Sunday, January 29, 2017

Observations and Sample of Trades ( RVT, PYT, TGHA, IDE): 1/29/2017 /The GOP and First Amendment Conservative Values

President Trump and the Alleged Rampant Voter Fraud That Cost Him the Popular Vote:  

The Orange King, possibly a direct lineal descendant of the Sun King, is certain that 3 or 4 million voted illegally for Hillary, relying on the work of someone called Greg Phillips who purports to have the names of 3 million people who voted illegally in the last election. 

Phillips was questioned by Andrew Cuomo about his findings. Possible source of Trump's mass voter fraud claim says proof is on the way - I would recommend viewing that interview after putting your ideology in your pocket and viewing this cross examination as you would as a juror during trial. Is Phillips remotely credible? 

He is just a guy, who worked in the 1980s and 1990s in the Mississippi and Alabama republican parties who has an organization somewhere called VoteStand. Maybe that is an just an APP that can be downloaded by disgruntled white men who discover illegal voting by non-white people at elections. 

He has been making this claim, which Trump accepts as true, without providing anyone with proof.

NBC has some of this tweets from Mr. Phillips: 

No matter what Obama or anyone else says, the only entity that hacked election systems was Obama's Department of Homeland Security." 

"The most tyrannical result of Obama's eight years was weaponization of Government against the people."


True Believer? 


Birds of a feather flock together? I will answer that one. Yes they do. 

I can see why the Orange King finds him so appealing and trustworthy. 

I would also recommend reading the transcript of David Muir's interview with Trump. 

Here are two excerpts: 

Quotes From Interview

"DAVID MUIR: Do you think that that talking about millions of illegal votes is dangerous to this country without presenting the evidence?
PRESIDENT TRUMP: No, not at all.
PRESIDENT TRUMP: Not at all because many people feel the same way that I do. And ...
DAVID MUIR: You don't think it undermines your credibility if there’s no evidence?

PRESIDENT TRUMP: No, not at all because they didn't come to me. Believe me. Those were Hillary votes. And if you look at it they all voted for Hillary. They all voted for Hillary. They didn't vote for me. I don't believe I got one. Okay, these are people that voted for Hillary Clinton. And if they didn't vote, it would've been different in the popular." (emphasis added)
DAVID MUIR: What you have presented so far has been debunked. It's been called ...
DAVID MUIR: ... false.
PRESIDENT TRUMP: No, it hasn't. Take a look at the Pew reports.
DAVID MUIR: I called the author of the Pew report last night. And he told me that they found no evidence of voter ...
DAVID MUIR: ... fraud.
PRESIDENT TRUMP: Really? Then why did he write the report?
DAVID MUIR: He said no evidence of voter fraud.
PRESIDENT TRUMP: Excuse me, then why did he write the report?
PRESIDENT TRUMP: According to Pew report, then he's -- then he's groveling again. You know, I always talk about the reporters that grovel when they wanna write something that you wanna hear but not necessarily millions of people wanna hear or have to hear."
End of Quotes: 
Trump is certain that (1) three to five million votes were cast illegally; (2) everyone one of those votes went to Hillary; and (3) the author of the Pew report has changed his tune and is now groveling again. 
By the way, among the people registered in two states are Steve Bannon (Trump's close advisor), Trump's son-in-law Jared Kushner (Chief Guru), Trump's Press Secretary (the Alternate Fact Guy) and Trump's daughter Tiffany. Trump is certain that every single person who is registered in two states voted for Hillary. Proof is no longer necessary before a U.S. President makes that kind of statement. Perhaps his investigation into voting fraud needs to dig deep into whether or not his inner circle are sleeper agents of the vast Left-Wing Creeping Socialism Conspiracy by voting for Hillary.   
What does this tell you about Trump? 

Does it suggest that he is even capable of exercising good judgment after gathering the facts or is he perpetually engaged in his own reality creations? 

Again, look at it as a juror performing their duty to reach the right verdict.  

‘Up Is Down’; Black is White; Lies are True; True is False; Make America Great Again= Newspeak

Who Is Gregg Phillips, the Man Trump Name-Checked to Prove Voter Fraud? - NBC News

Fact-check: Did 3 million undocumented immigrants vote in this year's election? | PunditFact

The Houston Chronicle has an interesting story about Mr. Phillips, Trump's voting fraud source, that was published in 2005.

I have # hired thousands of researchers to look into Trump's claim that it won the popular vote. After an exhaustive study and having access to a huge database containing all pertinent records, my researchers first found that Trump actually won California by 5 million votes before even considering the 1.5 million votes cast by non-citizens (or "people who are not angry white people") for Hillary (and we know those votes were all cast for Hillary by examining each and every secret ballot available on the internet). We have pictures of non -white election officials with purple hair and rings in their noses dumping Trump votes into the Pacific Ocean which accounts for the disparity in the vote count. In due time, we will provide the press with all of evidence as soon as it is ready for public dissemination. We have to check all of our facts and figures first before providing the evidence on this matter. (# Alternate Facts)

And now we have Jeff Sessions, who has already reached the same conclusion as Trump without any evidence (remember-no longer required), leading an inquiry into voter fraud demanded by Trump because he lost the popular vote and he will not accept it. 2016 National Popular Vote Tracker (Final) We can all rest assured that Jeff Sessions has our back and will go that extra mile to protect and defend civil and constitutional rights.
 Can't we?  

There is certainly reason for True Conservatives, the antithesis of the Modern Day GOP, to be concerned that this "investigation" is merely a pretext for GOP controlled states to pass more restrictive voter laws in order to suppress non-whites from voting. 

When Trump and other GOP tribe members identify where this massive voting fraud occurs, needless to say they omit any reference to white rural America, overwhelmingly filled with the 62.979+M Trump voters, but refer only to geographic areas where there are high concentrations of non-white voters.  

What is this really about? 

I just call balls and strikes as I see them and others can draw their own conclusions. IMO, the evidence supports only one conclusion.   

For a long time now, the GOP has been engaged in a transparent attempt to undermine and discredit institutions essential for the proper functioning of a Democracy in order to acquire and maintain political power. Trump has simply increased those efforts in a more transparent and obvious way.  

Undermine the truth=Undermine Democracy. That should be Trump's slogan rather than Make America Great Again.   

Almost 63M adults voted for Trump and they knew exactly what kind of man they were putting in the Oval Office. 

Trump never tried to obfuscate who he was, like so many other politicians, and he is doing now and will continue to do what most, if not all of those 63M voters wanted him to do. 


The Party of Individual Liberty Stands Firm on Religious Freedom- Yes of Course We Love IT*  

(*Except for Muslims, other Non-White Religions or whatever angry and fearful white middle age men do not like)

The Tennessee GOP tribe members were up in arms a few years back when the Republican Governor Haslam hired for God's Sake One of Those Muslims trying to bring Sharia Law to Tennessee. Now don't get on me for that sentence. I am only a messenger here. 

Yes, that republican traitor hired a young lady by the name of Samar Ali, who was born in the middle of nowhere Waverly, TN and graduated with honors from Vanderbilt and its law school, as the international director in Tennessee's Economic Development Department.

Samar Ali ’06 (BS’03) | News | Law School | Vanderbilt University

Ms. Ali is now an attorney with the blue blood and white shoe Nashville law firm of Bass, Berry & Sims and had worked as a White House Fellow to assist in the fight against ISIS.

Republicans were certain that Ali and the Governor were trying to bring the Tennessee Economic Development Department into compliance with Sharia law, arguing that this young lady was an "agent of financial jihadists" She was in deep cover to be sure and where better to hide her than in Waverly. Anti-muslim website says Bill Haslam promotes the interests of radical Islamists | PolitiFact TennesseeTennessee Tea Partiers To GOP Gov: Stop Employing Muslims and Gays

The following linked article, published in the Nashville Scene, which quotes statements made by GOP tribe members, is instructive on their "thought" process: How Do You Solve a Problem Like Shari ... Look Out It's Behind You!

The republicans in my county even passed this resolution:

"Tennessee Governor Bill Haslam has elevated and/or afford [sic] preferential political status to Sharia adherents in Tennessee, thereby aiding and abetting the advancement of an ideology and doctrine which is wholly incompatible with the Constitution of the United States and the Tennessee Constitution,"

I am not making this up. Perhaps they need a grade school student to write their resolutions from now on. 

Being someone of a stickler for what the Constitution actually says, I would have to say that the Williamson County GOP resolution is wholly incompatible with the Constitution of the United States and the the Tennessee Constitution. (important to remain anonymous where I live)  

{Proof and facts do not matter. An accusation or allegation is the same as a fact. Just a more modern and less slick version of McCarthyism, named for Senator Joseph McCarthy (R).} 

To make matters far worse, the Governor had also hired one of Them Homosexuals too.

To make matters worse than worse, and how could any republican do this (unless he was a communist, Jihadist or even worse, a Democrat), Haslam vetoed a bill passed by the GOP controlled legislature that would have made the Bible the official book of Tennessee. The GOP representatives came so very close to overriding that traitor's veto, making Tennessee the first state to pass such a law. Bid to override Haslam veto of Bible as Tennessee book fails | Fox News 

The Supreme Court will soon get straightened out good and for a long time on this First Amendment separation of church and state nonsense. Soon enough, children in our schools will be bobbing their heads up and down reciting the bible, though there will still be a class on creationism and field trips to the Creation Museum where children can see Adam and Eve walking with the dinosaurs. A. A. Gill on Kentucky's Creation Museum | Vanity Fair
Creation Museum - Religion - The New York Times

Trump fits right into this mind set. And, I am not referring to the mind set of Tennessee's Governor.

Immigration EO and the Vetting Process: Try Waterboarding Immigrants?

While the vetting process for Syrian refugees averages 18 to 24 months, and Trump claims without of course any evidence that the existing process is insufficient, he has barred by Executive Order, effective immediately, anyone entering the U.S. from "terror" prone nations (i.e. 7 Muslim countries) for 90 days. Full text of Trump's executive order on 7-nation ban, refugee suspension -

Oddly, no American has been killed by an immigrant from those seven countries: 

Five Reasons Congress Should Repeal Trump’s Immigrant & Refugee Ban | Cato @ Liberty

Keep your huddled masses: Donald Trump gets tough on refugees | The Economist

Terrorism and Immigration: A Risk Analysis | Cato Institute ("Including those murdered in the terrorist attacks of September 11, 2001 (9/11), the chance of an American perishing in a terrorist attack on U.S. soil that was committed by a foreigner over the 41-year period studied here is 1 in 3.6 million per year.")

What I find interesting is that Saudi Arabia is not on that list. My memory is a bit foggy at times, but I can still remember that most of the 9/11 hijackers were from Saudi Arabia (15). 

The others were from Egypt (1), Lebanon (1) and the United Arab Emirates (2) who are not among those 7 countries either. 

I don't want to be a stickler here, but Bin Laden, the guy who put that plan in motion, was a rich Saudi, and there is some evidence that other powerful Saudis supported the attack. Just forget about that I suppose. 

September 11th Hijackers Fast Facts -

Claims of Saudi Role in 9/11 Appear Headed for Manhattan Court - The New York Times

Trump's EO on immigrations has the look of a law passed by the House and Senate and then signed by our Great Leader. Alas, that is no longer necessary.  Donald knows what is best for the country and over 62M U.S. citizens support him. 

Right Brain wanted to know what new measures are included in the GOP's new extreme vetting process that will identify those radical Islamic Terrorists.

Since Trump likes torture and approves of waterboarding (torture is an approved core GOP conservative value now), maybe his solution will be for the U.S. to waterboard every refugee seeking entry into the U.S. until we get the truth out of them.

The CIA can tell them that we will stop the waterboarding when they admit to being a terrorist.

That will prove that waterboarding works as a screening tool.

My suggestion is that the refugees might want to reconsider their requests for entry into the Land of the Free and just go to Canada or some other civilized nation where Reality Creations and Fear Mongering by Demagogues are not the Soup Du Jour. 

The Canada P.M. issued a statement responding to Trump that Canada will welcome Syrian refugees turned away from America by the GOP. World blasts Trump's refugee move, although some cheer it

Wonder and Worry, as a Syrian Child Transforms-The New York Times (reference is to a Syrian child now living in Canada)

After reading that article in the Times about Syrian refugees in Canada, I can understand why 41% of Americans want a wall built along the border with Canada.

Somehow, those Crazy Canucks found out about that poll and tried to make a big deal out it: 41% of Americans would support a wall on the Canadian border: poll - Trending - CBC News

What they have not heard -yet -is that the GOP will want Canada to pay for it. 

If the U.S. had won the Battle of Quebec (1775), the GOP would not have this Canadian problem now since Canada would be part of the U.S. Invasion of Quebec (1775) - Wikipedia

Canada (#) is letting those terrorists in without the proper vetting (i.e. waterboarding). Once the Mexican terrorist route is closed off, then they will flow in like locust from Canada. Of course, and this goes without saying, our southern wall will keep out the rapists, drugs (?) and child molesters who speak Spanish as well (# Warning: Reality Creations & Alternate Facts) 

I am sure glad that the drug flow into this country will soon end. Personally I do not use any, nor do I even drink alcoholic beverages. But those white drug users who voted for Donald might think twice about doing it again. You don't want to piss off too many white  voters, which is my advice to the GOP.  

A ship full of refugees fleeing the Nazis once begged the U.S. for entry. They were turned back. - The Washington Post (bad result from that U.S. action)

GOP's Religion Test for Immigration:

Jihadists are already using the GOP's Muslim ban in their propaganda campaign, so more than just Trump supporters are happy about the immigration EO.  Jihadist groups hail Trump’s travel ban as a victory - The Washington PostOfficials worry that U.S counterterrorism defenses will be weakened by Trump actions - The Washington Post

Maybe there are two republicans who view Trump's actions as a gift to Jihadists. Trump bashes McCain, Graham after they call travel ban ‘self-inflicted wound’ - MarketWatch

Trump has also suspended by Executive Order the U.S. Refugee Admissions program for 120 days when it will be reinstated only from countries (i.e. Not Muslim countries) where proper vetting can take place in Trump's judgment. (reference here is to Trump's cabinet, but I am going to shorten that to Trump himself for the sake of accuracy)

There is a a thinly veiled reference in the Order that gives preference to immigration by Christians. Trump signs executive order to keep out 'radical Islamic terrorists' -

This is the GOP's religious screening test, which they try unsuccessfully to hide for anyone with functioning brain cells, in the verbiage: 

"(e) Notwithstanding the temporary suspension imposed pursuant to subsection (a) of this section, the Secretaries of State and Homeland Security may jointly determine to admit individuals to the United States as refugees on a case-by-case basis, in their discretion, but only so long as they determine that the admission of such individuals as refugees is in the national interest -- including when the person is a religious minority in his country of nationality facing religious persecution, when admitting the person would enable the United States to conform its conduct to a preexisting international agreement, or when the person is already in transit and denying admission would cause undue hardship -- and it would not pose a risk to the security or welfare of the United States."

Question: Are Christians a religious minority in Muslim nations? 

Donald swears up and down this is not a Muslim ban. Trump defends order: 'It's not a Muslim ban' | TheHill

Rudy Giuliani says Trump tasked him to craft 'Muslim ban' - NY Daily News

Paul Ryan agrees with him. Neither Trump nor Ryan are conservatives. The GOP is not a conservative party. Stocks, Bonds & Politics: Paul Ryan is a Reactionary (Not a Conservative)-An Advocate of a Gilded Age Political Philosophy (8/15/12 Post)Stocks, Bonds & Politics: GOP's Plan To Bankrupt the Middle Class (7/15/2011 Post); Stocks, Bonds & Politics: What is the Appropriate Political Label (1/3/2009 Post); Stocks, Bonds & Politics: Radical Reactionaries (10/19/13 Post)Conservative or Delusional Reactionaries? (3/13/2010 Post)Stocks, Bonds & Politics: Accurate Information is Not a Side to an Issue/Lying Works In Politics (12/21/2008 Post)Stocks, Bonds & Politics: Is the Failure to Learn from History Consistent with Conservatism? (2/4/2009 Post); Stocks, Bonds & Politics: GOP and the Lochner Era (1/31/2009 Post)Stocks, Bonds & Politics:  Going to War Decisions: Conservative or Liberal vs. Competent or Incompetent? (12/28/2008 Post); Stocks, Bonds & Politics: Is Conservatism Consistent with Support of Bush's Enhanced Interrogation Techniques (4/23/2009 Post)Stocks, Bonds & Politics: Regulations and Conservatism (2/4/2009 Post)Stocks, Bonds & Politics: Ideology and Facts: Coexistence Not Allowed (12/22/2008 Post)Stocks, Bonds & Politics: "Conservative" ideologues: Blame it all on minorities (1/2/2009 Post)


Trump's extreme vetting for refugees? Already here

Trump says Syrian refugees aren’t vetted. We are. Here’s what we went through. - The Washington Post

Trump's 'extreme vetting' order sows seeds of panic - BBC News

Let's Send Our Home Grown White Male Terrorists To Syria-My Reverse Immigration Plan:  

I was wondering, though, whether we can ship our home grown terrorists to Syria.

The KKK and the American Nazi Party now have a strong voice in the White House that talks to the President daily.

But that started me wondering some more. 

Are White Nationalists that murder and terrorize U.S. citizens terrorists? 

I was under the impression that they were, but I am not into the latest "conservative" thoughts on these issues. 

White Nationalists, Racists, Sexists and Neo-Nazis are now "conservatives" apparently.  

I must have slept through their conversion and rebranding process, sort of a sleep that lasted twice as long as Washington Irving's Rip Van Wrinkle's somnolence. 

I did read over the weekend a report that the woman who accused a 14 year African American child, Emmett Till, of touching her (a capital offense), admitted that she lied. 

Emmett was taken from his home, some liberals would call that kidnapping, and beaten to death. 

His mother wanted the world to see what was done to her child and photos of the result can be found in numerous places. 

The white men who "allegedly" committed the murder and admitted to forcefully taking him from his home were acquitted of murder and kidnapping by a Georgia jury, which goes without saying. Woman Linked to 1955 Emmett Till Murder Tells Historian Her Claims Were False - The New York TimesEmmett Till’s Murder: What Really Happened That Day in the Store? - The New York Times 

Are those White Men terrorists? How about that  Dylann Roof  and countless others?

There is certainly no shortage of home grown terrorists in the U.S. 

And what about those Saudis who actually did commit the largest terrorist attack on U.S. soil in history. Why didn't Donald ban Saudis from traveling to the U.S. while doing this to a family from Iraq, ‘Donald Trump destroyed my life,’ says barred Iraqi who worked for U.S. - The Washington Post or to a Syrian trying to visit her hospitalized mother: A Syrian woman flew to the U.S. to see her hospitalized mother. She was forced to turn around. - The Washington Post

The Lying Free Press

As Donald just said, journalists are  “among the most dishonest human beings on earth.”  

The following sample of articles proves once again why America needs to get rid of the lying free press. 

I am just trying to channel the new Groupthink and Newspeak now. I may need some practice, but I am 100% certain that I will be fluent in Newspeak within 4 years.

No one should be allowed to write the following linked stories about our President and his Chief Advisor. 

Proof of Donald's assertion about the lying free press can be found primarily in journalists pointing out the lies that pour out of our Commander in Chiefs mouth and these kind of articles:  

Does Donald Trump's Personality Make Him Dangerous? | The Report | US News;

The US has elected its most dangerous leader. We all have plenty to fear-The Guardian;

We Are Running Out of Ways to Say That President Trump Is a Dangerous, Delusional Lunatic | GQ;

Trump’s careless ignorance could make him the world’s most dangerous man - LA TimesWhy Trump is now the most dangerous man in the world | TheHill

So let's just shut the press down. Everyone had enough already? It's the only alternative left to salvage our freedoms. Did I say that right. Yes, that looks about right. Might as well shut down the courts infested with liberal lice as well starting with the judge who stayed Steve Bannon's EO. I meant to say Donald's EO. Was he a Mexican? 

That Press Secretary, what's his name, can tell us all we need to know from now on. Isn't he a trustworthy guy? 

Freedom from being a responsible and informed citizen will be so refreshing for everyone. I am already feeling better.  What a load has been lifted off my shoulders. 

More examples, if more are needed, supporting a law requiring journalists to keep their mouths shut. 

We can dispense with Congress passing a law. 

Steve Bannon can write it for us, save time and money. 

Trump’s David Duke Amnesia

‘No Vacancies’ for Blacks: How Donald Trump Got His Start, and Was First Accused of Bias - The New York Times

Trump gives Stephen Bannon National Security Council role

Who Is Steve Bannon - 14 Facts About Donald Trump's Chief Strategist-Cosmopolitan

White nationalists see advocate in Steve Bannon who will hold Trump to his campaign promises -

KKK, American Nazi Party praise Trump's hiring of Bannon | TheHill

Donald Trump Picks White Nationalist Hero as Top White House Advisor | Vanity Fair

My thinking is that we need to allow Steve Bannon and Stephen Miller  to write all legislation for the country and to publish them as Executive Orders or just S & S Orders (or just shorten it to SS), rather than leaving it up to those politicians in Congress who can still give an advisory vote up or down.  

I learned from Mr. Miller, reading some of his "scholarly" and "well researched" articles that the pay gap is due to women wanting to work in lower paying jobs and for fewer hours. Sorry feminists | The Chronicle  

To be frank about this, I suspect that more than a few Trump white male voters (few defined here in terms of millions) would express the same thoughts as Miller in the Locker Room, where their wives can't hear them talk about what is really in their minds including their many conquests that would make the Donald so proud of them.


1. Short Term Bond/CD Ladder Basket Strategy 

A. Bought 2 Enterprise Bank & Trust .7% CDs (monthly interest) Maturing on 10/31/17

Common Stock Quote  Enterprise Financial Services (EFSC)(holding company)

Enterprise SEC Filings

Enterprise sold a 4.75% fixed-to-floating rate subordinated note a few weeks ago. The fixed coupon rate lasts until 11/1/2021. Enterprise may call on or after that date. Unless redeemed early at the issuer's option, the notes mature on 11/1/2026. The floating rate which starts on 11/1/21 is 338.7 basis points (3.387%) above the 3 month Libor rate. Bond Detail It is standard for a U.S. issuer to have the option to redeem when the security transitions from a fixed coupon to a floating rate and thereafter at its option. 

I do not expect an increase in the federal funds rate at the October 31st meeting, but do anticipate one in December 2017 and another in July 2017 or earlier. 

I currently view two .25% hikes as the most likely scenario for 2017, with three hikes being more likely than just one. 

I am clustering the maturities accordingly with that future forecast. 

Famous Forecasting Quotes --Exeter University ("If you have to forecast, forecast often")

B. Bought 2 Trustmark  .6% CDs Maturing on 5/2/2017

Common Stock Quote: Trustmark Corp. (TRMK)  SEC Filings 2016 4th Quarter Earnings

All of my CD purchases fall under FDIC insurance. Nonetheless, I still view the bank's solvency to be the first line of defense and would not want to rely on the FDIC fallback ever.

I have owned Trustmark's stock in the past. Item # Bought 100 TRMK at $23.12 (8/9/14)Item # 6 Bought:  50 TRMK at $22.73 (5/10/14 Post)Bought 50 TRMK at $21.54 (11/26/12Post); Bought 50 TRMK at $19.57 (8/21/2010 Post)

I do not currently own the common stock viewing it to be too richly at 22.8 times TTM GAAP earnings based on a closing price of $33.95.

Trustmark Corporation Announces 2016 Financial Results

C. Bought 2 Huntington Bank .8% CDs Maturing on 8/15/17

I have also owned HBAN in the past but have sold out of my position. 

Huntington SEC Filings 

Earnings Report for the 2016 4th Quarter 

It looks like this ladder is heading toward $300K. 

D. Bought 1 Statoil 1.15% Senior Unsecured Bond Maturing 5/15/18

FINRA does not show the S & P rating for Statoil's senior unsecured debt. The preceding snapshot shows that S & P has assigned a A+ rating with Moody's at Aa3.  

The snapshot shows a 1.156% current yield and a 1.573% YTM. There is not much of a spread between my total cost and par value, but there is also not that much time until par value is paid. YTM takes both into account. 

I am building up a maturity cluster in the May-July 2018 time frame. 

So far, I have the following short term bonds and CDs maturing in that time frame. 

SU= Senior Unsecured

2 Northeast Utilities 1.45% SU 5/1/18

1 Citigroup 1.75% SU 5/1/18
2 Apple 1% SU 5/3/18
1 Enterprise Products 1.65% SU 5/7/18
2 Corning  1.5% SU 5/8/18
2 J.P. Morgan 1.625% SU 5/8/18
1 Statoil 1.15% SU  5/15/18
1 U.S. Treasury 1%  5/15/18
1 Wisconsin Electric 1.7% SU 5/15/18  
2 Qualcomm 1.4% SU 5/18/18 
1 Paccar 1.4% SU 5/18/18
2 Merck 1/3% SU 5/18/18
2 American Express 1.55% SU 5/18/18
1 Treasury Note 5/31/18 .875% 5/31/18
1 Southern Company 1.5% SU 6/1/18 
2 Pfizer 1.2% SU 6/1/18
1 Southern Company 1.55% SU 7/1/18 
1 Kraft Heinz Foods 2% SU 7/2/18
2 Capital One CDs 1.4% 7/11/18
1 U. S. Treasury .875% 7/15/18

Principal Amount = $29K

I will add some fillers to that list  in both June and July but not in May.  

2: Securities That Pay the Greater of a Fixed Coupon or a Spread Above the 3 Month Libor:

This type of security provides a measure of low inflation/deflation and problematic inflation in the same security. The security addresses the problematic inflation scenario through the 3 month Libor float provision. The low inflation/deflation scenario is addressed through the minimum coupon.

It is the type of security that I will buy opportunistically and trade. I started to buy this type of security in 2008. None of the ones that I have owned have increased their coupons above the minimum rate due to the low Libor rates. That may be about to change.

A. Bought Back 50 PYT at $19.78 Using a Commission Free Trade

This security is similar to GYB which I have discussed several times recently. 
Update For Exchange Traded Bond And Preferred Stock Basket Strategy As Of 7/13/16 - South Gent | Seeking Alpha

PYT makes quarterly interest payments at  the greater of a 3% coupon or .85% above the 3 month Libor rate applied to a $25 par value. There is a maximum coupon of 8%. 


The underlying bond owned by the Grantor Trust is a Goldman Sachs 6.345% junior bond (a trust preferred) that matures on 2/15/34. That bond has a $1K par value and trades in the bond market.

Standard & Poor's RatingBB (09/29/2014)
Fitch RatingBBB- (12/13/2016)

The owner of PYT is exposed to the underlying bond's credit risk as the beneficial owner of that bond through the PYT Grantor Trust. If GS pulls a Lehman, I can tell you now what the value of a GS junior bond will be in bankruptcy-zero and PYT would be a zero as well. In that kind of scenario, senior unsecured bond owners would probably be fortunate to recover 20 to 25 cents on the dollar. The common, equity preferred and junior bond owners will see their money again in either Money Hell or Money Heaven, as the case may be.

On the day of my PYT purchase, the underlying bond closed at $119.58 creating at that price a yield-to-maturity of about 4.89% using the Morningstar Bond Calculator. For some reason, FINRA does not provide the YTM information. The current yield would be about 5.3% at a total cost of $119.58.  

The PYT trustee receives the interest payments from Goldman Sachs and swaps that payment with the swap counterparty, the brokerage company who created the Grantor Trust, for the payment due the owners of PYT.

This Trust Certificate is  scheduled to mature on that same date. Assuming GS pays the trustee the principal amount, the trustee will then redeem the trust certificates at their $25 par value.

While I have flipped GYB more than PYT in the past and currently own 100 GYB shares, I do have a long history with PYT as well:

Bought 50 PYT at 11.2 April 2009
Bought 50 PYT in Roth at 13.34 August 2009
Pared Trade: Sold 70 PYT at 18.66 & Bought 70 GYB @ 18.49 in Regular IRA March 2010
Pared Trades in Roth: Sold 100 PYT at 19.25 & Bought 100 GYB at 18.98 October 2010
Sold 50 PYT at $17-Roth IRA April 2012
Bought 50 PYT at $16.24- Synthetic Floater January 2013 

The largest gain was on this 100 share lot: 

2010 PYT 100 Shares +$685.08
Snapshots of round trip synthetic floater trades can be found in Stocks, Bonds & Politics: Trust Certificates: New Gateway Post.

3. Gradual Paring of Stock Allocation into Parabolic Price Spike

Last Friday, I sold $3k of the Vanguard Equity Income Fund Admiral Class, which was my 4th $3k pare of that fund during the post election rally. 

Vanguard Equity Income Fund;Admiral Fund Price Today (VEIRX:MFD)

The closing price was $69.25. 

A. Sold the Remainder of RVT:  Eliminated at $13.85+ (satellite taxable account): 

Quote: Royce Value Trust Inc. (RVT)

Profit Snapshot: +$190.93

This CEF has a managed minimum distribution policy that results in "quarterly distributions at an annual rate of 7% of the average of the prior four quarter-end net asset values." Distributions and Dividends - The Royce Funds Most of those dividends will be sourced from capital gains distributions. In the past, when unrealized gains evaporate as was the case during the Near Depression period, the Board will suspend the managed distribution policy rather than source dividends out of capital ("ROC" = Return of Capital), which is the right thing to do IMO.

Data Date of Trade:

Closing Net Asset Value Per Share: $16.36

Net Asset Value Per Share: $13.86
Discount: -15.28%
CEF Connect

Semi-Annual Report Period Ending 6/30/16

Sponsor's Website: Royce Value Trust (RVT)

Royce Value Trust (RVT) Total Returns

I periodically buy and then eliminate this CEF.

The last elimination occurred in 2013:

2014 RVT 505+ Shares +$436.03
I made a mistake in buying a 100 share lot in 2007 and discussed my flawed rationale here: Stocks, Bonds & Politics: Buy High & Sell Low /Retrospective on the Good & Bad (October 18, 2008 Post)

I re-initiated a position thereafter and started to pare that position in 2016. I have had better luck with the Royce Micro Cap Fund (RMT) over the years.

B. Eliminated Remaining IDE Shares: Sold 100 at $13.85:

Profit: +$46.96

Received One Quarterly Dividend: 

Total Return =  $75.96 or 7.21% with about a 2 month holding period. 

Closing Data Date of Trade: 

Closing Market Price: $ $13.82

Closing Net Asset Value Per Share: $15.31
Discount: -9.73

Source: IDE Voya Infrastructure Industrial and Materials CEF - CEF Connect 

SEC Form N-Q: Holding as of 11/30/16 

Last SEC Filed Shareholder Report Period ending 8/31/16

I sold in November 2016 another 100 share lot:  

2016 IDE 100 Shares +$70
Item # 1 Sold 50 IDE at 18.7 (9/30/10 Post)(+$49.08)

Item # 3 Sold 100 of the Stock CEF IDE at $20.3 (3/11/11 Post)(+$227.25) 

Item # 2 Sold 50 of the Stock CEF IDE at $18.61 (5/10/12 Post)(+$55.58) 

Item # 3 Sold 50 IDE at $17.12 Roth IRA (7/6/13 Post)(+$34.48) 

Item # 5 Sold 100 IDE at $17.47 (3/24/14 Post) (+$138.39)

Total Profit = +$621.55 (plus dividends)

This one is never a long term hold. Just look at the sell price numbers from past trades which I felt a need to color red and place in bold type face.  

4. Gradual Paring of Potentially Long Duration Exchange Traded Bonds

Sold 50 THGA at $25.36: 

Quote:  Hanover Insurance Group Inc. 6.35% Subordinated Debenture due 2053  (THGA) 

The word "subordinated" means lower in the capital structure than senior unsecured debt. In other words, subordinated in this context means a junior bond that is superior in the capital structure only to common stock and equity preferred stock.  

THGA will make quarterly interest payments at the fixed coupon rate of 6.35% on a $25 par value. This security may be redeemed by the issuer on or after 3/30/18. Hanover may defer interest payments for up to 5 years. However, during any such deferral, Hanover can not make cash dividend payments on its junior securities. The stopper clause can be found starting at page S-15. PROSPECTUS 

The remaining 16 THGA shares in this account were bought at $24.32 in a partial fill of a 50 share limit order. I will not be selling those shares anytime soon. Instead, I will simply wait for a better price, preferably below $22, to buy back the 50 shares sold at $25.36. 

I sold the lot that was discussed here: 

4. Bought Back 50 THGA at $24.98-Update For Exchange Traded Bonds And Preferred Stock Basket Strategy As Of 1/22/16 - South Gent | Seeking Alpha 

I currently own 116 shares (16 left in the IB taxable account/50 in Roth IRA/50 Schwab Taxable bought with commission free trade).

Of those 116 remaining shares, I own 50 in a ROTH IRA where this  6.35% coupon bond becomes tax free. 

I am more likely to buy back the 50 shares in this account. I am not currently concerned about the issuer's credit risk. However, a pop over $25.5 and one more interest payment would likely cause this 50 share lot to disappear from the account. 

THGA was another ETB that was bought during the 2013 interest rate spike and quickly sold when rates started to decline in 2014. 

Sold THGA: 50 Shares at $23.46-Roth IRA and 50 Shares Taxable Account at $23.67 (5/17/14 Post) (profit snapshots=$143.84 plus interest payments)-Item # 3 Roth IRA: Bought 50 THGA at $21.58 (11/6/13 Post)

Hanover Insurance SEC Filings 

Common Stock Quote: Hanover Insurance Group (THG)

THG Analyst Estimates

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 sell 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 family members