Wednesday, January 30, 2019

Observations and Sample of Recent Trades: HMMJ:CA; UMPQ; Item # 1 Genealogical Research




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Markets and Market Commentary


I would not base a recession forecast on consumer survey data.  

It’s time to ‘dismount’ from this stock-market rodeo, says Morgan Stanley’s Wilson - MarketWatch


These stocks can be the next blowups on China slowdown after Caterpillar and Nvidia

As China, U.S. resume trade talks, few indications that a breakthrough is likely - MarketWatch


China responds to US indictment against Huawei


Apple's IPhone sales declined 27% in the 2018 4th quarter. Earnings did beat the consensus estimate by 1 cent per share. Revenues declined 5% from the year ago quarter. Apple Reports First Quarter Results


So far today, Apple is up about 5% in pre-market trading. This suggests that some investors view the report and/or the guidance to be less bad than previously anticipated by them. While earnings per share numbers can be manipulated by large share buybacks, net income will be tied to profit margins and revenues. A persistent decline in revenues will result in lower net income (e.g. IBM) but EPS can grow due to share buybacks and other factors like taxes that do not reflect underlying fundamentals of the business. 

For the quarter, Apple's net income was reported at $19.965B, down from $20.065B in the year ago quarter. The diluted share count decreased to 4.773+B from 5.1577+B. 

I do not share the market's enthusiasm for this report.  

In another development, BNP Paribas is selling its remaining 24.9 million shares in First Hawaiian (FHB). First Hawaiian, Inc. Announces Pricing of Secondary Common Stock Offering BNP had at one time a majority stake and has been selling its position over the past year or so. Today's offering removes this overhang. The BNP position after FHB's IPO was at approximately 62%. FHB 2017 Annual Report Page 3

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Trump:

On North Korea and Iran, Intelligence Chiefs Contradict Trump - The New York Times Some people can not live in our President's reality creations. 


One definition of insanity is doing the same thing over and over and expecting a different result. 


For example: 




Trump advisers lied over and over again, Mueller says. The question is, why?

If this is true, what does it say about Trump's intelligence. Trump Thought Firing Flynn Would End ‘Russia Thing,’ Chris Christie Writes in Book

Trump touts proposed Bible literacy classes in state schools

2 years into Trump's presidency, a deficit in confidence across government - ABC News 56% of registered voters stated they will "definitely" not vote for Trump in 2020. That is similar to a recent poll which found that 57% of voters would definitely not support Trump. 57 percent of voters say they won’t support Trump in 2020 | PBS NewsHour 


Analysis: A big warning sign for Trump’s 2020 reelection effort in this new poll


If the economy falters leading up to the 2020 election, and Trump is the republican nominee, the Democrats will gain more seats in the House and will probably take control over the senate, possibly with 60 or more votes.  


In retrospect, allowing the Russ Limbaugh, Ann Colter, Sean Hannity and Laura Ingraham wing take over the GOP will prove to a short lived phenomenon. 

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1. No Stock or Stock ETF Purchases-

Genealogical Research:


Since I have no stock purchases to discuss, I will instead make some general observations about the genealogical research that has consumed my free time over the past two weeks. 


I am using Ancestry.com which has an abundance of source material. 


When a new ancestor is added, Ancestry will frequently suggest a potential mother or father. 


Those suggestions are crowd sourced for the most part and many will be based on a solid foundation of evidence while others will be properly characterized as a reality creations. 


Once one person creates a lineage that has no factual foundation, probably for the first time, the software suggests to others that lineage who adopt it without looking deeper as to the claimed foundation. The result is that there are several people incorporating the same dubious lineage. 


My recommendation would be to add the suggestion and then check the evidentiary basis for it. If none is found, then I would delete the recommended parent from the tree and look elsewhere. Otherwise, you will end up adding a bunch of people who have no direct relationship, which is the end result of many Ancestry recommendations made for those living prior to 1850. 

The main evidentiary links will be census records, birth and death records, gravestones, and old published material that contains information about family relationships which confirms other source material. An example, which I found, is this book published in 1900: A History of Hickman County, Tennessee - W. Jerome D. Spence, David L. Spence - Google Books The authors were well connected in that rural Tennessee county and conducted detailed research when the records from the 19th century and persons with personal knowledge were available. 


Census records prior to 1850 become less useful since only the head of household is identified by name when the researcher needs the names of a wife and/or child. For many researchers, it will be hard or sometimes impossible to establish lineages prior to 1850 based on evidence rather than supposition due to that problem. 

Prior to 1850, New England records are far more likely to have material information than those from southern states. Those with a long history of southern heritage, as I do, will have a number of loose ends and breaks in the chain that can not be remedied by online research, but would require visits to geographic area where records may exist.  

Sometimes the Ancestry recommendation has some factual foundation but does not make any sense. I had one case where the 100% certain male descendant had two potential lines where both parents had the same names as well as  similar birth and death dates. Neither line could be proved as being the right one given the limited records from the 1780 to 1850 period. One had the mother coming from a poor farming family in Tennessee and the other from Boston. Ancestry recommended the Boston line and I went with the hicks. Why would a young lady from Boston marry a farmer from Tennessee, let alone ever meet him during that period? It would be possible today but highly unlikely then.      


I had prior knowledge about less than 1% of the persons now in my family tree. For the most part, I can only make general observations sourced from the limited information that is available. 


All of my lines go deep into early colonial America, starting with the great migration during the 1600s, as many fled poverty, religious persecution, and/or class stratification for the opportunities offered here. 


The primary occupations of those early settlers were farmers with some craftsman (e.g. blacksmiths) and preachers. 


Before the Great Depression, I already knew that my grandparents were barely able to provide shelter and food for their families. 

When one digs into the past, it will frequently be discovered that ancestors who were born in other countries were descended from those with some measure of power, influence and money. 


There are several factors that contribute to a multi-generational movement toward poverty.  


My ancestors come primary from Great Britain (England, Scotland and Northern Ireland). There was a deep line into marriages between protestant Scots and Irish. 


In my history, I have identified several primary reasons why there was a multi-generational movement to subsistence living that started to reverse only after WWII. 


1. No Universal Eduction 


2. Class and Income Stratification


3. Too Many Children (there were frequently 5 to 10 children in the same generation)


4. A Bad Decision by One Person That Had Multi-Generational Impacts (though the decision may have made sense at the time made)


5. The Systemic Problem of Breaking a Cycle of Multi-Generational Poverty (e.g. Hillbilly Elegy: A Memoir of a Family and Culture in Crisis: J. D. Vance)


Where there was money and position in Great Britain, the direct male ancestor would not be the eldest son who inherited the bulk of the estate or a woman whose lot in life was to bear and raise 5 to 10 children. The end result was a movement to subsistence living and a willingness to jump ship for a fresh beginning in Colonial America. 


A bad decision would be something like moving from Boston to Hickman County Tennessee to buy cheap land. That kind of decision led to 150 years of subsistence living. 


So far, I have found 5 direct ancestors that fought in the Revolutionary War.  


For those ancestors who started in Virginia or who moved to the south prior to the Civil War, many owned slaves and fought for the Confederacy. 


So there will be skeletons. I do not believe that one can justify owning slaves by arguing that it was common at the time. Moral principles are immutable and perpetual, unrelated to time periods.  

There were benefits to having large families and hundreds of relative populating a rural county. Early death of both parents with young children led to others raising the children, providing them food and shelter. There was probably a far stronger community bond than one will generally fine today where people are far more isolated from family and community support.  


Both of my maternal grandparents, who were born in Hickman County, lost both parents when they were children. 


My maternal great-grandfather's father was murdered in 1863 by "jawhawkers" who just wanted to kill someone. His wife put the eight kids in a wagon led by a mule and took them to her parents. She then died within a short time thereafter. In that kind of world, the entire focus is survival day-to-day.  


A more modern version of living in 19th Century Hickman County, Tennessee would be small factory towns in the Midwest where the main employer left many years ago but the descendants of the middle class workers remain. Another modern example would be impoverished areas of major cities. 


It is not easy to break out of those multi-generational cycles. One person may break out by sheer force of will and a driven desire to do so. 


Sometimes, the break can start simply by moving elsewhere, a decision made by my maternal grandfather when he decided to leave Hickman County and move his family to Nashville during the Great Depression. While never rich himself, he was far more financially secure than anyone in his ancestral lineage for over 100 years. 


What made the move important was that he gave his children, grand-children, great-grandchildren and so on an opportunity, which was exploited, to decisively break from the multi-generational cycle of subsistence living. And, now, over 100 people have benefited substantially from that simple decision to move. 



2. Short Term Bond/CD Ladder Basket Strategy

February 2019 Maturities

SU = Senior Unsecured Bond ($1K par value per bond)
CD = Certificate of Deposit ($1K par value per CD)-FDIC Insured
MI = Monthly Interest Payments
Treasury: U.S. Treasury Debt ($1K par value per bill, note or bond)

2 National Rural Utilities 2.15% SU (bought July 2018)
1 Morgan Stanley 2.45% SU 2/1/19 (bought March 2018)
2 ZB Bank 1.55% CDs 2/4/19 (16 month CDs)
1 Treasury 2.235% IR 6 Month 2/7  (bought at auction)
3 Treasury 2.366% IR 3 Month 2/7 (bought at auction) 
2 National Rural Utilities 1.65% SU 2/9 (bought December 2017)
2 Wells Fargo 1.8% CDs MI 2/11 (13 month CDs)
2 Merrick Bank 1.6% CDs MI 2/11 (18 month CDs)
2 Lakeside BK 1.55% CDs MI 2/13 (16 month CDs)
1 Union Pacific 2.25% SU 2/15 (bought June 2018)
2 United Healthcare 1.7% SU 2/15 (bought December 2017)
1 Treasury .75% Coupon 2/15 (bought July 2018)
2 BMW BK 1.6% CDs 2/19 (18 month CDs)
1 Wells Fargo 1.85% CD 2/19 MI (13 month CD)
2 Toyota Motor 1.7% SU 2/19 (bought November 2017)
3 Treasury 2.392% IR 3 Month T Bills 2/21 (bought at auction)
2 Apple 1.7% SU 2/22 (bought January 2018)
2 American Honda 1.7% SU (bought December 2017)
1 Paccar 1.65% SU 2/25 (bought December 2017)
2 Chevron 1.686% SU 2/28 (bought December 2017) 
2 Cisco 1.686% SU 2/28 (bought December 2017)
4 Treasury 1.5% 2/28 (secondary market purchases)
2 Treasury 2.417% IR 3 Month 2/28 (bought at auction)

$44K

Purchases: $6K


A. Bought 1 Southern Company 2.75% SU Bond Maturing on 6/15/20:




I now own 3 bonds with the last one bought in September 2018.


FINRA Page: Bond Detail (prospectus linked)


Issuer:  Southern Co. (SO)

SO Analyst Estimates

10-Q for the Q/E 9/30/18

SEC Filed Earnings Press Release for the Q.E. 9/30/18

Credit Ratings:




Bought at a Total Cost of 99.484

YTM at TC Then at 3.126%
Current Yield at TC = 2.7643%

My next maturity for this issuer is a 2 bond lot maturing on 9/1/19.


In a prior comment, I discussed one method that I use to check the ratings. The quest simply involves performing a search of similarly rated bonds maturing at about the same time and forming an opinion about a yield to maturity range. The question then is whether the YTM is materially outside that range which would indicate that the Bond Ghouls view the ratings as either too high or low.


For a Baa2 rated credit, the YTM of this Southern bond when purchased was at the low end of the range for Baa2 rated debt.


Autodesk YTM at 3.23%

Cigna 3.321%
Exelon 3.388% 
Juniper Networks 3.441%

It has been awhile since I own the common stock.


Yesterday, I received notice that this bond would be called early by the issuer. Southern Company Announces Expiration of Cash Tender Offers for Any and All of Certain Outstanding Debt Securities


B. Bought 1 Wells Fargo 2.1% SU Maturing on 7/26/21:




Finra Page: Bond Detail (prospectus linked)


Issuer: Wells Fargo & Co.  (WFC)

WFC Analyst Estimates

Wells Fargo Reports $6.1 Billion in Quarterly Net Income; Diluted EPS of $1.21


Credit Ratings:




Bought at a Total Cost of 97.1

YTM at TC Then at 3.314%
Current Yield at TC = 2.1627%

C. Bought 2 Bank of Nova Scotia 2.35% SU Maturing on 10/31/20:




FINRA Page: Bond Detail (prospectus not linked)


Prospectus


Issuer: Bank of Nova Scotia (BNS)

BNS Analyst Estimates

Credit Ratings: Aa2/A+/AA-




Investor Presentation and Credit Ratings


Bought at a Total Cost of 98.946

YTM at Total Cost Then at 2.975%
Current Yield at TC = 2.3649%

D. Bought 2 Abbott 2.8% SU Maturing on 9/15/2020:




FINRA Page: Bond Detail


Shortly after I purchased this bond on 1/11/19, I received a notice that Abbott intends to redeem it. The redemption date will be 2/24/19. 


Issuer: Abbott Laboratories (ABT)

Abbott Reports 2018 Results and Issues Strong Forecast for 2019

Bought at a Total Cost of 99.5 (includes $ 2 Commission)


3. Intermediate Term Bond/CD Ladder Basket Strategy:

A. Bought 1 Healthcare Realty Trust 3.75% SU Bond Maturing on 4/15/23:




I now own 2 bonds.


FINRA Page: Bond  Detail (prospectus Linked)


Issuer: Healthcare Realty Trust (HR)


Healthcare Realty Trust - Medical Office REIT


"Healthcare Realty Trust is a real estate investment trust that integrates owning, managing, financing and developing income-producing real estate properties associated primarily with the delivery of outpatient healthcare services throughout the United States.  As of September 30, 2018, the Company owned 201 real estate properties in 27 states totaling 14.8 million square feet and was valued at approximately $5.0 billion. The Company provided leasing and property management services to 11.1 million square feet nationwide."



Healthcare Realty Trust Reports Results for the Third Quarter
Credit Ratings:



Bought at a Total Cost of 98.861

YTM at TC Then at 4.091%
Current Yield at TC = 3.79%

B. Bought 1 American Electric Power 2.95% SU Maturing on 12/15/22:




I now own 2 bonds.


FINRA Page: Bond Detail


Issuer: American Electric Power Co. (AEP)

AEP Analyst Estimates

Credit Ratings:




Bought at a Total Cost of 98.716

YTM at TC Then at 3.303%
Current Yield at TC = 2.99%

4.  Eliminations:


A. Sold 101+ UMPQ at $18.34:


Two Year History in Schwab Taxable Account:




Quote: Umpqua Holdings Corp.  (UMPQ)


Profit: $160.98  




Stocks, Bonds & Politics: (1/16/19 Post) Observations and Sample of Recent Trades: BKLN, BTZ, PGX, SDIV, STWD, T, UMPQ, VRP


UMPQ Realized Gains: $694.98


REGIONAL BANK BASKET STRATEGY GATEWAY POST


I discussed the reasons for selling this position in a comment.


B. Sold 50 HMMJ:CA (C$1 commission at IB):





Quote: Horizons Marijuana Life Sciences Index ETF (HMMJ:CA)

Sponsor's Website: Horizons ETFs - HMMJ

Profit Snapshot: C$216




Last Discussed:Update for Portfolio Management as of 12/28/18: HMMJ:CA (12/28/18 Post)


HMMJ:CA Realized Gains: C$889.5 (C$673.5 in 2018)


I am speculating and gambling when I buy this ETF. My consider to purchase range is currently at C$15 or lower. My sell range has been lowered to C$18 to C$20 from $22+. I will need a price closer to zero to reenter.  


DisclaimerI 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. 

Sunday, January 27, 2019

Observations and Sample of Recent Trades: BIZD, CHIQ, NORW, SRET, TCRD

Economy


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Markets and Market Commentary

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Trump

President Trump made 8,158 false or misleading claims in his first two years - The Washington Post A majority of republicans still view him as honest and a role model for their children. 

The Mueller "witch hunt" has resulted in another indictment. Mueller indicts Roger Stone, says he was coordinating with Trump officials about WikiLeaks' stolen emails - CNNRead the Emails: The Trump Campaign and Roger Stone - The New York Times


Possibly, Donald has learned a lesson. A President can not effectively govern by following the advice of wingnuts like Ann Coulter and Laura Ingraham. 

Sane leaders from both parties need to recognize that the government must never be shutdown in order to gain concessions. The only way to stop that irresponsible act is to stand fast and never offer any concessions for as long as the government remains shut. 

Trump views himself as a winner, even though he has bankrupted six businesses. His B.S. jive of self promotion would have landed him in a used car salesman taking advantage of poor people without his father's money. 

Since he does not want to look like the loser, I doubt that he will shutdown the government again as a means to gain concessions from the the Democrats. 

Trump faulted for government shutdown: NBC-WSJ poll

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There has not been much happening at the trading desk. This is partly due to bing immersed in genealogy research, which has consumed about 50 hours or so over the past week.    

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1. Small Ball-Income Generation

A. Added 20 TCRD at $6.2-Used Commission Free Trade




TCRD is one of the deservedly hated BDCs. 

Last DiscussedItem #1.A. Added 20 TCRD at $7.67-Used Commission Free Trade (11/14/18 Post) I discussed the last earnings report in that post and have nothing to add.


THL Credit Reports Third Quarter 2018 Financial Results and Declares a Dividend of $0.27 Per Share 


10-Q for the Q/E 9/30/18 


Maximum Position: 100 Share Shares + shares purchased with dividends (no more shares can be purchases other than through dividend reinvestment)


Current Position: 107+ Shares


Average Cost Per Share This Account: $7.47

Net Asset Value Per Share as of 9/30/18 = $10.1


Discount to Net Asset Value Per Share at $7.47: -26.04   

Purchase Restriction: Small Ball Rule 

Highest Cost Lot in Fidelity Account Chain: 50 Shares at $7.88 (5/17/18)

Last Substantive DiscussionItem # 1.B Bought 50 TCRD at $7.81-Used Schwab Commission Free Trade (5/28/18 Post)(Schwab account commission free purchase) 

Dividend: Quarterly at $.27 per share ($1.08 annually)


Dividend Yield at $7.47 TC per share = 14.46%


Last Ex Dividend Date: 12/13/18  


As previously discussed, the dividend is likely to be cut at some point this year, probably no later than the third quarter. 


B. Added 20 BIZD at $15.61-Commission Free at Vanguard




Quote: VanEck Vectors BDC Income ETF Overview


Closing Price Last Friday: BIZD $15.76 +$0.15 +0.96% 


Sponsor's Website: BIZD - VanEck Vectors BDC Income ETF | Snapshot | Income ETF- VanEck


This ETF was subject to a small ball buying program with the last purchase being 5 shares at  $14.95 with a 100 share maximum. Item # 3.C. Bought 5 BIZD at $14.95 (1/9/19 Post) I just decided to finish it up with a 20 share buy. 


Maximum Position: 100 shares + shares purchased with dividends


Current Position: 103+ shares (reinvesting the dividend)   


2018 Dividends Paid Quarterly at a Variable Rate = $1.53 per share


Last Ex Dividend: $.4066 per share on 12/27/18


Dividend Reinvestment: Yes 


2. Short Term Bond/CD Ladder Basket Strategy

Purchases: $10K 


I had a number of T Bills mature in this account last week. I aggregated the proceeds to buy 6 six month T Bills at auction, as noted in Item D. below. 


A. Bought 1 Treasury 6 Month T Bill at Auction Maturing 7/19/19

IR = 2.526%




Auction Results: 



B. Bought 2 Kroger 2.6% SU Maturing on 2/1/21





Finra Page: Bond Detail (prospectus not linked)


Prospectus


Issuer: Kroger Co. (KR)

KR Analyst Estimates

SEC Filings

10-Q for the Fiscal Q/E 11/10/18-SEC Earnings Press Release

Last Bond Offering (January 2019): Prospectus




Credit Ratings:




Bought at a Total Cost of 98.583

YTM at TC Then at 3.324%
Current Yield at TC = 2.6374%

I used part of the proceeds from $4K in Kroger bonds that matured on 1/15/19. 


C. Bought 1 Consolidated Edison 2% SU Maturing on 5/15/21





I now own 2 bonds. The other bond was bought in February 2018. 



I had two Consolidated Edison bonds mature on the prior day and explained my thought process in using 1/2 of the proceeds to buy this 2021 bond here.


FINRA Page: Bond Detail (prospectus linked)


Issuer: Consolidated Edison Inc. (ED)

ED Analyst Estimates

SEC Filings

10-Q for the Q/E 9/30/18
SEC Filed Earnings Press Release for Q/E 9/30/18

Con Edison Announces Pricing of Common Share Offering (11/14/18)


Credit Quality: 




Bought at a Total Cost of 97.186

YTM at TC Then at 3.266%
Current Yield at TC = 2.0579%

Treasury Yield at the Time of Purchase for Same Maturity Date: 




D. Bought 6 Treasury Bills 6 Month at Auction Maturing on 7/25/2019
IR = 2.515

Auction Results (1/22/19): 



I am fluid when reallocating proceeds from maturing short term securities. Corporate bonds maturing in 2019 look relatively unattractive at current yield spreads to treasury bills. Consequently, I am buying more short term treasuries maturing within one year, using part of the proceeds from maturing securities. 


I am also starting to redirect some proceeds into intermediate term bond purchases. 

3. Small Ball-Commission Free ETFs:

A. Added 10 NORW at $11.6-Commission Free for Vanguard Customers:




Quote:  Global X MSCI Norway ETF Overview


Closing Price Last Friday: NORW $12.27 _+$0.01 +0.08% 


Last DiscussedItem # 5.A. (12/23/18 Post) I have nothing to add to that discussion. 

Current Position: 83+ Shares

Maximum Position: 100 Shares + Shares Purchased With Dividends


Purchase Restriction: Small Ball Rule using only commission free trades at Vanguard



Sponsor's PageMSCI Norway ETF (expense ratio = .5%)

Dividends: Annually at a variable rate




Last Ex Dividend Date: 12/28/18


Dividend Reinvestment: Yes


The annual dividend was paid on 1/8/19: 




B. Added 10 CHIQ at $12.8-Commission Free for Vanguard Customers



Quote Global X MSCI China Consumer Discretionary ETF Overview 

Closing Price Last Friday: CHIQ $14.61 +$ 0.41 +2.89% 


Current Position: 71+ Shares 


Maximum Position: 200 Shares 


Purchase Restriction: Small Ball Rule 


This is my first discussion of this China stock ETF. 


Sponsor's PageMSCI China Consumer Discretionary ETF (.65% expense ratio)


Dividend: Annually at a variable rate


Last Ex Dividend: 12/28/18 (60 shares participated)


Dividend Reinvestment: Yes 


Top 10 Holdings as of 1/3/19




Performance Numbers: The average total returns have been abysmal which is standard for China stock funds. 




As previously discussed in connection with the Matthews China Dividend Fund (MCDFX) recent purchases, the general idea for China stock funds is to catch a wave and then exit. Sooner or later, an uptrend will be more than a trading opportunity and may work as a long term hold.  


Recent problems include a slowdown in growth and the trade spat with the U.S. 


C. Bought 50 SRET at $13.88 In a Roth IRA Account-Commission Free For Vanguard Customers



Quote: Global X SuperDividend REIT ETF

Closing Price Last Friday: SRET $14.83 +$0.15 +1.02% 


Last Substantive DiscussionItem # 1. B. Bought 50 SRET at $14.8-Used Fidelity Commission Free Trade (5/17/18)


I will no longer use my Fidelity commission free trades to buy this ETF, or any other ETF which is not commission free to all Fidelity customers.  


Vanguard now offers over 1800 ETFs on a commission free basis. 

Sponsor's WebsiteSuperDividend® REIT ETF (expense ratio= .58%)


Dividends: Monthly at a Variable Rate (Trending up in 2018) 




Last Ex Dividend Date: 12/28/18


RISK NUMBERS




D. Bought 10 FDRR at $29.5-Commission Free in my Fidelity Accounts



Quote: Fidelity Dividend ETF for Rising Rates (FDRR)

Closing Price Last Friday: FDRR $30.06 +$0.17 +0.57% 


I am not sure why I just bought 10 shares to start other to note that I am in my bunker and disinclined to take much risk. 


I would also note that bought and sold 10 shares previously, earning more than enough to fill up my 11+ year old Saturn Aura with regular gas but probably not enough for the premium gas guzzled by my 1987 Mercedes. 


Item # 1.C. Sold 10 FDRR at$31.16 (7/25/18 Post)(+$35.67)


DisclaimerI 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.