends and exit the position with a 2% or higher annual gain, a total return significantly higher than intermediate term investment grade corporate bonds which is necessary to justify taking the equity risk.
WEN Analyst Estimates | MarketWatch
10/Q for the fiscal quarter ending 9/28/25
Last Discussed: Item # 1.J. Added to WEN - Bought 5 at $7.97 (11/29/25)
New Average cost per share: $8.79 (101+ shares)
Reduced from $9.06
Dividend: Quarterly at $.14 per share ($.56), slashed from $.25 effective for the 2025 second quarter payment which was too high given recent earnings.
WEN Stock Dividend History & Date | Seeking Alpha
I am reinvesting the dividend as a means to randomly average down.
Yield at New AC: 6.37%
Last Earnings Report (Q/E 9/28/25): I discussed that report in this post: Item # 1.E. Added to WEN - Bought 10 at $8.65 (11/15/25 Post); SEC Filed Press Release E.P.S. reported at $.23, adjusted to $.24.
B. Added to OPRA - Bought 5 at $12.8; 5 at $12.45:
Quote: Opera Ltd. ADR (OPRA)
Cost: $126.25
ADR Ratio: 1 for 1
Averaging down in dividend paying stocks is part of small ball risk mitigation strategy described above. This is more mechanical than anything else.
I mentioned in a comment published on 2/2/26 that the stock had popped that day in response to the company raising guidance for the 2025 4th quarter. SEC Filed Press Release Most of the gain was given back on 2/3 and so far today. I will continue to buy in 5 shares lots provided each subsequent purchase is at the lowest price in the chain.
OPRA SEC Filings - Foreign Company Forms
OPRA Analyst Estimates | MarketWatch
Investor Relations | Opera Limited
OPRA Valuation Page at Reuters
Opera is based in Norway.
New Average cost per share: $13.01 (20 shares)
Dividend: Semiannual at $.4 per share
OPRA Stock Dividend History & Date | Seeking Alpha
Yield at New AC: 6.15%
Last Ex Dividend: 1/7/26 (owned 10 as of)
Last Earnings Report (Q/E 9/30/25): I discussed this report here: Item # 1.G. Started OPRA - Bought 10 at $13.4(12/5/25 Post); SEC Filed Press Release
Maximum Position: 50 shares
C. Added to Falling Knife OBDC in Schwab Account - Bought 5 at $11.4; 5 at $11.1 - Schwab Account:
Quote: Blue Owl Capital Corp. (OBDC) - Externally Managed BDC.
Cost: $112.5
There was a report last Tuesday that some investors formed an opinion that AI would replace the software companies that received loans from Blue Owl and other BDCs. Fear has a way of running wild and that opinion caused some investors to panic and sell BDC stocks.
I do not have an opinion on that issue, though my gut informed me that at best that was a long term threat.
I do believe that AI will end up replacing a sizeable part of the U.S. workforce, possibly 10% or even more.
SEC Filed Earnings Press Release for the Q/E 9/30/24 Last reported net asset value per share at $14.89
SEC Filed 2024 Annual Report (Summary of risk factors starts on page 35 and ends at page 78)
New average cost per share this account: $12.32 (25 shares)
Reduced from $12.64.
Regular Dividend: $.37 per share ($1.48 annually)
OBDC Stock Dividend History & Date | Seeking Alpha
Yield at $12.32 (regular dividend only): 12.01% (the yield highlights the risks)
Last Ex Dividend: 12/31/25 (owned 10 in this account and 30 in my Fidelity account as of)
Last Earnings Report (Q/E 9/30/25): I discussed this report in my last report and would reiterate here that nonperforming loans was reported at 1.3% of total loans at fair value. Item # 1.E. Started OBDC in Schwab Account - Bought 10 at $12.71+ (1/1/26 Post)
In that post, I listed the historical net asset values per share and repeated my analysis of why BDC stocks are risky investments. I also listed the special dividends that OBDC paid, primarily in 2023-2024, as NII per share rose in response to variable rate loans resetting at higher coupons. After the Fed started to cut the FF rate in September 2024, those coupons have continually reset at lower yields causing a decline in NII. I do not expect anymore special dividends until the FED is well under way in a rate hiking cycle. A cut in the regular dividend is also possible.
Last Sell Discussion: Item # 1.L. Pared OBDC - Sold 10 at $15.05 (2/10/25 Post)(profit snapshot = $22.96).
Item # 3.A. Eliminated Duplicate OBDC Position in Vanguard Account - Sold 30 at $13.78 (9/23/23 Post)(profit snapshot = $52); The prior sell discussion was made when the name was Owl Rock and the symbol was ORCC; Item # 1.A. Eliminated ORCC in Schwab Taxable Account- Sold 26+ at $13.6 (3/6/23 Post)(profit snapshot = $40.68)
Blue Owl Capital (OBDC) and Blue Owl Credit Income SU Bond Maturities 2025-2026 to date: Blue Owl Credit Income is a private BDC.
2026
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2025:
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A. Pared STAG - Sold 5 at $37.75:
Quote: STAG Industrial Inc. (STAG)
Proceeds: $188.76
I sold my highest cost 4+ shares.
"As of September 30, 2025, the Company owned
Last Discussed: Item # 2.A. Pared STAG - Sold 5 at $36.42ikd t(7/15/25 Post)(profit snapshot = $79.82)
Investment category: Equity REIT Common and Preferred Stock Basket Strategy
Profit Snapshot: $92.61
 |
| Snapshot after pare/Closing Price as of 2/2/26 |
Dividend: Quarterly at $.3875 per share ($1.55 annually)
STAG had been paying a monthly dividend. The last monthly dividend was at $.1242 per share ($1.4904 annually), last raised from $.1233 effective for the January 2025 payment. In 2015, the monthly rate was at $.115. I view the dividend increases as effectively meaningless.
STAG Stock Dividend History & Date | Seeking Alpha
Yield at $13.93: 11.12%
I am not reinvesting the dividend and will not be buying more shares.
Next Ex Dividend: 3/31/26
Last Earnings Report (Q/E 9/30/25):
Since a new report will be released soon, I am only going to profit a snapshot of the GAAP to Cash Available for Distribution reconciliation.
Sell Discussions: Item # 2.A. Pared STAG - Sold 5 at $35.41 (5/30/25 Post)(profit snapshot = $149.47); Item # 1.D. Sold 10 STAG at $36.67 (3/18/25 Post)(profit snapshot = $165.13) Item # 1.A Sold 10 STAG at $40.53 (9/5/24 Post)(profit snapshot = $199.74); Item # 2.A. Pared STAG - Sold 10 at $38.99 (1/23/24 Post)(profit snapshot = $249.22); Item # 4.A. Eliminated Duplicate Position in STAG - Sold 50 at $37.22 (9/16/23 Post)(profit snapshot = $1,075.13); Item # 1.G. - Sold 4 STAG at $33 (4/1/21 Post)(profit snapshot = $32.49); Item # 7-Pared STAG Sold 42 at $25.2: Update For Equity REIT Basket Strategy As Of 7/28/16 | Seeking Alpha (profit snapshot = $271.32); Item # 2. Pared STAG-Sold 54 Shares at $23.81: Update For Equity REIT Basket Strategy As Of 7/1/16- South Gent | Seeking Alpha (profit snapshot = $318.54); Item # 2. Pared STAG -Sold 50 of 240 at $22.74: Update For Equity REIT Basket Strategy As Of 6/24/16 - South Gent | Seeking Alpha(profit snapshot = $48.31); Update For Equity REIT Basket Strategy As Of 3/21/16 - Item # 2. Sold 133 STAG at $19.61 | Seeking Alpha (profit snapshot = $125.27)
STAG Realized Gains to Date: $3,041.86
B. Eliminated WTBA - Sold 10 at $24.98:
Quote: West Bancorp Inc. (WTBA)
Proceeds: $249.93
WTBA is a mini-cap bank holding company, through its wholly owned operating subsidiary West Bank, "has six offices in the Des Moines, Iowa metropolitan area, one office in Coralville, Iowa, and four offices in Minnesota in the cities of Rochester, Owatonna, Mankato and St. Cloud."
Investment category: Regional Bank Basket Strategy
Profi Snapshot: $54.83
Last Discussed: Item # 1.A. Restarted WTBA - Bought 10 at $19.5 (10/25/25 Post)
Dividend: Quarterly at $.25 per share, last raised from $.24 effective for the 2022 first quarter.
WTBA Stock Dividend History & Date | Seeking Alpha
Some profitable small trades were not discussed.
WTBA Realized Gains to Date: $1,687.05
Last Buy Discussion: Item # 1.F. Added to WTBA - Bought 10 at $18.55; 5 at $18.2; 5 at $18 (8/5/25 Post)(all sold)
C. Eliminated CL (Placeholder Position in Fidelity Account) - Sold 3+ at $88.05
Proceeds: $345.87
Our Brands | Colgate-Palmolive
Colgate-Palmolive is focused "on Oral Care, Personal Care, Home Care and Pet Nutrition, we sell our products in more than 200 countries and territories under brands such as Colgate, Palmolive, elmex, hello, meridol, Sorriso, Tom’s of Maine, EltaMD, Filorga, Irish Spring, Lady Speed Stick, PCA SKIN, Protex, Sanex, Softsoap, Speed Stick, Ajax, Axion, Fabuloso, Murphy, Soupline and Suavitel, as well as Hill’s Science Diet, Hill’s Prescription Diet and Prime100."
CL Analyst Estimates-MarketWatch As of 1/29/26, the average E.P.S. estimate for 2026 was at $4.01 and at $4.09 in 2027. With this kind of E.P.S. growth, I view a 15 to 17 multiple on the $4.01 estimate as a reasonable valuation range for this company or a price between $60.15 and no more than $68.17 IMO.
Last Discussed: Item # 4.B. Eliminated CL in Schwab Account (Placeholder Position) - Sold 4 at $84.79 (1/21/26 Post)(profit snapshot = $33.1)
Last Buy Discussions: Item # 1.L. Added to Placeholder CL - Bought 1 at $77.13; 1 at $76; 1 at $75 (11/1/25 Post); Item # 1.L. Restarted CL as a Placeholder - Bought 1 at $77.83 (10/25/25 Post)
Profit Snapshot: $43.18
Dividend: Quarterly at $.52 per share ($2.08), last raised from $.50 effective for the 2025 second quarter payment.
CL Stock Dividend History & Date | Seeking Alpha
At $88.05, my sales price, the yield is 2.36%.
I may not be around in 10 years but that would rate of growth, assuming it continued for 30 years or so, would be appealing to me at a younger age.
CL has increased its dividend for 62 consecutive years and is consequently one of the Dividend Aristocrats. List of Dividend Aristocrats (25+ Years of Dividend Growth) This is a positive long term, but I am not thinking long term given my age.
I do not find that dividend yield to be attractive which is one reason I have classified purchases of this stock as a Placeholder. The other reasons are valuation using traditional criteria and slow dividend growth given my age as the most important consideration.
Last Earnings Report (Q/E 12/30/25):
SEC Filed Earnings Press Release
"During the fourth quarter, the Company took a non-cash, after-tax charge of $794 million to adjust the carrying values of goodwill and intangible assets related to the skin health business. Given lower than expected category growth rates and weaker than expected performance, particularly in China, the Company has lowered its outlook for the skin health business, primarily Filorga"
While this charge is non-cash, I do not ignore a $794M goodwill impairment since it indicates the company paid too much. The skin care brands are Elta MD, Filorga, and PCA Skin. All of those brands were acquired by Colgate.
In 2019, Colgate acquired Filorga for approximately US$1.69B. Colgate Announces Agreement to Acquire Laboratoires Filorga Cosmétiques Skin Care Business In 2017, Colgate acquired EltaMD and PCA Skin for an undisclosed amount. Colgate Announces Acquisition of PCA Skin and EltaMD Skin Care Brands
GAAP E.P.S. ($.05)
"Base Business" E.P.S. = $.95, with the consensus at $.91.
"Net sales increased 5.8%; Organic sales* increased 2.2%, including a 0.9% negative impact from lower private label pet volume."
Lower unit volumes after product price increases is the new normal that started during the problematic inflation period earlier this decade.
Worldwide market share toothbrushes: 41.3%
Worldwide market share manual toothbrushes: 34.2%
2026 Guidance:
On 1/30/26, the stock rallied in response to this report and 2026 guidance, closing at $90.29, up $5.05 or 5.92%. I had far less enthusiasm.
D. Eliminated Placeholder Position in GLTR - Sold 1 at $257.09:
Quote: abrdn Physical Precious Metals Basket Shares ETF
Proceeds: $257.09
This fund owns gold, silver, palladium and platinum bullion.
Expense Ratio: .6%
Last Discussed: Item #4.F. Restarted GLTR as a Placeholder - Bought 1 at $149.34 (9/8/25 Post)
Profit Snapshot: $107.75 (+72.15%)
If the price had declined, I would have bought more but the price started a parabolic spike higher soon after my purchase.
I sold this ETF on 1/23/26, as noted in a comment, and the price continued to rise hitting an intraday high at $295.44 on 1/29/26. On 1/30/26, the price hit an intraday low of $219.45 and closed at $233.84, down $51.38.
I discussed in a YT video published about 3 months ago that silver and gold prices wer in parabolic spikes, and those kind of spikes have a tendency to collapse upon themselves irrespective of the asset class experiencing the spike. Parabolic Spikes in Gold and Silver Prices - YouTube
This is a 5 year chart of GLTR through 1/30/25:
There is no way to know during the price spike when it will end and far the subsequent price decline will go.
I would trace the origin of the precious metal bull market to the 2020-2022 period. The primary reason IMO was not problematic inflation during that period, but the Fed increasing M2 money supply by over 40% which was a major debasement of the USD as a store of value. In 2019, I had sold 5 GLTR shares at $73.67. Item # 5. Sold 5 GLTR at $73.67 (8/28/2019 Post)
Silver and gold have historically been viewed as alternative store of values to fiat currencies. Over the past 5 decades or so, silver, unlike gold, has become increasingly important in industrial uses. Demand has outstripped new supply for about 5 years.
My silver and gold positions are in bullion stored in my bank safety deposit boxes. I last sold in September 2011 and January 2012.
This is a chart of WTI Crude Oil that highlights an inexplicable price spike in 2008 during a recession:
The next one was with silver and gold in the 1970s: Silver Prices - 100 Year Historical Chart; Gold Prices - 100 Year Historical Chart Part of those spikes were related to government's ending the fixed gold price at $35 and the Hunt brothers attempting to corner the silver market.
Another example is the Nikkei 225 starting in 1985:
Most of the time, stock markets do not experience this kind of parabolic spike but a long term rise at close to a 45% angle upward, with some declines, until valuations become irrational and are then reset with declines that normally fall in the 30% to 50% range.
E. Pared SBSI - Sold 3 at $33.35:
Quote: Southside Bancshares Inc. (SBSI)
Proceeds: $100.07
I sold my highest cost shares using FIFO.
"Southside Bancshares, Inc. is a bank holding company with approximately $8.51 billion in assets as of December 31, 2025, that owns 100% of Southside Bank. Southside Bank currently has 53 branches in Texas and operates a network of 70 ATMs/ITMs."
Last Discussed: Item # 1.F. Added to SBSI - Bought 5 at $27.3; 5 at $26.65 - Schwab Account (10/18/25 Post)
Last Elimination: Item # 3.F. Eliminated SBSI - Sold 5 at $37.51 (11/14/24 Post)(profit snapshot = $55.21)
Investment Category: Regional Bank Basket Strategy
SBSI Analyst Estimates | MarketWatch
Profit Snapshot: $11.38
New Average cost per share: $27.5 (32 shares)
 |
| Snapshot Intraday on 2/2/26 after pare |
Dividend: Quarterly at $.36 per share ($1.44 annually), last raised from $.35 in the 2024 first quarter. The penny rate was at $.23 in the 2015 first quarter.
SBSI Stock Dividend History & Date | Seeking Alpha
Yield at $27.5: 5.236%
Last Ex Dividend: 11/20/25
Last Earnings Report (Q/E 12/31/25):
GAAP earnings were lower than the consensus estimate due to selling owned securities at a $7.3M loss.
GAAP E.P.S. = $.70
NIM: 2.98%
Efficiency Ratio: 52.28%
NPL Ratio: .22%
Coverage ratio NPL: 430.1% (allowance for loan losses to nonperforming loans)
NPA Ratio: .45%
Charge off ratio: .07%
Tangible Book Value per share: $21.72
"Loans at December 31, 2025 were $4.82 billion, an increase of $156.4 million, or 3.4%, compared to $4.66 billion at December 31, 2024. Linked quarter, loans increased $52.7 million, or 1.1%, due to increases of $29.0 million in construction loans, $24.1 million in commercial real estate loans and $14.8 million in commercial loans. These increases were partially offset by decreases of $6.6 million in municipal loans, $5.7 million in 1-4 family residential loans and $2.9 million in loans to individuals."
SBSI Realized Gains to Date: $657.52
Gains - Over $90: Item # 2.F. Eliminated SBSI-Sold 25 at $30.03 (3/8/24 Post)(profit snapshot = $106.15); Item # 2 Sold 100 SBSI at $21.53 (6/28/12 Post)(profit snapshot = $97.05); Item # 2 Sold 100 SBSI at $21.53 (6/28/12 Post)(profit snapshot = $97.05); Item # 3 Sold 107+ SBSI at $20.5 (7/18/11 Post)(profit snapshots = $208.69)
Maximum Position: 50 shares
Purchase Restriction: Each subsequent purchase must be at the lowest price in the chain.
F. Pared OLP in Schwab Account - Sold 5 at $21.8:
Quote: One Liberty Properties Inc. (OLP) - Internally Managed REIT
Proceeds: $109
I own this stock in 5 accounts including both IR accounts. The largest position is in my Fidelity taxable account (72+ shares).
I sold my highest cost shares.
As of 9/30/25, OLP owned 98 properties which includes 61 industrial properties. Occupancy was at 98.2%. 10-Q for the Q/E 9/30/25 at page 27
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy This stock also fits into my Bond Substitute category.
Website: One Liberty Properties, Inc.
Recent News: On 1/26/26, OLP "acquired a 637,633 square foot portfolio of ten industrial properties for $56.7 million. The properties are fully-leased to six tenants – Mondelez Global, Husqvarna U.S. Holdings, L&W Supply Corporation, Owens & Minor Distribution, Bimbo Bakeries USA, and HABE USA. The tenants have averaged more than 16 years at these properties, the weighted average remaining lease term is 3.1 years. The contracted for base rent for the 12 months ending January 31, 2027 is approximately $3.0 million, and we estimate that after giving effect to anticipated lease renewals (as to which no assurance can be provided), that the base rent that we will be entitled to collect for such 12 months is approximately $4.1 million. The leases currently provide for annual rent increases generally ranging from 2.4% to 3.0%." SEC Filing
Last Discussed: Item # 1.H. Added to OLP in Fidelity Account - Bought 5 at $20.15; 5 at $19.85 (12/25/25 Post)
Profit Snapshot: $9
New average cost per share this account: $18.88 (25+ Shares)
Reduced from $19.06.
Dividend: Quarterly at $.48 per share ($1.8 annually), last raised from $.43 effective for the 2017 4th quarter payment. I am reinvesting the dividend.
OLP Stock Dividend History & Date | Seeking Alpha
Dividends / Year End Tax Reporting The 2023 and 2024 dividends were classified as ordinary income or capital gains with no ROC support. I did not look at the years prior to 2023. The capital gains originate from selling depreciated real estate.
Last Ex Dividend: 12/22/25 (owned 30+ this account as of)
Last Earnings Report (Q/E 9/30/25): I discussed this report in a recent post. Item # 1.K. Added to OLP - Bought 2 at $20 - Fidelity Account (11/8/25 Post); SEC Filed Press Release
Last Sell Discussions: Item # 2.B. Pared OLP in Schwab Account - Sold 5 at $26.84 (9/12/24 Post)(profit snapshot = $26.93); Item # 2.A. Pared OLP in Schwab Account - Sold 5 at $25.12+ (8/15/24 Post)(profit snapshot = $16.38)
Lowest Prices Paid: Item # 1.A. Added to OLP - Bought 5 at $18.8; 5 at $17.6 - Schwab Account (10/7/23 Post)
Goal: Any profit before ROC adjustments to the tax cost basis + the dividends.
G. Sold 5 ADX at $23.15:
Quote: Adams Diversified Equity Fund Inc. (ADX) - Stock CEF
Proceeds: $115.75
This CEF was formed just prior to the 1929 stock market crash.
I started to trade this CEF in 1984.
Adams Diversified Equity Fund (ADX) Portfolio | Morningstar Lists Top 25 Holdings.
Sponsor's website: Adams Funds
SEC Filing: Holdings as of 9/30/25 (Common stock cost as of: $1.44277+B with value then at $2.9684+B)
Profit Snapshot: $32.19
Last Discussed: Item # 2.J. Pared ADX - Sold 3 at $21.59 (7/15/25 Post)(profit snapshot = $13.46)
Last Buy Discussions: Item # 3.B. Added to ADX - Bought 5 at $16 (11/4/23 Post); Item # 4.A. Added 15 ADX in Schwab Account at $14.76- (1/16/23 Post); Item #4.F. Added 5 ADX in Schwab Account at $14.65 (10/11/22 Post)(contains snapshots of realized gains starting in 2014)
Top 10 Holdings as of 12/31/25:
Primary Changes in Portfolio 2025 Third Quarter:
New Average cost per share: $15.49 (35+ shares)
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| Snapshot Intraday on 2/3/26 after pare |
Dividends: Quarterly at a variable rate.
ADX Stock Dividend History & Date | Seeking Alpha
I am not reinvesting the dividends.
A main component of the total return will be the dividends.
ADX currently has a managed distribution plan:
Last 4 Dividends: $1.85 per share
Yield at $15.49 Using 2025 Annual: 11.94%
Data Date of 2/3/26 Trade:
Closing Net Asset Value per share: $24.62
Closing Market Price: $23.17
Discount: -5.89%
Average 3 Year Discount: -11.61%
Sourced: ADX - CEF Connect
Largest Gain: Eliminated ADX - Sold 467+ Shares Update On Closed End Fund Basket Strategy As Of 7/28/15 - South Gent | Seeking Alpha (profit snapshot = $1,923.24, scroll to "Deletions/Reductions Since Last Update)
Realized Gains ADX 2008 to Date (no profit snapshots prior to 2008): $3,304.99.
Goal: With the current dividend payments, I am content to earn any total return in excess of those payments.
H. Eliminated FFIC - Sold 10 at $16.55:
Quote: Flushing Financial Corp. (FFIC)
Proceeds: $165.49
Profit Snapshot: +$38.92
This bank holding company is in the process of being acquired by OceanFirst Financial Corp. (OCFC) Each FFIC share will be exchange for .85 OCFC.OceanFirst Financial Corp. and Flushing Financial Corporation Announce Merger Agreement and $225 Million Strategic Investment from Warburg Pincus
I did not see any reason to wait.
Prior Sell Discussions: Item # 2 Sold 50 FFIC @ $14.51 (5/2/11 Post); Item # 4 Sold 50 FFIC at $13.53 (10/31/11 Post)(profit snapshot = $200.7, both sales); Item # 2.H. Pared FFIC-Sold 10 at $14.05 and 5 at $16 (12/19/20 Post)(profit snapshot = $39.96); Item # 1.H. Eliminated FFIC in Vanguard Taxable Account-Sold 10 at $18.85 (2/6/21 Post)(profit snapshot = $82.28); Item # 1.E. Pared FFIC-Sold 5 at $24.52 (4/9/21 Post)(profit snapshot = $63.93); Item # 1.E. Sold 5 FFIC at $23.4 (2/17/22 Post); Item # 4.C. Eliminated Duplicate Position in FFIC - Sold 10+ at $14.05 (7/29/23 Post)(profit snapshot = $30.7)
FFIC Realized Gains to Date: $599.27 (This will be a final number if the merger goes through.
3. Treasury Bills Purchased at Auction: 25
All purchases were made in my Schwab Account using proceeds from maturing T Bills.
The investment rates for the 3 to 6 month T Bills discussed below are very close together and near the midpoint of the current federal funds range of 3.5% to 3.75%. These IR rates are only consistent with no change in the FF rate for the next 5 -6 months.
The CME FedWatch tool has a 58.4% probability that the FED will cut the FF range by .25% on or before the meeting on 6/17/26.
The odds are at 71.7% for at least a .25% cut on or before the 7/29/26 meeting.
I have $40K in T Bills maturing tomorrow. Of that amount 10 are in my Vanguard taxable account and I will simply leave the proceeds in my sweep mutual fund, Vanguard Cash Reserves Federal Money Market Fund Admiral Shares (VMRXX), whose 7 day SEC yield is currently close to the 3 month T Bill rate.
A. Bought 10 T Bills at the 2/2/26 Auction:
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Mature on 8/7/26
Interest: $178.21
Investment Rate: 3.639%
B. Bought 10 T Bills at the 2/2/26 Auction:
%205:7:26.png){kind=small}
91 Day Bills
Mature on 5/7/26:
Interest: $91
Investment Rate: 3.684%
C. Bought 5 T Bills at 2/4/26 Auction:
119 Day Bills
Mature on 6/9/26
Interest: $59.42
Investment Rate: 3.689%
4. Corporate Bonds: 6 (Maturities 1/15/27 to 4/15/27)
With short term bonds, I focus on the YTM, rather than the current yield. The purchases at discounts shifts the tax recognition of the "profit" into 2027 for the 4 bonds discussed below.
Investors have soured on BDC stocks for a variety of reasons that I have discussed in prior posts. To summarize briefly, (1) their variable rate loans are resetting at lower coupons, (2) there is a concern that the FED will continue cutting the FF rate resulting in even lower variable rate coupons; (3) their SU bonds are being refinanced at much higher coupons than maturing ones, and (4) many, which I am avoiding and have eliminated, have experienced an unacceptable increase in non-performing loans.
A. Bought 2 Golub Capital BDC 2.05% SU Maturing on 2/15/27 at a Total Cost of 97.585 (Interactive Brokers Account):
%202:15:27.png)
Issuer: Golub Capital BDC Inc. (GBDC)
SEC Filed Earnings Press Release for the Q/E 9/30/25
Finra Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB-
Fitch has a BBB rating. Fitch Affirms Golub Capital BDC's IDR at 'BBB'; Outlook Stable (4/15/25)
YTM at Total Cost: 4.44%
Last Bond Offering (9/23/25): Prospectus
The higher borrowing costs are pressuring NII per share down. Another negative factor is variable rate loans resetting their coupons at lower rates. This BDC paid several special dividends in 2023-2024 but none in 2025. Dividends - Golub Capital BDC, Inc.
As with other BDCs, supplemental dividends were paid during that period to distribute the additional net investment income per share created by variable rate loan coupons, priced at spreads to short term rates (e.g. 1 or 3 month SOFR), resetting at higher rates in response to increases in the federal funds rate. The FED started to cut that rate in September 2024 and has repeatedly cut the FF range since that initial 50 basis point cut.
Last GBDC Discussion: Item # 1.C. Added to GBDC - Bought 6 at $13.79 (12/18/25 Post)
I recently bought 2 bonds maturing on 8/24/26: Item # 2.A. Bought 2 Golub Capital BDC 2.5% SU Maturing on 8/24/26 at a Total Cost of 98.99 (1/26/26 Post)
B. Bought 2 Oracle 2.8% SU Maturing on 4/1/27 at a Total Cost of 98.393:
%202.8%25%204:1:27%20.png)
Issuer: Oracle Corp. (ORCL)
ORCL Analyst Estimates | MarketWatch
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.
Oracle announces plans to raise $50 billion (2/2/26)
Finra Page: Baa2/BBB
Credit Ratings: Bond Page | FINRA.org
YTM at Total Cost: 4.22%
C. Bought 2 Blue Owl Technology 2.5% SU Maturing on 1/15/27 at a Total Cost of 97.9:
%201:15:27.png)
Issuer: Blue Owl Technology Finance Corp. (OTF) - Externally Managed BDC
Last Earnings Report (Q/E 9/30/25): SEC Filed Press Release "Ivestments on non-accrual represented less than 0.1% of the portfolio at fair value, unchanged from the prior quarter."
Finra Page: Bond Page | FINRA.org
Credit Ratings: Baa3/BBB-
YTM at Total Cost: 4.786%
Last Bond Offering (1/26): Prospectus
5. Corporate Bond ETFs: All purchases were made in my Schwab Account.
As discussed many times, I prefer to own individual corporate bonds where I have a promise to pay par value at maturity or more when redeemed early and the make whole provision requires a premium payment to par value. Bond funds contain no such promise. {My video published over 1 year ago: Investment grade corporate or treasury bond funds vs owning individual bonds and treasuries - YouTube}
I will generally own over 300 different corporate bonds.
I own only 1 bond that was bought when the rating was in junk territory.
I will devote some capital on occasion to junk bond ETFs where I reduce the credit risk through a large diversity of holdings.
FALN is one of those junk bonds that I will own from time to time.
I will buy bond ETFs in my Schwab account where the sweep account yields only .01%.
The general idea is to average down some and then exit the position at a profit.
Given the long term performances of bond funds, I am unlikely to own one for more than 1 year.
The largest bond fund allocation in that account is in the iShares Broad USD Investment Grade Corporate Bond ETF (USIG) where I have had multiple average downs:
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| Price as of Close on 1/30/26/AC at $49.91: |
I am no longer reinvesting the dividend and will only consider restarting reinvestment when the likely prices lower my average cost per share. I may be out of that position before that will occur.
A. Restarted FALN - Bought 10 at $27.6:
Quote: iShares Fallen Angels USD Bond ETF
The snapshot includes my least elimination.
Cost: $276
The term "fallen angels" refers to a bond that had been downgraded from investment grade to junk.
Since I last eliminated this position, I have increased my estimate of how long low rates will remain in effect. I am consequently revisiting some yield alternatives that I previously sold.
Sponsor's website: iShares Fallen Angels USD Bond ETF
Expense Ratio: .25%
As of 1/29/26, the fund owned 156 bonds with an effective duration of 4.78 years.
For a bond fund, the general rule of thumb is that the net asset value will go down or up by multiplying the percentage change by the duration. Understanding Duration | PIMCO
Credit Quality:
My general opinion about junk bonds is that there is not enough yield spread to investment grade debt to justify the credit risk
Top 10 Holdings:
Last Discussed: Item # 6.A. Eliminated FALN - Sold 15 at $27.1 (7/29/25 Post)(profit snapshot = $3.77)
Prior Elimination: Item # 8.F. Eliminated FALN in Fidelity Account - Sold 10 at $27.11 (1/18/25 Post)(profit snapshot = $15.85)
Dividends: Paid Monthly at a variable rate
As of 1/29/26, the sponsor claims that the TTM yield was 6.65%.
Last Ex Dividend: 2/2/26 (owned as of)
B. Restarted QLTA - Bought 2 at $96.45:
Cost: $96.45
Sponsor's website: iShares Aaa - A Rated Corporate Bond ETF | QLTA
Expense ratio: .15%
As of 1/2926, the fund had 3,363 holdings with an effective duration of 6.7 years.
QLTA – iShares Aaa - A Rated Corporate Bond ETF - Morningstar Rated a 1 star. The rating is not based on the selection of bonds IMO, but solely on the fund being an index of AAA-A rated corporate bonds that have performed poorly on a total return basis. The past may not be prologue to the future.
QLTA – Performance - Morningstar The annual average annual total return (dividends reinvested) over 5 years was at -.26% with the 10 year average annual total return at +2.5% through 1/30/26. This poor result was caused by bond selections but by the FED suppressing interest rates through Q/E and ZIRP, which resulted in bond funds owning only low coupon bonds.
When interest rates started to surge in 2022 after the FED started its interest rate hiking cycle, the price of those bonds substantially declined in value. Over the year or so, the bond funds have done better as interest rates have come down. The 1 year total return of this fund was at 7.1%
Morningstar gives a 5 star rating to IEF that had a five year annual average total return of -1.64% and a ten year total return of +.91. IEF – Performance – iShares 7-10 Year Treasury Bond ETF | Morningstar The ratings are derived from funds in the same category. It is not rational IMO for Morningstar to give a 5 star rating to IEF and a 1 star to QLTA
The bottom line is that both have had unacceptable annual average total returns over the past 10 years.
Dividends: Paid monthly at a variable rate
Last Ex Dividend: 2/2/26 (owned as of)
As of 1/29/26, the sponsor's claimed that the TTM yield was at 4.32%.
Only Prior Trade: 2016
I did not discuss my last round trip which was in 2016 and netted a $13.32 profit with a holding period less than 1.5 months:
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| Interactive Brokers Account |
The sales price on 3/15/2016 was at $51.57, which highlights the problem with bond funds.
C. Bought 2 VCIT at $83.88:
Quote: Vanguard Intermediate-Term Corporate Bond
Cost: $167.76
Sponsor's website: Vanguard Intermediate-Term Corporate Bond ETF | Vanguard
Expense ratio: .03%
As of 12/31/25, the fund owned 2,249 bonds with an average duration of 6 years and an average coupon of 4.8%.
Credit Ratings:
Dividends Paid Monthly:
Last Ex Dividend: 2/2/26 (owned as of)
Maximum Position: 10 shares
Purchase Restriction: Each subsequent purchase required to be at the lowest price in the chain.
Goal: Any total return in excess of the dividend payments.
VCIT Page at Morningstar (currently rated 4 stars)
VCIT – Performance – Morningstar
D. Bought 5 TLTW at $22.6+:
Quote: iShares 20+ Year Treasury Bond BuyWrite Strategy ETF
Cost: $113.03
"The iShares 20+ Year Treasury Bond BuyWrite Strategy ETF seeks to track the investment results of an index that reflects a strategy of holding the iShares 20+ Year Treasury Bond ETF while writing (selling) one-month covered call options to generate income."
The fund does not buy individual bonds but owns the iShares 20+ Year Treasury Bond ETF (TLT) which has a .15% expense ratio.
The option strategy will add more income but may restrain the overall performance when the long treasury bond is moving higher in price. Implementation of the option strategy may be flawed. While it possible that this strategy would produce better results than owning TLT when interest rates are rising, the decline in the bond price may swallow all of the income generated by the option strategy and then some.
On 1/30/26, TLT declined by .56% with TLTW falling .55%. For that day with interest rates rising, the option strategy really did not help.
In other words, a lot can go wrong.
Sponsor's website: iShares 20+ Year Treasury Bond BuyWrite Strategy ETF
Expense Ratio: .35% which includes the $.15 from owning TLT.
For the owned bonds and as of 1/29/26, the effective duration was 15.22 years and the weighted average maturity was at 25.58 years.
Dividends: Monthly at a variable rate
Last 12 Monthly Dividends: $3.35, rounded down.
Yield at $22.66 using $3.35 annualper share: 14.78%
Last Ex Dividend: 2/2/26 (owned as of)
Maximum Position: 15 shares
Purchase Restriction: 1 to 5 share lots with each subsequent purchase required to be at the lowest price in the chain.
Goal: Any total return in excess of the dividend payments, which will be extremely difficult IMO with a holding period greater than 1 year. The more likely result would be share a total return less the dividend yield as the share price depreciation offsets some of that yield.
E. Added to SCYB - Bought 5 at $26.45+:
Quote: Schwab High Yield Bond ETF Overview
Cost $132.33
Last Discussed: Item # 6.A. Restarted SYCB - Bought 10 at $26.56 ( )
Prior Elimination: Item # 6.A. Eliminated SCYB - Sold 15 at $26.68+ (9/21/25 Post)(profit snapshot = $4.24)
Sponsor's website: SCYB | Schwab High Yield Bond ETF
Expense Ratio: .03%
Total Holdings as of 1/30/26: 1,865
New Average cost per share: $26.53 (15 shares)
Dividends: Monthly at a variable rate.
SCYB Stock Dividend History & Date | Seeking Alpha
Last Ex Dividend: 2/2/26 (owned 10 as of)
SCYB Page at Morningstar - Currently unrated.
6. Leveraged Junk Bond/Senior Loans CEF:
A. Restarted JQC - Bought 50 at $5.1:
Quote:
Cost: $255
Sponsor's website: JQC - Nuveen Credit Strategies Income Fund
Effective Leverage: Substantial at 37.53% as 12/31/25
Number of Holdings as of 12/31/25: 441
Credit Quality: Junky
Nuveen Credit Strategies Income Fund - SEC Filed Report for the period ending 7/31/25. Information on JQC's holdings can be found starting at page 37. Leverage is through variable rate preferred securities (pages 95-96) and variable rate repurchase agreements (page 99). Borrowing costs would have been coming down during the current FED rate cutting cycle that started in September 2024.
Last Discussed: Item # 5.A. Eliminated JQC - Sold 100 at $5.48 (7/29/25 Post)(profit snapshot = $48.25)
Last Buy Discussions: Item # 6.B. Added to JQC - Bought 10 at $5.08; 10 at $5 (11/11/23 Post); Item # 1.F. Added to JQC - Bought 20 at $5.07 (8/12/23 Post); Item # 2.A. Added to JQC - Bought 10 at $4.94 (6/17/2023 Post);Item # 2.D. Added 5 JQC at $4.99 (5/20/23 Post)
Dividend: Monthly at $.054 per share ($.648 annually)
Some ROC support.
Yield at $5.1: 12.7%
Last Ex Dividend: 2/2/26 (owned as of)
Data Date of 1/22/26 Trade:
Net Asset Value per share: $5.53
Closing Price: $5.13
Discount: -7.23%
3 Year Average Discount: -7.83%
Sourced: JQC - CEF Connect (Click "Pricing Information" Tab)
Largest Annual Gain: $587.02
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| 2012: 1,005+ Shares |
Similar Unleveraged ETFs: SPDR Blackstone Senior Loan ETF (SRLN) and Invesco Senior Loan ETF (BKLN)
Goal: Any profit before ROC adjustments to the cost basis + the dividends.
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.
