Housing starts gain steam as builders ramp up construction despite pandemic - MarketWatch
Trump demands payroll tax cut while GOP eyes benefit cuts for unemployed
Trump demands payroll tax cut while GOP eyes benefit cuts for unemployed
Existing home sales surge nearly 21% in June – the highest monthly gain on record The record starts in 1968.
Here's what a Biden presidency might mean for your taxes
Markit's eurozone flash manufacturing and services PMI for July were reported at 51.1 and 55.1 respectively. Both indexes were in contraction territory last month at 47.4 and 48.3.
28 million Americans face eviction because they cannot afford rent
FAQ: What renters need to know about the federal eviction moratorium ending - The Washington Post
McConnell says stimulus deal could take ‘a few weeks,’ putting millions with expiring jobless aid in limbo
As PPP money runs out, businesses begin layoffs - The Washington Post
Here's what a Biden presidency might mean for your taxes
Markit's eurozone flash manufacturing and services PMI for July were reported at 51.1 and 55.1 respectively. Both indexes were in contraction territory last month at 47.4 and 48.3.
28 million Americans face eviction because they cannot afford rent
FAQ: What renters need to know about the federal eviction moratorium ending - The Washington Post
McConnell says stimulus deal could take ‘a few weeks,’ putting millions with expiring jobless aid in limbo
As PPP money runs out, businesses begin layoffs - The Washington Post
++++++
Markets and Market Commentary:
The S & P trailing 12 month P/E based on actual GAAP earnings closed at 30.59 yesterday. The P/E is 25.47 using non-GAAP forward 12 month estimates.
Gold went back over $1900 per oz yesterday.
Gold prices approach highest settlement in history as silver futures take a breather - MarketWatch (7/23) The all time high occurred in September 2011. Silver had crossed $40 per share in September 2011, but is lagging now the percentage surge in gold prices. Item # 1 Recent Gold and Silver Sales (9/15/11 Post); What is Gold's "Fair Value"? 4/13/2013 Post I commented on gold's recent price surge in relation to the U.S. Dollar Index decline in a 7/22/20 comment.
July 2020 Treasury Yield Curve Rates:
Daily Treasury Yield Curve Rates
The S & P trailing 12 month P/E based on actual GAAP earnings closed at 30.59 yesterday. The P/E is 25.47 using non-GAAP forward 12 month estimates.
Gold went back over $1900 per oz yesterday.
Gold prices approach highest settlement in history as silver futures take a breather - MarketWatch (7/23) The all time high occurred in September 2011. Silver had crossed $40 per share in September 2011, but is lagging now the percentage surge in gold prices. Item # 1 Recent Gold and Silver Sales (9/15/11 Post); What is Gold's "Fair Value"? 4/13/2013 Post I commented on gold's recent price surge in relation to the U.S. Dollar Index decline in a 7/22/20 comment.
July 2020 Treasury Yield Curve Rates:
Meltdown risks rising due to virus surge and China, Ed Yardeni warns
Risks are mounting for U.S. stocks. Here’s where investors should look instead, says BlackRock - MarketWatch
Only a Few Stocks Are Fueling the Market's Rise. Watch Out.-Barron's (subscription publication) Amazon, Apple, Microsoft, Google and Facebook make up 21.77% of the S & P 500 index.
Vanguard comes to defense of the 60/40 portfolio as it forecasts stock market returns for the next decade - MarketWatch It is hard for me to see the attraction of either bonds or stocks at current prices. Stocks have IMO more long term potential at current prices. I own a lot of bonds but have not been purchasing any as of late. My bond portfolio allocation is declining significantly every month now due to no new purchases and issuer redemptions.
Microsoft reports record revenue to wrap up a record-breaking fiscal year - MarketWatch
Intel (INTC) earnings Q2 2020 The company delayed its next generation of chips. Intel admits another defeat with unprecedented manufacturing issues - MarketWatch
Fund manager defends tech stock valuations as he picks four to benefit from disruption - MarketWatch One of his 4 stock recommendations is Square (SQ).
Donald is legislating through Executive Orders. The orders signed yesterday relating to drug prices are the latest:
Pharma stocks fall as Trump targets drug prices with executive orders-MarketWatch;
Trump expected to sign drug pricing executive orders Friday, angering pharma - The Washington Post;
Trump signs limited drug pricing orders after last-minute debate - POLITICO
Trump unveils four executive orders aimed at lowering drug prices
If those orders are legal, then why can't Donald just start setting other product prices by executive fiat? Donald is trying to boost his reelection chances with these orders. Their timing is not a coincidence.
If the Big Five Falter, the Rest of the Stock Market Could Be Deep-Sixed - Barron's I have been making this point in some comments recently.
Risks are mounting for U.S. stocks. Here’s where investors should look instead, says BlackRock - MarketWatch
Only a Few Stocks Are Fueling the Market's Rise. Watch Out.-Barron's (subscription publication) Amazon, Apple, Microsoft, Google and Facebook make up 21.77% of the S & P 500 index.
Vanguard comes to defense of the 60/40 portfolio as it forecasts stock market returns for the next decade - MarketWatch It is hard for me to see the attraction of either bonds or stocks at current prices. Stocks have IMO more long term potential at current prices. I own a lot of bonds but have not been purchasing any as of late. My bond portfolio allocation is declining significantly every month now due to no new purchases and issuer redemptions.
Microsoft reports record revenue to wrap up a record-breaking fiscal year - MarketWatch
Intel (INTC) earnings Q2 2020 The company delayed its next generation of chips. Intel admits another defeat with unprecedented manufacturing issues - MarketWatch
Fund manager defends tech stock valuations as he picks four to benefit from disruption - MarketWatch One of his 4 stock recommendations is Square (SQ).
Donald is legislating through Executive Orders. The orders signed yesterday relating to drug prices are the latest:
Pharma stocks fall as Trump targets drug prices with executive orders-MarketWatch;
Trump expected to sign drug pricing executive orders Friday, angering pharma - The Washington Post;
Trump signs limited drug pricing orders after last-minute debate - POLITICO
Trump unveils four executive orders aimed at lowering drug prices
If those orders are legal, then why can't Donald just start setting other product prices by executive fiat? Donald is trying to boost his reelection chances with these orders. Their timing is not a coincidence.
If the Big Five Falter, the Rest of the Stock Market Could Be Deep-Sixed - Barron's I have been making this point in some comments recently.
+++++
Trump:
U.S. ambassador told others Trump asked him to try to get British Open moved to his golf course Trump of course denies it.
Woody Johnson: NFL owner and Trump ambassador to UK sparks watchdog probe over alleged racist and sexist remarks and a push to promote Trump business
Trump Asked U.S. Ambassador To Seek British Open For A Trump Resort, Ex-Diplomat Says: NPR
Trump’s Request of an Ambassador: Get the British Open for Me - The New York Times
Trump was visibly annoyed after a Fox News reporter corrected him on his false claim about Joe Biden; Fox's Chris Wallace fact checks President Trump
Trump’s Brutal Interview with Chris Wallace- YouTube
PolitiFact | Donald Trump wrong to say U.S. has “one of the lowest mortality rates in the world” from COVID-19
U.S. ambassador told others Trump asked him to try to get British Open moved to his golf course Trump of course denies it.
Woody Johnson: NFL owner and Trump ambassador to UK sparks watchdog probe over alleged racist and sexist remarks and a push to promote Trump business
Trump Asked U.S. Ambassador To Seek British Open For A Trump Resort, Ex-Diplomat Says: NPR
Trump’s Request of an Ambassador: Get the British Open for Me - The New York Times
Trump was visibly annoyed after a Fox News reporter corrected him on his false claim about Joe Biden; Fox's Chris Wallace fact checks President Trump
Trump’s Brutal Interview with Chris Wallace- YouTube
PolitiFact | Donald Trump wrong to say U.S. has “one of the lowest mortality rates in the world” from COVID-19
George Will's Opinion Column: The nation is in a downward spiral. Worse is still to come. - The Washington Post ("Under the most frivolous person ever to hold any great nation’s highest office, this nation is in a downward spiral. . . The nation’s floundering government is now administered by a gangster regime. . . Making a preemptive strike against civic confidence, Trump has announced that the 2020 election will be the "most corrupt" in U.S. history." Mr. Will correctly notes that the GOP is engaged in widespread voter suppression.) It is impossible to be a true conservative and a member of the republican party, which explains why Will and many others have left that party.
PolitiFact | Fact-checking Donald Trump on the Joe Biden, Bernie Sanders unity platform Given the velocity of his recent lies, I am expecting Donald to easily exceed 25,000 false and misleading statements before inauguration day in January 2021. He will lie more as the election moves closer in time.
Trump’s False, Recurring Claim About Biden’s Stance on Police - FactCheck.org
Some Family Members Surprised Voters Believed Donald Trump Image-YouTube
Trump Misleads on H1N1 Swine Flu Testing-FactCheck.org
At least we know what is really important to Senate republicans: Senate GOP set to ramp up Obama-era probes
Trump may not accept the election results if he loses. Transcript: 'Fox News Sunday' interview with President Trump-Fox News Donald also claimed in that interview that he would be signing a "complete health care plan" in two weeks. There is no plan moving forward in the Congress. After doing everything that he could possibly do to repeal DACA, Trump also claimed that he was going to come up with a plan to save those children from deportation.
Ohio House Speaker Larry Householder (R) Arrested In $60 Million Bribery Scheme: NPR At least he is not a piker. The former chair of Ohio's republican party, Matt Borges, was also arrested. Who is Matthew Borges and what is he accused of in the Ohio Statehouse bribery case? - cleveland.com; Read the criminal complaint against Ohio House Speaker Larry Householder, aide, lobbyists charged with racketeering conspiracy - cleveland.com
House passes bill to remove Confederate, racist statues and busts - Roll Call 113 republican representatives voted to keep the statues.
Trump's cognitive test: the truth about it Anyone who is not suffering from dementia can pass this test. I am suspicious that Trump answered all of the questions correctly, notwithstanding his claim. Contrary to Trump's assertion, the last few questions are not hard. The cognitive test Trump claims to have aced
Michael Cohen: Judge orders former Trump lawyer's release from prison; Top Experts: DOJ's Bureau of Prison Blocking Michael Cohen Book about Trump Violates First Amendment The Court found that the Trump Administration had sent Cohen back to prison in retaliation for writing a tell all book.
Judge Salas Shooting Suspect Left Pro-Trump Paper Trail - The Atlantic
No, a reporter didn't call McEnany a "lying b**ch," but Fox ran with it anyway The two Fox Fake News programs that ran the false claim were hosted by Sean Hannity and Tucker Carlson, just a couple of propagandists for the GOP and Trump.
Donald cancelled his planned Mass Infection Event in Tallahassee claiming that he was deeply concerned about the health of attendees and the people of Florida. Trump cancels Jacksonville portion of Republican National Convention (7/23/20)
He was not concerned a month ago when he held his Mass Infection Event in Tulsa.
And, in his recent Chris Wallace interview, which occurred on 7/19/20, Donald whined that liberal Democrats were not allowing him to hold indoor rallies. Trump’s Chris Wallace Interview: The 23 Most Surreal Moments; Chris Wallace's Trump interview: The 55 most shocking lines; Transcript: 'Fox News Sunday' interview with President Trump | Fox News
Quotes 7/19/20 Trump interview:
Fact check: Trump again tells story about being booed at 2015 event he didn't attend
+++++
Trump and other Republican Politicians Engage in Demagoguery to Fan Fear and to Appeal to Voter's Worse Instincts:
In the last election, Republicans appealed to voter's worst instincts, trying to generate a fear response to caravans of impoverished people moving toward the U.S. border.
With no caravans in 2020, Republicans have shifted their demagoguery to blowing way out of proportion the violence and looting that occurred for a few days after George Floyd was killed by the police.
Marsha Blackburn (R-TN), a 100% pure Know Nothing Trumpster, won the 2018 Tennessee senate race with ads focusing on the caravan.
Who Is Marsha Blackburn? Narrated by SNL's Chris Parnell | NowThis - YouTube
In the 2020 Tennessee race, which will likely be won by the 100% pure Trumpster Bill Hagerty, the campaign ads focus on the new republican fear tactic. Hagerty praises federal response in Portland in joint online appearance with Trump - The Daily Memphian
Hagerty and Blackburn are far right, reactionary demagogues, but that is what a majority of Tennessee voters want now. Similar type ads were successfully used by Bill Brock to beat Senator Albert Gore Sr. in 1970 and have been working on Tennessee voters ever since.
In a recent poll, almost 1/2 of republicans believe that Bill Gates is plotting to use a Covid-19 vaccine to plant tracking devices in their brains. Almost half of Republicans believe a debunked conspiracy theory about Bill Gates-MarketWatch; Poll shows coronavirus conspiracy theories spreading on the right may hamper vaccine efforts ("44 percent of Republicans believe that Bill Gates is plotting to use a mass COVID-19 vaccination campaign as a pretext to implant microchips in billions of people and monitor their movements.") That explains in part why the preceding commercials work and why Donald may be reelected to another 4 year term.
Trump’s staunchest allies in Congress lash out at Wyoming Republican Liz Cheney - MarketWatch
Trump is trying to create a campaign issue by sending Homeland Security law enforcement officers to American cities, notwithstanding protests by mayors and governors. IMO, Trump and other republicans want to create more violence for political purposes.
A Navy Veteran Had a Question for the Feds. They Beat Him in Response; Navy vet says he was beaten, pepper sprayed by authorities at Portland protest - YouTube
"Police" shoot Portland protester in head with impact weapon whose hands were in the air, causing severe injuries - oregonlive.com;
Portland protests grow larger after President Trump sends feds in: USA Today (7/22);
Portland protests fueled by Oregon's 'very dark history' of racism: USA Today;
More than a dozen mayors join Portland in asking Trump administration to withdraw federal forces;
Nothing Can Justify the Attack on Portland - The Atlantic
Anne Applebaum correctly described Trump's action in Portland as "performative authoritarianism". Anne Applebaum on how authoritarians try to discredit the media - CNN Video; Anne Applebaum's Latest Book: 'Twilight Of Democracy'-NPR
Federal Officers Deployed in Portland Didn’t Have Proper Training, D.H.S. Memo Said-The New York Times That is of course irrelevant to Trump and his acting Homeland Security secretary Chad Wolf.
Trump:"We’re looking at Chicago, too. We’re looking at New York All run by very liberal Democrats. All run, really, by the radical left. This is worse than anything anyone’s ever seen. And you know what? If Biden got in, that would be true for the country. The whole country would go to hell."
Videos Show How Federal Officers Escalated Violence in Portland - The New York Times
I would view the federal officers being deployed by Donald into cities governed by his political rivals as his private militia.
Fauci says that he and his family have experienced 'serious threats' during pandemic | TheHill
+++
Covid-19 Updates:
U.S. infections increased by 508,876 since last Friday (7/17/20).
The CDC has succumbed to Trump's political pressure by downplaying the health risks associated with in person classrooms. C.D.C. Calls On Schools to Reopen, Downplaying Coronavirus Risks - The New York Times We will see soon enough whether the CDC was correct in kowtowing to Donald. The CDC did not mention the South Korean study that found that children between the ages of 10 to 18 spread the virus as easily as adults. Study: Kids 10 And Older Spread COVID As Effectively As Adults | Kaiser Health News Just deep six that study and others and pretend they do not exist.
This is the most effective Lincoln Project ad regarding Trump's handling of the pandemic: Failure - YouTube
AP FACT CHECK: Trump's alternate reality on COVID-19 threat (7/20/20)
Fact check: Trump continues to dishonestly downplay the pandemic
Donald started his Covid-19 briefings again, but did not invite Dr. Fauci. It was Donald's TV show with no one else being allowed to talk. This was a campaign event.
It is simply beyond my comprehension why anyone would rely on representations made by Donald. He is easily the most untrustworthy, well known person in the world.
I would just note that Donald stated last Tuesday that the pandemic "probably" get worse before getting better. Trump says coronavirus may 'get worse'
After his disastrous interview with Chris Wallace, Donald apparently come to an epiphany that continuing to live in his Alternate Reality about the pandemic was hurting his reelection chances, so he at least acknowledged something was happening. In U-turn, Trump doubles down on effectiveness of social distancing and face masks: ‘I have no problems with the masks’ - MarketWatch (Tuesday 7/21/20 article; over 143K Americans dead from Covid-19 infections out of 3.9M infected people)
Coronavirus: Trump says U.S. 'in the process' of crafting strategy (7/21/20); Coronavirus updates: US death toll rising, 18.7% higher than last week (7/24); U.S. surpasses 4 million COVID-19 cases (7/23)
During the question and answer session, Donald was asked about Ghislaine Maxwell who was recently arrested for her alleged involvement in securing underage girls for the child molester Jeffrey Epstein.
There was no teleprompter with a prepared response for the Duck to read as he had been doing.
Donald replied as follows: "I just wish her well, frankly. I've met her numerous times over the years, especially since I lived in Palm Beach. I guess they lived in Palm Beach, but I wish her well." Trump on Accused Child Sex-Trafficker Ghislaine Maxwell: 'I Wish Her Well' | PEOPLE.com
Maxwell - YouTube (Lincoln Project ad)
Maxwell 2 - YouTube
5 takeaways from Trump’s return to the coronavirus briefing stage Among other false statements, Donald falsely claimed that the U.S. has one of the lowest mortality rates in the world. Trump's new coronavirus talking point isn't even close - The Washington Post;
Fact check: At his first coronavirus briefing since April, Trump repeats a handful of classic false claims
Trump Keeps Bragging About America’s Covid-19 Death Rate. It’s Among the World’s Worst.
White House seeks to block funds for testing in coronavirus relief bill
Covid-19 Testing Is Broken and There's No Plan to Fix It
Larry Hogan (R): Trump left Maryland vulnerable to the pandemic - The Washington Post Hogan is a republican and is currently the Governor of Maryland. This article written by Hogan is a scathing indictment of Trump's handling of the pandemic. Hogan heard Donald refer to the South Koreans as "terrible people", and that Trump did not know "why the United States had been protecting them all of these years". That reminded me of the story that Sarah Palin had to told why there were two Koreas. Sarah Palin on Foreign Policy
85 infants under age 1 tested positive for coronavirus in one Texas county
Texas day care coronavirus cases rising-more than 300 | The Texas Tribune (7/1/20)
In separate rallies, Utahns protest mask mandate and demand in-person classes - The Salt Lake Tribune
As Deaths Rise, Trump Sticks with Old Numbers - FactCheck.org
Lying again about the pandemic, Trump made 200 false claims from early June to early July
Trump Leans Into False Virus Claims in Chris Wallace Interview - The New York Times
Donald deliberately misinforms the public about the pandemic. Lying about almost everything has worked for him so far.
U.S. hospitals scramble to adopt new HHS coronavirus data system, some states see 'data blackout' In order to get an allocation of remdesivir, Trump ordered that hospitals and other health providers had to quit providing Covid-19 information to the CDC.
Study: Middle and high schoolers can spread coronavirus as well as adults - Axios; Older Children Spread the Coronavirus Just as Much as Adults, New Study Finds - The New York Times
The republican governor of Missouri claimed that students will become infected when attending in person classes starting this fall, but that they will get over it. Missouri Gov. Mike Parson says kids will 'get over' COVID-19 they'll catch at school The fact that they will spread it to school staff, their parents and others is irrelevant in Trump's America.
Dr. Don asserted in his Chris Wallace interview that young people are causing the spike in cases, but they will get over it within a day with just some "sniffles". Trump Fox News Interview Recap: COVID-19, Confederate Flags-NPR
Trump says COVID patients 'have the sniffles,' 'many cases shouldn't be cases' - Business Insider;
Trump Compares Coronavirus to 'Sniffles' as U.S. Death Toll Tops 140,000 - EcoWatch
The crisis that shocked the world: America’s response to the coronavirus
Trump says U.S. would have half the number of coronavirus cases if it did half the testing This is just another lie designed to manipulate the weak minded.
Despite Trump claim, 13 states say some orders for coronavirus supplies still unfilled - ABC News
A Texas county's only hospital forced to choose "who is sent home to die" as ICU beds near capacity - CBS News (7/24)
++
I am not an anti-vaxxer. I have taken the flu shot every year for as long as I can remember. I have already taken the vaccine shots for shingles and pneumonia.
While we are being told corners are not being cut on Covid-19 vaccines, and safety is the highest priority, I do not believe that is the case. Speed is the highest priority.
Moderna's vaccine has entered a Phase 3 trial after enrolling just 120 participants in Phase 1. The results released so far only include 45 test subjects. There were only 15 people in the group receiving the 100 microgram (μg) doses, and that is the dose being advanced now into a Phase 3 trial. CIDRAP
Side Effects Noted So Far with a Handful of Test Subjects:
He had a severe reaction to Moderna Covid-19 vaccine. He's still a believer The assumption made by Moderna and others is that the larger dose given to this individual, which was 200 micrograms may have triggered this severe reaction, when it may just be the vaccine, irrespective of dosage, on this one individual.
An mRNA Vaccine against SARS-CoV-2 — Preliminary Report | NEJM
It looks to me that a vaccine will be approved by the FDA that will be given to millions without fully understanding the potential side effects and balancing those effects with the protection afforded by the vaccine.
I will not receive a Covid-19 vaccine shot until I can assess for myself both the safety and effectiveness, which is not likely to occur until several months after the mass vaccination starts.
Coronavirus vaccine from Oxford and AstraZeneca shows positive response in early trial
Pfizer and BioNTech's potential coronavirus vaccine shows promise
+++
Spying, election hacks, assassinations: British report details scale of Russian subversion campaigns
The Intelligence and Security Committee of Parliament;
PolitiFact | Fact-checking Donald Trump on the Joe Biden, Bernie Sanders unity platform Given the velocity of his recent lies, I am expecting Donald to easily exceed 25,000 false and misleading statements before inauguration day in January 2021. He will lie more as the election moves closer in time.
Trump’s False, Recurring Claim About Biden’s Stance on Police - FactCheck.org
Some Family Members Surprised Voters Believed Donald Trump Image-YouTube
Trump Misleads on H1N1 Swine Flu Testing-FactCheck.org
At least we know what is really important to Senate republicans: Senate GOP set to ramp up Obama-era probes
Trump may not accept the election results if he loses. Transcript: 'Fox News Sunday' interview with President Trump-Fox News Donald also claimed in that interview that he would be signing a "complete health care plan" in two weeks. There is no plan moving forward in the Congress. After doing everything that he could possibly do to repeal DACA, Trump also claimed that he was going to come up with a plan to save those children from deportation.
Ohio House Speaker Larry Householder (R) Arrested In $60 Million Bribery Scheme: NPR At least he is not a piker. The former chair of Ohio's republican party, Matt Borges, was also arrested. Who is Matthew Borges and what is he accused of in the Ohio Statehouse bribery case? - cleveland.com; Read the criminal complaint against Ohio House Speaker Larry Householder, aide, lobbyists charged with racketeering conspiracy - cleveland.com
House passes bill to remove Confederate, racist statues and busts - Roll Call 113 republican representatives voted to keep the statues.
Trump's cognitive test: the truth about it Anyone who is not suffering from dementia can pass this test. I am suspicious that Trump answered all of the questions correctly, notwithstanding his claim. Contrary to Trump's assertion, the last few questions are not hard. The cognitive test Trump claims to have aced
Michael Cohen: Judge orders former Trump lawyer's release from prison; Top Experts: DOJ's Bureau of Prison Blocking Michael Cohen Book about Trump Violates First Amendment The Court found that the Trump Administration had sent Cohen back to prison in retaliation for writing a tell all book.
Judge Salas Shooting Suspect Left Pro-Trump Paper Trail - The Atlantic
No, a reporter didn't call McEnany a "lying b**ch," but Fox ran with it anyway The two Fox Fake News programs that ran the false claim were hosted by Sean Hannity and Tucker Carlson, just a couple of propagandists for the GOP and Trump.
Donald cancelled his planned Mass Infection Event in Tallahassee claiming that he was deeply concerned about the health of attendees and the people of Florida. Trump cancels Jacksonville portion of Republican National Convention (7/23/20)
And, in his recent Chris Wallace interview, which occurred on 7/19/20, Donald whined that liberal Democrats were not allowing him to hold indoor rallies. Trump’s Chris Wallace Interview: The 23 Most Surreal Moments; Chris Wallace's Trump interview: The 55 most shocking lines; Transcript: 'Fox News Sunday' interview with President Trump | Fox News
Quotes 7/19/20 Trump interview:
+++++
Trump and other Republican Politicians Engage in Demagoguery to Fan Fear and to Appeal to Voter's Worse Instincts:
In the last election, Republicans appealed to voter's worst instincts, trying to generate a fear response to caravans of impoverished people moving toward the U.S. border.
With no caravans in 2020, Republicans have shifted their demagoguery to blowing way out of proportion the violence and looting that occurred for a few days after George Floyd was killed by the police.
Marsha Blackburn (R-TN), a 100% pure Know Nothing Trumpster, won the 2018 Tennessee senate race with ads focusing on the caravan.
Who Is Marsha Blackburn? Narrated by SNL's Chris Parnell | NowThis - YouTube
In the 2020 Tennessee race, which will likely be won by the 100% pure Trumpster Bill Hagerty, the campaign ads focus on the new republican fear tactic. Hagerty praises federal response in Portland in joint online appearance with Trump - The Daily Memphian
Hagerty and Blackburn are far right, reactionary demagogues, but that is what a majority of Tennessee voters want now. Similar type ads were successfully used by Bill Brock to beat Senator Albert Gore Sr. in 1970 and have been working on Tennessee voters ever since.
In a recent poll, almost 1/2 of republicans believe that Bill Gates is plotting to use a Covid-19 vaccine to plant tracking devices in their brains. Almost half of Republicans believe a debunked conspiracy theory about Bill Gates-MarketWatch; Poll shows coronavirus conspiracy theories spreading on the right may hamper vaccine efforts ("44 percent of Republicans believe that Bill Gates is plotting to use a mass COVID-19 vaccination campaign as a pretext to implant microchips in billions of people and monitor their movements.") That explains in part why the preceding commercials work and why Donald may be reelected to another 4 year term.
Trump’s staunchest allies in Congress lash out at Wyoming Republican Liz Cheney - MarketWatch
Trump is trying to create a campaign issue by sending Homeland Security law enforcement officers to American cities, notwithstanding protests by mayors and governors. IMO, Trump and other republicans want to create more violence for political purposes.
A Navy Veteran Had a Question for the Feds. They Beat Him in Response; Navy vet says he was beaten, pepper sprayed by authorities at Portland protest - YouTube
"Police" shoot Portland protester in head with impact weapon whose hands were in the air, causing severe injuries - oregonlive.com;
Portland protests grow larger after President Trump sends feds in: USA Today (7/22);
Portland protests fueled by Oregon's 'very dark history' of racism: USA Today;
More than a dozen mayors join Portland in asking Trump administration to withdraw federal forces;
Nothing Can Justify the Attack on Portland - The Atlantic
Anne Applebaum correctly described Trump's action in Portland as "performative authoritarianism". Anne Applebaum on how authoritarians try to discredit the media - CNN Video; Anne Applebaum's Latest Book: 'Twilight Of Democracy'-NPR
Federal Officers Deployed in Portland Didn’t Have Proper Training, D.H.S. Memo Said-The New York Times That is of course irrelevant to Trump and his acting Homeland Security secretary Chad Wolf.
Trump:"We’re looking at Chicago, too. We’re looking at New York All run by very liberal Democrats. All run, really, by the radical left. This is worse than anything anyone’s ever seen. And you know what? If Biden got in, that would be true for the country. The whole country would go to hell."
Videos Show How Federal Officers Escalated Violence in Portland - The New York Times
I would view the federal officers being deployed by Donald into cities governed by his political rivals as his private militia.
Fauci says that he and his family have experienced 'serious threats' during pandemic | TheHill
+++
Covid-19 Updates:
 |
| As of 7/24/20 |
The CDC has succumbed to Trump's political pressure by downplaying the health risks associated with in person classrooms. C.D.C. Calls On Schools to Reopen, Downplaying Coronavirus Risks - The New York Times We will see soon enough whether the CDC was correct in kowtowing to Donald. The CDC did not mention the South Korean study that found that children between the ages of 10 to 18 spread the virus as easily as adults. Study: Kids 10 And Older Spread COVID As Effectively As Adults | Kaiser Health News Just deep six that study and others and pretend they do not exist.
This is the most effective Lincoln Project ad regarding Trump's handling of the pandemic: Failure - YouTube
AP FACT CHECK: Trump's alternate reality on COVID-19 threat (7/20/20)
Fact check: Trump continues to dishonestly downplay the pandemic
Donald started his Covid-19 briefings again, but did not invite Dr. Fauci. It was Donald's TV show with no one else being allowed to talk. This was a campaign event.
It is simply beyond my comprehension why anyone would rely on representations made by Donald. He is easily the most untrustworthy, well known person in the world.
I would just note that Donald stated last Tuesday that the pandemic "probably" get worse before getting better. Trump says coronavirus may 'get worse'
After his disastrous interview with Chris Wallace, Donald apparently come to an epiphany that continuing to live in his Alternate Reality about the pandemic was hurting his reelection chances, so he at least acknowledged something was happening. In U-turn, Trump doubles down on effectiveness of social distancing and face masks: ‘I have no problems with the masks’ - MarketWatch (Tuesday 7/21/20 article; over 143K Americans dead from Covid-19 infections out of 3.9M infected people)
 |
| 7/21/20 |
During the question and answer session, Donald was asked about Ghislaine Maxwell who was recently arrested for her alleged involvement in securing underage girls for the child molester Jeffrey Epstein.
There was no teleprompter with a prepared response for the Duck to read as he had been doing.
Donald replied as follows: "I just wish her well, frankly. I've met her numerous times over the years, especially since I lived in Palm Beach. I guess they lived in Palm Beach, but I wish her well." Trump on Accused Child Sex-Trafficker Ghislaine Maxwell: 'I Wish Her Well' | PEOPLE.com
Maxwell - YouTube (Lincoln Project ad)
Maxwell 2 - YouTube
5 takeaways from Trump’s return to the coronavirus briefing stage Among other false statements, Donald falsely claimed that the U.S. has one of the lowest mortality rates in the world. Trump's new coronavirus talking point isn't even close - The Washington Post;
Fact check: At his first coronavirus briefing since April, Trump repeats a handful of classic false claims
Trump Keeps Bragging About America’s Covid-19 Death Rate. It’s Among the World’s Worst.
White House seeks to block funds for testing in coronavirus relief bill
Covid-19 Testing Is Broken and There's No Plan to Fix It
Larry Hogan (R): Trump left Maryland vulnerable to the pandemic - The Washington Post Hogan is a republican and is currently the Governor of Maryland. This article written by Hogan is a scathing indictment of Trump's handling of the pandemic. Hogan heard Donald refer to the South Koreans as "terrible people", and that Trump did not know "why the United States had been protecting them all of these years". That reminded me of the story that Sarah Palin had to told why there were two Koreas. Sarah Palin on Foreign Policy
85 infants under age 1 tested positive for coronavirus in one Texas county
Texas day care coronavirus cases rising-more than 300 | The Texas Tribune (7/1/20)
In separate rallies, Utahns protest mask mandate and demand in-person classes - The Salt Lake Tribune
As Deaths Rise, Trump Sticks with Old Numbers - FactCheck.org
Lying again about the pandemic, Trump made 200 false claims from early June to early July
Trump Leans Into False Virus Claims in Chris Wallace Interview - The New York Times
Donald deliberately misinforms the public about the pandemic. Lying about almost everything has worked for him so far.
U.S. hospitals scramble to adopt new HHS coronavirus data system, some states see 'data blackout' In order to get an allocation of remdesivir, Trump ordered that hospitals and other health providers had to quit providing Covid-19 information to the CDC.
Study: Middle and high schoolers can spread coronavirus as well as adults - Axios; Older Children Spread the Coronavirus Just as Much as Adults, New Study Finds - The New York Times
The republican governor of Missouri claimed that students will become infected when attending in person classes starting this fall, but that they will get over it. Missouri Gov. Mike Parson says kids will 'get over' COVID-19 they'll catch at school The fact that they will spread it to school staff, their parents and others is irrelevant in Trump's America.
Dr. Don asserted in his Chris Wallace interview that young people are causing the spike in cases, but they will get over it within a day with just some "sniffles". Trump Fox News Interview Recap: COVID-19, Confederate Flags-NPR
Trump says COVID patients 'have the sniffles,' 'many cases shouldn't be cases' - Business Insider;
Trump Compares Coronavirus to 'Sniffles' as U.S. Death Toll Tops 140,000 - EcoWatch
The crisis that shocked the world: America’s response to the coronavirus
Trump says U.S. would have half the number of coronavirus cases if it did half the testing This is just another lie designed to manipulate the weak minded.
Despite Trump claim, 13 states say some orders for coronavirus supplies still unfilled - ABC News
A Texas county's only hospital forced to choose "who is sent home to die" as ICU beds near capacity - CBS News (7/24)
++
I am not an anti-vaxxer. I have taken the flu shot every year for as long as I can remember. I have already taken the vaccine shots for shingles and pneumonia.
While we are being told corners are not being cut on Covid-19 vaccines, and safety is the highest priority, I do not believe that is the case. Speed is the highest priority.
Moderna's vaccine has entered a Phase 3 trial after enrolling just 120 participants in Phase 1. The results released so far only include 45 test subjects. There were only 15 people in the group receiving the 100 microgram (μg) doses, and that is the dose being advanced now into a Phase 3 trial. CIDRAP
Side Effects Noted So Far with a Handful of Test Subjects:
An mRNA Vaccine against SARS-CoV-2 — Preliminary Report | NEJM
It looks to me that a vaccine will be approved by the FDA that will be given to millions without fully understanding the potential side effects and balancing those effects with the protection afforded by the vaccine.
I will not receive a Covid-19 vaccine shot until I can assess for myself both the safety and effectiveness, which is not likely to occur until several months after the mass vaccination starts.
Coronavirus vaccine from Oxford and AstraZeneca shows positive response in early trial
Pfizer and BioNTech's potential coronavirus vaccine shows promise
+++
Spying, election hacks, assassinations: British report details scale of Russian subversion campaigns
The Intelligence and Security Committee of Parliament;
++++
All trades are commission free except as otherwise noted.
All trades are commission free except as otherwise noted.
1. Small Ball:
A. Eliminated MNR-Sold Remaining 21 Shares (10 sold at $15.14+; 10 at $14.88; 1 at $13.1:
Quote: Monmouth Real Estate Investment Corp. Cl A (MNR)
Closing Price 7/24: MNR $14.04 -$0.21 -1.47%
Closing Price 7/24: MNR $14.04 -$0.21 -1.47%
Profit Snapshots: +$62.07 (21 shares)
Dividend: Quarterly at $.17
Last Ex Dividend: 5/14/20
I currently own 80 shares of MNR's 6.125% preferred stock, which is last discussed in this post: Item # 4.B. Added 10 MNRPRC at $20.46; 10 at $15.31; 10 at $18 (5/9/20 Post); Monmouth Real Estate Investment Corp. 6.125% Cumulative Preferred Series C Stock
MNR-PC $25.20 +$0.05 +0.20%
B. Started MGK as a Placeholder-Bought 1 at $162.32:
Quote: MGK | Vanguard Mega Cap Growth ETF Overview
Sponsor's Website: MGK - Vanguard Mega Cap Growth ETF
Expense Ratio: .07%
Purchase Restriction: Each subsequent purchase has to be at the lowest price in the chain.
Dividend Reinvestment: No
Some Holdings as of 6/30/20:
C. Added to STWD-Bought 1 at $15.66; 1 at $15.12; 1 at $14.82; 1 at $13.74:
Closing Price 7/24: STWD $14.47 -$0.29 -1.96%
Website: Starwood Property Trust
SEC Filings
Last Substantive Buy Discussion: Item # 1.H. Added 2 STWD at $17.18; 2 at $16.91; 1 at $15.24, 1 at $10.36; 1 at $9.3; 1 at $8.74; 1 at $12.45 ( 4/18/20 Post)
Last Sell Discussion: Item # 1.A. Sold 10 STWD at $25.96 (2/16/2020 Post)
Dividend: Quarterly at $.48 per share and on shaky ground IMO ($1.92 annually)
Last Ex Dividend Date: 6/29/20 (all shares owned as of)
Dividend Yield at Average cost: 10.97%
Dividend Reinvestment: Yes until there is a cut.
Current Position this Account: 53+ shares
Average Cost Per Share: $17.5
Last Earnings Report (Q/E 3/31/20): Starwood Property Trust Reports Results for the Quarter Ended March 31, 2020
"The Company had a first quarter 2020 GAAP net loss of $66.8 million, or $(0.24) per diluted share, and Core Earnings of $162.1 million, or $0.55 per diluted share. GAAP net loss includes the unrealized, non-cash impacts of mark-to-market adjustments and the recently implemented CECL accounting standard, totaling $148.6 million ($0.53 per diluted share) and $48.7 million ($0.17 per diluted share), respectively, both of which reflect the market volatility and dislocation caused by the COVID-19 pandemic."
D. Eliminated UBS-Sold 70 at $11.15:
Closing Price 7/24: UBS $12.17 +$0.01 +0.08%
Profit Snapshot: $41.75
I will consider restarting a position when and if the price falls below $10 again. I wanted to reset the initial purchase at a lower price than the first 2 purchases referenced above.
Prior Round Trip: Item # 1.E. Eliminated UBS-Sold 50 at $13.16 (2/16/20 Post)-Item # 3.B. Bought 50 UBS at $10.66 (9/14/19 Post)
Dividend Received 70 Shares:
Closing Price 7/24: CS $10.57 -$0.03 -0.28%
CS | Credit Suisse Group AG ADR Analyst Estimates
Profit Snapshot: +$73.55
I discussed this trade in a 6/24/20 comment
Investor relations – Credit Suisse
Credit Suisse Group AG (ADR) Key Developments | Reuters
Last Elimination: Item # 3.C. Eliminated CS-Sold 50 at $13 (11/27/19 Post)(profit Snapshot = $73.73)-Item# 1 Bought 50 CS at $11.49 (10/11/19 Post)
Last Earnings Report (3/31/20): Quarterly results – Credit Suisse
Quote: CIBR | First Trust NASDAQ Cybersecurity ETF Overview
Closing Price 7/24: CIBR $34.07 -$0.44 -1.27%
Sponsor's Website: First Trust Nasdaq Cybersecurity ETF (CIBR)
Holdings: First Trust Nasdaq Cybersecurity ETF (CIBR)
Expense Ratio: .6%
Holdings as of 6/22 (greater than 1% weighting):
G. Bought 10 AIO at $19.36:
Quote: AIO | AllianzGI Artificial Intelligence & Technology Opportunities Fund Overview
Closing Price 7/24: AIO $20.20 $0.00 0.00%
AIO SEC Filings
I mentioned this purchase in a 6/30/20 comment.
Sponsor's Website: AllianzGI Artificial Intelligence & Technology Opportunities Fund (AIO)
Last SEC Filed Shareholder Report: Period ending 2/28/20
Dividends: Monthly at $.1083
Last Ex Dividend Date: 7/10/20
Data Date of 6/29 Purchase:
Closing Net Asset Value Per Share: $21.8
Closing Market Price: $19.27
Discount: -11.61%
Sourced: AIO AllianzGI AI & Tech Opportunities Fund-CEF Connect
Public Offering: November 2020 at a $20 public offering price
Top 10 Holdings as of 5/31/20:
Holdings as of 2/28/20 are included in the last SEC filed shareholder report linked above.
H. Restarted RVT-Bought 10 at $12.43:
Closing Price 7/24: RVT $12.96 -$0.02 -0.15%
Sponsor's Website: Royce Value Trust (RVT)
RVT SEC Filings
Portfolio as of 3/31/20
Last SEC Filed Shareholder Report (period ending 12/31/19)
Composition and Top 10 Holdings:
 |
| As of 6/30/20 |
Last Ex Dividend Date: 6/10/20
Data Date of 7/1/20 Trade:
Closing Net Asset Value Per Share: $14.19
Closing Market Price: $12.46
Discount: -12.19%
Source: RVT Royce Value Trust- CEF Connect
Last Elimination: Item # 3.C. Sold 100 RVT at $14.51 (5/22/19 Post)(profit snapshot = $87.61)-Item # 1 Bought 100 RVT at $13.63-Used Commission Free Trade (3/31/19 Post)
Prior Elimination: Item # 1 Sold 505+ RVT at $15.89 (8/3/13 Post)(profit snapshot = $436.03)
Royce Value Trust (RVT)-Morningstar
I. Started XT as a placeholder-Bought 1 at $44.78:
Quote: XT | iShares Exponential Technologies ETF Overview
Closing Price 7/24: XT $46.67 -$0.54 -1.14%
Sponsor's Website: iShares Exponential Technologies ETF | XT ("Access global companies with significant exposure to exponential technologies, which displace older technologies, create new markets, and have the potential to create significantly positive economic benefits . . . The fund’s index employs a unique process that evaluates global stocks of technology producers and users across nine technology themes.")
Expense Ratio: .47%
Dividends: Semi-annually
Purchase Restriction: Each subsequent purchase must be at the lowest price in the chain.
J. Added 10 IGR at $6.08; 20 at $5.92:
Closing Price 7/24: IGR $5.92 +$0.05 +0.85%
IGR SEC Filings
Last Substantive Buy Discussion: Item # 1.E. Added 5 IGR at $3.75; 50 at at $5.69; and 10 at $5.1 (5/16/20 Post)
Dividend: $.05 per share (heavy ROC support)
Last Ex Dividend Date: 7/17/20 (all shares owned as of)
Dividend Reinvestment: Yes, as long as the likely reinvestment price is at greater a greater than 10% discount to net asset value per share.
IGR Recent Price History
Holdings as of 3/31/20
Last SEC Filed Shareholder Report - period ending 12/31/19
Current Position This Account: 298+ shares
Average Cost Per Share: $6.22
Yield at Average Cost: 9.65%
Data Date of 7/13/20 Trade:
Closing Net Asset Value Per Share: $7.05
Closing Market Price: $5.82
Discount: -17.45%
Sourced: IGR-CEF Connect
Last Sell Discussions: Item # 1. I. Eliminated IGR Vanguard Account-Sold 100 at $5.95 and Eliminated IGR in Schwab Account-Sold 100 at $5.96 (6/13/20 Post)(profit snapshots= $113.32); Item # 1.C. Sold 9 IGR at $8.33 (2/19/20 Post)(shares purchased with dividends, profit on each lot with a $4.99 total profit); Item # 2.A. Sold 100 IGR at $8.01 (12/28/19 Post)(profit snapshot = $42.98)
Goal: Harvest several monthly dividends and then exit the position at a share profit before ROC adjustments to the taxable cost basis.
K. Added 5 VLY at $6.79:
Quote: Valley National Bancorp (VLY)
Closing Price 7/24: VLY $7.78 -$0.01 -0.13%
VLY | Valley National Bancorp Analyst Estimates
Last Discussed: Item # 1.I. Restarted VLY-Bought 10 at $7.66 (6/6/20 Post) I discussed the first quarter report in that post.
Last Sell Discussions: Item # 1.A. Eliminated VLY-Sold 102+ at $10.51 (9/11/2019 Post); Item # 2.A. Eliminated VLY Sold 51+ VLY at $12.76 (7/25/18 Post); Item # 2.B. Sold 60 VLY at $12.52 (1/28/18 Post)
Investment Category: Regional Bank Basket Strategy
VLY SEC Filings
10-Q for the Q/E 3/31/20
2019 Annual Report
Dividend: Quarterly at $.11 per share
I view a dividend increase this year or in 2021 as highly unlikely.
Last Ex Dividend: 6/12/20 (owned 10 as of)
Current Position: 15 shares
Average Cost Per Share: $7.37
Dividend Yield at Average Cost: 5.97%
Last Earnings Report (Q/E 6/30/20): This report was released after my purchases and was okay IMO under the circumstances.
Valley National Bancorp Reports a 25 Percent Increase in Second Quarter 2020 Net Income and Strong Operational Efficiency
Quotes from Release:
"net income for the second quarter 2020 of $95.6 million, or $0.23 per diluted common share, as compared to the second quarter 2019 earnings of $76.5 million, or $0.22 per diluted common share, and net income of $87.3 million, or $0.21 per diluted common share, for the first quarter 2020.
net interest margin on a tax equivalent basis of 3.00 percent for the second quarter 2020 decreased by 7 basis points from 3.07 percent for the first quarter 2020
Non-accrual loans increased $4.7 million during the second quarter 2020 as compared to the first quarter 2020 and represented 0.65 percent and 0.68 percent of total loans at June 30, 2020 and March 31, 2020,
efficiency ratio was 48.01 percent for the second quarter 2020 as compared to 50.75 percent and 57.19 percent for the first quarter 2020 and second quarter 2019, respectively. Our adjusted efficiency ratio was 46.84 percent for the second quarter 2020 as compared to 49.26 percent and 54.57 percent for the first quarter 2020 and second quarter 2019, respectively."
ROA: .92%
ROE: 8.54%
ROTE: 12.66%
Coverage Ratio: 147.03% (Allowance for losses on loans as a % of non-accrual loans)
Total Risk Based Capital Ratio: 12.19%
Tangible Common Equity to Tangible Assets = 6.98%
"Net loan charge-offs totaled $14.8 million for the second quarter 2020 as compared to $4.8 million for the first quarter 2020 primarily due to the partial charge-off of one impaired commercial loan relationship and lower collateral valuations related to non-performing taxi medallion loans."
Closing Price 7/24: VLY $7.78 -$0.01 -0.13%
VLY | Valley National Bancorp Analyst Estimates
Last Discussed: Item # 1.I. Restarted VLY-Bought 10 at $7.66 (6/6/20 Post) I discussed the first quarter report in that post.
Last Sell Discussions: Item # 1.A. Eliminated VLY-Sold 102+ at $10.51 (9/11/2019 Post); Item # 2.A. Eliminated VLY Sold 51+ VLY at $12.76 (7/25/18 Post); Item # 2.B. Sold 60 VLY at $12.52 (1/28/18 Post)
Investment Category: Regional Bank Basket Strategy
VLY SEC Filings
10-Q for the Q/E 3/31/20
2019 Annual Report
Dividend: Quarterly at $.11 per share
I view a dividend increase this year or in 2021 as highly unlikely.
Last Ex Dividend: 6/12/20 (owned 10 as of)
Current Position: 15 shares
Average Cost Per Share: $7.37
Dividend Yield at Average Cost: 5.97%
Last Earnings Report (Q/E 6/30/20): This report was released after my purchases and was okay IMO under the circumstances.
Valley National Bancorp Reports a 25 Percent Increase in Second Quarter 2020 Net Income and Strong Operational Efficiency
Quotes from Release:
"net income for the second quarter 2020 of $95.6 million, or $0.23 per diluted common share, as compared to the second quarter 2019 earnings of $76.5 million, or $0.22 per diluted common share, and net income of $87.3 million, or $0.21 per diluted common share, for the first quarter 2020.
net interest margin on a tax equivalent basis of 3.00 percent for the second quarter 2020 decreased by 7 basis points from 3.07 percent for the first quarter 2020
Non-accrual loans increased $4.7 million during the second quarter 2020 as compared to the first quarter 2020 and represented 0.65 percent and 0.68 percent of total loans at June 30, 2020 and March 31, 2020,
efficiency ratio was 48.01 percent for the second quarter 2020 as compared to 50.75 percent and 57.19 percent for the first quarter 2020 and second quarter 2019, respectively. Our adjusted efficiency ratio was 46.84 percent for the second quarter 2020 as compared to 49.26 percent and 54.57 percent for the first quarter 2020 and second quarter 2019, respectively."
ROA: .92%
ROE: 8.54%
ROTE: 12.66%
Coverage Ratio: 147.03% (Allowance for losses on loans as a % of non-accrual loans)
Total Risk Based Capital Ratio: 12.19%
Tangible Common Equity to Tangible Assets = 6.98%
"Net loan charge-offs totaled $14.8 million for the second quarter 2020 as compared to $4.8 million for the first quarter 2020 primarily due to the partial charge-off of one impaired commercial loan relationship and lower collateral valuations related to non-performing taxi medallion loans."
2. Canadian Reset Equity Preferred Stocks:
A. Bought 100 MFCPRM:CA at C$15.14:
Quote: MFC-PM.TO
Closing Price 7/24: MFC-PM.TO C$16.10 -C$0.05 -0.31%
Last Elimination: Item # 4.A. Sold 50 MFCPRM at C$20.51 (1/21/17 Post)(profit snapshot = C$113)
Issuer: Manulife Financial Corp.
Coupon: 2.36% + the 5 Year Canadian Bond Yield, resetting every 5 years.
Coupon Reset in December 2019: The new penny rate will be based on a 3.8% coupon per annum, paid on a C$25 par value. This rate will remain in effect until December 2024.
Next Reset: December 2024
Per Share: C$.2375 per quarter and C$.95 annually
Yield at C$15.14 = 6.27%
Dividends: Non-cumulative
MFC preferred stocks are currently rated at BBB+ (S & P) and BBB- (Fitch):
Credit Ratings | Manulife Financial
3. REIT Equity Preferred Stocks:
A. Bought 10 HTIA at $20.25; 5 at $19.6:
Quote: HTIA | Healthcare Trust 7.375% Cumulative Preferred Series A Overview
Closing Price 7/24: HTIA $20.73 0.00 0.00%
Investment Strategy: Equity REIT Common and Preferred Stock Basket Strategy
Ex Dividend: 7/1/20 (owned 10 as of; 5 bought after ex date)
The security closed at $20.28, down $.47 for the day. When that happens, I do not view the purchase the day before the ex dividend date to be buying a taxable event.
I briefly mentioned the 10 share purchase in a previous post: Stocks, Bonds & Politics: Portfolio Management-Cash Flow Fidelity Taxable Account 6/29-7/1/2020
The common shares are not traded on a stock exchange. The issuer is NOT Healthcare Trust of America Inc. (HTA).
Issuer SEC Filings
10-Q for the Q/E 6/30/20
Debt is discussed at pages 19-25
Issuer Management: External
Last November, HTIA was sold to the public at $25 per share. Prospectus (risk factor discussion starts at page 12 and ends at page 53)
During the March 2020 meltdown, the price briefly fell below $8.
Viewed as a high risk equity REIT security which is confirmed by its current yield and trading history so far.
Par Value: $25
Issuer Optional Call: on or after 12/11/24
Stopper Clause: Yes at pate 90
Dividends: Cumulative
Provision relating to stock exchange delisting:
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.
A. Bought 100 MFCPRM:CA at C$15.14:
Quote: MFC-PM.TO
Closing Price 7/24: MFC-PM.TO C$16.10 -C$0.05 -0.31%
Last Elimination: Item # 4.A. Sold 50 MFCPRM at C$20.51 (1/21/17 Post)(profit snapshot = C$113)
Issuer: Manulife Financial Corp.
Coupon: 2.36% + the 5 Year Canadian Bond Yield, resetting every 5 years.
Coupon Reset in December 2019: The new penny rate will be based on a 3.8% coupon per annum, paid on a C$25 par value. This rate will remain in effect until December 2024.
Per Share: C$.2375 per quarter and C$.95 annually
Yield at C$15.14 = 6.27%
Dividends: Non-cumulative
MFC preferred stocks are currently rated at BBB+ (S & P) and BBB- (Fitch):
3. REIT Equity Preferred Stocks:
A. Bought 10 HTIA at $20.25; 5 at $19.6:
Quote: HTIA | Healthcare Trust 7.375% Cumulative Preferred Series A Overview
Closing Price 7/24: HTIA $20.73 0.00 0.00%
Investment Strategy: Equity REIT Common and Preferred Stock Basket Strategy
Ex Dividend: 7/1/20 (owned 10 as of; 5 bought after ex date)
The security closed at $20.28, down $.47 for the day. When that happens, I do not view the purchase the day before the ex dividend date to be buying a taxable event.
I briefly mentioned the 10 share purchase in a previous post: Stocks, Bonds & Politics: Portfolio Management-Cash Flow Fidelity Taxable Account 6/29-7/1/2020
The common shares are not traded on a stock exchange. The issuer is NOT Healthcare Trust of America Inc. (HTA).
Issuer SEC Filings
10-Q for the Q/E 6/30/20
 |
| p. 45 |
 |
| p.47 |
Issuer Management: External
Last November, HTIA was sold to the public at $25 per share. Prospectus (risk factor discussion starts at page 12 and ends at page 53)
During the March 2020 meltdown, the price briefly fell below $8.
Viewed as a high risk equity REIT security which is confirmed by its current yield and trading history so far.
Par Value: $25
Issuer Optional Call: on or after 12/11/24
Stopper Clause: Yes at pate 90
Dividends: Cumulative
Provision relating to stock exchange delisting:
The Barron's article on top 5-6 leading, added info I didn't realize, that big money investments/pensions will have limits of 5% for holding a single stock. The article didn't say, but I assume that means they assess how much is in each ETF, and that holding a stock in several EFTs isn't an exception to adding up to 5% cap.
ReplyDeleteThat gets my attention. It could have a lot to do with why Nasdaq isn't flying as much right now. And more importantly, could act as a real resistance for Nasdaq. That in turn would require rotation to market to keep climbing. Some rotation is happening, but outside of those stocks, the rest are vulnerable to covid troubles in bigger ways (obviously why those are the ones climbing.) Also it seems like then the remaining stocks have to climb quite a lot to make up the difference.
I'm not seeing bankruptcies disturb anything yet. I'm hearing more worry on the ground from real people.
Trump's found his messaging. He's "tough on crime and those lefties are about to burn our country down." There's now at least three branches of fascist type gov't shift that he's put into place. This is big, though media hasn't caught on yet to the general plan of going towards "traditional dictatorship" yet. ICE is training civilians to arrest and rat on other residents of USA. Federal militants are active, unmarked, unaccounted for, and not following rules, in local districts that doesn't want them. Barr, Trump, with GOP assistance are shutting down the judicial system's ability to stop overstepped behaviors and voting irregularities and investigations into corruption.
I'm hoping the Lincoln Project makes mince meat of Trump being law and order. Also of Trump's lies about the USA burning up.
I need to sit down after travel and get more ready to buy. Look at all the interesting ETFs. Also stocks that have raised their guidance. I don't know which those are. FG talks about that, and it seems like a good place to look. (Right now he's not finding opportunities either, but is upbeat about it being a bull market environment based on over 20 month MA.)
I didn't buy SPY the other day. It would have been an ok move. Market went up from there.
My MMM went down. I'll hold until this is over and VIX is in stable pattern and see where it's at.
I'm pondering whether the optimism includes any significant number of Trump supporters who believe the polls are wrong, and are quite comfortable that Trump will win. Or whether this is rising while many investors are expecting a Biden win.
There's suggestion that right before election Trump will announce a new China trade deal. Thinking about it, I'll be surprised if he doesn't. It won't matter if China agreed to it.
Travel is risky at the moment. The only thing that makes me feel comfortable in this rental, is that it was left empty windows open for 2 days after it was cleaned, and left empty for an additional 3rd day. I figure 3 days is enough for virus to float out of the air, and disintegrate on surfaces. But I'm still washing my hands plenty. There are so many surfaces. Couches, drawer handles, lamp switches, chairs when you move them, floor that everything sinks to.
I've been at least 6 feet from sister and family and not in the house except for a close by, isolated, downstairs bathroom. The weather makes it obnoxious (95+ with humility and no A/C in the great outdoors). But otherwise it doesn't feel off or odd. It is hard to hear from that distance.
Some more businesses are opening. People are hit and miss on wearing masks (outside, I haven't been inside). So many people are facing disappointments or worse. My niece is starting her "college adventure" by staying in her parents' home and doing remote everything. Some worries about breadwinners losing their jobs here.
Land: I am continuing to see bullish articles and analyst reports on the mega cap growth names.
DeleteThis article by Eric Savitz, who has been writing about tech stocks for a long time, is an exception. His recommendation of Xperi Holdings did cause a jump in the price.
https://www.barrons.com/articles/as-tech-earnings-roll-in-air-is-coming-out-of-the-stock-bubble-51595628096
The rise in gold prices and the decline in the USD are two of the more interesting stories.
U.S. Dollar Index (DXY)
https://www.marketwatch.com/investing/index/dxy?mod=home-page
Spot gold is at an all time high, currently around $1,948 per oz. GS raised its price target to $2,300 within 12 months.
There is still optimism about another stimulus deal even though both sides appear far apart.
The best stimulus would be to do what is necessary to control the pandemic. My observation is that more people are taking precautions, with many retailers leading the way, but there remains a sizable minority who are flaunting basic precautions.
When buying, I am doing mostly 5 shares or 10 shares when the price is less than $20.
Most stocks that I have bought recently have already been smashed.
I am starting to make a distinction in my regional bank stock allocation between those banks who are doing okay weathering the storm, so far, and those who are struggling sufficiently that their current dividend may be cut.
Bar Harbor (BHB), which I have not bought recently, had a good report:
https://www.accesswire.com/599098/Bar-Harbor-Bankshares-Reports-Second-Quarter-Results
I was expecting a dividend cut from Oneok (OKE), assigning about a 50% chance to it, but the company kept its regular dividend.
ONEOK Inc.
$28.18 +$0.1557 +0.56%
YIELD 13.31%
Last Updated at 1:08 p.m. EDT
https://www.marketwatch.com/investing/stock/oke
People seem to be getting more lax about precautions even in places that were previously cautious.
DeleteRead some articles about Davin the slum area in India. They used contact tracing and testing extensively starting near the start with daily testing of 80% of population (I'm still unclear how they did that much per day with that many people).
Smashed means went down?
It does seem important right now to assess each business for the current situation. My stocks have bifurcated.
In several tweets, Doctor Don is recommending hydroxychloroquine as a miracle drug.
ReplyDeleteThe most interesting, since it is so ludicrous, is a retweet of a video showing a Stella Immanuel recommending this malaria drug as COVID-19 cure. In the video, she is wearing a physician's cloak and standing in front of the Supreme Court. She also claims that no one needs a mask.
I can see why Donald and Don Jr. admire her so much:
"Trump’s New Favorite COVID Doctor Believes in Alien DNA, Demon Sperm, and Hydroxychloroquine"
https://www.thedailybeast.com/stella-immanuel-trumps-new-covid-doctor-believes-in-alien-dna-demon-sperm-and-hydroxychloroquine?ref=wrap
https://heavy.com/news/2020/07/dr-stella-immanuel/
I wondered if finding the quack doctor was a two edged purpose. One to lead his base on. Two, for anyone who ditche or dissed her, to have "room" for them to say "look at that crazy black person..." in a racist way with her witch doctor ideas.
DeleteThere's an American Thinker article claiming India's success was due to using hydroxychloroquine early and as preventative. That article references LA Times as saying the same, but the LA Times doesn't mention hydroxychloroquine in India.
I suspect that's the reason for the Doctor Don re-pushing of his favorite miracle drug.
Land: Donald needs to ditch Mike Pence and replace him with Dr. Immanuel as the republican response to Biden's pick.
DeleteThen, Donald and his witch doctor can hold massive indoor rallies, where mask wearing and social distancing are prohibited with attendees taking the maximum hydroxychloroquine dose at the entrance.
Dr. Immanuel can give one of her sermons for about an hour and then the Duck can speak for the usual 90 minutes. I think that is a perfect fit for the modern day GOP.
Herman Cain, who attended Doctor Don's Mass Infection Event in Tulsa on 6/20, avoiding social distancing and mask wearing, died from an infection whose symptoms appeared soon after that rally, requiring his hospitalization on 6/29.
https://www.nbcnews.com/politics/politics-news/former-gop-presidential-candidate-herman-cain-dead-coronavirus-n1235312
The bulk of the scientific evidence is that Doctor Don's miracle cure does not provide any benefit and may cause significant harm to some patients.
What the quacks say is that they gave the miracle drug to some patients and they got over what may or may not have been a Covid-19 infection. If a patient actually had an infection, they may have recovered without any intervention, either being asymptomatic from the start to finish or having a relatively low grade infection with mild symptoms.
The video that included Dr. Immanuel was financed by right wing extremist operating through the Tea Party Patriots organization.
https://en.wikipedia.org/wiki/Tea_Party_Patriots
The objective is to convince people to return to work, without having to wear masks or to engage in social distancing, since the miracle drug will cure the infection.
His base would still vote for him. They'd hold parties to celebrate his genius at finding her.
DeleteToday's economic data is poor. But market's moving down, on what it's ignoring before and claimed was past, not future indicative. I don't get it.
ReplyDeleteNews reports mention the economic numbers and Trump's babbling about elections. Maybe it's the stimulus lack of agreements that's doing it instead?
Land: The 2nd quarter GDP number, reported earlier today, was broadly in line with estimates that have been circulated widely for about 2 months.
DeleteThe higher weekly initial unemployment claims number could have easily been anticipated by the renewed shutdowns occurring in several states.
Possibly the Stock Jocks have to be confronted with the actual data before taking note. There still appears to be a buy any dip mentality.
The larger, near term economic issue is whether there will be another stimulus package. I have read that about 1/2 of the senate republican caucus will not vote for anything more. The question with an uncertain resolution is whether the Democrats will lower their $3T package passed by the House last May to about $1.5T in order to peel off enough GOP senators to pass.
Since Donald is desperate to win reelection, whatever the costs, his signature on a new stimulus law passed by Congress is expected.
I have recently been buying TWM and SDS whenever I have had net adds to stock during a day. The double short purchases are generally around $1 for every $10 in net adds.
The adds have been in deep value stocks where the dividend yield is over 4% (reasonably secure) and 52 week total returns, before the slide today, was somewhere between -20% to -60%.
A recent add was West Bancorporation (WTBA), a mini cap bank holding company that operates branches in Iowa.
At the current price of $16.69, down $.24, the dividend yield is about 5.03%.
I view the second quarter earnings report favorably at $.48 per share vs. $.42 consensus estimate and up from $.41 in the 2019 second quarter. The Texas Ratio is outstanding at .17%:
"Texas ratio - total nonperforming assets divided by tangible common equity plus the allowance for loan losses."
https://www.globenewswire.com/news-release/2020/07/23/2066575/0/en/West-Bancorporation-Inc-Announces-Second-Quarter-2020-Net-Income-Declares-Quarterly-Dividend.html
I guess FANNGs bulled back enough to not hit the 5% and are bought again.
DeleteWill be interesting to watch if the % of their holders changes to retail buyers.
Someone on CNBC is saying that at the same time, the big money can't sell out of what they're holding substantially (or won't).
FANNG's will be targeted if there's a DNC win across the board.
QQQ is green now.
Josh is talking about international markets, as not as expensive, and that they do contain tech stocks.
Land: The trend since March is herd buying in growth stocks, particularly technology and other stocks that benefit from more people working from home, eating at home, or consuming all of their entertainment at home.
DeleteKellogg and General Mill have been doing well as of late as more people eat breakfast at home. One way to participate in consumer staple stocks is through the ETF Fidelity MSCI Consumer Staples Index (FSTA), which I own:
https://www.marketwatch.com/investing/fund/fsta
When growth is hard to find, and there are no viable alternatives to cash other than stocks, it is to be expected that investors will pile into the growth names, continually paying up for those stocks until there is a trigger causing a sea change in sentiment. It is hard to say what that would be. Eventually, valuations become so high that a reset happens irrespective of an exogenous event.
Today, UPS reported blowout earnings.
United Parcel Service Inc. Cl B
$142.82 +19.11 +15.46% at 1:15 p.m. EDT
https://www.marketwatch.com/investing/stock/ups
UPS is a beneficiary of what is working now. I mentioned buying an ETF EBIZ that is up today.
Global X E-commerce ETF
$26.00 +$ 0.20 +0.78%
https://www.marketwatch.com/investing/fund/ebiz
Another recent ETF buy, which I have not discussed, is FIVG:
Defiance Next Gen Connectivity ETF
$29.01 +$0.28 +0.97%
https://www.marketwatch.com/investing/fund/fivg
That fund's top holding is Qualcomm which is up 15%:
https://www.marketwatch.com/investing/stock/qcom
Regional bank stocks are down as investors were reminded that loan losses are not yet in the rear view mirror.
Crammer did a whole yelling segment yesterday, about how we're not in a bubble because the FED low rates are causing need to only head to stocks, and have our back at not tanking the economy by raising rates.
DeleteThere is an irony in his argument that's pretty funny.
Anyone who missed it, is looking to buy in. So lots of money is waiting to buy every dip. A real catalyst is needed to see lows again. And there may not be one. Especially when jawboning will come out everytime it starts to move down.
I am hoping I'm starting to see everyone in the same side of the boat though.
I bet along with cereal, pet stocks are doing well.
My nephew dog (is there such a thing) was so very excited to see me. Company. A rarity. I think he was expecting the rest of the family to follow, with all the petting and food droppings that go with that. Still I was variety. Even the cat paid attention to me. People at home notice their pets more, and buy more.
Those are interesting options and segment moves to look at, and helpful summary. I'm thinking of buying with a sell order in place if the market drops. It's hard because you have to get it when the stock takes off. But still rather be stopped out if a down finally starts up.
Really curious to see why or if end of month and no stimulus package agreement bothers the market.
On CNBC (all few mins I had it on), the lunch pundits talked about if the FAANG start doing well in earnings, but don't climb... that kind of split is indicator that the market is headed down. It's not what happened afterhours. But seems unlikely to happen kind of ever. It is a curious way to say, they are worried but don't see any signs of worry yet.
Enjoyed the Lincoln project townhall tonight. They say social media now moves the needle when it hasn't in the past. Also that we should all be doing stuff every day. The stuff beyond SM and outreach to who we know, wasn't very clear. But in swing areas, or even red, they have targeted efforts. They suggested voting early to avoid problems. Also volunteering to open votes and get them counted, and to help on election day if there's suppression (by getting people in line food or whatever they need to stay there.) Vote.org was what they mentioned. Also suggested if there are people who are borderline, may switch, to send to them. They are that able to target. I know dedicated Trump supporters and all sorts of nose wrinklers at the mention of him. So I'm not useful that way.
ReplyDeleteLand: Trump is losing the true conservatives but has a stranglehold on 95% of republicans.
DeleteOne of the founders of the Federalist Society, a "conservative" group of lawyers who have been picking Trump's federal judges for him, published an opinion column today arguing that Trump committed an impeachable act when ruminating about postponing the election.
By Steven G. Calabresi
"Until recently, I had taken as political hyperbole the Democrats’ assertion that President Trump is a fascist. But this latest tweet is fascistic and is itself grounds for the president’s immediate impeachment again by the House of Representatives and his removal from office by the Senate.
https://www.nytimes.com/2020/07/30/opinion/trump-delay-election-coronavirus.html
Apparently he just woke up to Donald's strong authoritarian tendencies. Trump's GOP is not a conservative party and more conservatives are coming to that realization.
One of the Lincoln Project founders has been publishing opinion columns where he laments what has happened to the republican party.
https://www.nytimes.com/2020/07/29/opinion/trump-republican-party-racism.html?action=click&module=Opinion&pgtype=Homepage
I am currently being barraged with campaign ads from two hyperbolic demagogues running as republicans for Tennessee's open senate seat. The ads are just disgusting attacks containing knowingly false and misleading information and both are doing mind/body melds with Trump. Whoever wins the primary will be the next Tennessee senator since the Democrat has no chance.
How many republicans are true reps, and how many are committed gop trump supporters? I suppose that's a big unknown question.
DeleteThe Lincoln Project folks said they've seen the needle move, and in some key areas as much as 10-12% of GOPs leaving the Trump kingdom. Supposedly data is on their website. I haven't looked. But it sure would be good news if that 95% started budging.
They point out that the problem isn't Trump. He's a symptom. They are concerned that 1) win has to be big enough to overcome manipulations and claims of rigged 2) even with a win, the 1/3 of voters who will believe it wasn't valid will remain, and shift USA going forward by believing that. So people have to be picked off as much as possible.
I can't believe a Federalist Society lawyer finally saw light, or darkness (is more accurate.)
Lying attack ads are the worst, especially when they are the only possible candidates. Mute is my favorite tv remote button.
Land: I have donated to the Democrat, James Mackler, who is running for the open Tennessee seat. He is a decent person, intelligent, sane, and a moderate. Interestingly, he is Jewish and his wife is a Rabbi. The first paragraph of the following article about him contains a quote from Talmud: “In a place where there are no worthy people, strive to be a worthy person.”
Deletehttps://forward.com/news/national/448021/rabbi-james-mackler-tennessee-coronavirus/
He consequently has no chance.
The two republican candidates are competing mightily for who is the bigger asshole. One is endorsed by Trump and the other by Rand Paul. Donald Jr. is appearing in campaign ads for one of them.
In November, over 63M Americans will vote to give Donald another 4 years.
Speaking of the Talmud, which I have not read, there is one mutual fund that derives inspiration from the investment advice contained therein, which has being doing better as of late.
I own about $10K in share.
Permanent Portfolio PRPFX
https://www.permanentportfoliofunds.com/permanent-portfolio.html
Another inspiration for this fund is Harry Browne's book "Fail-Safe Investing: Lifelong Financial Security in 30 Minutes"
Talmud Investing Reinterpreted:
https://www.businessinsider.com/the-talmud-strategy-2012-1
So a moderate Jewish person. If his wife is a Rabbi then they aren't likely Orthodox.
DeleteSigh. Moderate doesn't stand a chance. He brings lots of good skills according to his bio.
That's true that we've had ministers in congress, but I don't think there's been a rabbi, or spouse of. John Lewis and Elijah Cummings were both ministers? Among others.
I'm not spotting anything on the Permanent Portfolio funds about Talmud. It mentions Browne as founder of the fund.
Talmud has every life topic in it. So why not some investing advice? I don't know of any in it. What's studied are pages of ethnics in business. There are a couple stories about using weights fairly, that get told a lot by Rabbis in sermons. (I'll have to dig them up, Talmud stories are always fun.)
This goes into the usual business topics.
https://www.myjewishlearning.com/article/business-ethics-jewish-law/
The business insider article is a bit puzzling. The phrase quoted about dividing into 7 or 8 is in Ecclesiastes 11:2.
That's not Talmud. That's in the bible.
Out of curiosity, I looked it up.
https://www.chabad.org/library/bible_cdo/aid/16472/jewish/Chapter-11.htm/showrashi/true
Clicking on show/hide for Rashi, reveals the commentary by one of the most influential Jewish scholars and sages.
The passage is read as giving charity to strangers. It's interpreted as investment only in the way good karma can come back to you.
"Give a portion to seven and even to eight: If you have shared your food and your drink with seven who need kindness, share further with eight who come after them, and do not say, “Enough.”"
The importance of Rashi is described here.
https://www.myjewishlearning.com/article/who-was-rashi/
Going back to the business insider article, the use of the verse is by someone not Jewish. Gibson, who it came from, sounds like a good investor. Looking up various translations of the verses, one can see where he gets his interpretation.
https://www.biblegateway.com/verse/en/Ecclesiastes%2011%3A2
There's a more recent translation from the one Chabad has online. Wonder what wording they use? I don't have a copy at home.
So while it's good advice, it doesn't seem to come from Jewish interpretation in that spot.
I wouldn't be surprised if somewhere in Talmud it talked about not putting all your eggs in one basket. It goes extensively into farming, and how not let your fields go fallow. So it's bound to be a concept there.
Still, that's cool that they used it and feel connected to it!
On Talmud and investing, there are some antisemitic themes I've heard. A high ranking Japanese administrator vehemently argued a common idea with a friend, that Jews have a pool of money that they give to younger Jews to start businesses and that's why Jews are so successful. There is no such thing. Jewish business people get their funding the same place as everyone else, banks & loans.
I've seen too, that supposedly Talmud is full of investing advice and that's why "Jews are rich." It has very little on investing, a lot on ethnics in business, and I've known poor Jews. Also, synagogues are mostly struggling to make ends meet.
But the usual craziness aside, now I'll be tempted to go look up and see if there's anything else in there.
The idea the fund gives of using industrialism along side real estate, rather than as in the straight stock category is interesting. On first thought it may have some validity.
Land: Gibson and others quote the relevant part of the Talmud as follows:
Delete“Let every man divide his money into three parts, and invest a third in land, a third in business, and a third let him keep by him in reserve.”
https://www.pinnacleadvisory.com/articles/the-ancients-knew-something-about-investing/#:~:text=%E2%80%9CLet%20every%20man%20divide%20his,this%20quote%20is%20well%20known.
https://www.financial-planning.com/news/the-talmud-strategy#:~:text=%22Let%20every%20man%20divide%20his,1%20of%20Asset%20Allocation%3A%20Balancing
http://www.efficientfrontier.com/ef/0adhoc/harry.htm
Browne and Gibson expanded on that recommendation that led to the Permanent Portfolio mutual fund which is a liberal and modern interpretation.
I would call the portfolio allocation as constructed in the Permanent Portfolio mutual fund as tilted toward a financial Armageddon scenario with its large allocation to gold and silver bullion, Swiss and U.S. government bonds, REITs, and high quality corporate bonds.
It sounds sound to divide into those thirds. Sounds too like that's said in Talmud. None of those spots do they quote a reference so it can be looked up. It should have a tractate section.
DeleteLooking up, one can check translations, and interpretations by sagas and context info that's not written down (but is in the additional commentary usually on each page). Also maybe something is said elsewhere in the texts, that influences how to read this spot? Both of those factors are are typically how both the Torah and Talmud are read.
The www.financial-planning.com article says Gibson found it in a book of quotes. So he didn't do that style of looking at it.
As said, if they find a connection to it, and use it in the way that it resonates with them, that's cool. It seems like decent advice to diversify in that way.
The Ecclesiastes from the prior article is about giving charitably to those who come to you.
Much of the discussion part (teaching part) of Talmud is written as a debate of ancient sages' ideas on various bits and pieces, even when those sages lived 100's of years apart. From that, one can draw conclusions, but it's not written directly as rules.
I think your style with exacting and details, while keeping track of the whole picture, would enjoy Talmudic study.
Well that has been interesting! Thanks.
The fund's allocation isn't my preference. I'd rather build such diverse parts separately and then be able to sell/buy as needed.
Did that make any sense? Hopefully.
DeleteA neighbor is having a socially distant party. Everyone's outside sitting in chairs in wide circle making lots of noise and I assume having fun... hard to concentrate.
I'm so glad they aren't crowded in a yard or inside, germinating.
Insurance I assume is worried because if people die they pay. But if a company is not going to go bankrupt, that seems promising. The # of deaths isn't that high relatively for insurance companies. Maybe not put all eggs into insurances, but diversify.
I wonder if Buffet is investing yet. His decision that it's impossible to tell what's happening, and so he didn't invest, is very unusual to hear from a big investor.
Land: I have Gibson's book "Asset Allocation: Balancing Financial Risk" (4th edition). It is a comprehensive treatise on asset allocation.
DeleteHe discusses the Talmud quote starting at page 1.
"Asset allocation is not a new idea! The Talmud quotation above is approximately 2,000 years old. Whoever said it knew something about risk. He also knew something about return. He may have been the world's first proponent of asset allocation". Diversification and asset allocation are two names for the same idea.
Gibson does not provide a reference. The Talmud quote is just a jumping off point for his book on asset allocation.
Land: Buffett has been making a lot of mistakes as of late. I view one of them as doing nothing when stocks plunged in value during March.
DeleteBerkshire did buy $1.73B in Bank of America shares between July 20 through July 30, paying an average price of $24.24. The company now owns "1.02 billion BofA shares worth more than $25 billion, making it Berkshire’s second-largest equity holding behind Apple."
https://www.barrons.com/articles/warren-buffett-buys-bank-of-america-stock-as-others-hedge-51596124336
Berkshire also took a large stake in Wells Fargo before it plummeted in price. The stake dates back to around 2015, and was for a long time among the top 4 holdings.
2015 Letter to Shareholders:
Page 7
https://www.berkshirehathaway.com/letters/2015ltr.pdf
IBM is mentioned as one of those large stakes in that letter, which was eliminated as I recall in 2018 at a loss. He moved big time into Apple shares.
https://www.cnbc.com/2019/12/31/this-decade-saw-warren-buffett-finally-exit-ibm-jump-big-into-apple.html
The WFC position was pared in the 2019 4th quarter.
I generally stay away from the huge banks that have a tendency to blow themselves up. I am not adverse to buying 10 shares of BAC, and then smaller increments using the small ball purchase restriction, but have not done anything yet.
Another money manager bought BAC recently as discussed in this Barron's article:
https://www.barrons.com/articles/smart-advisor-bought-att-stock-bank-of-america-target-sold-reit-51596045612
That is a lot of mistakes. I get the impression he's gotten scared to ruin what he's built so he's not acting on as positive an instinct any more. He's also working with too much money to feel comfortable, and not very tech commpany savvy.
DeleteAt least, he would have done ok in Apple, buying then.
The only big bank I feel comfortable with is Morgan Chase.
Sounds like it's a good book, if it's in 4th edition. So diversification is at least 2000 years old. It's a good idea...
DeleteI have published a new post:
ReplyDeletehttps://tennesseeindependent.blogspot.com/2020/08/bdge-botz-cxp-dcomp-jri-jtd-komp-pfxf.html