Observations and Sample of Recent Trades: BRGPRA, DIR.UN:CA, RHHBY, T, TCPC

Economy:

Real personal consumption expenditures increased less than .1% in February. 

The personal savings rate was 3.4%. The savings rate fell to a 10 year low late last year and has been creeping back up in recent months. 

Personal Income and Outlays

The Atlanta FED wage growth computation hit a high of 3.9% in October 2016 and has been declining since that peak. The last reading was 2.9% growth. Wage Growth Tracker - Federal Reserve Bank of Atlanta I view this computation as more relevant than the BLS wage growth data since the Atlanta FED's method "is an estimate of the wage growth of continuously employed workers—the same worker's wage is measured in the current month and a year earlier." Federal Reserve Bank of Atlanta  

Federal Reserve Bank of San Francisco | What’s Up with Wage Growth?

China imposes tariffs in response to U.S. steel, aluminum duties (Reuters) Tariffs of up to 25% will be imposed starting today on 128 products exported from the U.S. to China including frozen pork and wine. This was expected and is not new news.    

Over the weekend Trump threatened to terminate NAFTA unless Mexico does more to stem illegal immigration to the U.S. 

This kind of threat will appeal to the republican base, but will make a satisfactory NAFTA renegotiation more unlikely. Mexico will have a Presidential election on 7/1/18, and the leading candidate, Lopez Obrador, responded negatively to Trump's tweet. Mexico swinging against the establishment as presidential campaign starts: Reuters; Mexico's Andres Manuel Lopez Obrador hits out at Trump: CNBC  I would think that it has now become politically toxic for Mexico's politicians to work out a deal acceptable to Donald. 

We asked 6 experts if Congress could block Trump from withdrawing from NAFTA - Vox

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Market and Market Commentary: 

VIX Up 81% Shows Extent of Stock Market Pain in Jarring Quarter- Bloomberg

The simple reason the Dow snapped a 9-quarter win streak: Wall Street’s surging ‘fear index’ - MarketWatch

Einhorn's Main Hedge Fund Down 14% This Year After March Drop - Bloomberg

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Portfolio Management: 

With my commission free trades expiring in August, I am using them to buy small lots. 

The primary rules are that (1) the security is in a major downtrend or has failed to participate in the post election rally; (2) each additional buy has to be at a lower price than all others in the chain and (3) the income generation has to be higher than the S & P 500 average. 

While I have not calculated the weighted average yield for the buys made to date, I would estimate the number at 7% to 8% weighed down by non-REIT common stock selections (e.g. GIS, NVS, ONB, PG, XOM). 

The BDCs, MREITs, and equity REIT selections juice the weighted average yield number up. The equity REIT selections include several high yielding ones like GOV, LXP, OHI, SBRA, SIR, and SNR that are high risk and out-of-favor big time.  

Since I have added so many securities in these small lot "buying programs", I made a list that contains the current lowest price paid so far. Any new purchase would have to be at a price lower than that shown in the following snapshot: 

I have slowed down my short term bond and CD purchases and may redirect some proceeds to this small lot buying program. I am also waiting for somewhat higher short term CD rates. For CDs maturing in October 2018, the best rate is currently 1.85%, with the interest payment at maturity.   

My investment strategy is designed to generate a constant cash flow from maturing bonds and CDs, dividends and interest payments. I will then redirect the money received in accordance with my current risk/reward assessments, taking into account my investment objectives.  

In my Fidelity account, the following snapshots reflect the cash flow into that account on 4/2/18: 

I received $7K in bond redemption proceeds from 3 corporate bonds (Coca Cola, Medtronic, Stryker) and 1 U.S. treasury.  The corporate bonds were bought over a year ago. The yields to maturity on similar bonds, maturing in about 15 months from now, would be close to 100% higher than the yields on those maturing corporate bonds.  

The CD interest payments are made monthly. 

Since I am currently keeping almost no idle cash in my Fidelity Government MM fund, the monthly dividend was only $.12.  

The Hercules (1) and First American (2) bonds were bought several years ago. 

Bought 1 CoreLogic 7.55% Senior Bond Maturing 4/1/2028 at 84.95 (2/22/12 Post)

Item # 3 Bought 1 7.55% CoreLogic Senior Bond Maturing 4/1/2028 at 94.975 (4/29/11 Post)

I also own 2 in my Vanguard Taxable account bought at about the same time as the two referenced above.  

I thought that I sold the two CLGX 2028 bonds in my Vanguard account, but found them hiding in plain sight as still owned over the weekend. The 4 CLGX 2028 bonds generate $300 in annual income. 

Item # 2 Bought 1 Hercules 6.5% Junior Bond Maturing on 6/30/29 at 86 (6/24/11 Post)(current yield at 7.49% based on the 84 price; Bond Detail; now an Ashland Global Holdings (ASH) obligation, see page F-29 noting that $51M in principal amount was still outstanding) 

While I have good percentage unrealized gains in both bonds, they would be hard to sell primarily due to the issuer having redeemed most of the outstanding bonds. 

The First American bonds are now CoreLogic obligations. The last trade was on 2/28/18. I probably could sell them at 110, provided I placed a limit order repeatedly over a few weeks. I see no reason to make that effort now, particularly given that my current yield is at 8.32%. I have a long history trading that bond when it was the underlying bond in the $25 Trust Certificate PJS which has been redeemed by the call warrant owner. I have also previously sold the $1K par value bond when it was easier to sell.   

I realized $2,291.52 trading small PJS lots with this probably being the last round trip transaction: Item 4. Sold 50 PJS at $27.11 (6/8/15):Update For Bond And Equity Preferred Stock Basket Strategy As Of 7/31/15 - South Gent | Seeking Alpha-Bought PJS In Roth IRA: An Exchange Traded Bond With A 7.55% Coupon On A $25 Par Value - South Gent | Seeking Alpha The lowest price paid for PJS was $7.2 (10/10/2008 Post).

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Trump's War on the Washington Post, Amazon and Jeff Bezos:

Trump hates Amazon -Axios

Trump reportedly wants to 'go after' Amazon by changing tax treatment

Contrary to Trump's statements, Amazon is collecting sales tax throughout the U.S. for its sales, though not for third party sellers.  Amazon to start collecting state sales taxes everywhere - Mar. 29, 2017; Fact-Checking Trump and the White House’s Amazon Claims - Bloomberg

Amazon did pay $957M in income taxes in 2017: Pages 23 and 64 of AMZN's 2017 Annual Report  

Is Amazon really ripping off the US Postal Service? - Vox 

Amazon contract with USPS: Fact-checking Trump's tweet about Amazon and the post office - CBS News (bottom line, the USPS is losing money due to its hefty pension and other retirement benefits, not the cost of delivering packages). 

There does need to be a change in the formula first adopted in 2007 that assigns only 5.5% of fixed costs to package deliveries. Any such change would raise the costs for all package shippers. 

Any such change would increase the rates to all online retailers using the USPS. President Trump, Here's Why The Postal Service Is Charging Amazon 'So Little': Forbes  

One reason is that Amazon is able to engage zone skipping for parcel shipments due to its enormous expenditures on logistics.  

I am confident that Donald has no idea about zone skipping logistics and how that impacts Amazon's cost of shipping and the USPS cost of providing the last mile of delivery. As the flame throwing Ann Coulter said a few days ago, Donald is a ‘shallow, lazy, ignoramus’. 

Trump hates Amazon because Bezos personally owns the Washington Post. 

By all accounts, Bezos does not interfere in that paper's reporting. The WP is the same now as it was during the Nixon Watergate scandal. 

Like Nixon, Trump wants to use Presidential power to punish those who chronicle his lies, expose his corruption, report on embarrassing matters relating to Trump's Administration, and highlight with hard facts his unfitness for the job. 

Saturday Tweets: 

Trump, citing no evidence, claims Amazon uses Washington Post as "lobbyist" - CBS News; Trump Attacks Amazon Anew, Says `Post Office Scam' Must End - Bloomberg

The attacks on taking a toll on Amazon's stock price. 

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Republicans consider ‘balanced-budget amendment’ after adding more than $1 trillion to the deficit - The Washington Post

Exclusive: Under Trump, prosecutors fight reprieves for people facing deportation: Reuters

White House chaos jeopardizes war on ISIS, U.S. commanders warn

The percentage of republicans who believe Donald is honest have hovered near 80% in every poll that I have seen asking that question.

Judging a person's integrity and honesty has nothing to do with their political affiliation or ideology. It only requires knowledge of the facts and sufficient mental capacity to compare the false assertions with those facts.

Only 26% of Americans can name the three branches of government (33% could not name one), and 37% can not cite a single right protected by the First Amendment.

The Annenberg Public Policy Center-Americans Are Poorly Informed About Basic Constitutional Provisions

Knowledge about the second amendment is greater than awareness of the rights protected by the First. 

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1. Small Ball:

A. Added 5 RHHBY at $28.74:

Quote: Roche Holding AG ADR
Ordinary Shares Traded in Switzerland: Roche Holding AG (ROG:SWX)
1 ADR = .125 ordinary shares
Swiss Franc to US Dollar Rates

Recent Negative News Item:

Roche shares drop after deaths of patients taking Hemlibra: Reuters; UPDATED: Hemophilia groups warned of 5 deaths among patients taking Roche’s big new blockbuster Hemlibra – Endpoints News

Roche - Pipeline

2017 Annual Report

The ADR price will reflect the ordinary shares priced in Swiss Francs (CHF) divided by 8 with the sum then converted into USDs (8 ADRs = 1 CHF priced ordinary share-divide )

The ADR will outperform the CHF priced shares when the CHF gains in value against the USD and will underperform when the CHF loses value.

CHF / USD Currency Chart. Swiss Franc to US Dollar Rates

Position Shortly after Purchase: Average Cost Per Share = $30.83 (65 shares with 60 of those receiving the 2018 annual dividend payments)

I waited until RHHBY went ex dividend for its annual distribution before purchasing this 5 share lot. The ex dividend date was 3/15 and I bought this lot on 3/16. 

Dividend History: 

The stock went ex dividend for its annual distribution on 3/15/18.

Interactive Chart: For the past five years, the shares have been bouncing about in a narrow range, mostly between $29 and $34 per share, with temporary movements above and below that range.

Harvesting the annual dividend and then selling the shares thereafter profitably has been my approach to this security. The goal now is to build the position to 100 shares and then to sell the highest cost shares profitably before the next annual ex dividend date.

The overall problem is Roche's dependence on Avastin, Herceptin and and Rituxan and investor concerns about competition for those drugs. The competition for Avastin is in newly approved therapies including MRK's Keytruda and BMY's Opdivo. Herceptin is facing generic competition in Europe and in the U.S. next year when the patent expires. FDA OKs Mylan's biosimilar of Roche cancer drug Herceptin: Reuters

Patent Expiration Impacts:

2017 Financials at pages 16-17.pdf

Last Purchase Discussion: Item #3.A. Bought 10 RHHBY at $28.85  (11/13/17 Post)

Last Sell Discussions:

 Item # 3.B. Sold 30 RHHBY  at $33.25 (6/7/17 Post)(profit = $178.87)

Item # 3.A. Sold 100 RHHBY at $31.61 (4/8/17 Post)

Trading Profits 2015 to Date: $383.61 

Last Earnings Report: Roche reports good results in 2017

Drug Sales:

Diagnostic Division:

B. Bought 10 T at $35.42 and 2 at $34.66-Used Commission Free Trades:

Quote: AT&T Inc.  (T)
AT&T Inc. Analyst Estimates

Investor Relations | AT&T

Chart: Uninspiring and a Bearish Trend

AT & T has what I would call easily identifiable problems. Capital and labor costs are high while its wireline business remains in a long term secular decline and its wireless business faces significant and intense competition. Those items do not mix well.

At the time of my purchase, the stock was trading below its 200, 100 and 50 day SMA lines. The 200 day SMA line was at $37.01.

Dividend: Quarterly at $.5 per share, recently raised from $.49

AT&T Inc. Dividends

Dividend Yield at $35.29 Average Cost Per Share (12 shares): 5.67%

I am restarting a "ten share buying program". My total position is currently 12 shares. I will go up to 50 shares. I will average down in small lots until hitting 50 shares or I may just buy buy 38 shares in one order.  

My last "10 share buying program" started with a 10 share buy at $33.51 (10/25/17) that was sold after collecting one dividend at $37.77 Item # 1.E. Sold 10 T at $37.77 (1/28/18 Post)-Item # 1.A.  Bought 10 Shares of AT & T at $33.55 (10/31/17 Post)

I did not miss a quarterly dividend by selling the ten share lot on 1/22/18 and then buying it back on 3/22/18. 

AT&T Declares Quarterly Dividend 

Of course, the dollar amounts are irrelevant but that is the point also. 

In two other accounts, I sold a 50 share lot at $37.36 and a 30 share lot at $36.41 last year. I am engaged in a dividend harvesting strategy for AT &T shares and no longer take 100+ share positions. 

Whenever I buy, I am hoping to hold the shares briefly, sell at a profit and to collect one or more quarterly dividends.

While many individual investors focus on the dividend, the history of dividend increases and the current yield, AT & T has significantly underperformed SPY over the past several years on a total return basis. Starting on 1/3/12 through 3/26/18, the total return with dividends reinvested was 57.94% compared to SPY at 129.65%. DRIP Returns Calculator | Dividend Channel 

I highlighted this point in an old post where I discussed buying a small lot that was subsequently sold. Bought Back In An IRA AT & T At $32.52 In The Context Of A Total Return Investment Strategy - South Gent | Seeking Alpha That 30 share lot was bought 7+ years after I sold a 30 share lot in that account at $38.33.

My last somewhat serious T position was sold on 11/2/2010:

Those lots were sold at $28.95+.

Last Earnings Report: AT&T Reports Fourth-Quarter and Full-Year Results

Revenues declined .4% Y-O-Y in the 4th quarter. Wireless revenue fell 2.5% from the 2016 4th quarter. International revenue grew by 16%.

Free Cash Flow:

AT & T expects the lower corporate tax rate to boost 2018 E.P.S. by $.45. S & P believes that tax reform will increase cash flow by about $3B this year.

Subsequent to these purchases, HSBC upgraded to a buy.

The best analyst report available to me is from Argus, based on the information content rather than the analyst opinion. Argus has a buy rating and a $48 price target which I view as optimistic.

S & P gives T a four star rating with a $43 price target based on 2/1/18 analyst report. 

I own several AT & T senior unsecured bonds.

C. Bought 20 of the BDC TCPC at $13.95-Used Commission Free Trade:

This is an initiation of my "buying program" that will be in 20 lot increments with each additional purchase having to be at the lowest price. This was my first ever TCPC purchase. On my day of purchase (3/27/18), the 52 week range was between $13.72 and $17.47. The shares closed at $13.99 on 3/27, down $.15 or 1.06%.

Recently Passed Spending Bill: The recently passed $1.3 trillion spending bill included language that will allow BDCs to increase leverage up to two times total debt to equity. The prior limit was 1:1. On average, BDCs currently have a .71 leverage ratio. An analyst at  Keefe Bruyette and Woods believes that the biggest beneficiaries will include the following BDCs that are currently owned by me and recently discussed here: Ares Capital (ARCC), TCP Capital (discussed here); FS Investment (FSIC) and PennantPark Floating Rate (PFLT).

Just as a reminder, leverage works both ways. Some cynics would argue that this change will simply give the BDCs who utilize additional leverage more rope to hang themselves.

Chart: UGLY. At the time of purchase, the shares were trading below the 50, 100 and 200 day SMA lines. The 200 day line was then at $15.84.

QUOTE:  TCP Capital Corp. (TCPC)

SEC Filings

2017 Annual Report (risk summary starts at page 22 and ends at page 51; list of investments starts at page 76)

Dividend: Quarterly at $.36 per share ($1.44 annually)

Dividend Yield at $13.95 = 10.32%

Last Ex Dividend: 3/15/18 (before my purchase)

Net Asset Value Per Share History (for a BDC the trend is stable):

12/31/17:   $14.8
12/31/16:   $14.91
12/31/15:   $14.78 Earnings Release
12/31/14:   $15.43
12/31/13:   $15.18 Earnings Release
12/31/12    $14.71 Earnings Release
IPO on 4/3/12 at $14.75 Prospectus

Discount to Net Asset Value Per Share = -5.74% at $13.95 and NAV of $14.8

Last Earnings Report:

TCP Capital Corp. Announces 2017 Financial Results Including Fourth Quarter Net Investment Income of $.41 per share

This BDC earned more than its quarterly dividend payment in the 2017 4th quarter: 

"Net investment income after excise taxes for the three months ended December 31, 2017 was approximately $29.9 million, or $0.51 per share, before incentive compensation. Net investment income after excise taxes and incentive compensation was $23.9 million, or $0.41 per share."

"As of December 31, 2017, the weighted average annual effective yield of our debt portfolio was approximately 11.0% . . As of December 31, 2017, approximately 89% of our debt portfolio at fair value had floating interest rates. As of December 31, 2017, we had one debt investment on non-accrual status, representing zero percent of the portfolio at fair value."

Recent News:

TCP Capital Corp. Prices $50 Million Of 4.125% Notes Due 2022 (11/1/17); Prospectus

TCP Capital Corp. Prices $125 Million Of 4.125% Notes Due 2022 (8/4/2017)

TCP Capital Corp. Announces Pricing Of Public Offering Of Common Shares (4/20/17)("priced the public offering of 5,000,000 shares of its common stock at $16.84 per share for total gross proceeds of approximately $84.2 million. The Company has granted the underwriters an option for 30 days to purchase up to an additional 750,000 shares of common stock.")

3.  Equity REIT Common and Preferred Stock Basket Strategy:

A. Bought Back 50 BRGPRA at $24.65-Used Commission Free Trade:

Quote: Bluerock Residential Growth REIT Inc. 8.25% Cumulative Preferred Series A Stock

Issuer: Bluerock Residential Growth REIT (BRG)
Bluerock Residential Growth REIT Announces Fourth Quarter and Full Year 2017 Results

Prospectus
Par Value: $25
Coupon: 8.25%
Dividends: Quarterly, Cumulative and Non-Qualified
Last Ex Dividend Date: 3/22/18 (before purchase)
Capital Structure Placement: Junior to all bond and senior only to common stock
Optional Redemption Date: ON OR AFTER 10/21/20
Yield at $24.65: 8.37%
Dividend Stopper Clause: Yes
52 Week Range At Time of Purchase: $24.53-$27

I discussed this preferred stock in more detail in Item # 1 to this post: Update For Exchange Traded Bond And Preferred Stock Basket Strategy As Of 11/19/15 - South Gent | Seeking Alpha

Last Sells:

Item # 6.A. Sold BRGPRA at $26.58  (10/19/17 Post)(profit snapshot= $93.28)
Item # 4 Sold 50 BRGPRA at $26.26 (10/11/17 Post)(profit snapshot=$139.64)

Stocks, Bonds & Politics: Advantages and Disadvantages of Equity REIT Cumulative Equity Preferred Stocks

I recently discussed this REIT when I made a small ball buy of the common shares: Item # 2.A. Bought 50 BRG at $7.6  (2/12/18 Post); Item 3.D. Added 10 BRG at $7.19 (2/19/18 Post

The Dividend Stopper Clause is the legal mechanism that enforces the preferred shareholders superior claim to cash compared to the common shareholders. The preferred dividend can not be deferred for as long as cash dividends are paid to common stockholders or cash is used to buy back stock.   

As previously discussed, BRG slashed its common dividend as part of its management internalization process. That is fine with the preferred shareholders whose dividend can not be cut. An unfavorable situation for the preferred shareholder occurs when the combined preferred and common share dividends exceed funds available for distribution. 

A disadvantage for REIT fixed coupon investors, both the preferred stock and bond owners, is that money is flying out the door to common shareholders. The fixed coupon investors want a cash cushion to protect their distributions, which is all that they have since neither the preferred shareholder nor the bond owner have an equity interest in the business. 

I will remain very light in fixed coupon equity preferred stocks due to their inherent interest rate risks that was last highlighted during the 2013 interest rate spike.  
    
BRGPRA Trading Profits to Date: $231.92
BRG Trading Profits to Date: +$963.77

B. SOLD 300 of 1,000 Units of DIR.UN.CA at C$9.48:

Profit Snapshot: +C$389

Quote: Dream Industrial Real Estate Investment Trust (Canada: Toronto)
Website: Dream Industrial REIT

USD Priced Ordinary Shares Traded on the dark U.S. Grey Market: DREUF

Website: Dream Industrial REIT
Portfolio | Dream Industrial REIT

I am somewhat concerned that Donald will eventually take steps that would materially harm Canada's economy. 

Distributions: Monthly at C$.05833 per unit (C$.70 annually)

Dream Industrial REIT March 2018 Monthly Distribution

Last Purchase Discussions:

Item #2.A. Bought 100 DIR.UN:CA at C$8.75 (11/30/17 Post)

Item # 3 Bought 100 DIR.UN:CA at C$8.05-Update For Equity REIT Basket Strategy As Of 5/19/16 - South Gent | Seeking Alpha

I saw some potential advantage to buying CADs with the proceeds and to sell after the CAD has fallen in value against the USD.

The CAD/USD had fallen from .8156 (2/1/18) to about .776 when I sold this security.  CAD/ USD Chart The CAD's decline against the USD may have bottomed near .764.

The Canadian dollar purchase price and sales proceeds paid in CADs are assigned a USD value for tax purposes. I do not pay federal income taxes on a CAD profit, but on a USD profit even though I used CADs to pay for the purchase and received CADs when I sold.

The general idea is to lower my USD tax profit by selling profitably in CADs after the CAD has fallen against the USD and potentially making a profit on converting CADs to USDs at a later and more opportune time.

Last Earnings Report:  

Dream Industrial REIT Reports Strong 2017 Financial Results, 140 bps Improvement in Occupancy Year-Over-Year and Successful Expansion Into U.S. Class A Industrial Market

4. Short Term Bond/CD Ladder Basket Strategy:

A. Bought 1 Treasury 1% Coupon Maturing on 9/15/18:
YTM = 1.91%

I now own 3 bonds.

B. Bought 2 Starbucks 2% SU Bonds Maturing on 12/5/18: 

Finra Page: Bond Detail (prospectus linked)

Issuer:  Starbucks Corp.  (SBUX) 
SBUX Analyst Estimates 
Starbucks Reports Record Q1 Fiscal 2018 Results 
SEC Filings
2017 Annual Report

February 2018 Bond Offering: Prospectus

Credit Ratings: 

Fitch Rates Starbucks' $1.6B Issuance 'A-'; Outlook Stable (2/26/18)

Bought at a Total Cost of 99.850
YTM at TC Then at 2.224%
Current Yield at TC = 2.003%

The bond provides me with a higher YTM and current yield than a treasury maturing 10 days later as shown below.  

3. Bought 1 Treasury 1.25% Coupon Maturing on 12/15/18: 
YTM = 2.034%
Current Yield = 1.2568% 

This is what the Schwab order book looked like when I place this order. I screened only for 1 bond purchase prices: 

The number 1 placed before "U.S.  Treasury 1.25%" means that I bought a bond in Schwab's inventory. Normally, the zero coupon treasury will have a higher YTM than fixed coupon treasuries since no current interest is paid. That is not the case for the zero maturing on 12/6/18 which has a lower YTM than all of the fixed coupon treasuries shown in the preceding snapshot. 

I now own 6 bonds. 

5. Intermediate Term Bond/CD Ladder Basket Strategy: 

A. Bought Back 2 Old Republic 3.875% SU Bonds Maturing on 8/26/26: 

I previously eliminated my 2 bond position at 101.074: Item # 3.B. (12/30/17 Post) 

I would attribute the entire price decline to the rise in interest rates rather than to any material change in ORI's credit risk. 

FINRA PAGE: Bond Detail

Issuer:  Old Republic International Corp 

Old Republic Reports Results For The Fourth Quarter And Full Year 2017

Old Republic Announces Conversion Of Its $550 Million Convertible Senior Notes Due March 15, 2018 

Credit Ratings: 

Bought at a Total Cost of 98.488

YTM at TC Then at 4.088%

Current Yield at 3.9345%

B. Bought 2 Kroger 2.8% SU Bonds Maturing on 8/1/22:

FINRA PAGE: Bond Detail
This bond was offered in July 2017: Prospectus

Credit Ratings:

Issuer:  Kroger Co. (KR)
KR Analyst Estimates
Earnings Release for the the Q/E 2/3/18 (4th Fiscal Quarter/End of F/Y)
Earnings Release for the Q/E 11/4/17 (F/Y Third Quarter)

Bought at a Total Cost of 97.499
YTM at TC Then at 3.422%
Current Yield at TC= 2.8718%

I have two 2% Kroger SU bonds maturing on 1/15/2019. BondDetail

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.