Observations and Sample of Recent trades: CODIPRB, EMGF, FTSPRM, GWX, OXY, SLB, VTR

Economy: 

Permits for new-home construction hits post-recession record high in October - MarketWatch; Monthly New Residential Construction.pdf 

Wall Street doubts grow as U.S. and China struggle to finish off ‘skinny’ trade deal - MarketWatch

Pelosi, Neal and Lighthizer do not reach deal on Trump USCMA agreement (i.e. Nafta 1.01)

Yellen: 'Good reason to worry' about US economy sliding into recession The most troubling comment is that the FED will be able to do little to push the economy out of recession. I would add that the U.S. government is running around $1 trillion in budget deficits per year during an economic expansion and will not be in a position to do what will likely be required to replace a major downturn in private demand.  

Before the market opened yesterday, Donald represented that the trade deal was "very close". Trump says a trade deal is very close 

China continues to claim that it wants a trade deal based on "mutual respect and equality." I view those as code words for China pushing back on Trump's demands and/or major disagreements about how tariffs will be phased out. 

The Stock Jocks have faith that Donald is telling them the truth about the status of the trade negotiations and have responded positively to claims that a deal is near for over a year now.   

Yesterday, Markit released its flash PMI numbers for U.S. manufacturing and services that improved over the prior month. U.S. manufacturing, services PMI improve in November - MarketWatch

Flash Manufacturing: 52.2 up from 51.3 in October 

Flash Services: 51.6 up from 50.6

While those numbers are moving in the right direction after declining for several months, I would not read too much into them given the relatively minor upticks in a dominant declining longer term recent trend. The flash numbers may be revised when Markit has more data.  

Markit also released yesterday its flash PMI numbers for Europe. Services PMI was reported at 51.5, down from 52.2 in October. Manufacturing PMI was reported at 47.1. Any number below 50 indicates contraction. 

PMI Markit Press Releases

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Markets and Market Commentary: 

Commodities still ‘knee-deep’ in ‘supercycle bear market’ yet to run its course, analyst warns - MarketWatch Based on what is known now, I would agree. 

Goldman sees economy surprising in 2020 and these stocks will benefit

The record stock-market run enters a new phase when beaten-down bears turn bullish - MarketWatch

Why Vanguard’s chief economist says there is an elevated risk of a ‘large drawdown’ in stocks - MarketWatch

Home Depot cuts 2019 forecast after revenue miss 

Cramer calls out Kohl's CEO for glossing over why earnings missed

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Trump:

Donald is claiming that the Inspector General's report about the FBI's Russia investigation will be "historic". The report will be released early next month. Russia Inquiry Review Is Said to Criticize F.B.I. but Rebuff Claims of Biased Acts

House is investigating whether Trump lied to Mueller, its general counsel told a federal appeals court

Possible pay-to-play scheme for Trump ambassador post uncovered

IRS whistleblower case advances as Senate staff looks at whether political appointee meddled with audit of Trump or Pence This particular complaint alleges that a political appointee at the IRS attempted to interfere with an audit of Donald's tax returns. 

‘No One Believes Anything’: Voters Worn Out by a Fog of Political News - The New York Times Creating distrust in the media has been the objective of the republican party starting with Nixon. When demonstrably false statements drown out the truth for a critical mass of voters, the result is that demonstrably false narratives will gain ascendance over the truth; and authoritarian minded demagogues like Trump can flourish through creating false narratives. The danger to our freedoms and democracy come from within.    

Craig Silverman, Denver radio host, says he was fired for criticizing Trump on-air - The Washington Post Silverman was a host on a  radio show broadcast by the self-proclaimed "conservative" station 710 KNUS, which is owned by the  Salem Media Group.

TrumpWorld does not permit anyone to criticize Donald, no matter how justified, without serious repercussions including loss of job. Silverman was fired during his broadcast after saying he was troubled by Donald's relationship with the notorious Roy Cohn.

I would emphasize that it is impossible to persuade those living in TrumpWorld's Alternate Reality with reliable factual information. 

The effort is futile and only makes them angry and resentful. 

Donald tells them the way it is and everything else is just Fake News propagated by the enemies of the people- or what the Nazis termed the Lügenpresse. Donald Trump Supporters Are Using Nazi Word 'Lügenpresse' | Time

Impeachment:

Fiona Hill chides Republicans for peddling ‘fictions’ on Ukraine, Russia She specifically referred to the republican adoption of a false narrative created by Russian intelligence operatives that it was Ukraine, rather than Russia, who interfered in the 2016 election.

Charges of Ukrainian Meddling? A Russian Operation, U.S. Intelligence Says ("In a briefing that closely aligned with Dr. Hill’s testimony, American intelligence officials informed senators and their aides in recent weeks that Russia had engaged in a years long campaign to essentially frame Ukraine as responsible for Moscow’s own hacking of the 2016 election.");  

Trump seized on a conspiracy theory called the 'insurance policy.' Now, it's at the center of an impeachment investigation; 

Briton ran pro-Kremlin disinformation campaign that helped Trump deny Russian links  

The baseless nature of this conspiracy theory has been clear for some time, but Donald, other republican politicians and Fox news personalities on Conspiracy TV are still treating Putin's propaganda as facts and propagating them nationwide even though the conspiracy theories make no sense whatsoever and have been thoroughly debunked. 

Donald repeated again the conspiracy claim that it was Ukraine who hacked the DNC server rather than the Russians just yesterday.  

Trump Fox & Friends interview: Trump pushes Ukraine conspiracy theory - Vox 

Donald has no fear of being seriously questioned by Fox media personalities about his Crowdstrike conspiracy theory, the same one that he wanted Zelensky to investigate as a "favor" to Donald.  

I would just note again that CrowdStrike Holdings Inc is a public company based in Sunnyvale California rather than the Ukraine. Donald can not talk about this conspiracy theory without making multiple demonstrably false statements. 

Why is Donald, other republicans and the Fox news personalities on Conspiracy TV pushing the Russian intelligence narrative about the Ukraine? Why are they promoting the interest of a belligerent foreign power against the national security interests of the U.S. and our ally Ukraine? 

For republican politicians and the Fox news personalities, it is all about protecting Donald irrespective of what he does or the harm that he causes to the nation's interests. 

Donald wants to muddy the waters by claiming that Russia did not interfere in the 2016 election on his behalf, and that he was justified in wanting the Ukraine to investigate the fact free conspiracy theories. 

Fiona Hill Testifies ‘Fictions’ on Ukraine Pushed by Trump Help Russia The republicans are pushing Putin talking points and are defending Trump's conduct, including disputing the consensus opinion that it was Russia who interfered in the 2016 Presidential election.    

Behind the headlines, Russian threat cuts through Trump impeachment  

One of the republicans is of course Devin Nunes: Ukraine conspiracy theory is 'harmful', Fiona Hill tells Devin Nunes - The Washington Post

I listened to Ms. Hill testify for about an hour. While she is a naturalized U.S. citizen born in the U.K. I found her to me far more American than the republicans who questioned her.   

Trump calls Democrats ‘human scum’ as two more witnesses testify in inquiry; Trump erupts over ‘human scum’ impeachment investigators in rambling series of false and misleading tweets | The Independent 

Donalds tweets will be an enduring and major part of his legacy.  

Trump did of course receive Due Process during the impeachment process notwithstanding his tweets claiming otherwise. 

During the hearing, Donald was represented by the 10 Trumpster republican House representatives and their counsel. Republicans have been allowed to call several witnesses. Trump has been asked to testify for as long as he wants with his own counsel present but has so far refused to do so.

Trump has obstructed the investigation process by demanding that fact witnesses refuse to honor subpoenas and has been successful so far in preventing several witnesses from testifying including his fumbling Chief of Staff Mick Mulvaney and his former National Security Advisor John Bolton.

Donald also attacked the truthfulness of David Holmes who offered damaging testimony against him.

During a Fox interview last Friday, he claimed that Holmes was lying and guaranteed that the call overheard by Holmes never happened, even though Sondland and Holmes testified under oath that it did. Trump  Accuses a Witness of Lying  

Holmes and Fiona Hill are credible witnesses. Ms. Hill was one of the best witnesses that I have ever seen testify. 

And Holmes testified that Trump asked about the "investigations" in the phone call that he overheard, which occurred one day after Donald's call with Zelensky on 7/25 where the summary released by Donald shows him asking for two investigations into the Bidens and the bizarre Crowdstrike conspiracy theory. 

Think about that for a second. Is Donald claiming now he did not request that Ukraine investigate the Bidens and the Crowdstrike conspiracy theory? 

Donald's attack on Holmes is just another one of his now frequent, malicious and unjustified drive by character assassinations that will be a major part of his historical legacy.  One of those from a U.S. President is difficult to tolerate. One a day is the norm for Despicable Don. 

In his Fox and Friends puff interview, Donald also attacked again Marie Yovanovitch, falsely calling her an "Obama person" while complaining that because "she's a woman, you have to be nice.". How Trump keeps making it tougher for his GOP impeachment defenders    

Donald is the liar. I can not identify anyone who lies less often. And as such, he defends himself by calling those who tell the truth liars. This works on the Trumpsters but others are not susceptible to such persistent and obvious deception.  

The last compilation by the WP, published on 10/14/19, had Deceiving Don at 13,245 publicly made false or misleading statements since he became President. 

And, given his extreme malignant narcissism, it would not be feasible for anyone in the WH to correct his false statements made privately and acted upon by him when formulating U.S. policies including his reliance on fact free conspiracy theories no matter how much they defy basic common sense.  

Trump impeachment hearings Day 5: Fiona Hill and David Holmes testify - ABC News

Trump ordered Ukraine 'quid pro quo' through Giuliani: Sondland hearing;

Sondland Says ‘We Followed the President’s Orders’ on Ukraine

Sondland acknowledges there was a quid pro quo involving Ukraine - The Washington Post

Sondland Ties Trump to Ukraine Pressure Campaign - The New York Times That is obviously the case except of course in the Alternate Reality known as Trump's America.

Analysis: 3 takeaways from Sondland impeachment testimony Sondland testimony targets Trump, Pompeo and confirms deal with Ukraine Sondland implicated Secretary of State Mike Pompeo in Trump's shakedown scheme, which explains why Pompeo tried to block state department employees from providing testimony. Pompeo is a tea party republican and a former congressman from Kansas. He was gun ho in trying to blame Hilary for the Benghazi attack. Pompeo Has Been Undermining the State Department Since the Benghazi Investigation – Foreign Policy

Trump points to his own statement, made to Sondland on 9/9/19,  the day after Congress was notified about the whistleblower's complaint, that there was no quid pro quo as proof there was none. Criminals deny committing a crime even when the proof says otherwise.  

The evidence proves that Trump ordered that military aid be withheld until Ukraine announce that it was investigating the Bidens and the crack pot conspiracy theory accepted by Donald that it was Ukraine rather than Russia who hacked the DNC emails.

A lack of integrity, political expediency and overwhelming in-your face hypocrisy prevents republicans from acknowledging what is obvious or to criticize Trump's conduct in the even mildest of terms. Trump is the GOP and is the purest manifestation of its heart and soul.  

Trump's impeachment ire turns on Pompeo amid diplomats' starring roles Donald is unhappy with Pompeo's failure to prevent State Department employees from providing truthful information about the Duck's conduct.

Trump attacks Pence aide who said Ukraine call was 'unusual and inappropriate' Donald is doing what he can to punish republican politicians and even their staff members for stating what is obviously true.  70% of Americans say Trump’s actions tied to Ukraine were wrong: POLL - ABC News

In 30 or 40 years from now, when more facts are known about Trump's conduct than now, and tribalism in his favor is at best a faint glimmer of what it is now, I suspect strongly that Trump will be considered the most corrupt President in U.S. history, with a consensus opinion among those who remember him and historians that he committed multiple acts worthy of impeachment, going beyond the matters investigated by Mueller, his obstruction efforts, and the Ukraine matter. 

That does not mean that his Presidency will be judged a failure when measured by criteria (e.g. the economy) that ignores his abuses of power, corruption, dishonestly and lies, persistent maliciousness, his constant attacks on the institutions necessary for a properly functioning democracy and his preference for authoritarian rule, rampant demagoguery and other manifestations of extremely undesirable personality traits that render him an undeniably disgusting person except to the Trumpsters of course.  


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Stephanie Grisham, the Duck's new Press Secretary, has already become thoroughly immersed in the Alternate Reality known as TrumpWorld. White House press secretary claims Obama staffers left incoming Trump team hostile missives — then Obama staffers reveal their actual notes - MarketWatch; Stephanie Grisham, Trump press secretary, faces backlash over claim Obama aides left ?you will fail? notes - The Washington Post Just make things up that the Trumpsters want to hear.

Devin Nunes continues to promote debunked conspiracy theories. Devin Nunes Uses Impeachment Hearing to Spew Conspiracy Theories | Vanity Fair The republican mind is simply prone to accept fact free conspiracy theories, provided the conspiracy theory can be used to attack their political opponents and others that they dislike (e.g. non-WASPs and WASPs to the left of Sean Hannity) 

Devin Nunes: Giuliani associate willing to tell Congress that Nunes met with ex-Ukrainian official to get dirt on Biden  

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All trades are commission free except as otherwise noted.

1. U.S. Equity Preferred Stocks:

A. Bought 50  CODIPRB at $24.96:

I received 10K in this account from a maturing treasury bill. I redeployed $1,248 into this riskier and high yielding security.

Issuer: Compass Diversified Holdings (CODI)
10-Q for the Q/E 9/30/19
2018 Annual Report

Closing Price Yesterday: CODI-PB $25.00 +$0.04 +0.17% 

Compass owns a controlling interest in 8 businesses described in its 10-Q and 10K filings. 

Security: Fixed to Floating Rate Equity Preferred Stock (senior only to common stock in the capital structure)

Prospectus

Par Value: $25

Current Coupon: 7.875% until but excluding 2028

Floating Rate: If the issuer does not redeem at par value on or after 4/30/28, the coupon will float at a 4.985% spread to the 3 month Libor reset quarterly

Libor rates will soon be phased out and replaced with some other mechanism for setting rates. The prospectus deals with this issue at page S-34. I will generally be a short term owner of U.S. equity preferred stocks which I view as a disfavored niche income category.

My dividend yield will be slightly above the coupon rate.

Dividends: Quarterly and Cumulative

Last Ex Dividend Date: 10/11/19

Stopper Clause: Yes

For Compass to defer the preferred dividends, it must first cease paying a cash dividend to the common shareholders. This kind of clause enforces the preferred shareholders superior claim to cash over only the common shareholders.

Distributions will be reported on a K-1 rather than a 1099 which has kept me from fooling with CODI's common or preferred shares. (page S-28 of the prospectus). Now I am looking for yield investments and may tolerate 1 K-1 filing. I may also reconsider my willingness to fool with that tax reporting issue and sell for a small profit.

Compass sold last week a Series C cumulative preferred stock with a fixed coupon of 7.875%, identical to its series B, which will not turn into a floater and may be redeemed at the $25 par value on or after 1/30/25.  Prospectus

2. Canadian Reset Equity Preferred Stocks: 

A. Bought 50 FTSPRM at C$17.55 (C$1 Commission):

Quote Fortis Inc. Cumulative Preferred Series M 

Issuer:  USD priced Fortis Inc (FTS) 

Fortis Inc. Reports Third Quarter 2019 Earnings 

Website: Home

Par Value: C$25

Prospectus Excerpt: 

Coupon: Resets Every 5 years at a 2.48% spread to the five year Canadian government bond

Last Reset: Effective starting on 12/1/19 to and excluding 12/1/2024

Fortis has an option to redeem at par value on the reset dates. 

New Penny rate per share: C$.2445625 (C$.97825 annually)

Yield at New Penny Rate at C$17.55 per share =  5.57%

Dividends: Quarterly and Cumulative  

There will be one more coupon payment at the old rate of $.25625 per share, which went ex dividend on 11/18/19 after my purchase.

I like to mix and match the Canadian reset equity preferred stocks.

The primary rational for buying this one relates to the possible scenario that rates will decline further.

Hopefully, if the position is held on the next reset date, the coupon will be higher.

Fortis did not provide the reset coupon percentage which I calculated at 3.913%. That would mean that the Canadian 5 year bond was at about a 1.43% yield on the calculation date.

I will consider averaging down with another 50 share purchase when and if the purchase price produces a dividend yield in excess of 6.2%.

3. Small Bar -Equity REIT:

A. Started Small Ball "Buy Program" in VTR-Bought 10 at $58.32 and 2 at $57.61:

Quote: Ventas Inc. (VTR)

Closing Price Yesterday: VTR $57.41 -$0.08 -0.14% 

Website: Ventas-Healthcare Real Estate Investment

Property Classification:

SEC Filings; 2018 Annual Report; 10-Q for the Q/E 9/30/19

5 Year Chart Day of Purchase: Classified as ongoing bear market

What does this chart look like?  Long term bull or long term bear?

A defining characteristic of a long term bear market is a lot of up and down chart that ends up going nowhere over a long period. 

The total return may end up being positive, unadjusted for inflation and taxes, but the only way to make a decent return is by selling the rips and buying the dips. 

The annual average five year total return was 1.71% through 11/18.

VTR Information Day of Purchase (11/18/19)

Dividend: Quarterly at $.7925 per share ($3.17 annually)

Dividend Information | Ventas

Last Ex Dividend Date: 9/30/19

Dividend Yield at $58.2: 5.447 %

Dividend Reinvestment: Will consider after acquiring 30 shares but current five year chart suggests that the better option for now is to take the dividend in cash. 

Last Earnings Report (Q/E 9/30/19): SEC Filed Press Release

The stock price was torched in response to this earnings report. 

The problem was in the senior housing segment, where competition, oversupply and increases in labor and other costs are having a negative impact.

The decree of the decline was also a function of the stock being overvalued before the release.

Since I have no confidence that the selling pressure is over, I elected to start with a 10 share lot. 

Based on what I know now, I will likely add more aggressively in the $45 to $50 range, compared to averaging down with 2 to 5 share lots above that range.   

Analysts: On 11/19, J P Morgan lowered its PT to $62 from $71. 

In a report dated 11/19/19, Argus raised its recommendation to buy from hold and set a $67 PT. 

S & P currently rates VTR with 4 stars and a 12 month PT of $66. 

Morningstar currently rates VTR with 3 stars and a fair value estimate of $64. 

The Argus, S & P and Morningstar reports are available to Schwab brokerage customers. I do not have access to the JPM report. 

Senior Unsecured Bonds vs. the Common Stock: 

I can not find any prior purchases of the common stock.

 I have been an active buyer and seller of  VTR's senior unsecured debt. 

I have sold most of my VTR SU bonds into the robust bond rally this year. 

2019 Realized Gain VTR SU Bonds: $339.79 

I still own the following VTR SU bonds in my Fidelity and Vanguard accounts: $4K total in par values

Snapshots 11/23/19

Unrealized Gains = $162.96 as of 11/23 using the third party prices provided by the two brokers. 

The common stock dividend yield is higher than any of the bonds that I I have owned or currently own. However, the total return of the bonds that I have owned or still own have provided a greater total return than ownership of the common stock over the past five years.   

The advantages of the bonds are that the (1) coupon can not be reduced, (2) the par value will be paid on a date certain provided there is no intervening bankruptcy; (3) the total return is known on the date of purchase to the penny (more certainty); (4) a failure to make interest payments will trigger a default that will lead to bankruptcy if not cured within a limited time period; and (5) the claim to cash is superior to the common shareholder.   

Maximum Position: 50 Shares

Purchase Restriction: Small Ball Rule

4. Eliminations and Pares: Small Ball Rules

A. Pared SLB-Sold 5 Shares at $36.59:

Quote: Schlumberger Ltd. (SLB)

Closing Price Yesterday: SLB $36.61 -$0.01 -0.03% 

SLB Analyst Estimates 

SEC Filings

10-Q for the Q/E 9/30/19

Profit Snapshot: +$13.21

Average Cost Per share before Pare: $32.87

Average Cost Per Share after Pare: $32.63

Snapshots 11/7 During Trading Day

Last Discussed: Stocks, Bonds & Politics: Item # 2.B. Added 2 SLB at $31.02 (10/26/19 Post);  Item # 1.A. Initiated Small Purchase Program for SLB: Bought 15 SLB at $33.95; 5 at $32 and 5 at $31.39 (9/7/19 Post)

The 5 shares sold were part of the 15 share lot bought at $33.95, the highest cost lot in the chain.

Dividend: Quarterly at $.5

Next Ex Dividend Date: 12/3/19

Dividend Yield at $32.63 =  6.13%

Dividend Reinvestment: Yes when the likely reinvestment price is below $50 per share.

Last Earnings Report (Q/E 9/30/19): SEC Filed Press Release

Most of SLB's recent earnings reports have reflected weakness in the oil service sector except in some geographic exploration areas.

The energy stock sector has been in a bear market since the 2014 summer.

The duration of that bear market is not knowable IMO, and there is no reason now to declare that it has ended.

After identifying a long term bear market in a stock, stock sector or major indexes, the operative word for me is caution, coupled with an effort to understand why. 

There was a sequential increase in 2019 third quarter revenues compared tot he second quarter. Worldwide revenue for the quarter was reported at $8.4B, up 3% sequentially.

Net income, excluding items, declined Y-O-Y to $596M from $644M in the 2018 third quarter. Free cash flow for the nine months ending in September was $1.242B, up from $1.061B for the same period last year.

There was a $12.7B pre-tax charge in the last quarter which "is almost entirely noncash and primarily" related to "goodwill, intangible assets and fixed assets". 

Purchase Restriction and Trading Rules: Small Ball

Maximum Position: 50 shares + shares bought with dividends

Current Position: 22+ shares

Lowest Price Lot in Current Chain: $31.02 (next purchase has to be below this price) 

The main goal in small ball trading is capital preservation, achieved in part by selling dividend paying stocks into rallies and buying dips. 

Other capital preservation techniques, broadly categorized as risk management, are (1) baby lot buys which results in limited at risk cash exposure; (2) on and off dividend reinvestment based on price levels; (3) tightly controlled buying mostly in high yield stocks or stocks with a long history of dividend increases; and (4) buying only when the price is at the lowest price in the chain other than the dividend reinvestment price.  

The secondary goals are to generate income and to harvest some capital gains by selling the highest cost lots which reduces my average cost per share and increases my dividend yield.   

B. Sold 10 GWX at $31.23: 

Quote: SPDR S&P International Small Cap ETF Overview

Closing Price Yesterday: GWX $31.01 +$0.07 +0.23% 

Profit Snapshot: +$13.59

Item # 3.A. Bought 10 GWX at $29.87 (2/9/19 Post) 

Sponsor's Website: GWX: SPDR S&P International Small Cap ETF

Expense Ratio: .4%

I am going to limit my foreign stock ETFs to the lowest expense ratio funds. Those ETFs include IEUR, VWO,  and VEA.

C. Sold 10 EMGF at $44.3: 

Quote iShares MSCI Emerging Multi-Factor ETF Overview 

Closing Price Yesterday: EMGF $43.22 -$0.02 -0.05% 

Sponsor's Website: iShares Edge MSCI Multifactor Emerging Markets ETF 

Expense Ratio: .45% after .03% waiver

Profit Snapshot:  +22.99

Rationale: See  Item B above. 

5. Small Ball Adds- Energy Sector (ongoing bear market): 

A. Bought 1 OXY at $38.64; 1 at $38.2 and 1 at $37.77:

OXY is a falling knife in a waterfall chart formation. I am adding to the position only in 1 share lots now using the small ball trading rule.  

Quote: Occidental Petroleum Corp. 

Closing Price Yesterday: OXY $39.58 +$0.46 +1.18% 

OXY Analyst Estimates 

SEC Filings 

10-Q for the Q/E 9/30/19 

OXY 5 Year Chart: Ongoing bear market 

There is as of yet no indication that the bear market cycle is over. Any investment in now will likely have to be a long term hold. 

Berkshire Hathaway: In addition to owning OXY cumulative preferred stock, Berkshire Hathaway disclosed in a 11/15 SEC filing that it had acquired over $300M in OXY common stock.

Dividend: $.79 per share ($3.16 annually)

Occidental Announces Dividend 

Next Ex Dividend: 12/9/2019

Dividend Yield at Average cost of $42.55 = 7.43%

Dividend Reinvestment: Yes as a means to average down

Last Earnings Report (Q/E 9/30/19): SEC Filed Press Release 

The market responded unfavorably to this report and justifiably so IMO. 5 Stocks Warren Buffett Is Selling (And 2 New Stakes)

The earnings report and the 40% reduction in 2020 capital spending to pay down the debt confirmed opinions that were already held by many that the Anadarko deal was ill advised, a conclusion manifested in the OXY's stock chart.

"Total average daily production volume for the third quarter of 2019 was 1,155,000 barrels of oil equivalent (BOE), which included legacy Anadarko continuing operations of 377,000 BOE and discontinued Africa operations of 41,000 BOE."

Carl Icahn is not happy. Icahn to launch proxy fight at Occidental Petroleum, slams Anadarko deal- Seeking Alpha

Assets sales are proceeding to reduce the debt load acquired as a result of the Anadarko acquisition. Exclusive: Occidental seeks up to $700 million for Anadarko assets in Wyoming, Colorado - sources - Reuters

While investors are pricing OXY's acquisition as disaster, and that is undeniably the case over the short term, it is too early to form that opinion over the longer term IMO.

Current Position: 22 shares

Maximum Position: 30 shares 

Purchase Restriction: Small Ball Rule 

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.