Observations and Sample of Recent Trades: CGL:CA, ORKLY, PG, PPLT

Economy: 

The BLS reported last Friday that nonfarm payroll increased by 164K in April while the unemployment rate declined to 3.9%. Employment Situation Summary The consensus estimate was for 188K new jobs. Hourly earnings increased 2.6% over the past year which was unchanged from the prior month.   

Unemployment rate falls to 17-year low as U.S. adds 164,000 new jobs - MarketWatch

However, looking underneath the hood, the unemployment rate fell because the labor force declined by 236,000. Unemployment fell to a nearly two decade low — but for the wrong reasons - MarketWatch

The broader U-6 number has been trending down since hitting 17.1% in the aftermath of the Near Depression:

Total unemployed, plus all marginally attached workers plus total employed part time for economic reasons

Two years prior to the effective date of "tax reform", average hourly earnings increased 2.5% Y-O-Y in December 2015. Employment Situation News Release 

The Y-O-Y wage growth on a month to month basis has been stuck in the 2.5% to 2.7%-as the high range-for slightly over two years. 

Wage Growth: Moved to 2.5%+ in Late 2015 

Lack of wage acceleration is the main surprise in jobs report, economists say - MarketWatch

I am not surprised. Where did most of the tax cut money go: wage increases or share buybacks and dividends to benefit management's stock options?

Nonfarm Business Sector: Labor Share-St. Louis Fed; Labor share of output has declined since 1947 : The Economics Daily: U.S. Bureau of Labor Statistics

Since crumbs from the tax savings will trickle down to workers, I would expect the wage growth number to remain range bound around 2.5% and then to move up slightly before moving back down. 

U.S. productivity climbs in first quarter but trend still weak- MarketWatch

Productivity and Costs, First Quarter 2018, Preliminary ("Nonfarm business sector labor productivity increased 0.7 percent during the first quarter of 2018") 

Why productivity growth is slowing down in advanced economies and how to boost it | McKinsey & Company

ISM Services Disappoints | Seeking Alpha

Argentina ETFs rise after central bank raises interest rates to 40% - MarketWatch

The China trade talks are going nowhere so far. U.S.-China Trade Talks End With Key Differences Still Unresolved - Bloomberg

This looks ominous to me: China Shunning U.S. Soybeans on Trade Tensions, Bunge CEO Says - Bloomberg

U.S.-China Trade Talks End With Strong Demands from the U.S., but Few Signs of a Deal - The New York Times

+++++

Markets and Market Commentary: 

The new stock-market fear: Signs that a period of harmonious global growth is crumbling - MarketWatch

Apple to buy back whopping $100 billion in shares, hike dividend- MarketWatch (it is hardly a surprise that U.S. publicly traded corporations are using a large portion of their tax savings to fund share buybacks and to increase dividends).

Mark Mobius: Investors need to be prepared for a 40% stock-market crash - MarketWatch

Goldman Gives Three Reasons Why Investors Should Worry Less - Bloomberg

Buffett Accounting ‘Nightmare’ Fuels First Loss in Nine Years - Bloomberg

Buffett's Latest Letter To Berkshire Shareholders 

There was a lot of chop last week in the stock market. The end result was a .2% decline in both the S & P 500 and the DJIA. 

++++++

Donald and Stormy: 

After specifically denying on Air Force One that he knew anything about the Stormy Daniel's hush payment, Donald now says that he knew about it and that he reimbursed Michael Cohen through a "retainer". Did he deduct the payments as a legal expense? Since his 2017 return has not yet been filed, I suppose a competent accountant would prevent that from happening since it would constitute tax fraud. 

Showboat Rudy Giuliani stunned everyone by earlier volunteering that information.  

Others have pointed out the alleged campaign finance violations. 

Kellyanne Conway’s husband schools Rudy Giuliani on campaign finance law - MarketWatch

Trump Lawyer Rudy Giuliani Claims Open President to Criminal Prosecution in Stormy Daniels Case - Common Cause

Analysts: Giuliani’s media blitz gives investigators new leads, new evidence  

The timeline of Donald Trump’s explanations for the Stormy Daniels payment | PolitiFact

The Path of Stormy Daniels’s $130,000 Payment to Keep Quiet - The New York Times

Trump Is Said to Know of Stormy Daniels Payment Months Before He Denied It - The New York Times

So Donald's unequivocal denial that he did not know about the payment was a lie notwithstanding Showboat Rudy's subsequent efforts to explain that black actually means white. The fact that Trump was obviously lying when he made that denial is not the important point. The important point is that the vast majority of Donald's lies work for him. They will not work of course on an intelligent and informed person who does not live in a fact free zone. 

++++

Donald Wants Everyone to Know that Lying Works-Only Suckers and Losers Tell the Truth: 

I wrote a post back in 2011 where I noted that lying works in American politics. Stocks, Bonds & Politics: The Road to Political Power: Lying Works Lying and misleading the voters is the most secure path to political power. 

Donald is Exhibit #1 for that observation, though he was the furthest thing from my mind when I made that factual observation.  

Repeating the lies over and over again works better than telling the lie only once. Demonstrably false statements repeated over and over again, a common practice for Donald, work the best. 

Demonstrably false statements can become the truth for tens of millions when repeated several times. 

It is important that Donald look serious when lying. Laughing when delivering the lie is not likely to work even for some True Believers.

Telling the truth in American politics and actually discussing issues substantively are  the best ways to lose an election. 

Discussing and debating real facts and issues in an intelligent and reasoned manner is just way too boring.  

Donald was easily identifiable as a liar before he was elected. His messages were a series of cliches, false and misleading statements and talking points, a dumbing down to the lowest levels, and a calculated and successful appeal to the electorate's worst instincts. 

Donald will end up telling publicly more lies than all prior Presidents combined multiplied by a factor between 2 and 4. His lies are non-stop. 

President Trump has made 3,001 false or misleading claims so far - The Washington Post (covers 466 days in office or an average of 6.44 per day and that is just the public statements.) 

His claim made on Air Force One that he knew nothing about the Stormy Daniels payment is just one.   
  
Trump Says Obama Administration Failed to Free Three American Hostages Held in North Korea (demonstrably false since 2 of the 3 Americans referenced by Donald were seized after his ascendancy)

Trump Wrong on Comey 'Leak,' McCabe Funds - FactCheck.org

Trump's False 'No Collusion' Tweet - FactCheck.org

President Trump Is Driving the End of the GOP | The Report | US News

Foreign leaders will of course make their own assessments about Trump. 

There is nothing in Donald's history that suggests that he can be trusted on big or small matters.  When someone lies as easy as they breathe, there is no other rational conclusion. 

If China makes major trade concessions, will Donald honor the new agreement for long before he is back asking for more? 

The only way IMO to deal with Donald is not to conclude any deal with him at all that involves significant concessions.  

Bond investors came to that conclusion the hard way as did many of the small businesses that worked on his real estate projects.

How Donald Trump Bankrupted His Atlantic City Casinos, but Still Earned Millions - The New York Times

USA TODAY exclusive: Hundreds allege Donald Trump doesn’t pay his bills: USA Todays

How Donald Trump made millions running failed casinos in Atlantic City - Vox

Rudy Giuliani: It's possible Michael Cohen paid off other women for Trump - The Washington Post

++++++++++

Donald and the Imperial Presidency: 

52% of Republicans would support postponing 2020 election: poll (a majority of republicans would go along with no election as long as Donald suggested it)

Rudy Giuliani: Trump doesn't have to comply with a Mueller subpoena and could invoke the Fifth Amendment - The Washington Post

Trump claims immunity, asks court to toss foreign payments suit | Reuters 

The English Kings used their first name (Henry, Edward, George, James etc) as a quasi-surname and distinguished themselves from others with the same surname with roman numerals. 

I enjoy reading history. I first saw my name in an English history book. The bearer of my name had his head separated from his body and stuck on a pike displayed for all to see on London Bridge, a quaint custom that the English use to do for those who challenged the existing order. Sounds like something Donald would like to do. 

I do not recall a King Donald so I am going to use the Roman Numeral I to distinguish the first U.S. King from his progeny. Don Jr. would be Donald II and Baron would be Baron I. I can hardly wait for Donald II.   

Prior to Donald ascendancy, some still call it an inauguration, I thought that the founding fathers did not want a King: Mr. President: How and Why the Founders Created a Chief Executive by Ray Raphael reviewed at The Washington Post.

Like Kings from the past, Donald is above the law. Criticizing the sovereign is equivalent or similar to treason. The sovereign can decide that false is true and true is false. 1984 Movie: John Hurt How Many Fingers - YouTube

If the "President Does It", it is per se legal, famous words uttered by another republican president. Why did Nixon say, 'When the President does it, that means that it is not illegal'? - Quora

For those who quibble that King is not the appropriate term, then I would suggest using "Imperial Presidency" which is close enough. The Imperial Presidency: Jr. Arthur M. Schlesinger (1973). 

+++

Donald's New Best Friend: Federal District Court Judge T.S. Ellis (E.D. Virginia):

Donald claimed last Friday that a Federal Judge said that Mueller "wanted to hurt" him in pursuing the criminal prosecution of Manafort. The judge was actually referring to a path followed by prosecutors since the dawn of the criminal court system.  

The Judge T.S. Ellis, a Ronald Reagan appointee, was referring to flipping one defendant against another in exchange for more lenient treatment. 

However, the judge went much further. The judge is reported to have claimed that the prosecutors had no interest in the alleged bank fraud, a statement that clearly indicates IMO that this judge is biased. Judge challenges Mueller's actions in Manafort case - POLITICO  

I don't believe that any fair minded judge would come to the conclusion that the prosecutors are not interested in the bank fraud charges against Manafort that are set out with specificity in the indictment. 

The prosecutors are interested both in those charges and flipping Manafort which is standard operating procedure as Judge Ellis is well aware. The Judges accusation that the prosecutors are not interested in the fraud charges is purely political IMO and would warrant his removal from further consideration of this matter which will not happen.   

Whatever. It does not matter what this judge does. 

Manafort's lawyers are chasing their tails at great expense to their client with these challenges on Mueller's authority to prosecute. 

Even if they succeed in convincing the easily convinced Judge Ellis that the special prosecutor exceeded his authority, the judge will simply require the Justice Department to transfer the case to the federal prosecutors office and they will then proceed with the case. 

Manafort is going to either plead guilty or be tried, no matter who the prosecutor may end up being. The case would not be dismissed on the merits but the result will be more like the special prosecutor being replaced by federal prosecutors from the E.D. of Virginia. 

+++++

Scott The Swamp Creature:

Scott Pruitt, the anti-environmental protection Director of the Environmental Protection Agency, is going for the Gold in the Swamp Creature Olympics. He has many tough competitors among Trump's cabinet and Trump himself. 

Influential outsiders have played a key role in Scott Pruitt’s foreign travel - The Washington Post ("After taking office last year, Pruitt drew up a list of at least a dozen countries he hoped to visit and urged aides to help him find official reasons to travel, according to four people familiar with the matter, who spoke on the condition of anonymity to discuss internal agency deliberations. Pruitt then enlisted well-connected friends and political allies to help make the trips happen.")

Scott Pruitt's cozy financial relationships with lobbyists began long before he became the anti-environmental Director of the Environmental Protection Agency. 

Pruitt’s Coziness With Lobbyists Includes Secretly Buying a House With One - The New York Times (as an Oklahoma state senator, he bought a home with a lobbyist who was pushing for changes in the worker's compensation law that Pruitt was championing. What is even more interesting is that the house was bought at a "steep discount" from "Marsha Lindsey, who worked for a telecommunications company with business before the Oklahoma state legislature.")

Scott Pruitt reimbursed himself $65,000 from Oklahoma attorney general campaign - CNN 

Is Scott Pruitt the most corrupt member of the Trump administration? - The Washington Post

A Pruitt Aide's Attack on Zinke Angers the White House - The Atlantic

Senate Banking Chair Mike Crapo Set Up Campaign Shop in Scott Pruitt’s Lobbyist Pad

Crowd At Donald Trump's Rally Chant - ''DRAIN THE SWAMP!'' - YouTube

+++++++++++

1. Small Ball:

A. Bought 10 ORKLY at $9.22 and 10 at $9.09-Used Commission Free Trades:

Quotes:

ADR Priced in USDs: Orkla ASA ADR (U.S.: OTC)
Priced in Norwegian Krone: Orkla ASA Stock Quote (Norway: Oslo)

Investor Relations - Orkla.com

Orkla is a stock that I will trade to harvest the annual dividend and to sell thereafter for a profit. I last bought 100 shares at $10.05: Stocks, Bonds & Politics: Item # 5 Bought Back 100 ORKLY at $10.05 (9/21/17 Post)

For this lot, I received a special dividend of $61.12 last November which was paid as a result of Orkla selling its SAPA business: Orkla to sell its interest in Sapa to Hydro:

The $2.5 fee was paid to the ADR custodian. Norway withheld 15% or $9.17 as tax. I did recover that tax as a credit in my 2017 federal income return. 

I received $32.52 in a regular annual dividend today that went ex dividend on 4/13/18:

I neglected to sell the stock, when I could do so profitably, after the annual ex dividend date which was on 4/13/18. Orkla had been reported decent earnings until the last report. (Report for the Q/E 12/31/17 Broad-based growth in Orkla - Orkla.com)

Current Position: 120 Share

Buying Program: 10 Share Lot Using Small Ball Rules and commission free trades

Average Cost Per share: $9.90 

Currency: The ordinary shares are priced in Norwegian Krone ("NOK") and traded on the Oslo stock exchange.  ORKLY is an ADR priced in USDs that is traded on the U.S. Pink Sheet Exchange.OTC Markets | ORKLY 

The NOK has declined recently in value against the U.S.D. and that would cause the ADR to underperform the shares traded in Oslo. XE: NOK / USD Currency Chart. Norwegian Krone to US Dollar Rates 

NOK is generally viewed as a commodity currency given Norway's dependence on crude oil production. Norway Crude Oil Production | 1973-2018 

Oil and gas exports represent about 50% of Norway's exports based on value. Exports of Norwegian oil and gas - Norwegianpetroleum.no

Prior Round Trip Discussions: 

Sold 100 ORKLY-Update On Portfolio Positioning And Management - South Gent | Seeking Alpha August 2015 (+$51.08)- Bought Back 100 Orkla (ORKLY) At $7.285 - South Gent | Seeking Alpha December 2014

Item # 4  Sold 100 ORKLY at $9 (9/6/14 Post)(profit snapshot $122.48)-Item # 2. Bought 100 ORKLY at $7.61 (1/13/14 Post) 

Total ORKLY Trading Profit: $239.01 

Recent Earnings Report:

The last earnings report caused a significant downdraft in the stock.

4/24/18 $10.22
4/25/18 $  9.37

Historical Prices 

When you see an earnings report that says "challenging quarter", nothing good is about to be disclosed: Orkla delivers improvement in a challenging quarter - Orkla.com

Income Statement:

The profit decreased to NOK688M from NOK1095M in the 2017 first quarter.  The SAPA unit generated NOK302M in the year ago quarter so that needs to be subtracted as a discontinued operation from the 1095M to arrive at NOK793 apples to apples. After making that adjustment, profit declined by NOK105M or about 12.24% from the adjusted profit number from the 2017 first quarter. So, in short, I should have sold the stock.

I am now going to place small bets that this last quarter was an aberration rather than the start of a longer term secular decline in Orkla's businesses.

One problem was the poor performance in Josten, a paint company, in which Orkla has a 42.6% interest. Profit growth "remained weak" for Josten. There was an increase in raw material prices and a decline in marine coatings due to a "secular" decline in the shipping industry. Decorative paints continued "to deliver good results". Of course, Orkla has no business owning a paint company, let alone a minority interest in one. 

The other problems summarized by management is a hodgepodge of excuses typically heard when things go south. The weather was "cold" and "snowy" in Scandinavia (really?) and there were fewer selling days due to the timing of the Easter holiday. Orkla also lost its distribution with Wrigley in Orkla's confectionary and snack business as of 1/1/2018. Mars Norge terminates "Wrigley contract" - Orkla.com Orkla was distributing Wrigley products in Norway.  

So time will tell whether there are fundamental problems in organic revenue growth and overall profitability. 

Orkla's (ORKLY) CEO Peter Ruzicka on Q1 2018 Results - Earnings Call Transcript | Seeking Alpha

B. Bought 10 PPLT at $86.05-Used Commission Free Trade:

Closing Price Day of Trade: PPLT $85.99 -$0.98 -1.13% 

PPLT is a platinum bullion fund. ETFS Physical Platinum Shares Overview 

ETFS Physical Platinum Shares Stock Chart (top near $175 in 2011)

As with other precious metals, platinum has been in a long term bear market since 2011. Buy and hold just does not work in a long term bear cycle for precious metals. 

I started to trade PPLT in 2016 and this is my first purchase this year. I own only 10 shares.

Prior Round-Trip Trades:

2017 10 Shares $47.34

2017 10 Shares $35.27

2017 10 Shares $30.5

2017 10 Shares +$12.2

2016 10 Shares +$62.69

2016 10 Shares +$112.98

Total = $300.98

The highest sell price was at 104.5 on 7/6/16 with the shares bought at $93.1 on 6/17/16. The BREXIT vote, which occurred on 6/23/16, caused the brief spike. 2016 United Kingdom European Union membership referendum 

The lowest price disclosed in the previous snapshots was at $86 on 12/6/17.

Some Prior Purchase Discussions: 

Item # 8.B. Bought 10 PPLT at $87.63 (10/5/17 Post)

Update For Portfolio Positioning And Management As Of 6/20/16 - South Gent | Seeking Alpha

C. Bought 2 PG at $71.88, 1 at $71.63 and 2 at $70.89-Used Commission Free Trades:

QUOTE: Procter & Gamble Co.

Chart-Bear Trend: Procter & Gamble Co. Interactive Charts

PG did manage a small rally last Friday: PG $72.43 +$1.07 +1.50% 

Looking at a 48 year chart, there have been three similar price declines: Procter & Gamble (PG) - 48 Year Stock Price History | MacroTrends The first started in late 1999. The second started in late 2007. The third was recent and started in November 2014. In the last two declines, the low was nowhere close to previous low.

Last Substantive Discussion:

Item # 3.B. Added 2 PG at $78.09, 1 at $76.55 and 2 at $76 (3/25/18 Post)

Item # 3.B. (3/19/18 post)

Current Position: 42 Shares

Average Cost Per share: $81.29

Dividend Yield at Total Average Cost Per Share = 3.53%

Maximum Position: 60 Shares (contemplating disposition of highest cost 10 share lot when and if it becomes profitable to do so; which is not likely to happen anytime this year IMO) The limit was raised from 50 shares to accommodate this possibility.

Remaining Lots: 2 lot purchases

Purchase Restriction: Small Ball Rule (each new purchase has to be at the lowest price in the chain)

D. Bought Back 100 CGL:CA at C$11.32: 

Quote: CGL Fund - iShares Gold Bullion ETF Hedged Overview 

The hedge is into Canadian dollars. iShares Gold Bullion ETF | CGL | COMMON HEDGE

Prospectus.pdf

The Stock Jocks believe that China and the U.S. are posturing in their trade negotiations and a deal will be reached in a few weeks. Maybe that will happen and turn into a WIN-WIN. Or maybe it will turn into a LOSE-LOSE. I see no signs of a compromise in the works, and both sides seem to be hardening their respective positions. 

The precious metal bullion ETFs are being bought as a hedge, currently a substantially below immaterial one, against chaos erupting in world trade. I may buy more based on future developments. 

I am not going to be able to pay my nursing home expenses with the profits realized in this ETF so far: 

E. Added $100 to Permanent Portfolio: 

Permanent Portfolio (PRPFX) 

I now own 165+ shares in this account. 

Last Discussed: Item # 2.B. Added 100 PRPFX (12/21/17 Post) 

As I discussed in that post, this fund maintains a relatively constant allocation to several asset classes and most of those are in bear markets. Close to 25% of the assets, for example, are in silver and gold bullion. 

The Permanent Portfolio Family of Funds

A large percentage of the common stocks are natural resource, commodity and equity REIT stocks. 

The fund also owns treasuries and Swiss government bonds as the Swiss Franc has lost value against the USD.  

The bear market onset in gold and silver bullion probably caused a mass exodus from this fund that resulted in several large capital gain distributions in 2013, 2014 and 2015 as the fund had to sell appreciated assets to meet redemptions. For those reasons, I pared my position as noted below.  

I eliminated my position  in my Vanguard account last year, and I eliminated my position in my Fidelity account back in 2015. 

Permanent Portfolio Permanent Portfolio Class I (PRPFX) Fund Performance and Returns

Dividends: Annual for income and capital gains.

2. Short Term Bond/CD Ladder Basket Strategy:

A. Bought 1 Nextera Energy Capital 2.7% SU Bond Maturing on 9/15/19:

FINRA Page: Bond Detail (prospectus linked)

Issue: Wholly Owned Subsidiary of NextEra Energy Inc. (NEE) who guarantees the bond

NEE Analyst Estimates
10-Q for the Q/E 3/31/18
2017 Annual Report
2018 1st Quarter Earnings Press Release-SEC Filing

Credit Ratings:

Fitch Affirms Ratings for NextEra Energy Capital at A- ; Outlook Stable (4/4/18)

Bought at a Total Cost of 99.883
YTM at TC Then at 2.785%
Current Yield at TC = 2.702%

Nextera Energy Capital has two bonds maturing on 9/15/19. They are both senior unsecured bonds. The other bond has a 2.4% coupon. The bonds are functionally equivalent. When I bought this 2.7% bond, it had a higher YTM and current yield than the 2.4% coupon bond, so it was clearly a better buy of the two bonds.

Orders Books at Time of Trade:

2.7% Coupon:

2.4% Coupon: 

I previously bought 1 of the 2.4% coupon. 

B. Bought 1 Morgan Stanley 2.8% SU Bond Maturing on 6/16/20:

FINRA PAGE: Bond Detail (prospectus linked)

Issuer: Morgan Stanley (MS) 
MS Analyst Estimates 
Morgan Stanley profit climbs 38% to beat estimates - MarketWatch

Credit Ratings:

Bought at a Total Cost of 99.605
YTM at TC Then at 2.99%
Current Yield at TC = 2.811%

C. Bought 1 Bank of India 1.7% CD Maturing on 7/25/18 (3 month CD):

3. Intermediate Term Bond/CD Ladder Basket Strategy:  

A. Bought 1 Entergy Arkansas 3.5% First Mortgage Bond Maturing on 4/1/26: 

FINRA Page: Bond Detail (prospectus linked)

This bond has more appeal to me than the exchange traded Entergy Arkansas 4.875% 1st Mortgage Bond due 2066 (EAI), which closed last Friday at $24.15 creating a current yield of about 5.05% at that price. I would not be opposed to owning a few shares of EAI but its much longer duration creates substantially more interest rate risk than the 3.5% first mortgage bond maturing in 2026. I simply do not view the additional yield as worth that risk. 

I also have a firm opinion that credit risk can become more acute as the time period until maturity materially lengthens. A lot could go wrong for Entergy Arkansas before EAI matures in 2066 included obsolescence of its method for distributing electricity to end users. 

The $1K par value bond does have a make whole clause that would make an early redemption onerous, thereby providing some protection against an early call when interest rates are in decline and the issuer could call and refinance at lower rates without that clause. The exchange traded first mortgage bond can be called at its $25 par value at anytime on or after 9/1/21. If interest rates rise to levels that make it uneconomical to refinance at a lower rate prior to maturity, the issuer will let the owners have the bond which is declining in value until 9/1/2066. Prospectus 

Credit Ratings: 

Security: First Mortgage Lien

Bought at a Total Cost of 99.83

YTM at TC Then at 3.525%

Current Yield at  3.506%

B. Bought 1 Federal Realty Investment Trust 3% SU Bond Maturing on 8/1/22-In a Roth IRA Account: 

I now own 2 bonds with the other one owned in a taxable account. 

FINRA Page: Bond Detail (prospectus linked)

Issuer: Federal Realty Investment Trust (FRT) 

Federal Realty Investment Trust Announces Operating Results for the Year and Quarter Ended December 31, 2017 

Federal Realty Investment Trust Announces First Quarter 2018 Operating Results

FRT SEC FILINGS 

2017 FRT Annual Report (debt listed and discussed starting at page F-20)

Credit Ratings: 

Bought at a Total Cost of  98.922 (with $2 Vanguard Commission)

YTM at Total Then at 3.271%

Current Yield at TC =  3.0327%

Price Paid Before $2 Commission = 98.722

C. Bought 2 AT & T 3.95% SU Bonds Maturing on 1/25/25-In a Roth IRA Account:

FINRA Page: Bond Detail (prospectus not linked)

This was originally a DirectTV bond that was exchanged into an AT & T bond with the same coupon and maturity date. Prospectus

Credit Ratings:

Fitch Maintains AT&T's 'A-' Long-Term IDR on Rating Watch Negative (4/24/18)

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

AT&T SEC Filings
2017 Annual Report

Bought at a Total Cost of 99.864 (includes $4 Vanguard brokerage commission)
YTM at Total Cost Then at 3.972%
Current Yield at TC = 3.9554%

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.