APLE, BHB, CL, CLX, FNLC, FOLD, GIS, HBAN, HNNA, HNNAZ, HOLX, IBIT, KW, LEN, NTST, SNY, VZ, WTBA

Dollar Value of Trades Discussed in this Post: 

Treasury Bills Bought at Auction: $50,000 in principal amount (Item # 3). I will be buying a similar amount in next week's T Bill auctions.  

Corporate Bonds: I remain in a holding pattern for corporate bonds. I am not reinvesting the proceeds from maturing bonds or early redemptions into new corporate bond purchases. I had 5 early corporate bond redemptions last week: 

The Broadcom note was bought on 1/15/25: 

The Broadcom call is noteworthy IMO given the maturity date of 1/15/27 and the 3.875% coupon. 

Inflow Small Ball Stock/Stock Fund Purchases: $1,943.35

Outflow Stocks: $746.67

Realized Gain: $89.78

Net Inflow Stocks/Stock Fund: $1,196.68

Net Inflow Bitcoin ETFs: $153. (Item # 4)

Net Inflow Exchange Traded Bond (HNNAZ): $247 (Item # 5)

My current objective is to have each week net purchases of dividend paying stocks in excess of $1,000, with most of the stocks being bought having significantly higher yields than the ones sold. 

‘A friend calls it the everything bubble’: Why do so many economists fear a 1929-style crash? - MarketWatch There are a large number of potentially problematic events that could trigger a major valuation reset and a nasty bear market, particularly when occurring in combination. Those include the stagflation scenario of negative or nominal GDP growth; extreme stock market valuations based on a too rosy outlook for corporate earnings where a major valuation reset is reasonable without any other trigger; a significant decline in employment; a growing number of small company bankruptcies due to a variety of causes including tariffs; lower consumer spending strained by rising prices, declines in real wage increases, excessive consumer debt, and layoffs; excessive U.S. government debt; a pullback in federal government spending supportive of GDP growth; and a lack of policy alternatives to combat a major economic downturn given the interest burden on the existing federal government's debt, a significant decline in federal government revenues resulting from any such economic downturn, stock losses offsetting other income and much low tax revenues from selling stocks and other assets; and the new tax cuts enacted this year. Stock investors are  ignoring obvious risks. 

The reaction may be delayed until the several of the previously described risks are clearly well under way, similar to the reaction to the growing problems in housing market and securities relating thereto that were readily apparent in early 2007 but mostly ignored until the summer of 2008. Except for the CPI report released yesterday, the government will not be releasing any economic data for as long as the shutdown continues and, even when the government reopens, there will be a delay in compiling the data (monthly PCE inflation, GDP updates, jobs reports as examples)

By a nasty bear market, I am not describing a 1929-1932 collapse in the stock market when the DJIA went down close to 80% but something similar to 30% to 50% declines that have occurred several times during my investing lifetime. I view those declines as opportunities. Stock Market Crashes: A Look at 150 Years of Bear Markets | Morningstar I made my first stock purchase in 1968. 

Gold just stumbled. A JPMorgan strategist says the metal could double in value. - MarketWatch (subscription publication)

++++

Economy: 

CPI September 2026: Consumer Price Index Summary - 2025 M09 Results

Month-To-Month CPI .03%

Month-To-Month Core CPI .02% 

Annual CPI 3%, up from 2.9% through August 

Annual Core CPI: 3%, down from 3.1% through August

The CPI number were all slightly lower than the consensus estimates. CPI inflation September 2025 - CNBC The exuberant reaction yesterday in the stock market is hard for me to understand, so I am just classifying the move higher as part of the ongoing parabolic move that ignores all of the unfavorable economic data.  

The September CPI report was delayed due to the shutdown. The BLS employees that compiled the data were initially laid off but brought back since this CPI report need to be completed in order to calculate the COLA increase for social security payments. Social Security 2.8% COLA 2026 benefit increase explained; 2026 Cost-of-Living Adjustment (COLA) Fact Sheet | News | SSA I do not know whether that train of events impacted the collection of data. 

Trump has terminated trade negotiations with Canada based on Ontario paying for an ad where President Reagan discusses clearly his opposition to tariffs. Trump terminates Canada trade negotiations over Reagan ad Trump: "TARIFFS ARE VERY IMPORTANT TO THE NATIONAL SECURITY, AND ECONOMY, OF THE U.S.A. Based on their egregious behavior, ALL TRADE NEGOTIATIONS WITH CANADA ARE HEREBY TERMINATED." Trump's action did cause Ontario to pause airing the ad but the ad will be aired  during the world series games between the Toronto Blue Jays and the Los Angeles Dodgers through the weekend. Ontario will air tariff ads that anger Trump during World Series

I have referred to that video of President Reagan discussing tariffs in previous YouTube videos and blog posts. Ontario, not Canada, is responsible for this television ad that contains excerpts from Reagan's speech. It is Reagan talking in the ad.  The temper tantrum thrown by the volatile Man Child in response was predictable, and consequently did nothing but aggravate an already extremely difficult task for Canada's PM Mark Carney.  

Ontario's ad is not misleading on Reagan's negative opinion about tariffs. Anyone interested can compare Ontario's ad featuring an excerpt from Reagan's address to his complete comments found here: President Reagan's Radio Address on Free and Fair Trade on April 25, 1987 - YouTube; Trump claimed Canada's anti-tariff ad twisted Reagan's words: Compare Voters need to listen to the entire Reagan address, which is only 5 minutes, 4 seconds long. Trump claimed that Reagan "LOVED TARIFFS FOR OUR COUNTRY, AND ITS NATIONAL SECURITY."  

Trump does not want people who hold Reagan in high regard to listen to  what Reagan actually said and many have at least learned about the existence of the Reagan video address discussing tariffs.  

After listening to the entire video, which is five minutes, four seconds, it is not possible to conclude that Reagan "LOVED TARIFFS" as represented by Trump, an obviously false claim,  but  Trump knows that tens of millions will accept this false representations and will not spend 5 minutes listening to what Reagan actually said. 

Trump also claimed that Canada was trying to influence the Supreme Court's tariff decision with the ad, which is just more crazy talk. 

Trump: Ranchers don't understand tariffs amid Argentine beef row Trump says the ranchers do not understand how much they have benefited from the republican tariff taxes. Trump was referring to the 50% tariff tax that he imposed on Brazil's beef exports to the U.S. that have contributed to price increases for U.S. consumers.  

Trump’s tariffs are brewing trouble for local coffee roasters | CNN Business Over 99% of the coffee beans are imported into the U.S.  

The UPS Chaos Shows Tariffs Have Finally Arrived on Our Doorsteps - Business Insider UPS is unable to deliver packages from overseas due to Trump eliminating the $800 de minimis tariff free exemption, provided by statute, by Executive Order. The reason is that no one can figure out what tariff rate applies to each package. (My Video: Trump Repeals Law on De Minimis Tariff Free Shipments by Executive Order - YouTube)

China's rare earth magnet exports to U.S. fall for second month, reversing brief recovery The shipments were down 30% year-over-year from September 2024. 

India, U.S. near trade deal with major tariff cuts, reduced Russian oil purchases After reading that article, the words "may" or "could" frequently qualifies the terms and existence of any deal. Bessent represented last April that a new trade deal with India would be signed in a week or two.  One of first US trade deals may be with India, Treasury's Bessent says | Reuters (4/28/25) Bessent claimed in August that India was being recalcitrant and Trump unilaterally imposed a 50% tariff tax on India's exports. India's exports to US plunge as 50% tariffs weigh

Trump Called Colombia's President Gustavo Petro an "illegal drug dealer" and ended US aid No evidence was offered to support that claim.  Trump has imposed a 10% tariff on most Columbia exports to the U.S. including coffee beans. According to Senator Graham (R-SC), Trump will soon be announcing major new tariffs on U.S. imports from Columbia. It is not known whether the republican tariff tax on Columbian coffee will be increased by executive fiat. The republican tariff tax on Brazil's coffee exports to the U.S. is currently at 50%.  Brazil coffee exports to US to fall further if tariffs stay, Cecafe president says | Reuters

White House economic advisor Hassett says shutdown could end this week Hassett made that statement last Monday, 10/20/25 shortly after the stock market opened that day.  Stock investors jubilantly accepted Hassett's claim, and the S&P 500 rallied 71.12 points or about 1.07% last Monday closing at 6,735.13. 

{At a minimum, investors need to be suspicious of claims made by Trump, Bessent and Hassett that, if believed, would cause the stock market to rally as or shortly after the statements are made. The issue is whether their claims about the future are intended, at least in significant part, to cause investors to stop a decline in stocks and/or to take the market higher. In other words, are we being manipulated by overly optimistic predictions, which is a frequent occurrence when those 3 persons make representations about trade negotiations.} 

Target cuts 1,800 corporate jobs, first major layoffs in a decade

Applied Materials lays off 4% of workforce

+++++

America's Juvenile King Prone to Frequent Childish Temper Tantrums:

Prosecutor who resisted bringing charges against NY AG was fired after allegations she sent case info to her personal email | CNN Politics Trump will fire career DOJ prosecutors who find there is insufficient evidence to bring criminal charges against Trump's political enemies. A prosecutor hand-picked by Trump and loyal to him will then bring the charge. Lindsey Halligan fires more prosecutors in key US attorney’s office | CNN Politics   

Trump posts AI video showing him dumping on No Kings protesters "President Donald Trump on Saturday posted an AI-generated video depicting him in a fighter jet dropping what appears to be feces on U.S. protesters." As expected, the Speaker of the House, Mike Johnson, defended Trump posting that video. Johnson labels Trump ‘most effective to ever use social media’ over AI video where president drops poop bombs on Americans | The Independent   

What is Trump's maturity level. Some would say similar to a 12 year old child, which I view as far too generous.  

There is an epidemic of juvenile comments made by U.S. citizens which are now viewed as acceptable discourse, even erudite, in Trump's America as tens of millions imitate Trump childish and immature rants. Why Trump Turned to the Sewer - The Atlantic (column written by Anne Applebaum)

AI sewage video: Trump’s response to ‘No Kings’ marches only proved the protesters’ point

Mike Johnson and other republicans characterized the "No Kings" protests last Saturday as a "hate America rally" and even attempted to tie the protests to Hamas and antifa. Round 2 of 'No Kings' draws Republican attacks - POLITICO 

When creating their alternate reality, Trump and other republicans have attempted to turn peaceful protests into acts of insurrection. What the Trump administration sees as 'insurrection' That characterization is what one would expect when a government is controlled by an authoritarian leader whose claims are untethered from reality and who has a cult following numbering in the tens of millions.  

The Depth of MAGA’s Moral Collapse - The Atlantic

Fired Justice Department lawyer blows the whistle on what he describes as abuses of power at the DOJ - YouTube

Mike Johnson scrambles to blame No Kings for pardoned J6er's threat to kill Dem leader - Raw Story One of the J6 defendants pardoned by Trump threatened to kill the House Minority Leader Hakeem Jeffries (D-NY). The Republican Speaker of the House blamed those who participated in the No Kings rally. He also repeated the false claim that the "violence on the left is far more prevalent than the violence on the right. violence comes."  Correctly Assessing U.S. Left-Wing Terrorism and Political Violence (criticizing the methodology used to calculate attacks in 2025 in CSIS report) ; Study: Left-wing terrorism outpaces far-right attacks for first time in 30 years

Trump: Fact-checking Donald Trump: Has each boat strike off the coast of Venezuela saved 25,000 lives? Rated as Pants on Fire. 

Trump can deploy National Guard in Portland, appeals court panel says in 2 to 1 decisions The 2 Trump appointed judges, Ryan Nelson and Bridget Bade, allowed him to deploy the National Guard in Portland. The Trump appointed Judges disagreed with the district court's findings of facts that Trump's claims about violence were untethered from reality and found them "colorable", which the dissenting judge referred to as absurd. 

Trump nominee to lead Office of Special Counsel says MLK Jr. holiday belongs in ‘hell’ and that he has ‘Nazi streak,’ according to texts - POLITICO

Trump had fired the U.S. Inspectors Generals early in his second term that may have shined a light on his unlawful activities. Watchdogs fired by Trump raise alarms over future of independent government oversight - CBS News

Trump wants $230 million from DOJ for investigating him: NYT; Trump Wants $230 Million of Your Money - YouTube; Here's what Trump has said about seeking $230M settlement from DOJ - ABC News The NYT noted that the claim may be considered by those who represented him in the past.  Mike Johnson, the Republican House Speaker, claimed that anyone criticizing Trump's demand of $230M from this controlled DOJ was suffering from Trump Derangement Syndrome. Johnson downplays Trump’s DOJ reimbursement demands | Courthouse News Service  

Even if Trump donates the $230M to charity, he will receive a substantial charitable deduction that would reduce his tax obligations.  

Trump to DOJ: Pay Up - The Atlantic "The goal is not just dictatorial power, but ostentatious performance" in your face dictatorial power. In the Unitary Executive Power theory that is being adopted by the 6 Republican Supreme Court Justices, where the President has full control over the Executive Branch, Trump could just tell the DOJ to fork over the $230M to him. Unitary Executive Theory (UET) | Legal Information Institute

Trump administration plans to demolish White House's entire East Wing as ballroom cost grows to $300 million - CBS News Why? Trump's gold glittered ballroom in the People's House  is going to look as gaudy as his NYC penthouse. Trump has already destroyed most of the Rose Garden. Did Trump remove the Rose Garden? White House before and after photos;Trump Bulldozes White House Rose Garden for Mar-a-Lago Patio — Blames ‘Wet Grass’ for Women Falling - YouTube

Former White House Historian on new images of demolition: 'The founders would have been disgusted' - YouTube The Founders were worried about someone like Trump becoming President, but their warnings went unheeded by 77+M and will continue to be ignored by them IMO. Politicians the Founders Warned You About.pdf. published at the UC Law Constitutional Quarterly. 

Trump calls for Ukraine war to halt with Russia in control of occupied territory: "Leave it the way it is" - CBS News; 

Report: Trump got into 'shouting match' with Zelensky, echoed Putin talking points - YouTube; 

Trump shifts weight behind Putin after tense meeting with Zelenskyy; 

Trump 'angrily shouting and cursing' in an all over the place meeting with Zelensky - YouTube  

Trump's job approval and views of his personal traits | Pew Research Center (8/14/25)

Donald Trump's approval rating, polls on shutdown, DC demolition

+++++

1. Small Ball Common Stock Purchases: 

Placeholder Position: When describing a purchase as a Placeholder, I am starting a position with only a 1 share purchase which is intended to trigger a reminder, when I scroll through the positions in an account, that I may want to buy more shares at a lower price. 

I will generally have multiple reservations about owning the stock which will include more than one of the following (1) valuation using traditional criteria; (2) low dividend yields for an investor focused on generating income; (3) stock charts showing a bear market pattern with no indication that I can detect of forming a bottom; (4) poor total returns over a five year period; (5) significant input cost inflation causing downward pressures on volumes; and (6) competitive pressures restraining price increases to recoup all of the input cost increases. 

In the following discussions, I have classified two consumer product companies, CL and CLX, and the homebuilder LEN as Placeholders. 

A. Restarted WTBA - Bought 10 at $19.5:

Quote: West Bancorp Inc.  (WTBA)

The snapshot includes my last elimination. I am coming back to this stock and many others for their dividends. I will average down in 5 or 10 shares, with a maximum position at 100 shares. 

Cost: $195

WTBA is a mini-cap bank holding company, through its wholly owned operating subsidiary West Bank, "has six offices in the Des Moines, Iowa metropolitan area, one office in Coralville, Iowa, and four offices in Minnesota in the cities of Rochester, Owatonna, Mankato and St. Cloud."

West Bank will not have the kind of sour loans reported recently by larger banks that led to a significant decline in regional bank stocks on Thursday 10/16/25 as I discussed in this comment. See also, The alleged 'sweeping betrayal of trust' that rocked Zions bank and spooked Wall Street; Why Jamie Dimon is warning of ‘cockroaches’ in the US economy | CNN Business

Investment category: Regional Bank Basket Strategy

Last Elimination: Item # 5.A. Eliminated WTBA - Sold 30 at $21.56 (9/27/25 Post)(profit snapshot = $99.69)

WTBA SEC Filings

10-Q for the Q/E 6/30/25

Dividend: Quarterly at $.25 per share, last raised from $.24 effective for the 2022 first quarter.  

WTBA Stock Dividend History & Date | Seeking Alpha

Yield at $19.5 = 5.13%

Last Ex Dividend: 8/6/24 (owned 30 shares as of)

2025 Second Quarter  Earnings Report: I discussed that report here: Item # 1.F. Added to WTBA - Bought 10 at $18.55; 5 at $18.2; 5 at $18 (8/5/25 Post)(all sold); SEC Filed Earnings Press Release and SEC Filed Earnings Slide Presentation As noted there, both the NPL and NPA ratios were at zero with charge-offs at $13,000.  

Last Earnings Report (Q/E 9/30/25): Released after my purchase. 

SEC Filed Press Release and SEC Filed Earnings Highlights 

E.P.S. = $.55, up from $.35 in the 2024 third quarter. 

9 Month E.P.S. = $1.48, up from $1

NIM: 2.36%, up from 1.91%. While the trend is a positive, I view the 2.36% NIM as low and unsatisfactory. 

"The cost of deposits and cost of borrowed funds decreased by 63 and 11 basis points, respectively, in the third quarter of 2025 compared to the third quarter of 2024. Also contributing to the improvement was an increase in average deposit balances of $93.0 million, in comparing the same time periods, which resulted in the reduction of higher-cost borrowed funds and an increase in interest-earning deposits with banks and securities purchased under agreements to resell."

Efficiency Ratio: 54.06%, down from 63.28% (down is better for this ratio) 

NPL Ratio: Zero (nonperforming loans to total loans)

Charge offs: $24,000

ROE: 15.25%, up from 10.41%

Loan to Deposit Ratio: 91%

Other Sell Discussions: Item # 3.N. Eliminated WTBA - Sold 10 at $23.85 (11/7/24 Post)(profit snapshot = $71.51); Item # 3.E. Eliminated WTBA - Sold 20+ at $20.52  (1/26/24 Post)(profit snapshot = $86.46); Item # 7.A. Eliminated Duplicate Position in WTBA - Sold 25+ at $17.72 (11/11/23 Post)(profit snapshot $49.83); Item 1.K. Eliminated WTBA in Vanguard Account-Sold 5 at $21.4 and 20 at $21.2  (2/6/21 Post)(profit snapshots = $116.92); Item # 2.F. Pared WTBA-Sold .313 at $27.42 (5/28/21 Post); Item # 3.A. Sold 100 WTBA at $23.12 (4/29/17 Post)(profit snapshot = $1,146.24)

Some profitable small trades were not discussed. 

WTBA Realized Gains to Date: $1,632.23 

B. Restarted FOLD - Bought 10 at $7.97: 

Quote: Amicus Therapeutics Inc.  (FOLD)

Cost: $79.7

FOLD  Analyst Estimates | MarketWatch

Investment Category: Blackjack Hand, part of the Lottery Ticket Basket Strategy.

Website: Amicus Therapeutics | Advancing Therapies to Treat Rare Diseases

FOLD SEC Filings 

FOLD 10-Q for the Q/E 6/30/25 

Recent News: Dimerix and Amicus Therapeutics Announce Exclusive License Agreement for DMX-200 in the United States (4/30/25) Amicus acquired an exclusive license for DMX-200 in the U.S. "DMX-200 is a small molecule inhibitor of the chemokine receptor 2 (CCR2) under development in a pivotal Phase 3 study, ACTION3, for the treatment of Focal Segmental Glomerulosclerosis (FSGS) kidney disease." Full enrollment in a phase 3 trial is expected to be completed by year-end. In exchange for this exclusive license, Amicus made an upfront payment of $30M, additional milestone based on success-based and regulatory results, the first commercial sale,  additional payments based on sales and potential future indications in addition to a tier royalty structure. The terms are more fully described in the above linked press release. 

Approved Products:  

Galafold® for the treatment of adults with a confirmed diagnosis of Fabry disease and an amenable galactosidase alpha gene (GLA) variant based on in vitro assay data.

POMBILITI for Pompe disease in combination with OPFOLDA, " indicated for the treatment of adult patients with late-onset Pompe disease (lysosomal acid alpha-glucosidase [GAA] deficiency) weighing ≥40 kg and who are not improving on their current enzyme replacement therapy (ERT)."New 4-Year Data for Pombiliti® (cipaglucosidase alfa-atga) + Opfolda® (miglustat) Presented at ICIEM (9/8/25) This combination "was approved by the European Commission ("EC"), the Medicines and Healthcare products Regulatory Agency ("MHRA"), and the FDA in 2023, the Swissmedic and Australia in 2024, and Canada, and Japan in 2025 for adult late-onset Pompe disease ("LOPD") patients. Additional regulatory submissions and reimbursement processes with global health authorities are currently underway." There is an "ongoing in pediatric patients for both the LOPD and infantile-onset Pompe disease ("IOPD") populations." 10-Q at page 20

Revenues Approved Products for Q/E 6/30/25: 

Page 11, 10-Q

Last Elimination: Item # 4.A. Eliminated FOLD - Sold 50 at $14.28 (9/11/17 Post)(profit snapshot = $425.98) The cost was at $5.74.  

IB Account

I thought it was possible that some of the froth had been taken out at a $7.97 stock price. 

However, more downside can reasonably be expected IMO, if the FDA does not approve DMX-200 or, even if approved, revenues prove disappointing based on the total outlays made by Amicus in milestone and royalty payments to acquire the license. That purchase of U.S. marketing rights may prove to be worth the gamble since there are no new pipeline products. One or more new approved indications for approved products may occur. 

Last Earnings Report (Q/E 6/30/25): 

SEC Filed Press Release 

Revenues: $154.688M, up from $126.66(M)

GAAP E.P.S. ($.08), compared to ($.05)

Non-GAAP E.P.S. = +$.01, down from $.06

Reconciliation:

With over 309M diluted shares outstanding, and given the current share price, I am expecting a reverse split announcement, something like 1 for 4 or 5.  

Long Term Debt: $391.222M

Cash, cash equivalents and marketable securities: $230.998M 

2025 Financial Guidance: 

C. Restarted HBAN - Bought 5 at $15.55: 

Quote: Huntington Bancshares Inc. (HBAN)

Cost: $77.75

After reviewing the third quarter earnings report, I decided to restart a position and will average down in 5 shares lots. 

"Huntington Bancshares Incorporated is a $210 billion asset regional bank holding company headquartered in Columbus, Ohio. . . . Huntington operates 972 branches in 13 states, with certain businesses operating in extended geographies." 

HBAN SEC Filings

HBAN Analyst Estimates | MarketWatch

Investment Category: Regional Bank Basket Strategy

Last Elimination: Item # 5.B. Eliminated HBAN - Sold 40+ at $12.27 (2/9/24 Post)(profit snapshot = $165.46) 

Dividend: Quarterly at $.155 ($.62 annually), last raised from $.15 effective for the 2021 4th quarter. 

HBAN Stock Dividend History & Date | Seeking Alpha

Dividend History: Very Poor

The quarterly dividend was slashed from $.265 to $.1375 effective for the 2008 second quarter payment (the "Near Depression" period), and then slashed again to just $.01 effective for the 2009 first quarter. 

The quarterly dividend has thereafter been gradually raised off $.01 starting in the 2011 3rd quarter payment. I do not view it likely that I will live to see a return back to a quarterly dividend of $.265. I also view it more likely that there will be another quarterly dividend slash before the dividend makes it back to $.265. The timing is uncertain but banks have a tendency to blow themselves up periodically.    

Yield at $15.55: 3.99%

Last Ex Dividend: 9/17/25

Last Earnings Report (Q/E 9/30/25): 

SEC Filed Press Release 

Comparisons are to the 2024 third quarter: 

Net Income: $629M, up from $517M

E.P.S. $.41, up from $.33

The consensus estimate was at $.374 per Fidelity. 

NIM: 3.13%, up from $2.98

Efficiency Ratio: 57.4%, down from 59.4% (down is better) 

ROTE: 17.8%, up from 16.2%

Charge Off Ratio: .22%, down from .3% (good for a large bank)  

NPA Ratio: .6%, down from .62% 

"The allowance for loan and lease losses (ALLL) increased $139 million from the year-ago quarter to $2.4 billion, or 1.72% of total loans and leases. The allowance for credit losses (ACL) increased by $126 million from the year-ago quarter to $2.6 billion, or 1.86% of total loans and leases, unchanged compared to the prior quarter and 7 basis points lower than the year-ago quarter."

"Average total deposits increased $1.4 billion, or 1%, from the prior quarter and $8.3 billion, or 5%, from the year-ago quarter."

Tangible Book Value Per Share: $9.54, up $8.65

Total Capital Ratio: 14.7%, up from 14.1%

Some Other Sell Discussions: Item # 6.C. Pared HBAN - Sold  10 at $12.55 (8/12/23 Post); Item # 5.B. Eliminated HBAN - Sold 40 at $12.27 (2/9/24 Post)(profit snapshot = $165.46); Item # 3.C. Pared HBAN - Sold Highest Cost 10 Shares at $16.22 (2/24/22 Post)(profit snapshot = $42.79); Item #1.A. Pared HBAN in Fidelity Account- Sold 50 at $14.6 and 20 at $15 and Item #1.B. Sold 4 HBAN in Vanguard Account at $14.6 (1/31/21 Post)(profit snapshots = $40.36); Item # 5.B Sold 51+ HBAN at $14.5 (9/28/19 Post)(profit snapshot = $52.58); Item # 5.A. Sold 104+ HBAN at $14.65 and 102+ at $14.57 (8/17/19 Post)(profit snapshots = $58.91 and $83.71); Item # 3.A. Sold 100 HBAN at $16.12 (2/3/18 Post)(profit snapshot = $254.75); Item # 4 Sold 50 HBAN at $9.38 Update For Regional Bank Basket Strategy As Of 8/18/2016 - South Gent | Seeking Alpha (profit snapshot = $39.54); Sold 50 HBAN at $9.53 (10/17/14 Post)(profit snapshot = $275.75); Item # 3 Sold 90 HBAN at $5.83 (9/29/2010 Post) 

HBAN Realized Gains to Date: $1,334.29

Analyst Reports (available to Schwab customers): 

Morningstar (10/17/25): 3 stars with a fair value estimate of $15.4

Argus (7/18/25): Buy with a PT of $19, up from $17. 

S&P (10/17/25): 4 stars with a 12 month PT of $20, lowered from $21. 

D. Restarted BHB - Bought 5 at $28.95: 

Quote: Bar Harbor Bankshares (BHB)

Cost: $144.75

BHB "is the parent company of its wholly owned subsidiary, Bar Harbor Bank & Trust. Operating over 60 locations across Maine, New Hampshire and Vermont, Bar Harbor Bank & Trust is headquartered in Bar Harbor, Maine and has more than $4 billion in assets." 

I have been buying and selling BHB shares since 2010. The total realized gain is the highest in my regional bank stock basket strategy.  

Based on the closing price on 10/24/25 at $30.98, the market capitalization is about $517M. 

Investment Category: Regional Bank Basket Strategy

BHB SEC Filings

BHB Analyst Estimates | MarketWatch

10-Q for the Q/E 6/30/25 

Recent Acquisition: Bar Harbor Bankshares Announces Successful Closing of Merger with Guaranty Bancorp, Inc. (7/31/25) Guaranty Bancorp  owned Woodsville Guaranty Savings Bank that had 9 branches in New Hampshire. This was an all stock acquisition. When the acquisition was announced last March, Bar Harbor estimated that its completion would be 30% accretive to its earnings excluding transactions costs. SEC Filed Press Release 

Last Elimination: Item # 2.C. Eliminated BHB - Sold 20 at $24.93  (3/8/24 Post)(profit snapshot = $169.35) I disliked the 2023 4th quarter report. E.P.S. declined to $.65 from $.83 in the 2022 4th quarter with NIM falling to 3.17% from 3.93%. SEC Filed Press Release

Dividend: Quarterly at $.32 per share ($1.28 annually), last raised from $.30 effective for the 2025 second quarter payment. 

BHB Stock Dividend History & Date | Seeking Alpha

Yield at $28.95: 4.42% 

Last Ex Dividend: 8/14/25

Last Earnings Report (Q/E 9/30/25): Released after my purchase. 

SEC Filed Earnings Press Release 

Comparisons are to the 2025 3rd quarter. 

Diluted Shares: 16.284M 

Market Capitalization at $28.95 using diluted shares: $471.4+M

GAAP E.P.S. $.54, down from $.80

Non-GAAP E.P.S. $.95, up from $.80

Consensus Non-GAAP E.P.S.  per Schwab = 

Reconciliation: 

The non-GAAP number excluded certain cash and non-cash expenses related to the Guarantee Bancorp acquisition. 

The $3.954M provision is for non-PCD acquired loans: "In connection with the acquisition, the Company recorded an initial allowance for credit losses (“ACL”) of approximately $5.6 million. This included a $1.6 million allowance related to loans identified as purchased credit deteriorated (“PCD”) at acquisition, reflecting expected credit losses that developed since origination. The remaining $4.0 million allowance was established through provision expense for non-PCD loans, consistent with the Current Expected Credit Loss (“CECL”) framework. This non-PCD allowance represents the recognition of expected lifetime losses on acquired performing loans. At September 30, 2025, the CECL reserve associated with the total acquired portfolio is $4.6 million." 

Keeping in mind that I have zero training and book learning in accounting, I view this $3.954M as a non-cash charge to earnings. The other charge relates to expenses incurred in the completed Guaranty acquisition. 

NIM: 3.56%, up from 3.15%

Efficiency Ratio: 56.7%

Charge offs: .04%, up from .01% 

NPL Ratio: .27%, up from .23%

Coverage Ratio: 357% (existing allowance for credit losses to nonperforming loans)

NPA Ratio (nonperforming assets to total assets): .25%, up from .18%

Core Return on Tangible Assets: 17.38%, up from 14.9%

Tangible Book Value per share: $21.7 

Stock Splits: I owned shares when there was a 3 for 2 stock split in May 2014 and another 3 for 2 split in March 2017. Bar Harbor Bankshares (BHB) Stock Split History - Investing.com

Some Other Sell Discussions: Item # 3.B. Pared BHB - Sold 10 at $31.4 (1/2/23 Post)(profit snapshot: $103.99); Sold 10 at $30.69 and 5 at $30.74 (12/20/22 Post)(profit snapshots = $66.33); Item # 4.D. Pared BHB in Fidelity Account - Sold 10 at $30 (12/6/22)(profit snapshot = $79.15); Item # 3.E. Pared BHB in Fidelity Account - Sold 2 at $31.5 (12/16/21 Post)(profit snapshot = $18.43); Item # 1.I. Pared BHB-Sold 10 at $28.5 and 5 at $30.5-highest cost lots in Fidelity Taxable Account (3/20/21 Post)(profit snapshot = $95.46): Item # 3.A. Pared BHB-Sold 40 at $24.48-highest cost lots in Fidelity taxable account (12/5/20 Post)(profit snapshot = $38.17); Item # 3.B. Eliminated BHB-Sold 54+ Shares at $26.34 (5/18/19 Post)(profit snapshot = $131.1); Item # 1.A. Sold 100 BHB at $30.69-Used Commission Free Trade (7/15/18 Post)(profit snapshot = $1,718.56) ; Item # 1.A. Sold 50 BHB at $30.02 (5/21/18 Post)(profit snapshot = $666.96); Item #3.A. Sold 100 BHB at $29.55 (4/26/18 Post)(profit snapshot = $682.94) ; Item # 1. A. Sold 30 BHB at $29.42 (3/25/18 Post)(profit snapshot = $41.02); Sold 100 BHB Update For Regional Bank Basket Strategy As Of 5/6/2016 - South Gent | Seeking Alpha (profit snapshot = $936.96)

BHB Realized Gains to Date: $4,903.92

Other News: Scott Black's Strategic Moves: Bar Harbor Bankshares Inc (10/15/25), see SEC FORM 13-F Information Table for Delphi Management. 

E. Added to APLE - Bought 15 at $11.5 (Schwab Account): 

Quote: Apple Hospitality REIT Inc. (APLE) - Hotel REIT

Cost: $172.5

Website: Apple Hospitality REIT

Apple Hospitality "owns one of the largest and most diverse portfolios of upscale, rooms-focused hotels in the United States. Apple Hospitality’s portfolio consists of 221 hotels with approximately 29,900 guest rooms located in 85 markets throughout 37 states and the District of Columbia. Concentrated with industry-leading brands, the Company’s hotel portfolio consists of 97 Marriott-branded hotels, 118 Hilton-branded hotels, five Hyatt-branded hotels and one independent hotel."

I have read several news articles that Trump's tariff war has reduced travel to the U.S.. 

There is also a claim from a hotel association that the shutdown has negatively impacted hotel occupancy  levels.  Hotel industry unites to urge Congress to end government shutdown | AHLA (claiming a $600M revenue loss related to the shutdown) 

CoStar: U.S. Hotel Industry Reports Mixed Yearly Comparisons

2024 Annual Report

APLE SEC Filings

10-Q for the Q/E 6/30/25 "As of June 30, 2025, the Company owned 221 hotels with an aggregate of 29,893 guest rooms located in 37 states and the District of Columbia (“D.C.”), including one hotel with 206 guest rooms classified as held for sale, which is expected to be sold to an unrelated party in the third quarter of 2025." Page 7.

Last Discussed: Item # 1.D. Added to APLE - Bought 5 at $11.5 (5/30/25 Post) I discussed the 2025 first quarter report in that post. SEC Filed Press Release

Investment Category: Equity REIT Common and Preferred Stock Basket Strategy

New Average cost per share this account: $12.67 (60+ shares) 

Dividend: Monthly at $.08 per share ($.96 annually) 

APLE Stock Dividend History & Date | Seeking Alpha

I started to reinvest the dividend effective with the payment made on 10/15/25.

Yield at $12.67: 7.577%

Last Ex Dividend: 9/30/25

Last Earnings Report (Q/E 6/30/25): 

SEC Filed Earnings Press Release 

Revenue: $384.37M, down from $390.077M

GAAP E.P.S. = $.27, down from $.31

Modified Funds from Operations per share: $.47, down from $.5

Net Income to MFFO: 

This calculation does not adjust FFO down for routine maintenance expenses. 

F. Started SCHH - Bought 10 at $21.68: 

Quote: Schwab U.S. REIT ETF Overview 

Cost $216.8

Sponsor's website: Schwab U.S. REIT ETF 

Expense Ratio: .07%

Number of Holdings: 124

Dividends: Quarterly at a variable rate

Last Ex Dividend: 9/24/25

Top 10 Holdings as of 10/21/25:

This Real Estate ETF has a slightly lower expense ratio than the Vanguard Real Estate ETF (VNQ). 

Both VNQ and SCHH own higher quality REITs with low dividend yields that drag down the dividend yields of both ETFs. 

The equity REIT sector has been in disfavor for an extended period. Performance of index funds in this sector have been hurt particularly by the decline in office REITs since the pandemic. 

VNQ – Performance – Vanguard Real Estate ETF | Morningstar

SCHH – Performance – Schwab US REIT ETF™ | Morningstar

Both ETFs have 3 star ratings from Morningstar. 

G. Added to GIS - Bought 1 at $48.32; 1 at $47.64; 1 at $47.29:

Quote:General Mills Inc. (GIS)

Cost:  $143.25

Our brands - General Mills

GIS Analyst Estimates | MarketWatch

GIS SEC Filings

Last Discussed: Item # 2.H. Added to GIS - Bought 2 at $49.54; 3 at $49 (8/19/25 Post) 

New Average cost per share: $54.13 (58+ shares)

Dividend: Quarterly at $.61 per share ($2.44 annually)

GIS Dividend History & Date | Seeking Alpha

Yield at $54.25: 4.51%

Last Ex Dividend: 10/10/25 (owned 55+ as of)

Last Earnings Report (F/Q ending on 8/24/25): This was another expected unfavorable report. 

SEC Filed Earnings Press Release 

This report was for the first fiscal quarter in the 2026 fiscal year. 

Revenues at $4.517+B

Organic revenues were down 3%. 

GAAP E.P.S. = $2.22 including a $1.43 per gain from divestitures. 

Adjusted E.P.S. $.86, down from $1.07

The current 2026 outlook is for organic sales to range between down 1% to up 1%. Adjusted E.P.S. is expected to be down 10 to 15 percent. Part of the decline relates to the sales of the North American yogurt businesses:

10-Q at page 9

Analyst Reports Available to Schwab Customers: 

Morningstar (9/22/25): 4 stars with an estimated fair value $60 with a narrow economic moat. 

Argus (9/29/25): Hold with a long term buy rating. Currently, I am in general agreement with those ratings.  

S&P (9/17/25): 3 stars with a 12 month PT of $55

Some Sell Discussions: Item # 2.B Sold Highest Cost GIS Shares - 10 at $65.26 and 5 at $63.9 (3/18/25 Post)(profit snapshot = $37.75); Item # 2.C. Pared GIS - Sold 5 at $68.83 (8/8/24 Post)(profit snapshot = $59.15); Item # 2.A. Pared GIS - Sold Highest Cost 5 Share Lot at $68.17 (3/22/24 Post)(profit snapshot = $28.61, discussed the earnings report for the F/Q ending 2/25/24, SEC Filed Earnings Press Release); Item # 1.C. Eliminated GIS in Vanguard Taxable Account - Sold 2+ at $80.41 (3/6/23 Post)(profit snapshot = $66.83);  Item # 3.C. Pared GIS in Fidelity Taxable Account - Sold 5 at $86.64 (12/13/22 Post)(profit snapshot = $145.71); Item # 6.A. Pared GIS - Sold 5 at $81.64 (11/8/22 Post)(profit snapshot = $118.72); Item # 4.B. Pared GIS in Fidelity Taxable Account - Sold 5 at $80.65 (9/27/22 Post)(profit snapshot = $112.89); Item # 2.B. Sold 2+ GIS at $67.1 and 3 at $69.22 (1/7/22 Post)(profit snapshots = $46.67); Item # 3.B. Sold 1.582 GIS at $64.42 - Eliminated Shares Bought with Dividends (6/4/21 Post)(profit snapshot = $8.09); Item # 1.A. Pared GIS in Fidelity Taxable-Sold 4 at $61.37 (4/17/21 Post)(profit snapshot = $9.95); Item # 1.A. Eliminated GIS-Sold 27+ at $54.86 (3/21/20 Post)(profit snapshot = $426.37); Item # 1.A. Sold 13 GIS at $55.02-Used Commission Free Trade (8/17/19 Post)(profit = $134.13); Item 1.B. Sold Highest Cost GIS lots at $51.69 (4/7/2019 Post); Item #2.A. Sold 10 GIS at $56.18-Used Commission Free Trade  (12/21/17 Post) Snapshots of 2007 through 2017 round-trip trades can be found in Item 1.B (+$1,809.99). I did not track gains prior to 2007.

GIS Realized Gains 2007 to Date: $3,081.68 (I do not have snapshots prior to 2007 for this stock. I have not realized a loss yet but I currently have an unrealized loss in my position.) 

Purchase Restriction: 1 to 3 share lot with each subsequent purchase required to reduce my average cost per share.  

GIS will require patience. 

G. Restarted HNNA - Bought 10 at $9.95; 5 at $9.3: 

Quote: Hennessy Advisors Inc. (HNNA) - Asset Managment

Cost: $146

Website: Hennessy Advisors

HNNA SEC Filings

Investment Category: Bond substitute which defines the objective and not the safety of the dividend. The objective is to harvest the dividend and to realize a 2% on higher annual gain on the shares. 

Last Elimination: Item # 5.C. Eliminated HNNA - Sold 25 at $13.24 (12/19/24 Post)(profit snapshot = $166.55) 

Last Buy Discussion: Item # 2.C. Bought 20 HNNA at $6.6 (11/11/23 Post)

Average cost per share: $9.73 

Dividend: Quarterly at $.1375 ($.55), last raised from $.11 effective for the 2019 third quarter payment. 

HNNA Stock Dividend History & Date | Seeking Alpha

Yield at $9.73: 5.65%

Last Ex Dividend: 8/20/25

Last Earnings Report (Q/E 6/30/25): 

SEC Filed Earnings Press Release and 10-Q 

E.P.S. at $.26, unchanged

Revenues: $8.054+M, up from $7.784+M

Assets Under Management: $4.027+B, up from $4.027+B

Cash as of 6/30/25: $79.319M

Shares outstanding: 7.96+M

Senior Exchange Traded Bond: HNNA has an exchange traded bond outstanding that has a 4.875% coupon and matures on 12/31/26. Hennessy Advisors Inc. 4.875% Notes due 2026 (HNNAZ); Prospectus I discuss buying 10 shares of that senior unsecured bond in Item # 5.A. below. Par value is $25.  

H. Added to KW in Fidelity Account - Bought 10 at $7.74: 

Quote: Kennedy-Wilson Holdings Inc. (KW)

Cost: $77.4

KW is a hybrid real estate company that is not organized as a REIT. KW Reuters Profile Page

KW SEC Filings

KW SEC Filed 2024 Annual Report

New average cost per share this account: $7.97 (30 shares)

Dividend: Quarterly at $.12 per share, slashed from $.24 effective for the 2024 second quarter payment. 

KW Stock Dividend History & Date | Seeking Alpha

I am reinvesting the dividend in this account. 

Yield at $7.97 = 6.02%

Last Ex Dividend: 9/30/25

Last Earnings Report (Q/E 6/30/25): I discussed this report here: Item # 3.B. Started KW Duplicate Position in Fidelity Account - Bought 20 at $8.09 (8/26/25 Post); SEC Filing

I. Added 5 FNLC at $25.35 - Schwab Account: 

Quote: First Bancorp Inc. (FNLC)

Cost $126.75

FNLC is the parent company of "First National Bank, is based in Damariscotta, Maine. Founded in 1864, First National Bank is a full-service community bank with $3.17 billion in assets. The Bank provides a complete array of commercial and retail banking services through eighteen locations in mid-coast and eastern Maine."

FNLC SEC Filings

Investment Category: Regional Bank Basket Strategy

Last Discussed: Item # 1.A. Added to FNLC in Schwab Account - Bought 5 at $22.6; 5 at  $22.9 (4/18/25 Post); Item # 1.A. Added to FNLC - Bought 5 at $23.21 (4/13/25 Post)

Last Elimination: Item # 3.I. Eliminated FNLC - Sold 10 at $29.56 (11/21/24 Post)(profit snapshot = $95.06). 

New Average cost per share: $24.45 (40 shares)

Snapshot Intraday on 10/23/25 after add

My average cost per share was raised from $24.32. 

Dividend: Quarterly at $.37 per share ($1.48 annually), last raised from $.36 effective for the 2025 third quarter payment.  

FNLC Stock Dividend History & Date | Seeking Alpha 

Yield at $24.45: 6.05%

Last Ex Dividend: 10/6/25 (owned 35 as of)

Last Earnings Report (Q/E 9/30/25): I had a mostly favorable reaction to this report.  

SEC Filed Earnings Press Release 

Net Income: $9.1M up $1.5M or 20% compared to the 2024 3rd Q. 

Diluted E.P.S.: $.81, up from $.68

NIM: 2.7%, up from 2.32% in the 2024 third quarter

GAAP Efficiency Ratio: 51.99%

Charge off ratio YTD: .07%

NPL Ratio: .4%, up from .11%

While the trend is negative, I view the .4% as still good. 

Coverage Ratio: 261.36% (existing allowance for credit losses to nonperforming loans)

NPA Ratio: .3%

ROTC: 15.04%, up from 13.5%

Total Capital Ratio: 13.6%

Tangible Book Value per share: $21.74, up from $20.27 

FNLC Realized Gains to Date: $1,339.54 (snapshots in Regional Bank Basket Strategy post, scroll to FNLC.)

J. Started Duplicate Position in FNLC in Fidelity Account - Bought 5 at $25.4: 

See Item # 1.I. above. 

Cost: $127

Yield at $25.4: 5.83%

K. Added to VZ in Schwab Account - Bought 3 at $40.38: 

Remaining Lot Details this account: 

Quote: Verizon Communications Inc.

Cost $121.13

VZ Analyst Estimates | MarketWatch

VZ SEC Filings

10-Q for the Q/E 6/30/25

New Average cost per share: $35.66 (15+ shares)

The recent purchases of 5 shares raised my AC per share from $33.18. 

Dividend: Quarterly at $.69 per share ($2.76 annually)

VZ Stock Dividend History & Date | Seeking Alpha

Yield at $35.66: 7.74%

Last Earnings Report (6/30/25 ): I discussed this report in my last post. Item # 1.K. Added to VZ - Bought 1 at $41.38; 1 at $41.18 (10/18/25 Post); SEC Filed Earnings Press Release 

The third quarter report is scheduled for release on 10/29/25. 

Communication stocks declined in unison last week based on competitive concerns. T-Mobile US stock price target lowered to $263 by TD Cowen on competitive concerns- Investing.com

L. Restarted CL as a Placeholder - Bought 1 at $77.83: 

Quote: Colgate-Palmolive Co. (CL) 

CL is focused "on Oral Care, Personal Care, Home Care and Pet Nutrition, we sell our products in more than 200 countries and territories under brands such as Colgate, Palmolive, elmex, hello, meridol, Sorriso, Tom’s of Maine, EltaMD, Filorga, Irish Spring, Lady Speed Stick, PCA SKIN, Protex, Sanex, Softsoap, Speed Stick, Ajax, Axion, Fabuloso, Murphy, Soupline and Suavitel, as well as Hill’s Science Diet and Hill’s Prescription Diet." The Hills products are pet foods and treats. Hill's Pet Nutrition - Dog & Cat Food 

Our Brands | Colgate-Palmolive

CL Analyst Estimates | MarketWatch As of 10/23/25, the average E.P.S. estimate for 2026 was at $4.01 and at $4.12 in 2027. With this kind of E.P.S. growth, I view a 15 to 17 multiple on the $4.01 estimate as a reasonable valuation range for this company or a price between $60.15 and $68.17. 

CL SEC Filings 

Last Eliminations Item # 5.D. Eliminated CL in Schwab Account - Sold 3 at $76.87 (11/29/22 Post)(profit snapshot = $4.84); Item # 4.C. Eliminated CL in Fidelity Account - Sold 5 at $81.51  (5/5/22 Post)(profit snapshot = $22.98) 

Dividend: Quarterly at $.52 ($2.08 annually), last raised from $.50 effective for the 2025 second quarter payment. The penny rate was at $.36 in the 2015 4th quarter. 

CL Stock Dividend History & Date | Seeking Alpha

CL has increased its dividend for 62 consecutive years and is consequently one of the Dividend Aristocrats. List of Dividend Aristocrats (25+ Years of Dividend Growth)

Yield at $77.83  = 2.67% 

I do not find that dividend yield to be attractive which is one reason I have classified purchases of this stock as a Placeholder. The other reasons are valuation using traditional criteria and slow dividend growth given my age as the important consideration.

I will add to my position in 1 or 2 share positions with each subsequent purchase required to be at the lowest price in the chain. 

Last Ex Dividend: 10/17/25

Last Earnings Report (Q/E 6/30/25): SEC Filed Earnings Press Release 

Revenues: $5.11B

GAAP E.P.S. = $.92, up from $.91

Analyst Reports Available to Schwab Customers:  

Morningstar (9/1/25): 4 stars with an estimated fair value of $88.

S&P (8/1/25): 3 stars with a 12 month PT of $93, reduced from $101.  

Argus (9/3/25): Buy with a $100 PT, down from $106. 

M. Started LEN as a Placeholder - Bought 1 at $121: 

Quote: Lennar Corp. Cl A (LEN) - Homebuilder with multi-family operations

Lennar Corporation - Investor Relations

LEN Analyst Estimates | MarketWatch As of 10/20/25, the 2026 average E.P.S. estimate was at $15.31 and at $10.79 in 2027. Neither are reliable IMO given the nature of this business. 

This is my first purchase. I generally avoid homebuilders due to the highly cyclical nature of this sector, the depths of downturns (similar to chemical companies), a tendency to overbuild, a lack of barriers to entry and the number of competitors, and high material and labor costs incurred before a sale is generally made. The mass deportations of workers in this sector is a new concern.  

I did notice that Berkshire Hathaway Inc. Cl A  (BRK.A) recently started a significant position. Warren Buffett Makes $1 Billion Bet on Homebuilders Lennar and DR Horton   

Berkshire SEC FORM 13-F Information Table (filed 8/14/25):

Dividend: Quarterly at $.50 per share 

LEN Stock Dividend History & Date | Seeking Alpha

Yield at $121: 1.65% (the yield is far too low for me and will consequently limit my dollar exposure in addition to the intrinsic risks in business outlined above)

Last Ex Dividend: 10/10/23

Last Earnings Report (Q/E 8/31/24): 

Comparisons are to the 2024 third quarter. 

Revenues: $8.810+B, down from $9.416+B

Net Income: $590.967M, down from $1.162+B

GAAP E.P.S. $2.29, down from $4.26

Non-GAAP E.P.S.: "Excluding mark-to-market gains of $99 million on technology investments, third quarter net earnings attributable to Lennar in 2025 were $516 million, or $2.00 per diluted share. Excluding mark-to-market gains of $39 million on technology investments and one-time items of $89 million in the Company's Multifamily segment, third quarter net earnings attributable to Lennar in 2024 were $1.1 billion or $3.90 per diluted share."

Diluted Shares: 255.6+M, down from 270.1+M

Home Deliveries: 21,584; "Achieving these results required additional incentives, resulting in a reduced average sales price of $383,000, and our gross margin drifted down to 17.5%, while our SG&A expenses came in at 8.2%, reflecting the soft market conditions.".  

Analyst Reports Available to Schwab Customers: 

Morningstar (10/1/25): 4 stars with an estimated fair value of $159. 

S&P (9/22/25): 3 stars with a 12 month PT of $128 reduced from $148. 

Argus (9/24/25): Buy with a $140 price target. The analyst reduced E.P.S. estimates for F/Y 2025 and F/Y 2026 based on Lennar offering incentives to drive sales. The 2025 estimate was reduced from $8.6 to $8.26 and 2026 from $10 to $9.21. 

Other Recent News: Lennar Completes Spin-off of Millrose Properties (homesite option purchase platform, now trading under the MRP stock symbol)-Lennar Launches Exchange Offer of Millrose Stock for Lennar Stock - Oct 10, 2025

N. Added to CLX - Bought 1 at $116.49: 

Quote: Clorox Co.  (CLX)

Brands | The Clorox Company The "brands include Brita®, Burt's Bees®, Clorox®, Fresh Step®, Glad®, Hidden Valley®, Kingsford®, Liquid-Plumr® and Pine-Sol® as well as international brands such as Chux®, Clorinda®, and Poett®." The Hidden Valley Ranch business makes no sense to me as I have said in the past, neither did the failed foray into vitamins. Clorox Completes Previously Announced Divestiture of its Better Health VMS Business (9/10/24). Of those brands, I use clorox, clorox cleaning wipes, clorox multi-cleaner with bleach, and Glad garbage bags bags. Cleaning & Disinfecting Products | Clorox™; Kitchen Trash Bags, Food Wraps & Storage Solutions | Glad®

CLX Analyst Estimates | MarketWatch

CLX SEC Filings

Last Discussed: Item # 2.E. Added to Falling Knife CLX - Bought 1 at $117.69 (7/3/25 Post) 

New Average cost per share: $121.3 (5 shares)

Dividend: Quarterly at $1.24 per share ($4.96 annually), last raised from $1.22 effective for the 2025 third quarter payment. The quarterly dividend was at $.77 per share in the 2015 4th quarter. 

CLX Stock Dividend History & Date | Seeking Alpha

Yield at $121.3: 4.09%

Last Ex Dividend: 10/22/25 (owned 4 as of)  

Last Earnings Report (Q/E 6/30/25): This was for the 4th quarter in the 2025 fiscal year. 

SEC Filed Earnings Press Release 

GAAP E.P.S. = $2.68, up from $1.73

Adjusted E.P.S. =  $2.87 which includes a temporary benefit of $.85-$.95 per share related to building "retailer inventory  in advance of the enterprise resource planning transition in the U.S. (incremental ERP shipments)", up from $1.82 

I would just adjust the adjusted E.P.S. number lower by about $.90 to take away the incremental ERP shipments and to add $.90 to fiscal 2026 results. 

ERP Transition Impact: 

"During the fourth quarter of fiscal year 2025, retailers placed orders in advance of the company's ERP system transition in the U.S. to minimize any potential inventory impacts during the implementation phase. The shipments of incremental inventory provided a benefit to fourth quarter 2025 net sales. These shipments added about 3.5 to 4 points of sales and about 85 to 95 cents earnings per share to fiscal year 2025. The company expects retailers to draw down on this inventory during the company's ERP transition period, resulting in lower shipments. From a year-over-year sales growth perspective, the reduction in sales from this inventory draw down translates to about 7 to 8 points of decline as compared to the higher base in fiscal year 2025. Similarly, this inventory draw down is expected to reduce fiscal year 2026 earnings per share by about 85 to 95 cents. In comparison to the higher base in fiscal year 2025, this results in a year-over-year reduction of about 29% to 32% to fiscal year 2026 diluted earnings per share and about 22% to 25% to fiscal year 2026 adjusted earnings per share."

Reconciliation GAAP to Non-GAAP: 

2026 Fiscal Year Guidance: Adjusted E.P.S. guided to $5.6-$5.95 which includes a reversal of the $.85 to $.95 cent of ERP implementation in the 2025 fiscal 4th quarter. So I would just add about $.9 to that $5.6-5.95 range which I am deducting from the 2025 4th quarter number.  

2. Small Ball Stock Sales: 

A. Eliminated SNY - Sold 10 at $50.22: 

Proceeds: $502.2

Quotes in USDs and Euros: 

In USDs: Sanofi ADR (SNY) 

In Euros: Sanofi S.A. (France: Euronext Paris) 

ADR Ratio: 1 ordinary = 2 ADRs

Euro to US Dollar Exchange Rate Chart | Xe Through 11/17/25, the Euro has gained 7.22% against the USD. This would result in the USD priced ADR outperforming the shares priced in Euros. 

Currency Impacts on Dividend Yield and ADR Price: When the Euro is rising against the dollar using a 12 month period, this will cause the USD priced ADR to outperform the ordinary shares priced in Euros and will also cause a higher annual dividend payment and yield. For the 12 months ending on 10/23/25, the USD price ADR has outperformed the ordinary shares priced in Euros by about 7.75% which is entirely due to the Euro buying more USDs.

Website: R&D-Driven and AI-Powered Biopharma Company | Sanofi

Profit Snapshot: +$34.5

Last Discussed:   Item # 1.A. Restarted SNY -Bought 10 at $46.63 (10/19/24 Post) 

Investment Category: Mostly Dividend Harvest, capturing 1 or more annual dividend payments, selling at a profit and then waiting for another buying opportunity. Given my increased emphasis on capital preservation now, the lot sizes of purchases have been reduced from 50 to 20 shares as my maximum exposure. 

5 Year Chart: Going nowhere in a channel mostly between $45 to $60 with a major dip in the 2022 third quarter. 

Looking at this chart, my consider to buy range is $45-$47. 

When implementing a dividend harvest strategy, pure small ball, I want the stock to fall into my consider to buy range close to the next ex dividend date. For SNY, that will occur sometime in early May 2026.     

Dividend: Paid Annually

The last dividend was US$2.193 per share. 

Dividend History in USDs: SNY Stock Dividend History & Date | Seeking Alpha

For U.S. citizens, France requires Sanofi to  withhold a 15% dividend tax. 

Last Ex Dividend: 5/9/25

Last Earnings Report (Q/E 9/30/25 ): Released after my sale and viewed positively so far by investors based in significant part on Dupixent revenues. 

SEC Filed Press Release Per share data needs to be dividend by 2 for ADR owners 

"Dupixent sales increased by 26.2% to €4.2 billion, first time above €4 billion in a quarter"

Product revenues:

SNY Realized Gains 2009 to Date = $716.93 (no snapshots of  round-trips prior to 2009)

Some Sell Discussions: Item # 2.A. Eliminated SNY - Sold 10 at $53.13 (7/1/2023 Post)(profit snapshot =  $52.41); Item # 2.A. Eliminated SNY - Sold 20 at $54.04 (6/1/22 Post)(profit snapshot = $116.91); Item # 2 Sold 50 SNY at $41.54 (1/18/17 Post)(profit snapshot = $130.36); Item # 6 Sold 50 SNY at $42.56- Update For Healthcare Basket Strategy As Of 8/12/16 - South Gent | Seeking Alpha (profit snapshot = $177.4); Item # 1. Sold Sanofi (6/30/2009 Post) (profit snapshot = $83.29)

Prior Round-Trip Profit snapshots: Starting in 2009 through a purchase made in 2016, I was making 1 purchase of 50 shares. I then changed to owning no more than 20 shares: 

B. Pared NTST Again - Sold Highest Cost 5 Shares at $19.16 (Schwab Account): 

Quote: NetSTREIT Corp. (NTST)

Proceeds: $95.82 

NTST is an internally managed REIT that owns single tenant commercial properties that are net leased. As of 6/30/25, the company owned or had investments in 705 properties. Occupancy was then at 99.9%. SEC Filed Earnings Slide Presentation for the 2025 Second Quarter at page 6

Last Buy Discussions: Item # 2.N. Added to NTST - Bought 10 at $13.9 (1/1/25 Post); Item # 1.D. Added 10 NTST at $14.25 (12/26/24 Post)

Profit Snapshot: $17.34

Remaining Lots: 

Price as of 10/17/25 close after pare

New Average cost per share: $14.55 (35 shares)

Snapshot Intraday on 10/17/25 after pare

Reduced from $14.69. 

Dividend: Quarterly at $.215 per share ($.86 annually), last raised from $.21 effective for the 2025 third quarter. The penny rate was $.20 in the 2020 4th quarter. I consequently do not anticipate much growth given this history. I am satisfied with the current yield, given my investment objectives, and would view harvesting the dividend + at least an annual realized gain on the shares of 2% to be a victory. 

NTST Stock Dividend History & Date | Seeking Alpha

Yield at New AC per share: 5.91%

Last Ex Dividend: 9/2/25 (owned 40 as of)

Last Earnings Report (Q/E 6/30/25): I discussed this report here: Item # 3.B. Eliminated Duplicate Position in NTST - Sold 10 at $18.94 in Fidelity Account (9/2/25 Post)(profit snapshot = $41.19)  

SEC Filed Press Release and SEC Filed Supplemental 

Other Sell Discussions: Item # 4.I. Pared NTST in Schwab Account - Sold Highest Cost 10 Shares at $17.03 (7/9/25 Post)(profit snapshot = $10.3); Item # 4.D. Sold Highest Cost 10 NTST Shares at $16.8 (6/26/25 Post)(profit snapshot = $3.95, discussed 2025 first quarter report in this post, SEC Filed Press Release; SEC Filed Supplemental; SEC Filed Investor Presentation) 

C. Eliminated Lotto Position in HOLX - Sold 2 at $74.32: 

Quote: Hologic Inc. (HOLX)

Proceeds: $148.65

HOLX SEC Filings

I discussed this transaction in a comment published on 10/21/25.

Blackstone and TPG have entered into an agreement to acquire HOLX for $76 per share in cash plus up to another $3 per share upon achieving certain revenue milestones.  SEC Filed Press Release 

Profit Snapshot: $37.94

Last Discussed: Item # 2.E. Restarted HOLX-Bought 1 at $57.54; 1 at $53.17 (5/16/25 Post) 

Dividends: None

Prior Sell Discussions:  Item # 4.A. Eliminated HOLX - Sold 21+ at $75.69 (11/22/22 Post)(profit snapshot = net of $40.54);  Item # 2.B. Sold 9 HOLX at $78.52; 7 at $78.64 (6/1/22 Post)(profit snapshots = $90.22)

3. Treasury Bills Bought at Auction: 

A. Bought 20 T Bills Maturing at the 10/20/25 Auction - 2 Accounts: 

91 Day Bill

Matures on 1/22/26

Interest: $192.62

Investment Rate: 3.9%

B. Bought 20 T Bills at 10/20/25 Auction - 2 Accounts: 

182 Day Bill

Matures on 4/23/26

Interest: $370.06

Investment Rate: 3.781% 

C. Bought 10 T Bills at the 10/22/25 Auction:

119 Day Bill

Matures on 2/24/26: 

Interest: $123.46

Investment Rate: 3.834%

4. Bitcoin ETFs: 

Trump has caused the government to buy bitcoin in what he calls a strategic reserve.  I discussed that development in a post published on 9/27/25, scroll to Bitcoin.  Fact Sheet: President Donald J. Trump Establishes the Strategic Bitcoin Reserve and U.S. Digital Asset Stockpile 

Trump Media bought $2B in bitcoin and bitcoin related securities in July. (My video Trump Media's Massive Bitcoin Bet - YouTube, starting at 4:35), and see DJT 10-Q  at page 30.

I will add in 1 or 2 share lots to the 2 bitcoin ETFs discussed below, but each subsequent purchase will have to be at the lowest price in the chain. I prefer owning gold bullion as my alternative to the USD. 

I am buying FBTC in my Fidelity account and IBIT in my Schwab account. 

For now, my maximum limit on bitcoin ETF purchases is $2,000. I am not close to that maximum now. 

A. Added 1 FBTC at $92.71: 

Quote: Fidelity Wise Origin Bitcoin Fund Overview

Sponsor's website: Fidelity Wise Origin Bitcoin Fund

Investment Category: Blackjack Hand

Average cost per share: $95.97 (5 shares) 

Initial purchase discussion: Item # 3.A. Started FBTC as a Placeholder - Bought 2 at $97.4; 1 at $96.77 (9/13/25 Post)

B. Added 1 IBIT at $61.28: 

Quote: iShares Bitcoin Trust ETF Overview

Investment Category: Blackjack Hand

Sponsor's website: iShares Bitcoin Trust ETF | IBIT

New Average cost per share: $62.29 (3 shares)

Initial Purchase Discussion: Item # 3.B. Started IBIT as a Placeholder in Schwab Account - Bought 1 at $63.18 (9/13/25 Post)

5. Exchange Traded Bonds: 

A. Bought 10 HNNAZ at $24.7: 

Quote:  Hennessy Advisors Inc. 4.875% Notes due 2026 (HNNAZ) 

Cost $247

Issuer: Hennessy Advisors Inc. (HNNA) I discussed the issuer in Item # 1.G. above. As noted there, the issuer currently has more than enough cash to pay off this bond when it matures, and I do not foresee any problem in refinancing the debt over another 5 year term if the company wants to keep its cash.  

Prospectus 

Par value: $25

Status in Capital Structure: Senior unsecured debt

Matures on 12/31/26 (4 more quarterly interest payments remaining unless redeemed early at issuer's option) 

Optional redemption: On or after 12/31/23 at par + accrued and unpaid interest. 

Coupon: 4.875%

Current Yield at $24.7 total cost: 4.934%

The YTM is about 6.12% at a $24.7 total cost assuming the bond is paid off on 12/31/26. I used this calculator to compute YTM: Bond Yield Calculator

Last Ex Interest Date: 9/15/25

Trades Flat (whoever owns the bond on the ex interest date receives the entire payment with no accrued interest paid to the seller)

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.