Observations and Sample of Recent Trades: DEA, DES, FHB, GOOD, NVS, VRP

Economy: 

Existing-home sales slump to a near 3-year low as buyers back out - MarketWatch; Existing-Home Sales Decline Across the Country in September | www.nar.realtor 

China’s entrance into WTO cost U.S. 3.4 million jobs, new study finds - MarketWatch That estimate covered the 2001-2017 period. 74% of the jobs were lost in manufacturing according to this study prepared by the Economic Policy Institute. The China toll deepens: Growth in the bilateral trade deficit between 2001 and 2017 cost 3.4 million U.S. jobs, with losses in every state and congressional district | Economic Policy Institute

The Economic Policy Institute is generally viewed as a liberal think tank. 

This kind of study will make it even more likely that there will be an all out trade war with China as the U.S. hardens its position. 

The problem with this kind of study is that it is impossible to account for all of the variables. For example, lower input costs for American companies makes them more competitive in both the domestic and foreign markets. Erecting trade barriers increases their costs, makes them less competitive and would result in job losses. 

Overall, however, I would not quarrel with the 3.4M job loss as being a decent ballpark type number.  

Dollar yuan: China currency will weaken in next 6 months, says Goldman

Tariffs will cost Harley-Davidson more than $40 million in 2018  

IRobot stock plunges despite earnings beat, tariffs to hurt margins - MarketWatch

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Markets and Market Commentary: 

Tariffs begin to take bite out of U.S. corporate earnings growth | Reuters

The market did make a nice comeback yesterday from the intra-day lows but faded into the close. 

S & P 500  2,740.69 -15.19 -0.55% 
Day Range: 2,691.43 - 2,753.59

Investors are still buying the dips but are being met with wave after wave of selling. Nothing has been resolved about who will win this tug of war. So far this month, the bears are more in control though the Stock Jocks are putting up a spirited defense. 

There was a slight flight to safety move yesterday: 

IEF $100.39 +$0.26 +0.26% : iShares 7-10 Year Treasury Bond ETF 
TLT $113.92 +$0.36 +0.32%: iShares 20+ Year Treasury Bond ETF 
GLD $116.39 +$0.68 +0.59%: SPDR Gold Trust 
FXF $93.85 +$0.10 +0.11% : Invesco CurrencyShares Swiss Franc 

Caterpillar and MMM were weak yesterday after reporting third quarter earnings. 

MMM $192.55 -$8.81 -4.38%: 3M Company 
CAT $118.98 -$9.73 -7.56% : Caterpillar, Inc. 

Both CAT and MMM are DJIA components.  

3M Slides After Cutting Profit Forecast Again on Sales Slump - Bloomberg; 3M Reports Third-Quarter 2018 Results (sales down .2% Y-O-Y); MMM Chart 

UPDATE 1-Texas Instruments forecasts lower-than-expected profit, shares fall; TXN Chart 

Crude oil is tanking. As previously noted, I stated that SA is pumping more oil to bring down U.S. gas prices before the election since that nation views the republicans as far more hospitable and accommodating than the democrats. That was confirmed today: Oil Tumbles 4% as Saudis Pledge to Produce as Much as They Can - Bloomberg; Oil prices plunge more than 4 percent as stock market tumbles 

Analyst who predicted the 2008 crash warns of bubble brewing in U.S. household wealth - MarketWatch

Putin says Russia dumped Treasurys-MarketWatch

Small-cap stocks getting hammered — three experts debate the next move

Italy's bond were downgraded by Moody's to one notch above junk. Moody's cuts Italy's credit rating one notch; stable outlook - MarketWatch

European Commission rejects Italy's 2019 budget plan - MarketWatch

Kudlow says stocks are falling on fear Democrats will win midterms This argument is pure garbage which is what I would expect from Larry Kudlow. The Democrats will not have the votes to change anything that the republicans have done, nor will they have any power to alter Trump's deregulation path being pursued in the administrative agencies.  

Wells Fargo's Mike Mayo upgrades Morgan Stanley

I have been pointing out that there is considerable weakness in the stock market lurking underneath the surface. The following article was published today: Under the surface, this stock market is slowly ‘rotting away’ - MarketWatch The percentage of S & P 500 components trading above their 200 day SMA lines is currently at 40.7%: S&P 500 Index Chart, Components, Prices - Barchart.com 

The S & P 500 closed yesterday below its 50, 100 and 200 day SMA lines using a one year chart at YF. S&P 500 Chart-Yahoo Finance

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Trump:

While Trump has maintained about a 90% approval rating from republicans since becoming President, his overall approval has trended in the 38% to 42% until recently. The most recent NBC poll has his approval rating at 47%: Trump approval jumps ahead of Obama’s 2010 midterm approval rating

Donald is IMO the most successful and effective demagogue in American political history. He has proven beyond any doubt that lying and appealing to peoples' worst instincts is the road to political power in today's America:  Trump's mid-term campaign of fear - CNN 

One of his most recent lies is a promise that there will be a middle class tax cut before the election. Congress is not even in session and will not be until after the election. Trump's mystery tax cut puzzles Washington - POLITICO

Ted Cruz once called Donald a pathological liar, Donald Trump is a 'pathological liar'. (1:14 into the video, "lies practically every word that comes out of his mouth") That is of course a true statement. Now, Cruz and Donald are best buddies.  

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Trump wants to trash the nuclear arms treaty with Russia that was negotiated by Reagan. Russia fires back at Trump's plan to pull U.S. out of nuclear arms treaty - CBS News; GOP lawmakers criticize Trump’s decision to withdraw from nuclear arms treaty - The Washington Post  

It is clear that the Chaos Monkey views any international agreement, which was not negotiated by him, as the worst deal ever negotiated in the universe's history. 

I am not sure how all of them can be the worst deal ever negotiated, but anything is possible in the Alternate Reality Universe inhabited by the Duck and his followers. True is false and false is true. 

++

Trump is corrupt, a fact that is regularly confirmed by good reporting or what Donald and the Trumpsters call "Fake News". 

Corruption takes many forms. 

For Donald, the most significant form of corruption is using false claims to manipulate voters on a scale previously unknown in American political history.  



Trump's Washington Hotel and the FBI Building:  

Then there is corruption relating to financial matters. 

The latest example of Trump's corruption involves his decision to nix a plan to swap the existing FBI building which is falling about with a developer who would build a new FBI in suburban Maryland or Virginia. 

Donald's problem with that plan was that the developer was going to tear down the old FBI building and build a mixed-use project that would have included a hotel across the street from the Donald's hotel. 

This plan was nixed in pursuit of the Duck's personal self-interest and the result will cost taxpayers money. 

In addition, the renovations to the existing FBI building will result in less office space, so that about 2,000 employees will have to be relocated to another facility. 

IG Confirms Trump’s Involvement in FBI Headquarters Project Across From His Hotel; 

Donald Trump more involved in stopping FBI HQ move than previously known, emails show - CNN; 

Maryland Rep. Cummings says documents detail Trump involvement in decision to halt FBI headquarters move - Baltimore Sun; 

Emails show Trump intervened personally to stop FBI headquarters from moving out of DC, Democrats say - Chicago Tribune

Teflon Don instructed all administration employees to avoid answering any questions about his involvement in changing the FBI's plans. The republicans are preventing any investigation by the relevant congressional committees.  

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Trump Applauds Journalist Assault: 

Trump praises Montana congressman who assaulted reporter - MarketWatch; 

Montana Republican Greg Gianforte assaults reporter Ben Jacobs - YouTube (Trump: “Any guy that can do a body slam, he’s my kind of — he’s my guy.”) 

The Trumpsters thought that was a funny line spewed by the Duck and applauded his remark. Ha, ha.

That statement, along with the unprovoked physical assault on a journalist by the incumbent republican congressman in Montana, actually provoked me to give money to the Democrat, Kathleen Williams, who is running against that republican congressman. United States House of Representatives election in Montana, 2018 - Ballotpedia; Montana Rep. blamed "liberal media" to authorities after reporter assault, police documents show - CBS News 

Donald praise of Greg Gianforte's assault on a journalist for asking a simple question is typical for him and noteworthy given the recent murder of a Washington Post  journalist in Saudi Arabia's consulate. 

Donald Trump's Montana speech: 45 most bizarre lines at Montana Rally- CNN What can you say? Trump is a lying, raving, and invariably incoherent demagogue who appeals to people's worst instincts and has zero redeeming personality characteristics. It is most unfortunate for the nation's future that he is considered to be honest by tens of millions. 

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More Republican Conspiracy Theories Formulated to Manipulate the Weak Minded and to Distract from Important Matters for Most Middle Income Families: 

Donald and other republican politicians like the True Believer Matt Gaetz (R-FL) are claiming that the caravan moving up from Honduras is being financed by the Democrats and George Soros. 

As is normally the case, republicans require no proof to make that assertion which is meant to manipulate the easily manipulated and brain dead since conception. This is how authoritarian minded leaders provide false narratives justifying their power.  

The entire proposition is just ludicrous. No one with an ounce of common sense would view it as remotely credible. 

The Washington Post and New York Times did a fact check and of course found this recent republican conspiracy theory to be baseless. A grainy video from Guatemala sparks Trump conspiracy theory - The Washington Post; Did Democrats, or George Soros, Fund Migrant Caravan? Despite Republican Claims, No

It would make sense to claim that Donald or like minded individuals (or the RNC) financed the caravan in order to create a campaign issue that republicans could demagogue so close to the election. There is no proof of that more sensical claim. 

Of course, true conservatives do not make accusations without real factual evidence, just another reason why the modern day GOP is not a conservative party. 

Florida Rep. Matt Gaetz is a terrible person; Journalist Debunks Matt Gaetz's and Trump's Paid Migrant Theory 

Trump says 'unknown Middle Easterners are mixed in' migrant caravan; Trump Claims ‘Criminals and Unknown Middle Easterners’ Are in Caravan of Migrants

The only reliable evidence that is currently publicly known is that those individuals are fleeing poverty and violence in Honduras, which has become a failed state. Growing caravan of migrants pushes deeper into Mexico - POLITICO The murder rate in that country is among the highest in the world. The crisis in Honduras should matter to the U.S. - The Washington Post  

Counterterrorism official contradicts Trump: No sign ISIS or 'Sunni terrorist groups' are in caravan 

It is important for Donald and his tribe to keep voters focused on this caravan of desparate people which may make it to the border in about 70 or 80 days rather than Mitch McConnell's stated intention to repeal what is left of Obamacare and to cut Medicare and Medicaid. McConnell wants to know why the Democrats can not join with the republicans to increase senior citizen poverty.

The Stable Genius calls the caravan of desperate people walking to the U.S. at about 3 miles per hour a "National Emergency" (actually he spelled emergency as "EMERGY"). For republicans, that is a national emergency of epic proportions, far more important than every other issue including affordable health insurance for American families.  

McConnell: My Biggest Disappointment Is Not Cutting Medicare; 

Mitch McConnell says it out loud: Republicans are gunning for Social Security, Medicare and Obamacare next; 

McConnell Bloomberg Interview on Entitlements, Rising Deficits - Bloomberg

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Democrats and Border Security: 

The Democrats are not for open borders, a false claim repeatedly made by Trump, since they have voted for building the existing border walls/fences and increased border security, though some have been opposed to pre-Trump border wall funding.  

U.S. Senate: U.S. Senate Roll Call on Secure Fence Act of 2006 (passed 80 to 19 with 1 not voting) All of the 19 no votes were Democrats, but a majority of Democrat senators voted yes including Hillary who was a senator representing N.Y. Is Donald Trump right that Hillary Clinton once “wanted a wall” on the Mexican border? | PolitiFact 

In the House, 64 Democrats voted for passage. H.R. 6061 (109th): Secure Fence Act of 2006 -- GovTrack.us 

The Secure Fence Act of 2006 authorized a 700 mile border fence. 

Subsequent to the passage of that act, both political parties had no desire to increase spending due to its expense and the additional outlays for border patrol, until Trump was elected and made extending the border wall a priority. That issue became more set in stone due to the fiscal problems occurring during and after the Near Depression.  

As I discussed in a previous post, both political parties have historically been lethargic in dealing with border security until Trump made it a central issue in his Presidency even though illegal border crossings are way down from historical peaks.  

Illegal immigration is down from peaks hit during prior Democrat and Republican administrations. So it is important to keep these numbers in mind when the republicans demagogue this issue: 

BP Southwest Border Sector Apps FY1960 - FY2017.xls

BP Total Monthly Apprehensions FY2000-FY2017.pdf 

The Democrats' political problem is that the GOP has already successfully painted them as weak on border security. That success is partly due to the Democrats emphasizing the plight of the immigrants with border security coming up as an afterthought, if at all, when discussing this issue now. 

And the Democrats have not been effective combating Trump's demagoguery on immigration issues, including his frequent claims that Congress has the power to change the "law" that prevents immediate deportation of  illegal immigrants.    

Congress does not have that power due to a long history of Supreme Court decisions that require that anyone in the U.S. be afforded due process. Plyler v. Doe, 457 U.S. 202 (Sup.Ct. 1982)(and cases cited therein). 

Trump does not try to inform voters of facts and then to rationally discuss the pros and cons of how to effectively deal with problems and issues. He is a demagogue who can not put two sentences together without lying. 

By way of example, suppose an illegal is arrested and charged with a felony? Can the state imprison the accused without a trial by jury? Trump would say that the State should have the right to deprive that person of his liberty without a trial since the illegal immigrant should have no due process rights as a non-person within the meaning of the Bill of Rights to the U.S. Constitution. Trump amplifies push to end due process for illegal immigrants - POLITICO Trump has no respect for the law or the nation's legal history.  

Personally, I would fund the border wall since it would stem illegal immigration some, though there may be good factual reasons to exclude certain areas:  

Records Show Where Trump Plans to Build Texas Border Wall

And, importantly, it would take away the southern border illegal entry issue away from the GOP in 2020. 

There will still be people clogging the legal border crossings seeking asylum, probably in far higher numbers after the wall is built, and illegal entry by a variety of means including tunnels under the war and scaling over the wall in remote areas. 

Nothing proposed by the republicans would ameliorate the harsh conditions that cause people to walk over a thousand miles to the U.S.  carrying almost no belongings other than the clothes they are wearing. That is just plain desperate. 

Instead, Trump is threatening to cut off aid for those countries, which is insignificant, unless they become more aggressive in stopping the migration. Trump threatens to cut Central America aid over migrant caravan | Reuters The republicans have already cut aid 40% compared to the 2016 numbers. 

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1. Sold Remaining NVS Shares at $86.36-Used Commission Free Trade:

Quote: Novartis AG ADR (NVS)

Profit Snapshot: $265.79

$265.79 attributable to 10/18 Elimination

Rationale: Profit Taking

I also had a negative reaction to this acquisition announcement: Novartis announces planned acquisition of Endocyte to expand expertise in radiopharmaceuticals and build on commitment to transformational therapeutic platforms (offer value = $2.1B)

Last Substantive Discussions: Item # 3 Sold 108+ NVS at $83.66 (9/12/18 Post); Item # 1.B. Added 2 NVS at $77.91, 2 at $76.9, and 18 at $77.34-Used Commission Free trades (4/30/18 Post)

Last Sell Discussion: Item # 3.D Sold 10 NVS at $85.96 and 5 at $86.5-Used Commission Free Trades (10/10/18 Post)

2018 NVS Trading Profits:  $1,454.88 ($1,189.09 prior trades)

Almost all of the shares sold received the 2018 annual dividend payment. 

Last Earnings Report: Q/E 9/30/18

Novartis delivered strong growth and innovation during the third quarter, including progressing advanced therapy platforms to drive future growth

Products:

Novartis Interim Financial Report - Q3 2018

I am looking for a first re-entry point at less than $76.  

2. Small Ball-Commission Free ETFs at Vanguard: 

A. Added 5 DES at $28.95, 5 at $28.1 and 5 at $27.66-Commission Free for Vanguard Brokerage Customers:

Quote: WisdomTree U.S. SmallCap Dividend Fund Overview

Sponsor's Website: WisdomTree U.S. SmallCap Dividend Fund

Maximum Position: 300 Shares

Purchase Restriction: Small Ball Rule for now

Dividend: Monthly at a variable rate

Some Holdings:

B. Bought 50 VRP at $24.53-Commission Free for Vanguard Brokerage Customers:

Quote: Invesco Variable Rate Preferred ETF Overview

Closing Price Yesterday: VRP $24.40 -$0.06 -0.25% 

Sponsor's website: Invesco - Product Detail

This old post contains a detailed discussion of this ETF: Income And Risk Assessment Balancing-Bought 100 Of The ETF VRP - South Gent | Seeking Alpha That lot has been sold as noted below.

Current Position: 50 Shares

Maximum Position: 150 Shares

Purchase Restriction: Small Ball Rule (probably 20 share lots)

Dividend Reinvestment: No

Dividends: Monthly at a variable rate

Last Ex Dividend Date: 10/22 (shortly after purchase)

Portfolio:

A number of securities owned by this fund have fixed-to-floating rates. I recently discussed a fixed-to-floating rate preferred stock in this post: Item # 1 TWOPRC Those securities pay a fixed coupon for several years after the IPO and are not in most cases variable rate securities now.

The fund also owns several exchange traded floating rate equity preferred stocks that pay the greater of a minimum coupon or a spread over some short term rate. None of them to my knowledge pay the spread rate yet. Stocks, Bonds & Politics: Advantages and Disadvantages of Equity Preferred Floating Rate Securities (trading profits currently at $23,395.99, see snapshots therein)

Examples (all $25 par; non-cumulative): 
Morgan Stanley Non-Cum. Pfd. Series A; Prospectus 
MetLife Inc. Floating Rate Non-Cum. Pfd. Series A; Prospectus
Zions Bancorp N.A Fltg. Rate Non-Cum. Perp. Pfd. Series A; Prospectus 
SunTrust Banks Inc. Perp. Pfd. Series A; Prospectus 

In short the majority of positions in this fund are not currently paying a variable rate but a fixed coupon rate. 

One potential advantage of a fixed-to-floating rate security is that the short term rate may be so high that the issuer will exercise the option to redeem, which would turn the potentially perpetual preferred stock into a term one. That option is normally triggered when the rate converts from the fixed to the variable rate. I say a benefit because short term interest rates would be high in that scenario and at least the investor may get their money back without having to sell the security for a large loss. 

Previous Sell Discussions:

Item # 6 Sold 272 VRP at $24.88 Update For Exchange Traded Bond And Preferred Stock Basket As Of 7/7/17 - South Gent | Seeking Alpha

Item # 2 Eliminated VRP Sold 100 at $25.2 Update For Exchange Traded Bonds And Preferred Stock Basket Strategy As 7/29/2016 - South Gent | Seeking Alpha

Realized Gains To Date = $149.81

3. Short Term Bond/CD Ladder Basket Strategy:

A. Bought 2 Treasury Bills at Auction Maturing on 12/11/18 (the first two month T Bill Auction):
IR: 2.207%

No intermediate bond purchases have been made in weeks. I am redeploying proceeds from maturing bonds and CDs mostly into short term treasuries bought at auction or in the secondary market.  

Action Results:

At the time of purchase, the highest yielding CD maturing in December had a 2% coupon:

B. Bought 1 Wells Fargo 3% CD (monthly interest payments) Maturing on 10/26/20:

This is the first 3% two year CD that I have been able to purchase in several years.

At the time of purchase, the yield on the 2 year treasury note was at 2.86%:

U.S. 2 Year Treasury Note-MarketWatch

C.  Bought 1 Treasury 2.25% Coupon Maturing on 2/28/20:
YTM = 2.765%

I now own 2 bonds.

4. Small Ball- Equity REIT Common and Preferred Stock Basket Strategy:

A. Bought 10 GOOD at $18.35 and 10 at $18.15-Used Fidelity Commission Free Trade:

Quote: Gladstone Commercial Corp. (GOOD)

Closing Price Yesterday: GOOD $18.52 +$0.13 +0.71% 

Equity REIT Common and Preferred Stock Basket Strategy

Website: Gladstone Commercial | Monthly Dividend REIT

Current Position This Account: 40+ shares

Maximum Position this Account: 100 shares + shares bought with dividends

Average Cost Per Share this Account: $18.9

Purchase Restriction: Small Ball Rule

Total Position All Accounts: 90+ shares (50 share position in Schwab account will remain static except for dividend reinvestments)

Dividend: Monthly at $.125 per share ($1.5 per share annually)

Dividend Yield at TC Per Share = 7.94%

Last Ex Dividend Date: 10/18/18 (shortly after these purchases)

Dividend Reinvestment: Yes

Last Substantive Discussion: Item # 3.A. Bought 50 GOOD at $19.4-Used Schwab Commission Free Trade  (8/8/2018)

I have nothing further to add to that recent discussion.

B. Bought 10 DEA at $17.76-Used Fidelity Commission Free Trade:

Quote: Easterly Government Properties Inc. Stock Quote

Closing Price Yesterday: DEA $18.18 +$0.15 +0.83% 

"As of June 30, 2018, the Company wholly owned 47 operating properties in the United States, encompassing approximately 3.7 million square feet in the aggregate, including 45 operating properties that were leased primarily to U.S. Government tenant agencies and two operating properties that were entirely leased to private tenants. As of June 30, 2018, the portfolio had an average age of 12.7 years, was 100% occupied, and had a weighted average remaining lease term of 7.7 years."

Recent News: 

Easterly Government Properties Acquires Eight of the Fourteen Properties in Previously Announced Portfolio Acquisition

Easterly Government Properties Announces Pricing of Common Stock Offering (public offering price at $19.25)

Current Position This Account: 20 shares

Maximum Position in Fidelity Taxable Account: 100 Shares

I also own 60 shares in my Schwab taxable account where I may round up to 100 shares. 

Purchase Restriction: Small Ball Rule

Average Cost Per Share: $18.32

Dividend: Quarterly at $.26 per share ($1.04 annually)

Dividends | Easterly Government Properties, Inc.

Easterly Government Properties Announces Quarterly Dividend

Dividend Yield at TC per share= 5.68%

Last Ex Dividend Date: 9/12/18

Last Substantive Discussion: Sold 10 DEA at $21.44-Used Commission Free Trade (5/17/18 Post)-Item # 1.A. Bought 10 DEA at $19.18 (3/8/18 Post)

See also: Item 5. A. Sold 50 DEA at $21.59-Used Commission Free Trade (12/11/17 Post)-Item # 3.A.  Bought 50 DEA $19.64 (8/19/17 Post)

DEA Trading Profits = $120.44

Last Earnings Report: Q/E 6/30/18

Easterly Government Properties Reports Second Quarter 2018 Results 

FFO:           $.29 per share
Adj. FFO:   $.25 (e.g. excludes non-cash revenues)
CAD:           $.1925

The share count included 20.7M shares sold in the June public offering and another 1.010+M sold in DEA's ATM program at an average gross price of $20.2 per share. 

I regard DEA's earnings reports to be more forthright in computing cash flow than most REITs who engage in a variety of techniques to make their cash flow per share numbers look better than they are. 

One notable item is the deduction for routine maintenance expenses from FFO to arrive at CAD or Cash Available for Distribution.  

The 2018 FFO per share was guided to $1.17 to $1.22. 

I focus on the CAD number. Currently, CAD per share is substantially below the quarterly dividend of $.26 per share. Given the recent share offering used to finance acquisitions, it may take a couple of quarters before I can form a judgment on the tightness of dividend coverage with free cash flow. 

5. Small Ball- REGIONAL BANK BASKET STRATEGY:

A. Bought 5 FHB at $25.75, 5 at $25.25 and 5 at $24.4-Used Fidelity Commission Free Trades:

Quote: First Hawaiian Inc. (FHB)

Closing Price Yesterday: FHB $24.12 +$0.22 +0.92% 

FHB Analyst Estimates (as of 10/13/18)
2019: $2.18

Third quarter earnings are scheduled to be released tomorrow. Regional bank stocks have been hit hard after issuing third quarter reports showing negative or anemic loan growth compared to the previous quarter. I will discuss the report in a comment section to this post. 

REGIONAL BANK BASKET STRATEGY GATEWAY POST

Current Position This Account: 50+ shares

Maximum Position in this Account: 100 Shares + shares purchased with dividends

Average Total Cost Per Share this Account: $27.22

Highest Cost Lot This Account: 10 shares at $29.11 (first lot in chain: 12/4/17)

Total Position All Accounts: 152+ shares (Schwab position will remain static except for dividend reinvestments)

Dividend: Quarterly at $.24 per share ($.96 per share annually)

Dividend Yield at $27.22 Total Cost Per Share: 3.53 %

Last Ex Dividend: 8/24/18

Dividend Reinvestment: Yes at less than $30 per share

Last Substantive Discussion: Item # 4.A. (9/30/18 Post)

Last Sell Discussion: Item # 1.A. Sold 10 FHB at $30.76 (6/21/18 Post)

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.