Dollar Value of Trades Discussed in this Post:
Inflow Stock Purchases: $452.98
Outflow Common Stock Sales: $1,827.31 (10 KMI, 5 ENB, 20+ UL)
Realized Gain Common Stock Sales: $564.71
Outflow Stock Funds (PRWCX & IDE): $3,696.5
Realized Gain Stock Funds: $1,648.14
Net Outflow Stocks/Stock Funds: $5,070.83 (risk reduction move)
Corporate Bonds: $13,000 in principal amount
Treasury Bills: $20,000 in principal amount
Net Outflow U.S. REIT Equity Preferred Stocks: $178.25
Realized Gain Equity Preferred Stock: $58.52
Outflow Canadian Reset Equity Preferred Stock: C$2,411
Realized Gain Canadian Reset Equity Preferred: C$565
Big Beautiful Bill House GOP Tax Plan: Details & Analysis The bill passed in the House, which may be amended in the Senate, makes the 199A pass-through-deduction permanent and increases the deduction from 20% to 23%. This provision will expire this year unless extended. The primary benefit to me is that REIT ordinary dividends receive this deduction. Pass-Through Business Deduction (Sec. 199A) - Tax Foundation; House GOP backs 23% 'pass-through' tax break for businesses
My Video: How the GOP Tax Bill Will Impact My Investment Decisions - New 50% tariffs on steel and aluminum - YouTube I discuss Section 199A and Section 899,which is called the Revenge Tax, in that video. Trump ‘revenge tax’ may open new front in global trade war, with consequences for your wallet - MarketWatch (6/2/25, subscription publication);
I also own BDC stocks. While I have not read the bill, lawyers who have claim that the deduction is extended to that part of BDC dividends representing net interest income as more fully explained here: The One Big Beautiful Bill’s impact on investments in BDCs - Lexology
Investors are piling into big, short Treasury bets with Warren Buffett
Jamie Dimon Warns Crack in Bond Market Is ‘Going to Happen’ - YouTube
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ADP National Employment Report: Private Sector Employment Increased by 37,000 Jobs in May; Annual Pay was Up 4.5%; ADP jobs report May 2025 Private Sector Hiring Rose 37,000 in May (lowest in more than 2 years)
The ISM Services Purchasing Manager Index for May was reported at 49.9%, down from 51.6% in April. A number below 50 indicates a contraction in this survey. The new orders index plunged to 46.4 from 52.3. in April. The price index surged to 68.7 from 65.1. ISM Press Release
Personal Income and Outlays, April 2025 | U.S. Bureau of Economic Analysis (BEA):
Personal Consumption Expenditures (PCE) month-to-month: .2% (spending on goods decreased by $8B)
Real PCE month-to-month: .1%
Month-To-Month PCE Prices and Core Prices: .1%
12 month Core PCE Prices: +2.1%, down from 2.3% through March
12 month PCE Prices: 2.5%, down from 2.7% through March
Personal Savings Rate: 4.9%, up from 4.3% in March which is consistent with a more cautious consumer reflected in the month-to-month PCE increase.
I am not expecting the inflationary impact from the republican tariff taxes to meaningfully increase prices until the summer. A main reason for that opinion is that U.S. importers substantially increased purchases in the first quarter to avoid the tariff taxes, and it will take time to work through that excess inventory.
Sticky-Price CPI - Federal Reserve Bank of Atlanta (annual increase at +3.8% through April)
Effective on Wednesday 6/4/25, Trump doubled the 25% tariff on all steel and aluminum imports to 50%. Trump: US to doubles steel import tariffs to 50% Trump: "It is my great honor to raise the Tariffs on steel and aluminum from 25% to 50%, effective Wednesday, June 4th. Our steel and aluminum industries are coming back like never before. This will be yet another BIG jolt of great news for our wonderful steel and aluminum workers. MAKE AMERICA GREAT AGAIN!"
Adjusting Imports of Aluminum and Steel into the United States – The White House (6/3/25)
How Trump's Metal Tariffs Could Eliminate 75x More US Jobs Than They Save (2/11/25). The article is limited to the negative impact from the 25% tariffs imposed by Trump earlier in 2025.
Studies on how prior tariff taxes on steel and aluminum imports had net negative impact on U.S. jobs while increasing prices paid by U.S. consumers are discussed in these articles: Lessons from the Bush US Steel Tariffs-Tax Foundation (3/12/18)("In total, the benefit of using protectionist policies to save very few steel-making jobs in the short run was significantly outweighed by the unintended consequences of higher prices and job losses in other industries."); Steel Tariffs and U.S. Jobs Revisited-Econofact; Section 232 Tariffs on Steel and Aluminum: Economic Impact 2024; Steel Profits Gain, but Steel Users Pay, under Trump’s Protectionism | PIIE (12/20/2018)
The 'Revenge Tax' and Its Implications for Global Capital Flows The republican revenge tax, contained in section 899 of their Big Beautiful Bill provides Trump with the power to increases federal taxes on interest and dividend payments made to foreign owners. When implemented, foreign investors would be less likely to buy debt issued by the U.S. government and U.S. corporations and more likely to reduce existing holdings. Interest rates will rise in order to attract buyers and to clear what has to be sold in new debt. If the Senate keeps this provision, and it becomes law, Trump will abuse this new authority.
I believe that Trump will continue his economic war on China and America's former allies in Western democracies. One possible response will be for foreign governments to reduce their holding of U.S. treasuries and to refuse to buy new debt offered at auctions. {To avoid Trump's retaliation, the most prudent course would be to allow existing holdings to run off, sell a limited number of existing treasuries, and to refrain from making new purchases}
So far, the EU has delayed its retaliatory tariff measures to 7/14/25 "or earlier, if circumstances require". EU to prepare a response to Trump raising steel tariffs to 50% After Trump raised the steel and aluminum tariffs, the EU trade representative Maros Sefcovic stated that recent talks were productive and moving in the right direction. Perhaps the Europeans have not yet come to a realization that appeasement is not a viable strategy when dealing with Trump. If any foreign country caves to Trump, he will only come back for more concessions later.
Canada and Mexico have not yet responded with the increase in steel and aluminum tariffs with new retaliatory tariffs: Trump's 50% tariffs on steel, aluminum take effect: Canada, Mexico blast levies For some reason, leaders of those countries still believe a reasonable accommodation with Trump is possible which is hard to characterize as a rational response.
Trump Current Tariffs Threaten to Offset Trump Tax Cuts: Analysis (5/20/25). This analysis by the Tax Foundation includes only tariffs in effect last month and would not include the increase in steel and aluminum tariffs to 50% from 25%.
2025 Canadian boycott of the United States - Wikipedia
U.S. growth forecast cut further by OECD as Trump tariffs sour outlook Revised to 1.6% in 2025, down from the 2.2% forecast made in March 2025, and 1.5% in 2026. Trump’s tariff fallout? It’s worse than we previously thought, says OECD - YouTube
Fed Governor Lisa Cook sees tariffs raising inflation, complicating rate policy
Musk blasts Trump’s agenda bill as a ‘disgusting abomination,’ catching White House officials off guard; Elon Musk doubles down on criticism of Trump’s ‘Big Beautiful Bill’ - YouTube
GOP bill for Trump's agenda would add $2.4 trillion to the debt over 10 years, budget office says
Ray Dalio just joined the list of billionaires sounding the alarm on the US economy | CNN Business
'A destructive path': Is the White House going after independent economic statistics? - YouTube The Bureau of Labor Statistics recently claimed it was no longer able to collect some data on inflation due to staffing shortages. Bureau of Labor Statistics: We're reducing the CPI sample in areas across the country. Staffing shortages have started to appear throughout the government this year. The republicans are doing what they can to make government non-functional.
The Fed - Monetary Policy: Beige Book May 2024 Reports from the 12 Federal Reserve Districts "indicate that economic activity has declined slightly since the previous report". "All Districts reported elevated levels of economic and policy uncertainty, which have led to hesitancy and a cautious approach to business and household decisions. Manufacturing activity declined slightly . . . Prices have increased at a moderate pace since the previous report. There were widespread reports of contacts expecting costs and prices to rise at a faster rate going forward. A few Districts described these expected cost increases as strong, significant, or substantial. All District reports indicated that higher tariff rates were putting upward pressure on costs and prices."
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The Growing Fascist and Kleptocracy Threats in the U.S.:
The fight against fascism in America will be a lifelong citizenship obligation for those who still believe in fundamental and core American values. The fight includes boycotts, speaking out, voting and campaign contributions. Trying to convince fascists that they are wrong is a futile endeavor and not worth the aggravation.
Supporters of the policies described below are not conservatives.
The Unconstitutional Conservatives-The Atlantic (subscription publication) Trump is not a conservative in the American tradition but the antithesis of one.
PBS sues Trump, joining NPR in legal fight against order to end funding
Trump lashes out at Leonard Leo, legal activist who helped him pick Supreme Court justices: "Probably hates America" - CBS News Trump called Leo a "sleazebag", a "bad person who, in his own way, probably hates America". Leo was targeted by Trump in this manner since he was involved in selecting the Trump appointed circuit judge, who, along with judges appointed by Reagan and Obama, ruled that Trump exceeded his authority in issuing the retaliatory tariffs.
Trump of course attacked the 3 judge panel, including his own nominee, that issued the tariff injunction, calling the summary judgment a "horrible Country threatening decision".
Trump moves to block U.S. entry for foreigners planning to study at Harvard University (6/4/25) Trump claimed that it would violate national security to allow foreign students to attend Harvard but apparently only Harvard. I am not a Harvard graduate. I did apply to its PhD program in history and was accepted. I declined to follow that career path.
Universities quietly negotiating with White House aide to try to avoid Harvard’s fate, source says | CNN Politics Steven Miller and his aide May Mailman are architects of Trump's ongoing assault on universities, along with the former Fox "News" personality Leo Terrell, Josh Gruenbaum, commissioner of the Federal Acquisition Service at the General Services Administration, and acting Health and Human Services general counsel Sean Keveney". What to know about the Trump administration task force targeting Harvard | CNN Politics); Stephen Miller re-emerges as an ‘untouchable’ force in Trump’s White House
The purported justification is a claim that the Jewish President of Harvard is allowing anti-semitism to flourish by not cracking down last year on pro-Palestinian protests related to what was then happening in GAZA. Who is Alan Garber, Harvard’s Jewish president? – The Forward The real reason IMO is to severely punish opposition forces to MAGA and the growing and now dominant authoritarian movement in the U.S. as well as to force compliance by private institutions and individuals to the dictates of our Dear Leader.
Trump claims Columbia violated Jewish students' rights, threatens school's accreditation
Donald Trump’s Pardon Spree Places MAGA Loyalists Above the Law | Vanity Fair (subscription publication).
Steve Bannon Calls For Senator Lindsey Graham (R) To Be Arrested - YouTube
Chuck Todd says he experienced threats from Trump backlash His tires were slashed after Trump called him out by name, which is Trump's standard MO to intimidate critics and is normal for authoritarian leaders throughout history.
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Thomas Fugate, the 22-Year-Old Leading Trump’s Terrorism Prevention Hub — ProPublica Fugate does have experience as a grocery clerk and a "self-employed landscape gardener" (mowing lawns?), who graduated about 1 year ago from the University of Texas at San Antonio.
Trump, RFK Jr., MAHA, and the Great Quack Revival Quack is a too kind description.
'We all are going to die': Republican Sen. Ernst defends Medicaid cuts at town hall - ABC News At least she provided a window into her soul for anyone to observe. Joni Ernst posts sarcastic apology following viral Medicaid comments
The Secret History of Trump’s Private Cellphone - The Atlantic (subscription publication) Trump routinely answers his private cell phone without knowing who is calling. The author of this article notes that Trump persist in using this phone knowing that China had hacked the RNC email system and had successfully listened to Trump's calls with J.D. Vance and others.
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Ukraine War
The Ukraine war has provided valuable lessons to all militaries. The lesson is simple. Very inexpensive weapons can destroy massively expensive ones. This was proven early in the war with air and naval drone attacks on Russia's navy, tanks and other expensive equipment that has largely proven ineffective against asymmetric warfare using inexpensive drones.
The most recent example is the ingenious operation that destroyed expensive Russian bombers with drones. Operation Web: 40 Russian Aircraft Destroyed in One Day! TU-95, Tu-160 and Tu-22M Bombers, A-50 - YouTube; Satellite imagery shows Ukraine attack destroyed and damaged Russian bombers | Reuters
The costly Kerch bridge that links mainland Russia with Crimea has experienced this week yet another attack. Kerch Bridge Attacked! Mines on Supporting Structures: Satellite Imagery Shows Boat There on 01/06 - YouTube The prior one was an excellent example of inexpensive asymmetric warfare that severely damage this bridge. 2022 Crimean Bridge explosion - Wikipedia
Putin's invasion of Ukraine never had any sane national security purpose and has only served to weaken Russia in every conceivable way.
Russia is without question a threat to any nation on its borders.
Actions undertaken by Putin during his dictatorship confirm Russia's hostile intentions, the very reason for the mutual defense pact in Article 5 of the NATO treaty and explains why both Sweden and Finland have joined NATO only after Russia launched its war of territorial aggression in Ukraine.
While most Russian are unaware or condone what Russia has done in Ukraine, everyone outside of Russia has been reminded that Russia will commit war crimes and crimes against humanity on a daily basis, which includes the deliberate targeting of civilians for mass murder and the destruction of every imaginable civilian structure including apartments, shopping centers and hospitals.
Putin can not stop now. His ill gotten gains and power are at stake. To avoid losing his wealth and life, he has to continue the war until Ukraine capitulates, no matter the cost in terms of Russian lives and to the Russian economy.
Almost 1 million Russian troops killed or wounded in Ukraine war, study says
The Rise of Kleptocracy: Power and Plunder in Putin’s Russia | Journal of Democracy
Putin is an extraordinarily bad leader which is the norm in Russia that has been shooting itself in the foot for centuries.
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Portfolio Management:
To restrain stock and stock fund selling when I am already at an abnormally allocation, I require that any stock or stock fund sold must be at a price than the closing price on 2/19/25, when the S&P 500 closed at a record high, and the VIX must be moving below 20.
The VIX is in what I call an Unstable VIX Pattern where movement below 20 has historically been temporary before a spike higher into the high 20s and 30s that would be accompanied by a stock market decline. This whipsaw pattern has historically presented some trading opportunities. More of a sell the rips, buy the dips kind of stock market. Eventually, the movement resolves into a Stable Vix Pattern where my stock trading will transition into more of a buy and hold.
My SeekingAlpha Post Discussing the Vix Asset Allocation Model - Originally Published on 10/17/2014 (3/3/25 Post)
Given my age and financial condition, which includes no debt, I am more focused on generating current income than realizing capital gains or waiting for a stock or stock fund to appreciate more in price.
1. Pared PRWCX - Sold 100 at $35.84:
Close on 2/19/25: $35.7
Proceeds: $3,584
Moderate allocation mutual fund (Closed to new investors)
T. Rowe Price Capital Appreciation Fund Stock Price | Morningstar (currently rated at 5 stars)
PRWCX – Portfolio – Morningstar
PRWCX Stock Dividend History & Date I have taken the distribution in cash for several years.
Per share Dividend/My Payment:
2024 = $3.5922 per share = $3,605.11
2023 = $1.4075 = $1,482.93
2022 = $2.8079 = $2,958.39
2021 = $3.41 = $3,592.76
I spend these cash distributions.
2025 YTD Profit Snapshot:
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| 2025 Realized Gain at $3,966.73 |
The realized gain on the 100 share lot sold on 6/3/25 was $1,624.69.
Remaining Shares: 753+ with the AC at $21.63
Prior Sell Discussions: Item # 1.A. Pared PRWCX-Sold 100 at $34.98 (3/18/25 Post)(profit = $1,538.79); Item # 1 Sold 50 out of 1,003+ PRWCX at $35.66 (2/5/25 Post)(profit snapshot = $803.25); Item # 1.A. Sold 50 PRWCX at $38.94 (11/14/24 Post)(profit snapshot = $967.35)
Total Realized Gains PRWCX (300 shares): +$4,934.08
2. Eliminated UL - Sold 20+ at $63.46:
Quote: Unilever PLC ADR (UL)
Proceeds: $1,315.21
ADR Ratio: 1 for 1
Close on 2/19/25: $55.18
The ordinary shares are priced in British Pence. Unilever PLC (ULVR.L)
100 Pence = 1 £
British Pound to US Dollar Exchange Rate Chart | Xe
UL Analyst Estimates | MarketWatch
Unilever ADRs use to trade under both the UL and UN symbols, with the later being the Unilever based in the Netherlands whose ordinary shares were traded in Euros. The two entities combined with UL being the surviving ADR with its ordinary shares traded in British Pence. Completion of Unilever’s Unification | Unilever
UL SEC Filings (foreign company SEC Forms)
UL SEC Filed 2024 Annual Report
Recent News:
Steps to separate Ice Cream - Unilever This spinoff will include the Ben & Jerry's ice cream products.
Unilever completes sale of Russian subsidiary
Profit Snapshot: +$347.56 (6/2/25 sale only)
Last Discussed: Item # 1.P. Pared UL - Sold 5 at $59.73 (4/4/25 Post)(profit snapshot = $37.27) I discussed the 2024 4th quarter report in that post. SEC Filing Earnings are reported in Euros.
Last Buy Discussions: Item # 1.D. Added to UL in Fidelity Account - Bought 3 at $47 (1/26/24 Post); Item # 1.E. Bought 2 UL at $47.16 (11/25/23 Post); Item # 2.F. Added to UL - Bought 1 at $48.12; 3 at $48.36 (11/18/23 Post); Item # 1.P. Added to UL in Fidelity Account - Bought 1 at $43.03 (4/25/22 Post); Item #2.I. Added to UL in Fidelity Taxable Account - Bought 2 at $42.55 (6/9/22 Post)
Dividend: Quarterly at a variable rate
Dividends in USDs:
UL Stock Dividend History & Date | Seeking Alpha
Last 4 Dividends in USDs: $1.94
Yield at $63.46 (sales price) Using $1.94 Annual: 3.057%
Last Report (Q/E 3/31/25): SEC Filing
UL does not report earnings on a semiannual basis. The quarterly reports for the first and third quarter are "trading" statements that list revenues by product segment:
Some other UL and UN Sell Discussions: Item # 1.G. Sold 10 UL at $60.41 (8/2/24 Post)(profit snapshot = $47.23); Item # 2.B. Eliminated Duplicate Position in UL - Sold 28+ at $54.71 (5/31/24 Post)(profit snapshot = $100.95); Item # 5.A. Eliminated UL in Vanguard Account - Sold 8 at $55.33 (4/29/23 Post)(profit snapshot = $34.47); Item # 1.A. Sold 70 UL at $52.65-Fidelity Account (12/23/18 Post)(profit snapshot = $2,412.2); Item # 4.B. Sold 30 UL at $47.66 (3/10/17 Post Post)(profit snapshot = $264.7); Item # 4 Pared UL S0ld 30 Unilever at $23.3 (5/21/2009 Post)(profit snapshot = $138.78)
The largest UN gain occurred in May 2015:
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| +$497.61 for 103+ shares |
Some other trades:
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| 2024 +$4.24 RI Account |
 |
| 2024 +$70.06 RI Account |
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| 2015 UL $104.78 |
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| 2006 UN +$125.91 |
So far, there have been no realized losses. I do not have snapshots of trades before 2006 and profit snapshots from trades in RI accounts are spotty.
UL and UN Total Realized Profit 2006 to Date: +$4,203.9
I view UL as stodgy with a low dividend yield at the current price. More than one-half of the gain comes from a 2018 sell at $52.65 ($2,412.2), with the buy during the Near Depression period.
3. Small Ball Stock Purchases:
All stock purchases were made in my Schwab account.
A. Added 5 COLB at $23.7:
Quote: Columbia Banking System Inc. (COLB)
Cost: $118.5
52 Week Range: $18.2 - $32.85
2 Year Chart: Channel mostly in the $20 to $30 range with some temporary movements higher or lower. Movement below $20 was longer than the temporary movement above $30.
COLB Analyst Estimates | MarketWatch
Investment Category: Regional Bank Basket Strategy
Major Recent News: Columbia Banking System to Acquire Pacific Premier Bancorp, Expanding the Premier Business Bank in the West (4/23/25)
Last Discussed: Item # 1.F. Pared COLB Again - Sold Highest Cost 10+ Shares at $32.7 - Fidelity Account (12/5/24 Post)(profit snapshot = $43.05); Item # 3.B. Sold 12+ COLB at $31.73 - Fidelity Account (11/21/24 Post)(profit snapshot = $24.5)
Last Buy Discussions: Item # 1.J. Added to COLB - Bought 2 at $19.81 (6/3/23 Post); Item # 1.J. Added to COLB - Bought 2 at $19.81 (6/3/23 Post); Item # 2.K. Added 1 COLB at $20.31 (5/27/23 Post)
New Average cost per share this account: $21.36 (25+ shares)
This purchase slightly increased my AC from $20.78 per share.
Dividend: Quarterly at $.36 per share ($1.44 annually), last raised from $.30 effective for the 2023 second quarter payment.
COLB Stock Dividend History & Date | Seeking Alpha
Yield at $21.36: 6.74%
Last Ex Dividend: 5/30/25 (owned all as of)
Last Earnings Report (Q/E 3/31/25):
NPA Ratio: .35%, up from .28%
NPL Ratio: .47%, up from .38%
Charge Off Ratio: .32%, down from .47%
Tangible Book Value per share: $17.86, up from $16.03
Owned Investment Securities: Unrealized loss at $482.4M
10-Q at page 56
As discussed many times, banks owned an abundance of low yielding mortgage backed securities (MBS) in 2021 when it was obvious that problematic inflation would cause a substantial rise in interest rates.
Banks failed to meaningfully lower duration risk in 2021 when those securities could have been sold profitably or at small losses due to the then current FED suppression of interest rates through Q/E and ZIRP that lasted until March 2022.
Having a deer in the headlights moment, brain dead would be an apt description as well, banks held onto to those low yielding securities whose prices plunged as interest rates started to spike higher in 2022, resulting in substantial unrealized losses.
The duration of mortgage backed securities increases as interest rates rise. MBS exhibit negative convexity which simply means that price change is disproportionately higher when rates rise compared to when they fall by the same amount.
Goal: Annual Total Return > 8% or about 80% from the current dividend and more when and if the dividend is increased.
B. Added 5 REYN at $22:
Cost: $110
Brands | Reynolds Consumer Products
The two primary products are Reynolds Aluminum Foil and Hefty garbage/storage bags. Other products include Hefty tableware, Alcan aluminum foil, Fresh-Lock brands, and Presto private label food storage bags, waste bags, reusable containers and food wraps.
Generally, REYN benefits when consumers dine out less.
Chart: Bear Market Pattern
Recent earnings reports have been somewhat unsatisfactory. Another issue is that aluminum prices are rising due to the republican tariff taxes.
REYN Analyst Estimates | MarketWatch As of 6/4/25, the average E.P.S. estimate for 2025 was at $1.66, at $1.76 in 2026 and at $1.87 in 2027.
Last Discussed: Item # 1.F. Added to REYN - Bought 2 at $26.6; 5 at $26 (1/9/25 Post)
New Average cost per share: $25.06 (25+ shares)
Dividend: Quarterly at $.23 per share ($.92 annually), last raised from $.22 effective for the 2021 first quarter payment. I view a dividend hike as unlikely.
REYN Stock Dividend History & Date | Seeking Alpha
Yield at New AC: 3.67%
Last Ex Dividend: 5/16/25
Last Earnings Report (Q/E 3/31/25):
Comparisons are to the 2024 first quarter.
Revenues: $818M, down from $833M
E.P.S. = $.15, down from $.23
Adjusted E.P.S. = $.23, unchanged
GAAP to Non-GAAP Reconciliation:
Description of Adjustments:
Sell Discussions: Item # 2.A. Eliminated REYN - Sold 40+ at $29.64 (3/1/2024 Post)(profit snapshot = $60.56); Item # 4.F. Eliminated Duplicate REYN in Schwab Taxable Account - Sold 20+ at $32.55 (12/6/22 Post)(profit snapshot = $95.96)
Purchase Restriction: 2 to 5 share lots with each subsequent purchase required to be at the lowest price in the chain.
Maximum Position: 50 shares.
Maximum position and purchase restrictions are risk mitigation measures. This stock will likely require considerable patience.
C. Added 5 PLTK at $4.76:
Quote: Playtika Holding Corp. (PLTK)
Cost: $23.8
PLTK "is one of the world’s leading developers of mobile games creating fun, innovative experiences that entertain and engage its users. It has built best-in-class live game operations services and a proprietary technology platform to support its portfolio of games which enable it to drive strong user engagement and monetization. The Company’s games are free-to-play, and the Company seeks to provide novel, curated in-game content and offers to its users at optimal points in their game journeys to drive user engagement and monetization." 10-Q for the Q/E 3/31/25 at page 6
Website: Playtika - Infinite Ways to Play
Investment Category: Lottery Ticket Basket Strategy
Last Discussed: Item # 1.A. Bought 10 PLTK at $6.57 (3/15/24 Post)
PLTK SEC Filed 2024 Annual Report
2022-2024 Financial Data:
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| Page 73, Annual Report |
New Average cost per share: $7.18 (30 shares)
Dividend: Quarterly at $.10 per share
PLTK Stock Dividend History & Date | Seeking Alpha
Recent poor earnings reports heightens IMO the risk of a dividend slash or elimination.
Yield at AC: 5.57%
Next Ex Dividend: 6/23/25
Last Earnings Report (Q/E 3/31/25):
Revenues: $706M, up from $651.2M
GAAP Net Income = $30.6M, down 42.3%.
GAAP E.P.S. $.08, down from $.14
The was a big jump in the sales and marketing expense to $271.8M from $190.4M.
Free Cash Flow ($6.5M)
D. Restarted SAMG - Bought 10 at $14.47:
History this Account:
Quote: Silvercrest Asset Management Group Inc. Cl A (SAMG)
Cost: $144.68
SAMG Analyst Estimates | MarketWatch As of 6/4/25, the average E.P.S. estimate for 2025 was at $1.4, at $1.5 in 2026, and at $1.86 in 2027. The current stock price IMO signals considerable doubt about those estimates becoming actual numbers and the erratic nature of earnings will suppress multiple expansion. If E.P.S. does go from $1.4 this year to $1.86 in 2027, then the stock is undervalued at $14.47 IMO.
2022-2024 Financial Data:
 |
| Page 40 Annual Report |
Diluted GAAP E.P.S. was $1.92 in 2022, up from $1.52 in 2021. Diluted adjusted E.P.S. was $1.35 in 2022, down $1.89 in 2021. SEC Filed Earnings Press Release for the Q/E 12/31/22
Diluted GAAP E.P.S. was reported at $1 in 2024, up from $.96 in 2023.
Non-GAAP Diluted E.P.S. was reported at $1.1 in 2024, down from $1.12 in 2023. SEC Filed Earnings Press Release for the Q/E 12/31/24
Growth in Assets under management:
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| Page 5 (includes growth through 9 acquisitions) |
Last Discussed: Item # 4.C. Eliminated SAMG - Sold 10 at $18.1 (11/21/24 Post)(profit snapshot = $29.5)
Dividend: Quarterly at $.20 per share, last raised from $.19 effective for the 2023 third quarter payment.
SAMG Stock Dividend History & Date | Seeking Alpha
Yield at $14.47: 5.53%
Next Ex Dividend: 6/13/25
Last Earnings Report (Q/E 3/31/25):
AUM: $35.3B
Diluted GAAP E.P.S. = $.26
Diluted Non-GAAP E.P.S. = $.27
Maximum Position: 50 shares
Purchase Restriction: 5 or 10 share lots with each subsequent purchase required to be at the lowest price in the chain.
Goal: With the dividend yield, I will be satisfied with an annual total return of 2% in excess of the dividend yield. For my purposes, that is how I would define a win.
Prior Elimination: Item # 2.B. Eliminated SAMG - Sold 10 at $16.65 (3/15/24 Post)(profit snapshot = $10)
E. Added 5 TRC at $15.88:
Quote: Tejon Ranch Co. (TRC)
Cost: $79.8
Average cost per share: $16.23 (10 shares)
Dividend: None and none expected
Last Discussed: Item # 2.I. Restarted TRC - Bought 5 at $16.5 (5/16/25 Post) I discussed the 2025 first quarter earnings report in that post and have nothing further to add here. 10-Q
Last Elimination: Item # 4. Sold 40 TRC at $25.02 (11/12/2010 Post)(profit snapshot = $166.68)
4. Small Ball Stock Sales:
A. Pared ENB - Sold 5 at $45.83:
Quote: Enbridge Inc. (ENB) - Energy Infrastructure
Proceeds: $229.15
Using the specific identification cost method, I sold my highest cost lots.
SEC Filed 2024 Annual Report Maps of facilities can be found at pages 17, 23, 29, and 33.
Last Discussed: Item # 1.S. Pared - Sold 5 at $45.45 (4/4/25 Post)(profit snapshot = $52.8)
Last Buy Discussions: Item # 1.F. Added to ENB in Vanguard Taxable Account-Bought 5 at $29.51; 5 at $28.95; 5 at $27.4 (10/31/20 Post); Item # 1.C. Added 5 ENB at $30.65-Fidelity Taxable (8/15/20 Post): Item # 1.C. Added 1 ENB at $27.23; 1 at $26.21; 1 at $25.49; 1 at $24.29; 1 at $23.68 (4/18/20 Post)
Profit Snapshot: $74.26 (5/29/25 sale only)
New average cost per share: $28.56
The AC was reduced from $29.05
Dividend: Quarterly at C$.9425 per share, last raised from C$.915 effective for the 2025 first quarter payment.
Dividends and Common Shares - Enbridge Inc.
Canada will withhold 15% when the shares are owned in a U.S. citizens taxable account.
Foreign Tax: Credit or Deduction? | Charles Schwab
Last 4 Dividends in USDs: $2.6567
ENB Stock Dividend History & Date | Seeking Alpha
Yield at $28.56 Using $2.66 Annual: 9.31%
The yield will fluctuate with the CAD/USD exchange rate. For purposes of my dividend yield, I want the CAD to gain in value against the USD.
Canadian Dollar to US Dollar Exchange Rate Chart | Xe
Last Ex Dividend: 5/15/25
Last Earnings Report (Q/E 3/31/25):
SEC Filed Earnings Press Release
All amounts are in Canadian Dollars. Comparisons are to the 2024 first quarter.
Revenues: $18.502B
Depreciation and Amortization: $1.408B
GAAP Net Income: $2.3B, up from $1.4B.
GAAP E.P.S. $1.04, up from $.47
Adjusted E.P.S. $1.03, up from $.92
Distributable Cash Flow (DCF): C$3.777B, up from $3.462B
DCF per share: $1.73
2025 Outlook: DCF per share of $5.5-$5.9
Other Sell Discussions: Item # 1.A. Eliminated Duplicate Position in ENB - Sold 10 at $43.12 - Schwab Account (2/10/25 Post)(profit snapshot = $146.02); Item # 2.A. Eliminated 1 of 2 Duplicate Positions in ENB - Sold 20 at $36.2 in Vanguard Account (6/14/24 Post)(profit snapshot = $141.27); Item # 5.B. Pared ENB in Fidelity Account - SOLD 3 at $40.63 (1/16/23 Post)(profit snapshot = $24.15); Item # 3.B. Pared ENB in Fidelity Taxable Account - Sold 2 at $43.01 (8/23/22 Post)(profit snapshot = $19.2); Item # 7.A. Pared ENB in Schwab Account - Sold 2 at $46.77 (4/28/22 Post)(profit snapshot = $33.27); Item # 3.F. Pared ENB in Fidelity Account - Sold 5 at $42.4 (3/17/22 Post)(profit snapshot = $42.71); Item 1.F. Pared ENB - Sold 3 at $42.18 (2/3/2022 Post)(profit snapshot = $22.89); Item # 1.E. Sold Remaining Shares Purchased with Dividends in Fidelity Account at 40.14 (10/15/21 Post)(profit snapshot = $20.93); Item # 1.B. Sold 8 ENB at $42.36 (2/19/20 Post)(profit snapshot = $68.36); Item # 3.B. Sold 17 ENB at $40.21 (1/18/20 Post)(profit snapshot = $68.18); Item # 1.B. Sold 15 ENB at $37.61-Used Commission Free Trade (2/20/19 Post)(profit snapshot = $9.29); Item # 3 Sold 50 ENB at $39.03 (12/21/17 Post)(profit snapshot = $72.48); Sold 10 ENB at $40.14 (1/4/18 Post)(profit snapshot = $6.21)(no item #)
ENB Realized Gains to Date: +$827.51
SU ENB Bonds: I had 4 mature on 3/15/25.
I currently own 4 Enbridge 4.25% SU bonds that mature on 12/1/26
I also own 2 Spectra Energy SU bonds that mature on 10/15/26. Spectra is now part of Enbridge.
ENB Reset Equity Preferred Stock: I currently own 500 shares of ENB-PP.TO after recently selling 100 shares. Item #1 Sold 100 of 600 ENBPRP at C$20.06 (5/23/25 Post)
B. Pared KMI - Sold 10 at $28.3:
Quote: Kinder Morgan Inc. (KMI)
Proceeds: $282.95
Last Discussed: Item # 3.A. Pared KMI - Sold 10 at $28.01 - Vanguard Account (5/23/25 Post)(profit snapshot = $140) I discussed the 2025 first quarter report in that post. SEC Filed Press Release
 |
| 2025 KMI 40 Shares +$584.25 |
Since I am selling shares from a 100 share lot, the average cost remains the same. Item # 1. Bought 100 KMI in Vanguard Taxable Account at $15.89 (1/7/22 Post)
There has been some ROC adjustments to the tax cost basis which accounts for my current tax cost basis of $14.01 per share.
KMI Stock Dividend History & Date | Seeking Alpha
KMI Bonds: I discuss buying a KMI bond in Item #4.D. below.
KMI SU Bonds Currently owned: 8, stacked as follows
2 KMI 4.3% SU Maturing on 3/1/28, Bond Page | FINRA.org
2 KMI 5% SU Maturing on 2/1/29, Bond Page | FINRA.org
2 KMI 5.2% SU Maturing on 6/1/33, Bond Page | FINRA.org
I had 3 KMI bonds mature on 6/1/25.
C. Pared IDE - Sold 10 at $11.25:
2/19/25 close: $10.48
Proceeds: $112.55
I sold my highest cost 10 shares using FIFO.
Sponsor's website: Voya Infrastructure, Industrials and Materials Fund
SEC Filed Semiannual Report for the period ending 2/28/25 (Cost at $140.5+ M with the market value at $170.3+M as of 2/28)
SEC Filed Semiannual Report for the Period Ending 8/31/24
Last Discussed: Item # 1.D. Pared IDE - Sold 15 at $11.12 (12/5/24 Post)(profit snapshot = $14.15)
Last Buy Discussions: Item # 2.B. Added 10 IDE at $10.18 (5/3/24 Post); Item # 2.D. Added to IDE - Bought 5 at $8.9 (10/14/23 Post); Item # 2.B. Added 5 IDE at $9.31 (6/10/23 Post)
Profit Snapshot: $23.45 (6/2/25 sale only)
New Average cost per share: $8.66 (20 shares)
 |
| Snapshot Intraday on 6/2/25 after pare |
Dividend: Monthly at $.10 per share
Yield at $8.66: 13.86%
Last Ex Dividend: 6/2/25 (sold on ex dividend day)
Data Date of 6/2/25 Trade:
Closing Net Asset value per share: $11.8
Closing Market Price: $11.24
Discount: -4.75%
Average 3 year discount: -11.95%
One of several factors that are considered when considering sales of CEF shares is a shrinkage in the discount to net asset value compared to the average 3 year discount. This factor becomes more important when there is a significant percentage shrinkage in the discount.
This consideration to sell factor becomes more important when the CEF stock was bought at a discount to net asset value per share and has transitioned to a premium price. I do not regard any CEFs as worthy of a premium price to net asset value per share. An example is my elimination of the leveraged bond CEF BHK. Item # 1. Eliminated BHK - Sold Remaining 54+ Shares at $11.64 (10/24/24 Post) On the date of that sale, the shares closed at a +8.75% premium to net asset value per share.
Sourced: IDE - CEF Connect (Click "Pricing Information" tab)
Last Elimination:
Item # 3. Eliminated IDE-Sold 100 at $13.85 (1/29/2017 Post)(profit snapshot = $46.96)
Other Sell Discussions: Item # 5 Sold 100 IDE at $17.47 (3/24/2014 Post)(profit snapshot = $138.39); Item # 3 Sold 50 IDE at $17.12 Roth IRA (7/6/13 Post)(profit snapshot = $34.48); Item # 2 Sold 50 of the Stock CEF IDE at $18.61 (5/10/12 Post)(profit snapshot = $55.58); Item # 2 Sold 100 of the Stock CEF IDE at $20.3 (3/11/11 Post)(profit snapshot = $227.25); Item # 1 Sold 50 IDE at $18.7 (9/30/10 Post)(profit snapshot = $49.08)
I do not recall the reasons for the long term decline in price. One possible explanation is that the buy/write strategy did not work which can easily happen when stocks are in a significant uptrend.
Other explanations may include the ownership of foreign equities, security selection, and sourcing dividend payments from ROC.
Whatever the causes may be, the long term history suggests that trading is necessary to earn a total return in excess of the dividend payments.
IDE 10 Year Average Annual Total Return = +7.4% through 6/2/25 (Total return includes reinvesting the dividends)
DRIP Returns Calculator | Dividend Channel
IDE Realized Gains to Date: $659.25
5. Corporate Bonds:
I am taking on slightly more interest rate risk by buying some corporate bonds maturing in 2031 through 2035. I am comfortable with the additional interest rate risk given my heavy short term weighting.
In the event these longer duration bonds rally, I may elect to sell a few at a "profit":
A. Bought 2 Store Capital 4.5% SU Maturing on 3/15/28 at a Total Cost of 98.363:
%203:15:28%204.5%25%20.png)
Issuer: Store Capital was taken private in 2023. GIC and Oak Street Complete $15 Billion Acquisition of STORE Capital GIC is the sovereign wealth fund of Singapore.
Store Capital is a net lease REIT that owns single tenant properties.
Store Capital SEC Filings (necessary since the REIT issues publicly traded debt)
10-Q for the Q/E 3/31/25 (Debt is listed at pages 22-23)
 |
| Page 4 10-Q, In Thousands |
As of 3/31/25, Store "had investments in
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa3/BBB-
YTM at Total Cost: 5.134%
Current Yield at TC: 4.575%
On the date of purchase, the three year treasury note closed at 3.91%.
I now own 4 bonds.
B. Bought 1 TR Finance 5.5% SU Maturing on 8/15/35 at a Total Cost of 99.327:
%205.5%25%208:15:35.png)
Issuer: TR Financial is a subsidiary of Thomson Reuters Corp. (TRI) who guarantees the notes along with other TRI subsidiaries:
Prospectus (p. 28)
TRI Analyst Estimates | MarketWatch
Investor Relations | Thomson Reuters
SEC Filed Earnings Press Release for the Q/E 3/31/25
Finra Page: Bond Page | FINRA.org
Credit Ratings: Baa1/A- (Upgraded by S&P to A- from BBB+ on 5/30/25)
YTM at Total Cost: 5.586%
Current Yield at TC: 5.542%
C. Bought 2 Alexandria REIT 4.5% SU Maturing on 7/20/29 at a Total Cost of 98.55:
%204.5%25%207:20:29.png)
Issuer: Alexandria Real Estate Equities Inc. (ARE)
Finra Page: Bond Page | FINRA.org
Credit Ratings: Baa1/BBB+
YTM at Total Cost: 4.888%
Current Yield at TC: 4.566%
On the date of purchase, the 3 year treasury note closed at 3.91%.
Last Bond Offering (2/25): Prospectus
Other Owned Alexandria REIT Bonds:
4 of the 4.3% SU Maturing on 1/15/26, Bond Page | FINRA.org
2 of the 3.8% SU Maturing on 4/15/26, Bond Page | FINRA.org
D. Bought 2 Kinder Morgan 5.4% SU Maturing on 2/1/34 at a Total Cost of 99.383:
Issuer: Kinder Morgan Inc. (KMI)
Finra Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB
YTM at Total Cost: 5.489%
Current Yield at TC: 5.433%
I discuss paring my common stock position in Item # 4.B. above.
E. Bought 2 Kite Realty LP 4.95% SU Maturing on 12/15/31 at a Total Cost of 98.6:
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Issuer: Operating entity for Kite Realty Group Trust (KRG)
KRG is "a premier owner and operator of open-air shopping centers and mixed-use assets. The Company’s primarily grocery-anchored portfolio is located in high-growth Sun Belt and select strategic gateway markets. The combination of necessity-based grocery-anchored neighborhood and community centers, along with vibrant mixed-use assets". As of 3/31/25, KRG through its operating subsidiary owns interests in 180 retail properties containing approximately 27.8M square feet.
Last KRG Discussion: Item # 3.A. Eliminated KRG - Sold 25 at $25.51 (10/16/24 Post)(profit snapshot = $112.08) I still own a few shares in a Roth IRA account.
KRG 10-Q for the Q/E 3/31/25 (Debt is listed at page 20)
KRG SEC Filed Earnings Press Release for the Q/E 3/31/25 and SEC Filed Supplemental
Bond Prospectus This bond was offered to the public at 99.328 in August 2024.
Finra Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB
YTM at Total Cost: 5.205%
Current Yield at TC: 5.02%
I have had 6 Kite SU Bonds mature this year:
%20+$57.58%20.png){kind=small}
%20+$31.08.png){kind=small}
I currently own 4 of the 4% Kite SU maturing on 10/1/26.
F. Bought 2 Safehold GL Holdings 5.65% SU Maturing on 1/15/35 at a Total Cost of 98.722- Interactive Brokers Account:
%205.65%25%201:15:35.png)
Issuer: Operating entity for Safehold Inc. (SAFE) who guarantees the notes:
This note was offered to the public at 98.812 last November.
Safehold Inc. 10-Q for the Q/E 3/31/25
Safehold, through its operating subsidiary, is organized as a REIT and owns ground leases.
Website: Safehold - The Modern Ground Lease Company
Current Safehold Portfolio | Safehold
SEC 2024 4th Quarter Report and Investor Slide Presentation
Finra Page: Bond Page | FINRA.org
Credit Ratings: A3/BBB+
Fitch recently upgraded its rating to A- from BBB+, Fitch Upgrades Safehold's Rating to 'A-'; Outlook Stable
YTM at Total Cost: 5.817%
Current Yield at TC: 5.723%
Accrued Interest Paid to the Seller: $63.09
The SAFE price chart price chart prior to 3/31/23 was for Safehold. On that date, Safehold Inc. merged into IStar with IStar being the surviving corporation so the stock price charts do not reflect this change, see page 6, 10-Q IStar then changed its name to Safehold.
G. Bought 2 Florida Power & Light 5% First Mortgage Bonds Maturing on 8/1/2034 at a Total Cost of 99.825 - Interactive Brokers Account:
%208:1:34%205%25%20.png)
Issuer: Operating utility owned by the utility holding company NextEra Energy Inc. Stock (NEE)
Florida Power & Light Financial Data Q/E 3/31/25
 |
| In Millions, page 12 10-Q |
Finra Page: Bond Page | FINRA.org
Credit Ratings: Aa2/A+
YTM at Total Cost: 5.023%
Current Yield at TC: 5.01%
Accrued Interest paid to seller: $34.44
Last Bond Offering (2/25): Prospectus
6. Treasury Bills Purchased at Auction:
A. Bought 10 at the 6/2/25 Auction:
6 month T Bills
Mature on 12/4/25
Interest: $209.81
Investment Rate: 4.298%
B. Bought 10 at the 6/4/25 Auction:
119 Day Bill
Matures on 10/7/25
Interest: $139
Investment Rate: 4.323%
6. U.S. Equity Preferred Stocks:
A. Added 5 NHPAP at $13.45 - Schwab Account:
Quote: National Healthcare Properties Inc. 7.375% Cumulative Preferred Series A Stock (NHPAP)
Cost: $67.25
Last Discussed: Item # 4.A. Added 5 NHPAP at $14-Schwab Account (5/2/25 Post)
This is a private REIT that will file financial reports with the SEC since it has issued two publicly traded preferred stocks.
The REIT was formerly known as Healthcare Trust, Inc. The preferred stock NHPAP formerly traded under the HTIA symbol.
Website: National Healthcare Properties, Inc.
Last Sell Discussion: Item # 5.A. Eliminated Duplicate Position in HTIA -Sold 20 at $17 in Schwab Account (1/6/24 Post)(profit snapshot =$45.87)
Par Value: $25
Coupon: 7.375%
New average cost per share this account = $14.17 (35 shares)
Yield at $14.17: 13.01%
Calculation: .07375 coupon x. $25 par value = $1.84375 annual dividends per share ÷ $14.17 average cost per share = 13.0116%
Last Ex Dividend: 4/4/25
Maturity: None, potentially perpetual.
Dividends: Paid quarterly and cumulative
Issuer Optional Call: At par value + accrued and unpaid dividends on or after 12/11/24.
All of the 2024 dividends were classified as ROC.
I classify this preferred stock as high risk for a dividend deferral and that risk is reflected in the current high yield IMO. The question is how much of that risk is already reflected in the current price.
The dividend is cumulative which means that any deferred dividend will have to be paid when and if the REIT uses cash to buy common stock or pays a cash dividend to the common shareholders.
Currently, there is no cash dividend being paid on the common shares, so there is no legal restraint on deferring payment of the preferred stock dividends. The REIT is not covering its preferred dividends (two separate preferred stocks) with funds from operations.
On a more positive note, this REIT recently underwent an internalization of management which I view as a positive since I have an extremely negative opinion about the former external manager and the internalization does make it more likely that another healthcare REIT will acquire National Healthcare, though I am not making a prediction on that possibility.
However, while internalization is a long term positive IMO, it is a short term negative in that this REIT paid $75M in cash and a promissory note in the principal amount of $30.3M.
This REIT declared quarterly dividends entirely in shares of its common stock starting in October 2020 until June 2024. The REIT did declare that it would no longer be paying a common dividend in stock, see page 29, 10-Q for the Q/E 9/30/24.
I have a lower cost position, close to $11, in my Fidelity account that I will liquidate when and if the price goes over $15.
B. Eliminated EPRPRC - Sold 10 at $24.55:
Quote: EPR Properties 5.75% Cumulative Convertible Preferred Series C Stock
Proceeds: $245.5
Issuer: EPR Properties (EPR)
Investment Category: Advantages and Disadvantages of Equity REIT Cumulative Equity Preferred Stocks, part of the Equity REIT Common and Preferred Stock Basket Strategy
Profit Snapshot: $58.52 (6/2/25 sale only)
Last Discussed: Item # 5.A. Sold 10 EPRPRC at $23 (5/16/25 Post)(profit snapshot = $40.2)
Last Buy Discussion: Item # 5.A. Restarted EPRPRC - Bought 10 at $19.31 (3/8/24 Post)
This preferred stock has been in an uptrend due to investors placing some value on the conversion to common stock feature IMO.
Placement in the Capital Structure: Equity Preferred Stock, senior only to common stock.
Par Value: $25
Coupon: 5.75%
Dividends: Paid Quarterly, Non-Qualified and Cumulative
Other sell discussions: Item # 5.B. Sold 21 EPRPRC at $20.78 (1/20/24 Post)(profit snapshot = net of $26.54) Item # 4.B. Sold 10 ERPPRC at $20.32 (7/3/2020 Post)(profit snapshot = $76.66); Item # 3.B. Sold 10 EPRPRC at $17.5 and 5 at $16.22 (5/2/20 Post)(profit snapshot = $16.6); Item # 3 Sold 50 EPRPRC at $27.49 (10/21/18 Post)(profit snapshot = $178.58); Item # 1.B. Sold 50 EPRPRC at $28.48 (9/12/18 Post)(profit snapshot = $224.22); Item # 3 Sold 50 EPRPRC-Update For Equity REIT Basket Strategy As Of 4/6/16 - South Gent | Seeking Alpha (profit snapshot = $160.48)
Current Position: None
The yield at the current price is unattractive to me given the issuer's credit risk.
7. Canadian Reset Equity Preferred Stock:
All Canadian common and preferred stocks transactions on the Toronto exchange are made in my Interactive Brokers account, which has the lowest commission among the brokers that I use for such trades. IB also has the lowest currency exchange fees.
A. Sold 100 of 200 EMAPRC:CA at C$24.12 (C$1 IB Commission):
Quote: EMA-PC.TO
Proceeds: C$2,411
Issuer: Emera Inc. Stock Quote (Canada: Toronto) - Utility Holding Company
Emera Incorporated - Preferred Stock Information Includes current dividend rate and links to prospectuses
Last Buy Discussions: Item # 2.A. Added 100 EMA.PRC:CA at C$19.7 (12/23/23 Post); Item # 1. Bought Back 100 EMA.PRC:CA at C$18.45 (10/18/22 Post)
Profit Snapshot: C$565
Coupon: 2.65% spread to the 5 year Canadian Government Bond
Reset Period: Every 5 years
Coupon Reset: 6.434% in August 2023, based on the 5 year Canadian government bond yield as of 7/17/23
 |
| Excerpt from Press Release |
Quarterly rate per share: C$.40213
Annual rate per share: C$1.60852
Dividends: Paid quarterly and cumulative
Par value: C$25
New Average cost per share: C$19.61 (100 shares)
 |
| Price as of 6/2/25 Close |
Yield at New AC: 8.2%
Last Ex Dividend: 5/1/25 (owned all as of)
Prior EMAPRC Sells:
Item # 1.A. Sold 100 EMAPRC:CA at C$22.03 (3/27/21 Post)(profit snapshot = C$747);
South Gent's Comment Blog # 8: Sold 100 EMAPRC at C$21.96. Profit at C$429
 |
| 100 Shares |
EMRAPRC Realized Gains to Date: +C$1,741
Other EMA Preferred Stocks: I have traded other EMA reset equity preferred stocks:
 |
| 2016 EMAPRA 100 Shares +C$120 |
 |
| 2017 EMAPRF 50 Shares +C$109 |
8. Cash Flow into Fidelity Account on Sunday 6/1/25, credited on 6/2:
I buy corporate bonds at a discount to par value. The yield-to-maturity will consequently be higher the current yield generated by the coupon. All of the the "profit", with some minor exceptions, will be classified as realized market discount and taxed as interest income, not as capital gains.
Realized Market Discount YTD Through 6/4/25 - Fidelity Account:
Realized market discount will be a material addition to interest income for me.
Redemption Proceeds- Corporate Bonds: $17,000
Total Interest and Dividends (6/1 Fidelity Account): $1,968.3
Tennessee Municipal Bonds: $1,159.38 (federally tax free, no state income tax in Tennessee)
$1,000 Par Value Corporate Bonds: $694.5
$25 Par Value Exchange Traded Bonds (ELC, EAI, GLADZ, SAZ): $66.02
CD Interest (monthly payments): $22.68
Common Stock Dividends: $3.44
CEFs (monthly payments): $22.28
First Mortgage Interest Payments made by electric utility operating companies: Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and Evergy Kansas Central.
Senior Unsecured Debt Interest payments made by electric utility holding companies: Consolidated Edison, Wisconsin Electric Power, Xcel Energy
I will also own corporate bonds in my Vanguard and Interactive Brokers accounts. In those accounts, I had $7K in principal amount mature on 6/1/25: 2 Healthpeak 4%; 1 Kinder Morgan 4.3%; 3 AvalonBay 3.45% and 1 Appalachian Power 3.4%; 2 Santander Holdings US 3.45%. Of those bonds, 6 matured in my IB account:
 |
| IB 6/1/25 Bond Maturities |
IB does not list the name of the bond but the stock symbol. Healthpeak is listed as DOC. Appalachian Power, a subsidiary of American Electric Power (AEP), is referenced by the AEP stock symbol.
I had 2 Santander Holding U.S. 3.45% SU bonds mature in my Vanguard account on 6/2/25:
%20$44.9%20.png)
I published a video earlier this morning that discusses the BLS May employment report that was released after I published this last post.
ReplyDeletehttps://www.youtube.com/watch?v=eaarCwGOSKs
I disagree with investors characterizing that report as good. It is not yet consistent with the onset of a recession as of May. If that is the definition of good, then the report was good, but the reality is that the report continues to highlight a significant slowdown in job growth with significant downward revisions in the job growth numbers for the prior 2 months.
And, this is occurring before the tariff taxes are being passed in full to consumers, which will restrain further consumer discretionary spending which declined substantially in the first quarter compared to the 2024 third and 4th quarters even with many consumers buying items in advance of the tariff, particularly new automobiles.
Declines in consumer spending will lead to job layoffs.
The last GDP report had the quarter-to-quarter increase in PCE at 1.2% in the first quarter compared to the final numbers in the preceding two quarters at +2.4% and 3.1.%, and at +3% for the the 2024 second quarter.
See table 1, line 2
https://www.bea.gov/news/2025/gross-domestic-product-second-estimate-corporate-profits-preliminary-estimate-1st-quarter
Click Related Materials Tab and then click "Full Release and Tables".
I have published a new blog post:
ReplyDeletehttps://tennesseeindependent.blogspot.com/2025/06/are-bhk-bns-din-flgb-mfc-ofs-pflt-pfs.html