To read images in the text, most will need to be clicked which expands the size. Once 1 image is clicked, all will appear in thumbnails near the page bottom and can be reading consecutively by clicking each image.
Dollar Values of Trades Discussed in this Post:
Inflow Common Stocks: $531.5
Outflow Common Stocks/Stock Funds (Items 1, 2, 3): $5,379.03
Realized Gains U.S. Stocks/Stock Funds: $1,469
Net Outflow Stocks/Stock Funds: $4,847.53
Inflow Corporate Bonds (Item # 4): 19 (Cost at $18,792.61)
Outflow Corporate Bonds (Item # 4): 4 (Principal proceeds at $3,966.08 + accrued interest of $29.6)
I only include bonds that were sold in the secondary market here. This was a mistake. I thought that I was in a family members account where I was raising money for a home purchase. Somehow, I had transitioned to my account and mistakenly sold 4 EBAY bonds in my account maturing next year. Rather than buying back those bonds, I bought 2 EBAY 4.25% SU bonds maturing on 3/6/29.
Treasury Bills Purchased at Auction (Item # 5): $20,000 in principal amount
Treasury Notes Purchased at Auctions (Item # 6): $6,000 in principal amount.
Treasury Note Purchased in Secondary Market (Item # 7): $4,000 in principal amount (cost at $3,986.05)
+++
Economy:
Venezuelan Oil:
As of 8:35 CST on 9/1/26, WTI is at $88.07, up $2.31. Oil Price Charts | Oilprice.com
Trump claimed in a "Truth" Social Message published on 8/28/26 that the had "secured majority U.S. control of more than 65 BILLION BARRELS of proven Oil Reserves in Venezuela, at no cost to the American Taxpayer", which "will substantially lower Gas Prices for all Americans" according to Trump. Trump announces deal with Venezuela to secure more than 65 billion barrels of oil reserves; Trump says U.S. now has majority control of over 60 billion barrels of Venezuelan oil reserves - CBS News
The average price for gasoline last Friday was about $4.09 per gallon, up 27% year-over-year. AAA Fuel Prices
The Venezuelan government issued a statement summarizing the deal as involving 17 fields with a proven potential of 65B barrels that will require about $100B in new investments. Trump announces Venezuela oil deal, as gas prices still high 6 months into Iran war | The Times of Israel
Venezuela grants North American Blue Energy Partners 100-year concessions for 17 oil fields According to this article, the Venezuelan interim government has granted North American Blue Energy Partners {"NABEP") a 100 year lease on the 17 oil fields, with the U.S. Department of War's Office of Strategic Capital taking a 35% stake in the company. Many of those fields were reportedly previously owned by Russian or Chinese firms.
NABEP is a privately owned oil company operating in Venezuela controlled by Alejandro Betancourt López - Wikipedia; The secret history of Trump's Venezuelan oil baron As noted in that Wiki article, he has been under investigation by Swiss authorities for money laundering. Swiss freeze assets of Maduro-linked businessman with Luxembourg ties | Luxembourg Times; Jet-Setting Venezuelan Businessman in Corruption Probe Linked to Luxembourg Firms | OCCRP
NABEP is going to increase production by spending up to $100B.
"NABEP has granted the U.S. Department of State the right to purchase, at production cost, a guaranteed 20% of the off-take from all current and future fields NABEP will operate".
"NABEP has also granted the U.S. Department of State the right of first refusal to purchase the remaining 80% of its production, providing a guaranteed source of energy in our hemisphere in emergency situations. Fact Sheet: President Donald J. Trump Announces Historic Oil Agreement to Secure American Energy Dominance and Drive Venezuela’s Economic Recovery – The White House
One or more majors may need to become heavily involved. Chevron is the only major still operating in Venezuela and is negotiating to add 2 new oil fields. Chevron to complete deal in Venezuela to migrate, expand oil projects, sources say | Reuters
I own only 1 CVX share:
 |
| Price Intraday 8/31/26 |
Item # 1.G. Restarted CVX as a Placeholder - Bought 1 at $146.93 (7/22/25 Post)
Prior to Trump making this claim, I have read a number of articles that Venezuela's energy infrastructure was in decrepit condition after a considerable period of neglect and mismanagement and would need about $180B to restore production just back to 1990 era levels. The world has too much oil. Will companies want Venezuela’s? (1/7/26, published before the Iran War started); Once a symbol of oil wealth, Venezuela’s refineries in decay - YouTube; High costs, falling returns: what could go wrong for Trump’s Venezuela oil gamble? Guardian
I have a few preliminary questions about this deal with NABEP. (1) how is this relatively small company going to finance a $100B investment; (2) will the U.S. government provide any direct financing or guarantee any of the debt that will have to be sold; (3) who are the "Partners" in "Blue Energy Partners"; (4) how was this company allowed to own and operate legacy oil fields for so long during the Maduro dictatorship; (5) will the U.S. pay for its equity ownership in NABEP (one article says no); (6) will the U.S. military intervene when and if Venezuela expropriates the assets after $100B or so is spent and (7) is this announcement likely to produce results or is it more PR in advance of the midterm elections?
+++
Interest rates rose last Friday in Response to comments made by the Fed Chairman. I discuss those comments in Item # 7. below.
August Treasury Yield Curve:
Daily Treasury Rates | U.S. Department of the Treasury The 1 year T Bill rose 11 basis points in yield with the 2 year T Note increasing 14 basis points.
FedWatch - CME Group- Federal Funds Range Probabilities on or Before December Meeting:
The probabilities are estimated using the federal funds futures contracts. How to Use the FedWatch Tool to Gauge Fed Policy | Charles Schwab
Fed’s preferred inflation gauge shows core prices rose 3.3% annually in July (8/26/26)
Personal Income and Outlays, July 2026 | U.S. Bureau of Economic Analysis (BEA)
PCE: Personal Consumption Expenditures
Real PCE: Up less than .1% in July, barely positive.
Month-to-Month Core PCE Inflation: .2%
Month-to-Month PCE Inflation: .2%
Annual PCE Inflation: 3.7%
Annual Core PCE Inflation: 3.3%
Zillow Group, Inc. - Rents near $2,000, rising at the fastest pace in over a year; Zillow Group, Inc. - Rent burden hits families with children hardest
Bill Gates warns of economic upheaval from AI
U.S.-Canada Trade War: Which Products Face Canada’s 50% Tariff?-U.S. News; Wiped out: US faces surging toilet paper prices amid trade war with Canada-The Guardian The U.S. is a major importer of toilet paper from Canada. U.S. importers will now have to pay a 25% republican tariff tax on those imports and 50% on facial tissue. Costco is a major importer from Canada according to reports that I have read. Seafood exports from Canada are close to $900M last year. The republican tariff taxes on those imports will be 25%. U.S. importers will have to pay 50% tariff taxes on Canadian exports of school supplies just in time for the back-to-school buying season.
Trump has routinely misled Americans about trade with Canada for several years. I discussed his false and misleading claims in a video published over 1 year ago. Trump's Routine Demonstrably False Statements about U S-Canada Trade - YouTube Without cheap Canadian crude oil, natural gas and electricity shipments to U.S., generally close to 40% of Canadian exports, the U.S. would have had a significant trade surplus with Canada in 2025. With those exports, the U.S. had only a $27.35B trade deficit in goods and services last year, down from $39.4B in 2024. What is the value of US trade with Canada? | USAFacts
2025–2026 Canadian boycott of the United States - Wikipedia
Bessent attacks Warren over yen intervention, offers ‘FX for Dummies’ Bessent, a failed hedge fund manager, is just another arrogant jerk. After Bessent launched his hedge fund, he failed "to deliver positive returns in 2017, 2018, 2020 and 2021. Assets fell from close to $5 billion to just over $500 million." Is Scott Bessent the most dangerous man in finance?
Many believe that the U.S. intervention to support the yen was done to keep Japan from unloading more owned treasury securities after spending $87B of its foreign exchange reserves in an unsuccessful effort to stop the Yen's decline. In trying to prop up the yen, the US wants to have its cake and eat it too | PIIE ("Further large-scale sales of Treasury securities by a holder as big as Japan could stress the market and raise borrowing rates. But the Treasury's participation in yen purchases allows Japan to buy fewer yen and thereby liquidate fewer of its reserve holdings of Treasuries.") This article discusses how U.S. trade policy is contributing to the declining Yen and other SE Asia countries.
Projectiles hit 2 tankers yesterday that were moving through the Southern Corridor. 2 tankers carrying Saudi oil hit in Strait of Hormuz as war shows no signs of stopping | CBC News
++++++
Trump and His Party of Invertebrate Minions:
Raging Trump roars 'CROOKED' and 'FAKE' in all-caps Truth-Social threat Trump: "THE FAKE POLLS USED BY OUR CROOKED MEDIA ARE OUT OF CONTROL, AND SOMETHING MUST BE DONE ABOUT IT. FCC TO THE RESCUE! President DJT". Trump "Truth" Social Message 8/30/26
Trump Attacks "Unattractive" "Stalker", "Maggot", and "Scammer" New York Times Reporter Maggie Haberman Over 9/11 Speech Story - Newsweek; Trump Unleashes on NYT's Maggie Haberman Over Her 9/11 Memorial Story; Trump "Truth" Social Message 9/28/26 Trump repeatedly attacks female reporters with extremely nasty comments with no push back of course from republicans. Trump will be a permanent stain on the U.S. The stain would have wash off in a few decades provided Trump was only elected to 1 term and not reelected with over 77M votes in 2024.
Trump signs order to rename Lake Ontario 'Lake America' amid Canada trade war Trump is considering renaming the Atlantic and Pacific oceans. Lake Ontario was named by French and British mapmakers in the 1600s using a word in indigenous Iroquoian language "oniatarí:io" which translates to "lake of shining water". The U.S. Board on Geographic Names has to follow Trump's infantile Executive Order and has already changed the name to Lake America as has Google Maps for users in the U.S.
Trump calls for NBC’s Kristen Welker to face ‘rebuke or punishment’ - POLITICO Welker made a statement that Trump had mixed success with his recent endorsements, an accurate statement protected by the First Amendment. Welker: Trump "of course, has endorsed a slate of candidates in the primaries He’s had some mixed results, but most recently, his pick of Senator Darline Graham, of course, the sister of the late Senator Lindsey Graham, was successful in her primary battle, so now she takes on Dr. Annie Andrews in South Carolina." Her comment was not made on Meet the Press but in a live segment before the broadcast at the local NBC affiliate.
For daring to make that accurate statement, Dictator Don, the unquestionable and unchallengeable leader of his party, stated he will use his power over the FCC to punish her. Trump "Truth" Social Rant Trump claimed that the "Radical Left News is going out of their way to harass, demean, and libel anything 'TRUMP'"; and that a free press is "a Disgrace to our Nation, and I hope that Chairman Brendan Carr, and the fine people of his Commission, will take this Threat to our Country very seriously".
Trump threatens lawsuit against nonprofit that questioned whether National Guard plan lessened crime Demagogue Don stated that he was going to file a $5B defamation suit against the nonprofit for providing statistics that contradicted his claim.
UAE ‘spy sheikh’ takes 49% stake in Trump family crypto bank venture
Trump's lawyers at the DOJ, who really need to be on his personal payroll, told a court that Trump may demolish the Kennedy Center unless his name is added to the facade to honor his "contributions" to the Center. Trump administration says Kennedy Center 'cannot be saved' without his name; Kennedy Center's board threat to demolish the center; DOJ Brief at page 2.pdf Congress has approved $258M for renovations, which is what Trump asked Congress to do in 2025, but Trump's DOJ lawyers now claim that is not enough without providing proof.
Factual claims made by lawyers in briefs, without evidentiary support in the record, are not evidence. If Trump's name is placed on the facade, then and only then will he raise $100M more to finish what he deems are necessary repairs. Otherwise, he will demolish the building.
Don the Destroyer has already done a great deal to place the Kennedy Center in a financial crisis. See, Kennedy Center - Wikipedia; Kennedy Center Hit ‘Doomsday’ Financial Crisis Following Trump Name Change, New Report Says The only way to save the Kennedy Center is to quickly end its current governance problem, which will require Trump and all of his stooges to resign and to end the legal fight about adding his name to the building. The Kennedy Center Has a Problem That Courts Can’t Fix - The Atlantic Professionals can then keep the Center open as repairs are made, which the Center has always been done in the past, and acts who are boycotting will return once Trump ends his malignant narcissistic ego trip.
Fascists are becoming a far more potent political force in several western democracies. The German Far Right Is Poised for a Breakthrough - The Atlantic
MAGA senator fighting to save his state from the damage he and Trump caused - Alternet.org
How Karoline Leavitt Debased Her Job - The Atlantic "The value of lying is Donald Trump’s deepest belief. He built his celebrity image through shameless and constant deceit that permitted him to bounce from blunder to blunder while constantly reeling in new suckers."
Fed Lisa Cook turns mortgage allegations back on Trump and his Cabinet
AI Generage NEW FILM - DIAPER JUICE - YouTube Trump as Beetlejuice (1988) - IMDb but in a diaper.
+++++
1. Pared PRWCX Again - Sold 50 at $38.9:
Proceeds: $1,945
Sponsor's website: Capital Appreciation Fund (PRWCX) | T. Rowe Price
T. Rowe Price Capital Appreciation Fund at Morningstar PRWCX is classified as a moderate allocation fund.
Last Discussed: Item # 1. Pared PWRCX Again - Sold 50 Shares at $38.24 (7/28/26 Post)(profit snapshot = $932.34); Item # 1. Sold 50 PRWCX at $37.91 (6/12/26 Post)($915.85)
Profit Snapshot: $956.34 (2026 total at $2,813.53 for 150 shares)
T. Rowe Price does not provide a profit number for each trade. I had to subtract the 2 prior 2026 realized gains from the $2,813.53 shown in the previous snapshot.
Average cost per share: $23.49 (353+ share remaining after last pare)
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
2026 Realized Gains: $2,813.53
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: $12,144.36
2. Eliminated Duplicate Position in GOOD - Sold 105+ at $13.12+ (Vanguard Account):
Quote: Gladstone Commercial Corp (GOOD) at Google Finance - Externally Managed Net Lease REIT
Proceeds: $1,390.33
Properties owned as of 6/30/26: 151
As of 8/5/26, the REIT owned 152 properties with a 98.9% occupancy rate and an average remaining lease term of 7.1 years. 10-Q at page 26
Properties- Gladstone Commercial Corporation (GOOD)
Website: Gladstone Commercial Corporation (GOOD)
Last Discussed: Item # 2.F. Pared Duplicate Position in GOOD (Fidelity Account) - Sold 5 at $13.09 (7/28/26 Post)(profit snapshot = $26.78, reduced average cost per share to $5.53) As discussed in that post, a major problem for this externally managed REIT is reflected in these numbers:
Annual Core FFO per diluted 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
Last Buy Discussions: 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)
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
Profit Snapshot: $133.68
GOOD Dividend History & Date | Seeking Alpha
The decline in Core FFO per share triggered a cut in the monthly dividend from .1254 per share to the current $.10 effective for the January 2023 payment and is also responsible for a decline in the stock price as reflected in the sell discussion links below.
Last Ex Dividend: 8/18/26
Next Ex Dividend: 9/21/26
Last Earnings Report (Q/E 6/30/26): SEC Filed Press Release
Revenues: $43.989M
GAAP E.P.S. $.11
FFO and Core FFO per share: $.38
CORE FFO 2026 YTD: $.72
Reconciliation:
Debt is discussed at pages 16-20 of the 10-Q. While the company has made an effort to lessen the interest rate expense caused by a rise in short term rates (privately placed SU notes maturing in 2029 & 2030), there remains a substantial amount of debt whose rates are at spreads to SOFR.
 |
| 10-Q at page 19 |
Largest Remaining GOOD Position: 184+ shares in my Schwab account with an average cost per share at $12.65. The dividend yield at that AC is 9.49%. I am likely to keep that position as a bond substitute, unless I become concerned about another dividend cut. One possible trigger for another dividend cut would be a significant and persistent rise in short term rates given this REIT's dependence on variable rate debt.
Some Other 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: $603.45
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%)
A. Eliminated Duplicate Position in PFE - Sold 29+ at $28.63 (Schwab Account):
Quote: Pfizer Inc (PFE) at Google Finance
Proceeds: $829.77
PFE Detailed Earnings Estimates - Zacks.com
Last Discussed: Item # 3.A. Added to PFE in Fidelity Account - Bought 5 at $26.11 (5/15/26 Post)(discussed the 2026 first quarter report, SEC Filed Earnings Press Release); Item # 1.A. Added to PFE in Fidelity Account - Bought 10 at $25.21 (1/15/26 Post)
I still own 89+ in my Fidelity Account. The average cost per share in that account is currently at $27.66. In Item #9 below, which has snapshots of my 9/1/26 cash flow into my Fidelity Account, one entry is for the reinvestment of the Pfizer quarterly dividend.
Investment Category: Bond Substitute (only defines the objective which is a realized annual gain of at least 2% in excess of the dividend yield)
As discussed here many times, I view Pfizer as one of the worst managed mega cap companies based in the U.S. over the past 25+ years, and that is reflected in its long term price action revealed in this chart:
 |
| Monthly Prices/Start Mid-1998 |
The was a price spurt in response to Pfizer's 2 Covid drugs but all of those gains were quickly lost, with the stock price thereafter falling significantly below where it was trading in December 2019.
The incompetence of Pfizer's Board and Management is also reflected in the cost of its numerous acquisitions far exceeding the current market cap of the company which is about $160B at a $28 stock price.
Some Acquisitions Starting in 2000:
Warner Lambert: $90.2B
Wyeth: $68B
Pharmacia: $60B
Hospira: $17B
Medivation: $14.3B
Biohaven: 11.6B
Array: $11.4B
Arena: $6.7B
Global Blood Therapeutics: $5.4B
Anacor: $5.2B
King Pharmaceuticals: $3.6B
Trillium: $2.26B
Seagen: $43B (one of the drugs acquired through the Seagen acquisition failed in a Phase 3 trial, Pfizer Announces Topline Phase 3 Results for Sigvotatug Vedotin in Previously Treated Metastatic Non-Squamous Non-Small Cell Lung Cancer (6/22/26); Pfizer’s first new ADC from Seagen buy fails ph. 3 NSCLC trial
Mesera: $7B excluding CVR; Pfizer Completes Acquisition of Metsera
Total: $345.66B
Has the Board learned anything from this history. No IMO. My grade for Pfizer's governance is an extremely generous F-.
The PFE average annual total return starting on 1/1/1999 through 8/26/2028 was 2.54%. Total return includes dividend reinvestment. DRIP Returns Calculator | Dividend Channel The PFE average annual total return over the past ten years through 8/26/26 was 3.05% compared to 15.26% for the S&P 500 ETF SPY, 33.3% for LLY, 12.3% for NVS, and 13.24% for MRK.
I treat this stock as a bond substitute which simply means that I am trying to harvest the dividends and to exit the position with at least a 2% annual gain on the shares.
Profit Snapshot: $82.3
Dividend: Quarterly at $.43 per share ($1.72 annually), last raised from $.42 effective for the 2025 first quarter payment. In the 2015 4th quarter, the quarterly dividend was $.28 per share. Note that the quarterly dividend was raised $.02 per share each year starting in 2019 through 2020. The increase thereafter has been $.01 per share. There was also a quarterly dividend slash effective for the second quarter of 2009. The stated reason was to help Pfizer pay for its $68B acquisition of Wyeth. This is what I had to say in 2009 about that acquisition: Pfizer: Wyeth acquisition as more proof of Pfizer's failures (1/25/2009)
PFE Stock Dividend History & Date | Seeking Alpha
Last Ex Dividend: 7/24/26
Last Earnings Report (Q/E 6/30/26):
Revenues: $15.034, up from $14.653B.
GAAP E.P.S. ($.04)
Includes a $4.3B non-cash intangible asset impairment
"The amounts for the second quarter and first six months of 2026 represent intangible asset impairment charges composed of: (i) $3.8 billion in impairments of in-process research and development (IPR&D) assets, associated with a Phase 3 study for sigvotatug vedotin for the second line treatment of metastatic non-squamous non-small cell lung cancer, reflecting unfavorable clinical trial results, and (ii) $525 million for Oxbryta (voxelotor) developed technology rights, after engaging with the FDA in July 2026 to discuss their assessment of data and analyses, and it was determined there was no viable pathway to return Oxbryta to the market in the U.S. The amount for the first six months of 2025 primarily represented an intangible asset impairment charge of $210 million for a Phase 2 indefinite-lived out-licensed asset that was discontinued by our out-licensing partner." Page 16 (emphasis added)
Non-GAAP E.P.S. $.77, up from $.76
Reconciliation:
Second Quarter Revenues by Product:
Some Sell Discussions: Item # 3.E. Eliminated PFE in Schwab Account - Sold 9 at $29.28 (5/24/24 Post)(profit snapshot=$187.81); Item # 1.E. Eliminated PFE in 2 Accounts: Sold 7 at $41.26 and 3+ at $41.29 (3/6/23 Post)(profit snapshot = $48.92; snapshots of prior realized gains over $100, staring in 2006, can be found in that post.); Item # 3.J. Sold PFE Shares Bought with Dividends at $51.714 and at $60.93 (12/16/21 Post); Item # 2.M. Sold 6 at $36.69 (11/28/20 Post)(profit snapshot = $43.6); Item # 4.A. Sold Remaining 33 PFE shares at $33.44 (8/13/2017 Post)(profit snapshot = $90.67); Item # 3.A. Sold 100 PFE at $34.03 (7/13/17 Post)(profit snapshot = $143.42); Item # 3.A. Sold 100 PFE at $34.65 (3/13/17 Post)(profit snapshot = $235.86); Item # 1 Sold: 100 PFE at $31.68 (5/17/14 Post)(profit snapshot = $282.12) Buy discussions are linked in those posts.
Analyst Reports (available to Schwab customers)
Morningstar (8/4/26): 4 stars with a fair value estimate of $32, medium uncertainty and a narrow moat.
S&P (8/4/26): 3 stars with a 12 month price target of $27 lowered from $28 after the second quarter results.
Argus (8/3/26): Buy with a $35 price target.
Goal: I will declare victory when and if I can exit a PFE position after harvesting multiple dividends and selling the stock for a 2% or higher annual profit gain.
B. Pared APA - Sold 5 at $40.83:
Quote: APA Corp (US) (APA) at Google Finance
Proceeds: $204.15
"APA Corporation owns consolidated subsidiaries that explore for and produce oil and natural gas in the United States, Egypt and the United Kingdom and that explore for oil and natural gas offshore Suriname and elsewhere."
The stock has benefited from the Iran War.
APA Detailed Earnings Estimates - Zacks.com
Last Discussed: Item # 4.C. Pared APA - Sold 3 at $40.9 (3/30/26 Post)(profit snapshot = $31.8); Item # 2.C. Pared APA - Sold Highest Cost 5 Share Lot at $32.86 (3/16/26 Post)(profit snapshot = $19.8)
Last Elimination: Item # 2.A. Eliminated Duplicate Position in APA - Sold 22 at $25.35 (10/4/25 Post)(profit snapshot = $114.99)
Website: Home | APA Corporation
Profit Snapshot: $54.15 (8/14/26 sale only)
New Average cost per share: $25.6 (40+ shares)
 |
| Snapshot Intraday 8/14/26 after pare |
Reduced from $26.09.
Dividend: Quarterly at $.25 per share
APA Dividend History & Date | Seeking Alpha
Yield at $25.6: 3.9%
Last Ex Dividend: 7/22/26
Last Earnings Report (Q/E 6/30/26):
SEC Filed Earnings Press Release
Comparisons are to the 2025 second quarter.
Revenues: $2.373B, up from $2.178B
Net Income: $747M after deducting $80M of net income from a noncontrolled interest, up from $603M after a $62M deduction.
E.P.S. $2.11, up from $1.67
Non-GAAP E.P.S. of $1.89 with the consensus at $1.87 per Schwab.
"Reported production of approximately 410,000 barrels of oil equivalent (BOE) per day; adjusted production, which excludes Egypt noncontrolling interest and tax barrels, was 347,000 BOE per day and exceeded guidance"
Production Numbers:
Free cash flow: $738M, up from $134M.
Analyst Reports (available to Schwab customers):
S&P (8/10/26): 3 stars with a 12 month PT of $39. Notes that Surname project is currently expecting first oil production in mid-2028 with 220,000 barrels per day when reaching commercial production status.
Argus (8/18/26): Buy with a $46 price target. The analyst raised the 2025 E.P.S. estimate to $6.46 from $6.43 and the 2027 E.P.S. estimate to $4.66 from $4.09.
C. Eliminated FIBK - Sold 5 at $39.15:
Quote: First Interstate Bancsystem Inc (FIBK) at Google Finance
Proceeds: $195.75
"First Interstate BancSystem, Inc. is a financial and bank holding company focused on community banking. Incorporated in 1971 and headquartered in Billings, Montana, the Company operates banking offices, including detached drive-up facilities, in communities across Colorado, Idaho, Iowa, Missouri, Montana, Nebraska, Oregon, South Dakota, Washington, and Wyoming, in addition to offering online and mobile banking services."
Investment Category: Regional Bank Basket Strategy
Last Discussed: Item # 1.Q. Restarted FIBK Again - Bought 5 at $23.9 (4/13/25 Post)
Profit Snapshot: $76.25
Dividend: Quarterly at $.47 per share, last raised from $.41 effective for the 2022 4th quarter payment.
FIBK Stock Dividend History & Date | Seeking Alpha
Last Ex Dividend: 8/4/26
Last Earnings Report (Q/E 6/30/26):
Comparisons are to the 2025 second quarter.
E.P.S. = $.87, up from $.69
Sold 11 branches in Nebraska during the quarter for a gain of $19.5M.
NIM (FTE): 3.48%, up from 3.32%
Charge off ratio: .27%, up from .14%
Coverage ratio: 114.9%
NPL Ratio: 1.11% (high IMO but not yet concerning)
ROTE: 15.43%, up from 13.01%
Tangible Book value per share: $22.47, up from $21.29.
Prior Sell Discussions: Item # 3.H. Eliminated FIBK - Sold 10 at $33.9 (11/21/24 Post)(profit snapshot = $99.45); Item # 2.C. Sold 51+ FIBK at $19.33 (3/25/13 Post)(profit snapshot $175.18)
FIBK Realized Gains to Date: $403.92 (includes realized gain in ROTH IRA account that was not discussed here)
D. Eliminated TRIN - Sold 20 at $18.11:
Quote: Trinity Capital Inc (TRIN) at Google Finance - Externally Managed BDC.
Proceeds: $362.22
Investment Category: Monthly Income Generation
Last Discussed: Item # 1.E. Added to TRIN - Bought 10 at $13.99 (9/19/24 Post); Item # 4.C.Bought 10 TRIN at $13.59 (6/24/2023 Post)
Profit Snapshot: $86.42
Dividends: Monthly at $.17 per share
TRIN Dividend History & Date | Seeking Alpha
Last Ex Dividend: 8/14/26
Net Asset value per share history:
6/30/26: $13.47 (NII per share at $.51)
12/31/25: $13.42
12/31/24: $13.35, SEC Filed Press Release for the Q/E 12/31/24 with NII per share at $.58
12/31/23: $13.09, SEC Filed Press Release for the Q/E 12/31/23 with NII per share at $.57
3/31/23: $13.07
12/31/22: $13.15
Part of the net asset value per share decline in 2022 was due to the payment of $.60 per share in special dividends.
12/31/21: $16.40
IPO: $14 per share (January 2021) Prospectus
While maintaining a stable net asset value starting in 2022, NII per share started to drift down after the FED started to cut the FF rate in September 2024. Unlike many BDCs, TRIN is not incinerating capital and its stock does not deserve a large discount to net asset value per share like those BDCs that do. I do not believe the net asset value per share and NII per share history deserves a premium price either.
Last Earnings Report (Q/E 6/30/26):
NII per share: $.51
Net asset value per share: $13.47 (market price is at a significant premium to this net asset value per share)
"As of the end of the second quarter, loans to four portfolio companies and equipment financing to one portfolio company were on non-accrual status with a total fair value of approximately $18.7 million, or 0.8% of the Company’s debt investment portfolio at fair value."
Company estimates of credit risks:
Goal: With all BDC stocks, the goal is simply to earn any return in excess of the dividend yield.
E. Eliminated Duplicate Position in MDT - Sold 3 at $92.53:
Proceeds: $277.91
MDT Detailed Earnings Estimates - Zacks.com
Investor Relations | Medtronic - Overview
2 Year Chart: Bear Market Pattern after double top formation near $106 in 11/2025 and 2/2026.
Investment Categories: Contrarian value at my last purchase prices and dividend growth. MDT is a dividend aristocrat. Dividend Aristocrats In Focus: Medtronic
The diabetes business has been separated into a separate company, called MiniMed Group Inc. (MMED); MiniMed announces pricing of initial public offering - Mar 5, 2026 The public IPO price was at $20. Prospectus
Last Discussed: Item # 5.D. Added to MDT in Fidelity Account - Bought 1 at $75.53 (6/4/26 Post)(discussed the earnings report for the F/Q ending 4/24/26, SEC Filed Press Release); Item # 3.D. Added to MDT in Schwab Account - Bought 5 at $77 (5/15/26 Post)
Profit Snapshot: +$49.32
Dividend: Quarterly at $.72 per share ($2.88 annually), last raised from $.71 effective for the 2026 second quarter payment. (1.41% increase)
MDT Dividend History & Date | Seeking Alpha
Given my age and average life expectancy, I have to look at other factors in addition to the consecutive years of dividend increases. Those are (1) the current yield is relatively low for new purchases; (2) the rate of dividend growth has slowed down from a 4 or 5 cent quarterly dividend increase to 1 cent which becomes far more important given my age and (3) the percentage increases are likely to be below the average annual inflation rate prior to an adjustment for taxes IMO.
Last Ex Dividend: 6/26/26
Next Ex Dividend: 9/25/26
Remaining Taxable Account Position: 20 shares in my Schwab account with an average cost per share at $75.85:
 |
| Snapshot Intraday on 9/1/26 |
Last Earnings Report (Q/E 7/31/26): Released earlier today (9/1). This is for the first fiscal quarter of the 2027 fiscal year.
My initial reaction is a positive one.
Comparisons are to the Q/E 7/25/25:
Revenues: $9.756B, up from $8.578B
Diluted GAAP E.P.S. $1.14, up from $.81.
Non-GAAP E.P.S. $1.45, up from $1.26
The consensus non-GAAP was $1.39.
Reconciliation:
Free cash flow: $1.29B, up from $584M
Revenues by Product Category:
Guidance: "The company today raised its FY27 organic revenue growth and EPS guidance. The company raised its FY27 organic revenue growth guidance to 7.25% to 7.75%, an increase from the prior guidance of 6.75% to 7.25%. The company also raised its FY27 diluted non-GAAP EPS guidance to the new range of $5.94 to $6.00 versus the prior $5.90 to $6.00. This guidance includes an estimated neutral to 1% accretive impact from foreign currency exchange based on recent rates."
Morningstar (6/4/26): 4 stars with a fair value estimate of $112, medium uncertainty and a narrow moat.
S&P (8/22/26): 3 stars with a 12 month price target of $83
Argus (6/15/26): Buy with a $115 target price, noting the company has raised its dividend for 49 consecutive years.
MDT Realized Gains to Date: $2,111.4.72 Of that amount, $1,797.69 was realized from sales in 2011 and 2014, see snapshots in Item # 3.D. (5/15/26 Post Recent profits have been small trading gains. E.G. Item # 2.I. Pared MDT - Sold 5 at $90.05 (7/15/25 Post)(profit snapshot = $45.05); Item # 3.A. Pared MDT - Sold 5 $86.06 (7/3/25 Post)(profit snapshot = $37.81); Item # 4.E. Eliminated Duplicate Position in MDT - Sold 4 at $89.79 (8/29/24 Post)(profit snapshot = $38.9)
F. Eliminated Duplicate Position in WEN - Sold 19+ at $8.81:
Quote: Wendy's Co (WEN) at Google Finance
Proceeds: $173.9
WEN Detailed Earnings Estimates - Zacks.com
Investment Category: Lottery Ticket Basket
Last Buy Discussion: Item # 1.A. Added to Falling Knife WEN in Schwab Account - Bought 10 at $7.78; 10 at $7.65 (2/4/26 Post)
After this transaction, Reuters reported that Nelson Peltz's Trian Fund was not pursuing, at this time, a takeover which prompted a 13.46% price decline last Thursday (8/27/26). Wendy's Take-Private Deal Is Off — For Now - Wendy's - Benzinga, citing the Reuter's article. The stock rose some last Friday. The leak to Reuters may be a negotiating ploy to secure a better price or discussions may have ended altogether with no current plan to restart.
I view Wendy's to be a potential turnaround, but I have not any evidence of that taking place yet.
Profit Snapshot: $30.54 (8/19/26 sale only)
4. Corporate Bonds: Bought 19, Sold 4
A. Bought 2 Abbvie 3.775% SU Maturing on 3/3/28 at a Total Cost of 99.168 - Vanguard Account:
.png)
Issuer: AbbVie (ABBV) at Zacks
Cost: $1,983.36
ABBV Detailed Earnings Estimates - Zacks.com
ABBV SEC Filed Earnings Press Release for the Q/E 6/30/26
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A2/A-
YTM at Total Cost: 4.341%
Current Yield at TC: 3.807%
I now own 4.
Last Bond Offering (8/26): Prospectus
The proceeds will be used to fund the purchase of Apogee Therapeutics, a clinical stage drug company, see prospectus at page S-2.
B. Bought 2 Abbive 4.25% SU Maturing on 11/14/28 at a Total Cost of 99.587 -Fidelity Account:
%204.25%25%20.png)
Cost: $1,991.74
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A2/A-
YTM at Total Cost: 4.444%
Current Yield at TC: 4.268%
In the past, I took snapshots from the pending section which now shows the limit price but the fill price is shown at zero:
C. Bought 1 Entergy Texas 5.25% First Mortgage Bond Maturing on 5/15/35 at a Total Cost of 98.852 - Vanguard Account:
%204:15:35%20V.png)
Issuer: One of the wholly owned operating subsidiaries of the utility holding company Entergy (ETR)
Cost: $988.52
Entergy Texas Results:
 |
| 10-Q at page 166 |
Prospectus (2/25)
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A3/A
YTM at Total Cost: 5.417%
Current Yield at TC: 5.311%
I now own 6.
D. Bought 2 Waste Connections 4.25% SU Maturing on 12/1/28 at a Total Cost of 99.321 - Fidelity Account :
%20.png)
Issuer: Waste Connections, Inc (WCN) at Google Finance - Waste Disposal
Cost: $1,986.42
Filled on 8/20/26
WCN Detailed Earnings Estimates - Zacks.com
Waste Connections Reports Second Quarter 2026 Results and Raises Full Year Outlook (Revenue of $2.562B with net income reported at $296.4M)
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A3/BBB+
YTM at Total Cost: 4.56%
Current Yield at TC: 4.279%
I now own 4.
Last Discussed: Item # 4.C. Bought 2 Waste Connections 4.25% SU Maturing on 12/1/28 at a Total Cost of 99.635 (7/21/26 Post)(YTM then at 4.41%)
E. Bought 2 Ventas Realty LP 4.4% SU Maturing on 1/15/29 at a Total Cost of 99.27:
%204.4%25%201:15:29%20.png)
Issuer: Operating Entity for the REIT Ventas Inc (VTR), a S&P component, who guarantees the note. Prospectus
Cost: $1,985.4
Filled on 8/21/26.
SEC Filed Financial Report for the Q/E 6/30/26
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa1/BBB+
YTM at Total Cost: 4.724%
Current Yield at TC: 4.432%
I now own 4.
Last Discussed: Item # 3.C. Bought 2 Ventas LP 4.4% SU Maturing on 1/15/29 at a Total cost of 99.9 (5/2/26 Post)(YTM then at 4.437%)
F. Bought 2 Kroger 5% SU Maturing on 9/15/2034 at a Total Cost of 96.794:
%209:15:34%205%25%20.png)
Issuer: The Kroger Co. (KR) - Zacks A major U.S. grocery store chain.
Filled on 8/21/26
Total Cost: $1,935.88
KR Detailed Earnings Estimates - Zacks.com
SEC Filed Earnings Press Release for the Q/E 5/23/26 (Revenues of $46.141B with net income reported at $903M).
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa1/BBB
YTM at Total Cost: 5.497%
Current Yield at TC: 5.166%
I now own 6 including 2 purchased in a RI account.
G. Bought 1 Prologis LP 4.375% SU Maturing on 2/1/29 at a Total Cost of 99.525:
Issuer: Operating Entity for Prologis (PLD)
Cost: $995.25
PLD SEC Filed Report for the Q/E 6/30/26
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A2/A
YTM at Total Cost: 4.582%
Current Yield at TC: 4.396%
H. Bought 2 Duke Carolinas 3.95% First Mortgage Bond Maturing on 11/15/28 at a Total Cost of 98.808:
%20IB%20.png)
Issuer: One of the operating companies of the utility holding company Duke Energy Corp (DUK)
Cost: $1,976.16
DUK SEC Filings
Duke Carolinas 2nd Q Results:
 |
| 10-Q at page 15 |
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Aa3/A
YTM at Total Cost: 4.517%
Current Yield at TC: 4%
I now own 8.
I. Bought 2 Clorox 4.4% SU Maturing on 5/1/29 at a Total Cost of $99.229:
%204.4%25%205:1:29%20.png)
Issuer: Clorox (CLX) at Zacks
Cost: $1,984.58
Filled on 8/25/26
SEC Filed Earnings Press Release for the Q/E 6/30/26
CLX Detailed Earnings Estimates - Zacks.com
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa1/BBB
YTM at Total Cost: 4.707%
Current Yield at TC: 4.434%
I now own 4.
J. Bought 1 RELX Capital 4% SU Maturing on 3/18/29 at a Total Cost of 98.476:
%204%25%203:18:29%20.png)
Issuer: Wholly owned subsidiary of RELX PLC (RELX) who guarantees the notes.
Cost: $984.76
RELX Detailed Earnings Estimates - Zacks.com
RELX SEC Filed Semiannual Report for the period ending 6/30/26
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A3/A-
YTM at Total Cost: 4.638%
Current Yield at TC: 4.062%
K. Bought 2 EBAY 4.25% SU Maturing on 3/6/29 at a Total Cost of 99.027:
%203:6:29%204.25%25%20.png)
Issuer: eBay (EBAY) at Zacks
Cost: $1,980.54
EBAY Detailed Earnings Estimates - Zacks.com
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa1/BBB+
YTM at Total Cost: 4.662%
Current Yield at TC: 4.292%
I now own 4.
L. Sold 4 EBAY 3.6% SU Maturing on 6/5/27 at 99.252, net of 99.152 after Commission:
Issuer: See Item # 4.K. above.
Principal Proceeds: $3,966.08
Accrued Interest Received from Buyer: $29.6
As discussed above, this was a mistake. Rather than buying back these 4 bonds, I decided to purchase 2 of the 4.25% SU maturing in 2029.
5. Treasury Bills Purchased at Auction:
A. Bought 5 Treasury Bills at the 8/26/26 Auction:
119 Day Bills:
Mature on 12/29/26
The next 4 month T Bill auction with have a January 2027 maturity.
Interest: $61.98
Taxable in 2026.
Investment Rate: 3.85%
B. Bought 10 Treasury Bills at the 8/31/26 Auction:
%203:4:27%20.png){kind=small}
182 Day Bills
Matures on 4/4/27
Interest: $196.41
Investment Rate: 4.018%
C. Bought 5 T Bills at the 9/2/26 Auction:
%2012:3:26%20.png){kind=small}
Mature on 12/3/26
Interest: $47.65
Investment Rate: 3.859%
6. Small Ball Stock Buys:
A. Restarted SBSI - Bought 5 at 32.3; 5 at $31.5:
 |
| Snapshot Includes Prior 2026 Sales |
Quote: Southside Bancshares (SBSI) at Zacks
Cost: $319
"Southside Bancshares, Inc. is a bank holding company with approximately $8.76 billion in assets as of June 30, 2026, that owns 100% of Southside Bank. Southside Bank currently has 55 branches in Texas and operates a network of 71 ATMs/ITMs."
Last Discussed: Item # 1.A. Eliminated SBSI - Sold 20 at $35.1 (7/1/26 Post)(profit snapshot = $161.82)
Investment Category: Regional Bank Basket Strategy
SBSI Detailed Earnings Estimates - Zacks.com As of 8/25/26, the 2026 average E.P.S. estimate was at $3.24 and at $3.18 in 2027.
Last Buy Discussion: Item # 1.F. Added to SBSI - Bought 5 at $27.3; 5 at $26.65 - Schwab Account (10/18/25 Post)
Average cost per share: $31.9 (10 shares)
Dividend: Quarterly at $.37 per share ($1.48 annually), last raised from $.36 effective for the 2026 third quarter payment. The prior raise was from $.35 effective for the 2024 first quarter. In the 2016 third quarter, the rate was at $.24.
SBSI Stock Dividend History & Date | Seeking Alpha
Yield at AC per share: 4.64%
Last Ex Dividend: 8/20/26 (owned 5 as of)
Last Earnings Report (Q/E 6/30/26):
There was a negative investor reaction to this report. The likely source IMO was a decline in the net interest margin.
Comparisons are to the 2025 second quarter.
E.P.S. $.90, up from $.72
NIM: 2.9%, down from 2.95% and down from 3.01% in the 2026 first quarter.
Efficiency Ratio: 52.96%, down from 53.7% (both good IMO, down is better for this ratio)
NPL Ratio: .19%, up from .11% (both excellent IMO)
Charge off ratio: .03%, down from .08% (both excellent IMO)
Coverage ratio: 473.35% (existing allowance for credit losses to nonperforming loans)
ROTE: 16.09%, up from 14.38%
Tangible book value per share: $22.84, up from $20.1
I raised my consider to buy range slightly based on positive trends in the preceding financial metrics other than NIM.
2026 Sell Discussions: Item # 1.G. Pared SBSI Again - Sold 5 at $34.35 (5/9/26 Post)(profit snapshot = $31.55)(discussed 2026 first quarter report, SEC Filed Press Release); Item # 1.F. Pared SBSI - Sold Highest Cost 5 Shares at $33.22+ (4/18/26 Post)(profit snapshot = $23.78); Item # 1.L. Pared SBSI Again - Sold 2 at $33.34 - Highest Cost Lot (2/11/26 Post)(profit snapshot = $10.38); Item # 1.E. Pared SBSI - Sold 3 at $33.35 (2/4/26 Post)(profit snapshot = $11.38)
Realized Gains Prior to 2026 Greater than $90: Item # 3.F. Eliminated SBSI - Sold 5 at $37.51 (11/14/24 Post)(profit snapshot = $55.21); 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 # 3 Sold 107+ SBSI at $20.5 (7/18/11 Post)(profit snapshots = $208.69).
SBSI Realized Gains to Date: $906.13 (includes RI trades that were not discussed in posts)
B. Restarted TTI as a Lotto - Bought 10 at $6.79:
Quote: Tetra Technologies (TTI) at Zacks
Cost: $67.9
TTI "is an energy services and solutions company focused on developing environmentally conscious services and solutions that help make people's lives better. With operations on six continents, the Company's portfolio consists of Energy Services, Industrial Chemicals, and Critical Minerals. In addition to providing products and services to the oil and gas industry and calcium chloride for diverse applications, TETRA is expanding into the low-carbon energy market with chemistry expertise, key mineral acreage, and global infrastructure, helping to meet the demand for sustainable energy in the twenty-first century."
The company operates in 2 business segments:
Investment Category: Lottery Ticket Basket
TTI Detailed Earnings Estimates - Zacks.com As of 8/24/26, the 2026 average E.P.S. estimate was at $.26 and at $.39 in 2027.
Dividend: None and none expected.
Recent Material News TETRA Technologies, Inc. Announces Pricing of Public Offering of Common Stock Sold 10,810,811 shares, excluding the underwriters' greenshoe option, at $9.25 with proceeds to TTI at $8.74125 per share or $94.5M. Prospectus The underwriters exercised that option for 1,621,621 additional shares which generated approximately $15M in gross proceeds. SEC Filing
The proceeds will be used to partially fund the construction of a bromine project in Arkansas. Tetra Board Approves Construction of Arkansas Bromine Production Facility (5/28/26)(Brady Murphy, President and Chief Executive Officer: "This investment will secure a long-term, low-cost domestic supply of elemental bromine – the critical feedstock for our deepwater completion fluids and TETRA energy storage electrolyte products. By becoming vertically integrated, we would achieve bromine costs consistent with a fully integrated solution and provide long-term U.S.-based supply security in a highly concentrated market.") I do not have a clue on whether or not this will be a good investment.
Last Earnings Report (Q/E 6/30/26):
Revenues: $185.657M, up from $173.872M
GAAP E.P.S. = $.07, up from $.06
Adjusted E.P.S.: $.08
Reconciliation:
Prior Trades:
Last Round Trip: Item # 2.B. Eliminated TTI - Sold 20 at $5.67 (10/18/25 Post)(profit snapshot = $34.47)-Item # 3.L. Restarted TTI - Bought 20 at $3.95 (8/19/25 Post)
Other Round Trip Discussions: Item # 1.C. Sold 50 TTI at $9.97 (2/25/13 Post)(profit snapshot = $179)- Bought 50 TTI at $5.98 (10/16/12 Post)
I had one elimination that was not discussed:
 |
| 2015 TTI 50 Shares +$80.76 |
C. Added to CSR - Bought 2 at $53:
Quote: Centerspace (CSR) at Zacks - A Mini-Cap Apartment REIT
Cost: $106
Corporate Profile — Centerspace
New average cost per share: $55.29 (12 shares)
 |
| Snapshot Intraday on 8/27/26 after add |
Dividend: Quarterly at $.77 per share ($3.08 annually)
CSR Dividend History & Date | Seeking Alpha
Yield at $55.29: 5.57%
Last Ex Dividend: 6/30/26
Last Earnings Report (Q/E 6/30/26): I discussed this report in a recent post: Item # 5.B. Added to CSR - Bought 1 at $55.55; 2 at $54.5 (8/11/26 Post); SEC Filed Press Release I also summarized in that post this recent material development: Centerspace Announces Outcome of Strategic Review; $245 Million of Planned Dispositions (6/1/26)
D. Added to Falling Knife NKE - Bought 1 at $38.6:
Quote: NIKE (NKE) at Zacks
NKE Detailed Earnings Estimates - Zacks.com
SEC Filed Annual Report for the Fiscal Year Ending 5/31/26
Chart: Major Bear Market Pattern
New Average cost per share: $41.88 (6 shares)
Reduced from $42.53
Dividend: Quarterly at $.41 per share ($1.64 annually)
NKE Dividend History & Date | Seeking Alpha
Yield at $41.88: 3.916%
Last Ex Dividend: Today, 9/1/26
Last Earnings Report (Q/E 5/31/26): I discussed this unfavorable report in a recent post: Item # 5.C. Added to NKE - Bought 1 at $40.98; 1 at $39.46 (8/25/26) ; SEC Filed Earnings Press Release I mentioned there that NKE was in a deep rut with no clear path to earnings growth.
Purchase Restriction: 1 or 2 share lots with each purchase required to be at the lowest price in the chain. The current maximum position is just 10 shares based on my estimated risk/reward balance taking into account my personal financial objectives.
7. Treasury Notes Purchased at Auction:
With treasury notes purchased at auction, I may buy more in the secondary market when the price goes down and the yield up.
Yield on short term treasury notes rose after these purchasers in response to hawkish comments made by the Fed Chairman last Friday 9/28/26.
Warsh: "But on the price-stability side of our mandate, the numbers are more concerning. The Fed's preferred measure of inflation, the 12-month change in the PCE price index, stands at 3.7 percent, while the six-month change is 4.1 percent. The comparable measures from the consumer price index (CPI) are also elevated, as are the core measures of both PCE and CPI inflation. None of these measures are perfect, but they all tell a similar story: Inflation is running above our 2 percent target. So the Fed's predominant focus right now should be on prices. . . Here is my standard: We must be confident that underlying inflation is moving to our objective, clearly and at sufficient speed. Otherwise, we have work to do."
A. Bought 5 T Notes at the 8/25/26 Auction - 2 Accounts:
 |
| Schwab Account (2) |
%204.125%25%208:31:28%20V%20.png) |
| Vanguard Account (3) |
2 Year Treasury Notes
Matures on 8/31/28
Coupon: 4.125%
OID: $7.5 (difference between par value and prices paid, included in YTM)
YTM: 4.204%
Priced at 99.85
B. Bought 1 T Note at the 8/26/26 Auction:
%204.375%25%208:31:31.png){kind=small}
Matures on 8/31/31
Coupon: 4.375%
OID: $.80
YTM: 4.393%
8. Treasury Notes Purchased in Secondary Market:
A. Bought 1 T Note 4.125% Coupon Maturing on 7/15/29 at 99.546:
%207:15:29%204.125%25%20.png){kind=small}
YTM at 4.293%
Filled 8/27
Cost: $995.46
B. Bought 1 T Note 4.125% Coupon Maturing on 6/15/29 at 99.54:
%204.125%25%206:15:29%20F.png)
YTM at 4.294%
Filled 8/28
Cost: $995.4
C. Bought 1 T Note 4.25% Coupon Maturing on 1/15/28 at 99.941:
%204.25%25%201:15:28%20.png)
YTM: 4.291%
Filled on 8/28
Cost: $999.41
I now own 2.
D. Bought 1 Treasury 4% Coupon Maturing on 2/29/28 at $99.578:
YTM: 4.293%
Filled on 8/28
Cost: $995.78
9. Cash Flow into Fidelity Account on 9/1/26:
Redemptions: $13,000
2 of the Entergy bonds were owned in my Vanguard account.
I also owned 5 treasury bills in my Schwab account that matured on 9/1/26. The proceeds will probably be used to buy the 4 month T Bill that will be auctioned on Wednesday:
Interest and Dividends:
Tennessee Municipal Bond Interest: $559.38
Dividends: $50.5
All of the bonds have $1,000 par value except for the exchange traded first mortgage bonds ELC and EAI that have $25 par values.
10. August 2026 EBAY Auction: 3 Cards:
I did not calculate the net proceeds to me. Item #9 (8/18/26 Post) In that post, I calculated the net proceeds to me at $1,540. I received $1,605.87:
The prices for my vintage baseball cards seems high to me which I why I started to sell them this year. This is a niche alternative investment category for me.
2026 to Date Net Proceeds to me after commissions: $7,606.68. Of that total, $3,469.73 originated from a 1954 Hank Aaron rookie card that was graded at 2.5 by SGC. The last auction price in a 9 PSA grade was $600,000. 1954 Topps Henry Aaron
I will do one more auction this year and several next year.
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.
