Economy:
The annual increase in the PCE price index through November declined to 5.5% from 6.1% in the 12 month period ending in October.
Personal Income and Outlays, November 2022 | U.S. Bureau of Economic Analysis (BEA)
3rd quarter real GDP growth was revised up to 3.2% from 2.9%. Gross Domestic Product (Third Estimate), GDP by Industry, and Corporate Profits (Revised), Third Quarter 2022 | U.S. Bureau of Economic Analysis (BEA)
Existing Home sales declined 7.7% in November Compared to October Sales were down 34.5% Y-O-Y. Existing-Home Sales Dipped 7.7% in November
As of 12/23/22, the Atlanta Fed estimates that the 4th quarter real GDP growth was 3.7%. GDPNow - Federal Reserve Bank of Atlanta
+++
YTD Total Returns through 12/23/22:
SPDR® S&P 500 ETF Trust (SPY) -18.07%
Invesco QQQ Trust (QQQ) -32.31%
First Trust Dow Jones Internet ETF (FDN) -46.04%
iShares 20+ Year Treasury Bond ETF (TLT) -29.45%
iShares 7-10 Year Treasury Bond ETF (IEF) -14.3%
Vanguard Intermediate Term Corporate Bond ETF -13.05%
++++
Allocation Shifts Discussed in this Post:
When discussing treasury bills, I do not net out redemption proceeds. Many of the bills being bought now are purchased with proceeds from maturing bills.
Treasury Bills: +$10,000
Corporate Bonds: +$2,000
Common Stocks: -$4,713.71
(consisting of $5,210.66 in proceeds minus $496.95 in purchases)
Common Stock Realized Gains: +$682.49
Weighted Dividend Yield Common Stock Purchases: +10.62%
Equity Preferred Stocks: +$98.25 (yield 8.9%)
Exchange Traded SU Baby Bond: +$124.75 (yield at 8.016%)
High Yield ETF: +$174.4
Mutual Funds: +$100
++++
Putin and His Country:
Bakhmut Is ‘Soaked In Blood’ As Eight Of Ukraine’s Best Brigades Battle 40,000 Former Russian Prisoners Russia, through the Wagner mercenary group, has deployed almost 40,000 Russian convicts in Ukraine. As expected, those Russian convicts are used as cannon fodder.
Putin Set To Deploy Warship With 'Unstoppable' Missiles Against Ukraine
Russian military announces plan to expand, create new units - ABC News Russia will increase troop concentrations along the Finnish border.
Russians buy boots and body armor for the troops, as the Kremlin tries to fix the campaign's problems | CNN Russian civilians are having to supply new recruits with clothing and other essentials.
Russia's top child welfare official is also its kidnapper-in-chief - The Washington Post Russia is a state sponsor of child trafficking.
Why the Russian army is so brutal - YouTube
Ukrainian Troops Say Russian 'Zombies' Repeatedly Attack Lines Around Bakhmut - YouTube Most of the Russian Orcs are killed by artillery fire before reaching the Ukrainian lines. Captured prisoners claim that Russia summarily executes anyone who refuses to charge entrenched Ukrainian positions.
How Citizen Spies Foiled Putin’s Grand Plan for One Ukrainian City - The New York Times, republished at MSN.Com, How Citizen Spies Foiled Putin’s Grand Plan for One Ukrainian City
Caught on Camera, Traced by Phone: The Russian Military Unit That Killed Dozens in Bucha - The New York Times (Russian Orcs "interrogated and executed unarmed men of fighting age, and killed people who unwittingly crossed their paths — whether it was children fleeing with their families, locals hoping to find groceries or people simply trying to get back home on their bicycles.") The NYT investigation identified the unit as the 234th Air Assault Regiment led by Lt. Col. Artyom Gorodilov. Russia commits war crimes and crimes against humanity on a daily basis and have left alive far more witnesses to those crimes than the Nazis. In the article linked above, the NYT used forensic evidence to identify the Russian soldiers responsible for war crimes in Bucha.
Putin Suffers Blow In Ukraine After Puppet Governor Is Assassinated
The making of a young Hero of Ukraine – BBC News - YouTube
The Oddly Intense Anger Against Volodymyr Zelensky (contains a number of vitriolic and typically juvenile comments from republicans); Russian State TV Hails Lauren Boebert For Refusing To Stand For War Hero Volodymyr Zelensky
Ukraine war: Drone attack on Russian bomber base leaves three dead - BBC News
Ryazan, Home of Elite Russian Unit, Still Supports Ukraine War - The New York Times The NYT conducted interviews with mothers who lost sons in Russia's invasion, and nonetheless support what Russia is doing. A super majority of Russians still support the invasion.
Russia's Lavrov: Either Ukraine fulfils Moscow's proposals or the issue will be decided by our army-Sky News Russia's demands include regime change, "denazification" and "demilitarization", and a recognition that the 4 illegally annexed Ukrainian territories and Crimea belong to Russia. In other words, Putin's recent offer to negotiate was just empty words for show. Putin will continue his war irrespective of how many Russian lives are lost or the damage to Russia's economy.
+++
Trump and His Party:
Donald Trump Demands Reinstatement, Suggests Overthrowing Government
Shortly after demanding his reinstatement, Demagogue Don published this hysterical fact free tweet:
Trump snaps he 'won big!' the morning after the J6 committee drops damning final report
The Buck Passing on Trump’s Lawlessness Stops Here - The Atlantic
Donald Trump Slammed for 'Lying' About Tax Audits Halting Their Release
"This does sound crazy": Hope Hicks reveals Trump laughed at Sidney Powell's election claims
Republican who allegedly lied about his background responds to NY Times bombshell by blaming 'the left' - Alternet.org Republican Congressman George Santos has, according to the NYT, created a background history that is not accurate. New York Rep.-elect George Santos faces allegations of false biography-NPR; New York Republican George Santos’s Résumé Called Into Question - The New York Times ("Citigroup and Goldman Sachs, the marquee Wall Street firms on Mr. Santos’s campaign biography, told The Times they had no record of his ever working there. Officials at Baruch College, which Mr. Santos has said he graduated from in 2010, could find no record of anyone matching his name and date of birth graduating that year." There are also questions about his financial condition) New York Republican Gala Draws House Freshmen and Far-Right Extremists - The New York Times; White Nationalists, Other Republicans Brace for ‘Total War’ | Southern Poverty Law Center
After his lawyer claimed that the NYT was creating fake news in a malicious attempt to smear him, Santos admitted yesterday that he "embellished" his work history and education. George Santos Admits to Lying About College and Work History - The New York Times Santos continued to claim that he was wealthy after founding a company in May 2021, even though he listed no assets or income on his financial disclosure in 2020. On 7/30/22, Dun & Bradstreet estimated that Devolder had revenue of $43,688. Santos claims the company paid him a salary of $750,000 and he was able to loan his campaign at least $580,000. George Santos-The Washington Post Regulators will probably look into the financing for that loan.
The NYT and Brazilian media have also confirmed that Santos was arrested for check fraud in Brazil, with the court file identifying him by his full name, date of birth and his parents names. Santas confessed to the crime. Since the Brazilian authorities have been unable to find him, his case remains unresolved. Santos fits nicely into Trump's party.
++++
I received an issuer optional redemption notice for 10 Rutherford County 3.125% Water Revenue Bonds that would have matured on 2/1/2031.
1. Eliminated SJI - Sold 120+ at $35.46:
Quote: South Jersey Industries Inc. (SJI)
As previously discussed, SJI is in the process of being acquired for $36 per share in cash. South Jersey Industries, Inc. Enters into Agreement to be Acquired I sold on the ex dividend day and do not expect there will be another one unless the acquisition fails to receive New Jersey regulatory approval.
Proceeds: $4,288.14
Profit Snapshot: +$467.69
100 of the 120+ shares were bought as an arbitrage play after the acquisition announcement. Item # 3. Bought 100 SJI at $33.68 (9/22/22 Post) The other shares had a low cost basis.
Last Discussed: Item # 4.A. Eliminated SJI in Fidelity and Vanguard Taxable Accounts - Sold 15+ at $25.16; 5 at $35.16 (12/6/22 Post)(profit snapshots $274.98) I discussed the last earnings report in that post.
If the acquisition falls through, I would expect the SJI price to fall back to $23-$26 and see no reason to take that chance when I could sell my remaining shares at $35.46.
2. Treasury Auction Purchases: $10,000
A. Bought 10 Treasury Bills at 12/22/22 Auction:
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The purchase was financed with the proceeds from a matured 3 month treasury bill.
Interest: $61.99
56 Day Bill
Matures on 2/21/23
Investment Rate (coupon equivalent yield): 4.066%
A. Added to MFIC in Vanguard Taxable Account - Bought 10 at $12.26:
Quote: MidCap Financial Investment Corp (MDIC)
2021 Annual Report (risk factor summary starts at page 19 and ends at page 50)
Website: MidCap Financial Investment Corporation
Last Discussed: Item # 4.A. Bought 10 MFIC in Vanguard Taxable Account at $12.93 (9/20/22 Post) I discussed the second quarter report in that post.
MidCap Financial used to be called Apollo Investment and traded under the symbol AINV. 8-K
After the name change, maybe no one would notice the past history where the external managers were richly rewarded for incinerating shareholder capital.
MFIC/AINV Net Asset Value per share history:
9/30/22: $15.45 10-Q for the Q/E 9/30/22
6/30/2022 $15.52 10-Q at page 1
12/31/2021 $16.08 10-Q at page 1
12/31/2020 $15.59 10-Q at page 1
12/31/2019 $18.27 10-Q at page 1
12/31/2018 $19.03 10-Q at page 1
1 for 3 stock split 12/3/2018 AINV Split History
12/31/2017 $6.6
3/31/16 $ 7.28
3/31/15 $ 8.18
3/31/14 $ 8.67
3/31/13 $ 8.27
3/31/12 $8.67
3/31/11 $10.03
3/31/10 $10.06
3/31/09 $ 9.82
3/31/08 $15.93 (Near Depression)
3/31/07 $17.87
3/31/06 $15.15
3/31/05 $14.27
IPO in 2005 at $15 per share: Final Prospectus
Adjusted for the 1 for 3 reverse split, the IPO price was at $45.
Dividend: Quarterly at $.37 per share ($1.48 annually)
The base dividend was recently increased to $.37 from $.32 effective for the 2023 first quarter payment. The base dividend was increased to $.32 from $.31 effective for the 2022 4th quarter payment. Two supplemental cash dividends, amounting to $.10 per share, were paid in 2022. Distributions – MidCap Financial Investment Corporation
Yield at $12.36: 11.97%
Floating Rate: 99%
B. Added to HPP - Bought 5 at $9.7; 5 at $9.48:
Quote: Hudson Pacific Properties Inc. (HPP)
Working my way up to 100 shares.
Website: Hudson Pacific Properties: A West Coast Real Estate Group
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
Last Discussed: Item # 6.B. Added 5 HPP at $10.2 (11/1/22 Post)
Last Substantive Discussion: Item # 3.A. Added to HPP in Fidelity Taxable Account - Bought 5 at $13.3; 5 at $12.75 (9/6/22 Post)
Dividend: Quarterly at $.25 per share
Yield at New AC = 8.26%
Last Ex Dividend: 12/16/22
Last Earnings Report (Q/E 9/30/22): SEC Filed Press Release and SEC Filed Supplemental
FFO per share = $.45
Adjusted FFO per share: $.52
AFFO per share: $.379
AFFO Dividend Payout Ratio: 59.7%
Revenue: $260.354M ($213.491M from Office Properties and $46.863M from Studio Properties)
Occupancy:
Net Income to FFO Calculation (p. 12 Supplemental):
FFO to AFFO Calculation (p. 14 Supplemental)
The AFFO calculation is equivalent to cash available for distribution since it excludes pretend revenues created by the straight line accounting convention and deducts from FFO cash expended for routine capital and tenant improvements.
Debt is listed at page 20 of the Supplemental. Of the total long term debt of $4.449+B, $2.275B is fixed coupon senior unsecured bonds maturing in 2023-2030, $295M in a credit facility priced at spreads to SOFR, and the remainder in both fixed coupon and variable rate mortgage debt on specific properties. Subsequent to 9/30/22, HPP used $85M of proceeds from a property sale to pay down credit facility.
Purchase Restriction: 5 or 10 share lots with each subsequent purchase required to be at the lowest price in the chain.
C. Added 5 BBDC in Vanguard Taxable Account at $8.15:
Quote: Barings BDC Inc. (BBDC)
Website: Company Overview
Management: External
New Average cost per share: $9.47 (40 shares)
Dividend: Quarterly at $.24 per share ($.96 annually), last raised from $.23 effective for the 2022 first quarter payment.
Yield at New AC = 10.14%
Yield at $8.15: 11.78%
Last Ex Dividend: 12/6/22
Last Discussed: Item # 2.C. Added to BBDC in Vanguard Taxable Account - Bought 5 at $8.6 (12/13/22 Post)
Last Substantive Discussion: Item # 4.A. Added to BBDC in Vanguard Taxable Account - Bought 5 at $8.99 (11/29/22 Post) I discussed the last earnings report in that post and have nothing further to add here. SEC Filed Earnings Press Release for the Q/E 9/30/22
D. Added 5 TPVG at $10.35-Schwab Taxable Account:
Quote: TriplePoint Venture Growth BDC
I discussed why I have soured on this externally managed BDC in my last post. Item #2.J. Added to TPVG - Bought 5 at $12.21; 5 at $11.77 (12/20/22 Post) The recent price decline, which has significantly increased the dividend yield, has made the stock somewhat more appealing as a spec. And, while recent developments have significantly increased my concern about the external managers due diligence and valuation marks, it is at least possible that those issues are exceptions rather than consistent with a cockroach motel.
I discussed the last earnings report in this post. Item # 2.G. Added to TPVG - Bought 5 at $12.45 (12/13/22 Post)
Average cost per share this account: $12.25 (30+ shares)
Dividend: Quarterly at $.37 per share (regular only), last raised from $.36 per share effective for the 2022 4th quarter payment.
I am reinvesting the dividend only in this account.
Yield at New AC this account = 12.08%
Last Ex Dividend: 12/14/22 (regular only)
Special Distribution: $.10 per share with an ex dividend date of 12/21 (owned all as of) TriplePoint Venture Growth BDC Corp. Announces Special Distribution of $0.10 per Share
Maximum Position All Accounts: 100 shares
Current Position All Accounts: 69+ shares
Other positions: Dividends taken in cash.
Vanguard: 10 shares with an average cost of $4.68
Fidelity: 29 shares with an average cost of $5.11
TPVG Realized Gains to Date: $1,076.87
Goal: Any total return in excess of the dividends.
E. Added 5 ARGOPRA at $19.65- Fidelity Taxable Account:
Quote: Argo Group International Holdings Ltd. Series A Non-Cumulative Preferred Stock
Par Value: $25
Placement Capital Structure: Equity Preferred Stock, senior only to common stock.
Stopper Clause: Yes
Dividends: Paid Quarterly, Non-Cumulative and Qualified
Coupon: 7% to but excluding 9/15/25, then, if not called, resets for 5 years at a 6.712% spread to the 5 year treasury note. (see prospectus at pages S7-8)
Average cost per share: $20 (10 shares)
Yield at 7% Fixed Rate: 8.75%
Last Ex Dividend: 11/29/22
I discussed this equity preferred stock in my last post and have nothing further to add here. Item # 2.G. Bought 5 at $20.35 (12/20/22 Post)
F. Added to STWD - Bought 5 at $18.57- Schwab Taxable:
Quote: Starwood Property Trust Inc. (STWD)
Starwood Property Trust, Inc. - Home
New Average cost per share this account: $19.7 (20 shares)
Dividend: Quarterly at $.48 per share
Yield at New AC this account: 9.75%
Next Ex Dividend: 12/29/22
Last Discussed: Item # 2.C. Added To STWD in Schwab Taxable Account - Bought 5 at $19.9; 5 at $19.05 (12/20/22 Post)
Last Substantive Discussion: Item # 5.D. Bought 5 STWD at $21.29 - Schwab Account (12/6/22 Post) I discussed the last earnings report in that post and have nothing to
H. Started HR in Schwab Account - Bought 5 at $18.57:
Quote: Healthcare Realty Trust Inc. (HR)
"Healthcare Realty Trust Incorporated is a real estate investment trust ("REIT") that owns, leases, manages, acquires, finances, develops and redevelops income-producing real estate properties associated primarily with the delivery of outpatient healthcare services throughout the United States. As of September 30, 2022, the Company had gross investments of approximately $
Healthcare Realty Trust (HR) and Healthcare Trust of America (HTA) Announce Closing of Merger - Healthcare Realty This merger was completed on 7/22/22. I have been critical of both of these REITs. Both have failed to meaningfully increase cash available for distribution per share over a long period of time as previously discussed many times in this blog.
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
Last Discussed: Item # 6.G. Added to HR in Fidelity Taxable Account - Bought 5 at $18.65 (11/1/22 Post)
Dividend: Quarterly at $.31 per share ($1.24 annually)
Yield at $18.57 = 6.68%
Last Ex Dividend: 11/14/22
Last Earnings Report (Q/E 9/30/22): SEC Filed Press Release I am not going to discuss the HR earnings reports until the combined entity has a full quarter of financial data which will be the 2022 4th quarter.
I. Added 5 TANNL at $24.95:
Quote: TravelCenters of America Inc. 8% Senior Notes
Issuer: TravelCenters of America Inc. (TA)
TA SEC Earnings Press Release for the Q/E 9/30/22
Investment Category: Exchange Traded Baby Bonds, a subcategory of Exchange Traded Bonds
Exchange traded bond simply means that the bond is traded like a stock in the stock market rather than the bond market.
Last Discussed: Item # 4.A. Bought 5 TANNL at $23.5 (7/18/20 Post) I still own those shares.
Average cost per share: $24.225 (10 shares, no other shares owned)
Yield at AC = 8.2559%
Last Quarterly Ex Interest Date: 11/14/22
Last Sell Discussion: Item # 2.A. Eliminated TANNL-Sold 30 at $25.36 (2/20/19 Post)(profit snapshot = $36.35)
Security: Prospectus (risk factors discussed pages 10-27)
Placement in Capital Structure: Senior unsecured debt
Par Value: $25
Interest Payments: Quarterly
Trades Flat
Optional Redemption: At par value + accrued and unpaid interest
Maturity: 12/15/29, unless issuer exercises optional call right.
Other Trades in TANNL (formerly traded under the TANO symbol):
Item # 4.B. Sold Remaining TANNL at $25.46 (4/14/17 Post)(profit $11.57); Item # 5. Sold 50 TANO in Roth IRA: Update For Exchange Traded Bond And Preferred Stock Basket Strategy As Of 3/28/16 - South Gent | Seeking Alpha (profit snapshot=+$55.47); Item # 4.A. Sold 50 TANNL at $25.53 (3/1/17 Post)(profit snapshot = $67.78)
TANNL (TANO) Trading Profits to Date: +$171.17
J. Bought 10 PFXF at $17.04:
Quote: VanEck Preferred Securities ex Financials ETF Overview
This fund will own equity preferred stocks and some exchange traded bonds issued by U.S. non-financial companies. Those companies would include REITS and utility, telecommunication, industrial, healthcare, consumer cyclicals and non-cyclical companies.
Sponsor's Website: VanEck Vectors Preferred Securities ex Financials ETF
Expense Ratio: .4%
Dividends: Monthly at a variable rate
Last 12 Dividends: $1.233 per share
Yield at $17.04: 7.22% (using $1.23 annual rate)
Last Eliminations: Item # 3.B. Eliminated PFXF - Sold 76+ at $18.95 (8/1/2020 Post)(profit snapshot = $133.4); Item # 1.B. Eliminated PFXF-Sold 110 at $20.51 (1/29/20 Post)(profit snapshot = $52.05)
Last Buy Discussion: Item # 1.F. Added 10 PFXF at $15.9; 5 at $14.61; 5 at $13.7; 5 at $13 (5/2/2020 Post)
K. Added $50 to FBIOX and FCVSX:
Quotes:
FBIOX | Fidelity Select Biotechnology Portfolio Overview
FCVSX | Fidelity Convertible Securities Fund Overview
4. Small Ball Sells:
I eliminated 3 extremely small regional bank stock positions where I had a profit and no desire to buy more. Historically, I have had almost no involvement in this stocks as reflected in my realized gain numbers.
Investment Category: Regional Bank Basket Strategy
Realized Gains in this Basket Strategy: $62,753.75 (start date in 2009 Spring)
A. Eliminated CVBF - Sold 15 at $25.7 and 5 at $25.66:
Quote: CVB Financial Corp. (CVBF)
Proceeds: $513.82
Profit Snapshots: +$129.6
Last Discussed: Item # 1.A. Bought 10 CVBF at $19.42; 5 at $19 (10/15/21 Post)
Dividend: Quarterly at $.2o per share.
The quarterly rate was $.10 per share in 2013.
Next Ex Dividend: 12/28/22
Last Earnings Report (Q/E 9/30/22): SEC Filing
E.P.S. = $.46
NIM = 3.46%
Efficiency Ratio = 36.59%
NPL Ratio = .12%
NPA Ratio = .06%
Coverage Ratio: 816.46%
Charge Off Ratio: Net Recovery
ROTE = 21.34%
Prior Sell: Item # 5 Sold 50 CVBF at $9.65 (1/12/2010 Post)
CVBF Realized Gains: $195.2
B. Eliminated NKSH - Sold 5 at $39.58:
Quote: National Bankshares Inc. (NKSH)
NKSH Analyst Estimates | MarketWatch Relatively flat E.P.S. growth is predicted by the 2 analyst that cover this stock.
Proceeds: $197.9
Profit Snapshot: $67.89
Last Discussed: Item # 3.G. Bought 5 NKSH at $26 (11/7/20 Post)
Dividends: Semiannual
Last Dividend: $.78 per share
Ex Dividend Date: 11/20/22 (owned as of)
Last Earnings Report (Q/E 9/30/22): SEC Filing
Comparisons are to the 2021 third quarter.
E.P.S. = $1.03, up from $.94
NIM: 2.95%, up from 2.83% (p. 39, 10-Q)
Efficiency Ratio: 45.59%, down from 48.34% (down is good)
NPA Ratio: .44%, down from .51%
Coverage Ratio: 284.14%
NKSH Realized Gains to date: $104.52
C. Sold 2 NBTB at $42.16:
"NBT Bancorp Inc. is a financial holding company headquartered in Norwich, NY, with total assets of $11.64 billion at September 30, 2022. The Company primarily operates through NBT Bank, N.A., a full-service community bank, and through two financial services companies. NBT Bank, N.A. has 140 banking locations in New York, Pennsylvania, Vermont, Massachusetts, New Hampshire, Maine and Connecticut."
NBTB Analyst Estimates | MarketWatch
Proceeds: $210.8
Profit Snapshot: $17.31
Last Discussed: Item # 3.E. Sold 10 NBTB at $35.04 (1/30/21 Post)(profit snapshot = $58.11)
Last Buy Discussions: Item # 1.G. Restarted NBTB-Bought 2 at $31; 1 at 30.5;1 at $30.3; 1 at $29.91; 1 at $28.83; 1 at $28.5 (9/16/20 Post); Item # 1.M. Added to NBTB-Bought 1 at $27.03; 1 at $26.6 (10/17/20 Post)
Dividend: Quarterly at $.30 per share Dividend History | NBT Bancorp
Last Ex Dividend: 11/30/22
Last Earnings Report (Q/E 9/30/22): SEC Filing
Comparisons are to the 2021 third quarter
E.P.S. = $.90, up from $.86
NIM = 3.51%, up 2.88%
NPL Ratio: .28%, down from .51%.
Charge off ratio: .07%, down from .12%
Coverage Ratio: 443.43%
ROTE = 17.12%
Total Capital Ratio: 15.5%
NBTB Realized Gains to date: $223.49
I will consider buying at least 10 shares at less than $38.
4. Corporate Bonds:
A. Bought 2 Lennar 4.875% SU Bonds Maturing on 12/15/23 at a Total Cost of 99.673:
%204.875%25%2012:15:23.png)
Issuer: Lennar Corp. Cl A (LEN)
LEN Analyst Estimates | MarketWatch
LEN SEC Filed Earnings Press Release for the 4th Fiscal Quarter Ending on 11/30/22eocument
FINRA PAGE: Bond Detail (prospectus linked)
Credit Ratings: Baa2/BBB-
YTM at Total Cost = 5.219%
Current Yield at TC = 4.89%
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 sale 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 my family members.
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