ATLO, BCE, CION, DOC, EAI, ELC, FFBC, LGND, MAA, MDV, PFE, ROIV, T

Dollar Value of Trades Discussed in this Post: 

Inflow Common Stock Purchases (Item # 1): $1,276.84

Outflow Common Stock Sales (Item # 5): $1,1150.05

I pared 2 tiny Lotto positions where I have significant percentage gains (LGND & ROIV) and eliminated a small position in a dividend paying regional bank stock (ATLO) whose earnings have been disappointing and the company slashed its quarterly dividend from $.27 to $.20 effective for the 2024 4th quarter payment.   

Net Inflow Stocks: $126.79

I am in a neutral stock posture, where my proceeds will likely be close to the total cost of new purchases. I will be increasing my dividends since the purchases will be at much higher yields than the stocks being sold, many of which will pay no dividends. 

While I will generally own 200-250 stocks, my overall stock allocation is so low that I would only be nicked by a 30% decline in major stock indexes. 

Realized Gains Stocks: $308.3

Inflow Corporate Bonds (Item # 2): Bought 7 maturing in 2029 at a total cost of $6,923.43

Inflow Treasury Bills Purchased at Auction (Item # 3): $10,000 in principal amount)

I am not likely to buy more than 10 each week until I give up trying to find alternatives. 

Inflow Exchange Traded First Mortgage Bond (Item # 4): $416.6 

Inflow Junk Bond ETF (Item # 6): $265.65 

Cash Inflow Flow into Fidelity Account on 1/15/26 (Item # 7): $62,012.7

++++

Market Valuation Indicators: 

The Buffett Indicator: Market Cap to GDP - Updated Chart | Longtermtrends

S&P 500 PE Ratio - Shiller PE Ratio | Longtermtrends

Stock Market P/E Ratios - Yardeni Research

Crestmont P/E and Market Valuation: June 2025 - dshort - Advisor Perspectives

Q-Ratio and Market Valuation: June 2025 - dshort - Advisor Perspectives

S&P 500 Price to Sales Ratio (P/S Ratio)

S&P 500 Dividend Yield - Updated Chart | Longtermtrends

Current Market Valuation

This article was published last October: The stock market is more overvalued than at almost any time in U.S. history — by virtually every measure - MarketWatch (subscription publication)

Market Valuation: Is the Market Still Overvalued? - dshort - Advisor Perspectives (1/6/25)

+++

Economy: 

Businesses across the U.S. are beginning to pass tariff costs to consumers, Fed’s ‘beige book’ finds - MarketWatch (subscription publication) I would expect this pass on to accelerate if the Supreme Court finds that the non-sector tariffs were legally imposed by Trump under the International Emergency Economic Powers Act (IEEPA). A finding that those tariffs were illegally imposed, coupled with an order to refund the amounts collected, would lead to lower prices in the coming months.  

The Fed Beige Book - January 2026 

Consumer Price Index Summary - 2025 M12 Results

December CPI:

Annual numbers are not seasonally adjusted while the month-to-month numbers are. 

Annual CPI:  2.7%

Annual Core CPI: 2.6%

The unadjusted annual inflation increase in food at home was reported at 3.1%. The annual increase for 2024 was at 2.5%. I would attribute all or almost all of the increase year-over-year to the republican tariff taxes on food items imported from Mexico and other countries. 

This report will not prevent Trump from claiming that he has eliminated inflation or that he has brought food inflation down.  FactChecking Trump's Economic Speech - FactCheck.org

Here’s where inflation is hitting the middle class the most - MarketWatch (subscription publication)

It is not relevant that the inflation in "owners equivalent rent" is contributing to lower CPI numbers since homeowners do not actually pay rent to themselves. For homeowners, rising home prices is not an expense but a source of increased profit on their homes when sold. 

Trump: Any country doing business with Iran faces 25% tariff (1/12/26);  This new tariff is effective immediately. If implemented, this may end the current trade war truce with China. Trump's Iran tariff threat risks reopening China rift | Reuters

Trump calls for one-year cap on credit card interest rates at 10% As noted in that article, the most liberal democrats quickly announced their support for this cap. If implemented, it will reduce interest costs for some consumers while others will experience reduced or no credit availability. 

In a Truth Social post, Trump ordered his "Representatives" to "BUY 200 BILLION IN MORTGAGE BONDS", claiming that those representatives have the cash to fund the purchases that he has ordered. Truth Social post on 1/8/26; Trump orders representatives to buy $200B in mortgage bonds His Representatives have been identified as Freddie Mac and Fannie Mae who do not have $200B in cash. 

It is not clear how Freddie and Fannie will purchase another $200B in mortgage securities without either selling what they currently own or increasing their leverage to the maximum amount allowable under law. Increasing debt to buy bonds could end up causing both to go bankrupt again, as they did in 2008, or becoming restricted in their ability to finance new mortgage loans. 

However the purchases are funded, there will not be much, if any, impact on mortgage rates, other than over the short term, and certainly none worth the additional substantial risk to those institutions. Trump announces $200B bond purchase in bid to lower mortgage rates - POLITICO (an expert noted that the $200 billion purchase ordered by Trump "will lower rates a little bit" but will also expose Fannie and Freddie to serious risks. What Trump is doing is not good policy but that is irrelevant ahead of what may be an unfavorable outcome to Trump in the upcoming midterm elections. 

Trump's $200 Billion Mortgage Buying Spree Unlikely To Move Rates Much

After saying for months that the "affordability" issue was a Democrat hoax, Trump Says Affordability Is a ‘Hoax’ Started by the Democrats - YouTube, over the past week or so, Trump has taken multiple unilateral actions to improve "affordability", or so he claims, using that very word as the justification. Trump Is Embracing ‘Affordability’—After Previously Slamming It As A ‘Hoax’  

The regulatory authority for Fannie and Freddie is the Federal Housing Finance Agency described as an "independent agency" according to its website. Home | FHFA The FHFA is run by William J. Pulte, who is simply a Trump minion and consequently FHFA is no longer an independent agency. 

Federal Reserve hit with DOJ subpoenas in criminal probe over Chair Jerome Powell testimony Powell: "The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the president".

Greenspan, Bernanke, Yellen and other past officials say Trump using 'prosecutorial attacks' to undermine Fed

The subpoenas were issued by a D.C. grand jury. The Federal D.A. in charge of Washington D.C. is the former Fox personality Jeanine Pirro appointed by Trump. She was frequently parodied on SNL. Best of Cecily Strong as Jeanine Pirro on SNL - YouTube  

Trump will try to end the Fed's independence one way or another. He has already ended the independence of other formerly independent agencies, bringing them under his direct control or, in some cases, just closing or gutting the agency created by Congress on his own initiative. The republicans may have a different opinion about the Supreme Court legitimizes that result when a liberal Democrat becomes President. 

It remains  a question whether the 6 Republican Justices will prevent Trump from ending the Fed's independence. Any attempt to do so would be inconsistent with their reasoning in other cases and will be nothing more or less than a judge made policy decision. (see analysis in this article: The Supreme Court Left the Fed Vulnerable - The Atlantic) 

Trump attacks Powell amid Fed fears: 'That jerk will be gone soon'

The 6 Supreme Court Monarchists have already expanded Trump's power by allowing him to fire, without cause, members of formerly independent agencies created by Congress. And, it is widely expected that the 6 Republican Justices will soon overturn the 1935 decision, Humphrey's Executor v. United States, 295 U.S. 602 (1935) in order to give Trump even more unchecked power with no effective checks and balances. 

The 6 Republican Justices  know the person who is receiving enhanced and unchecked power, and they knew who they were protecting him in the creation of a near absolute immunity from criminal prosecution in Trump v. United States (absolute IMO as a practical matter) and in the Fischer v. United States decision as well where there rewrote a criminal statute that had the effect of protecting Trump from obstruction of an official proceeding criminal charge. Roberts wrote both opinions, and is the primary architect behind creating Presidential powers that would have been envied by King George in 1776. Republicans call that a conservative judicial approach. 

Trump’s “Economy” Speech Went off the Rails - YouTube

Trump tariffs lead to rising layoffs inside supply chain jobs: Survey

Trump assails 'windmills' and wind energy as junk: 'They're losers'- USA Today Trump recently issued an executive order stopping the construction of offshore windmills claiming they endangered national security. Donald Trump Suffers Legal Blow in His War Against Windmills - Newsweek

Trump also justified imposing high tariffs on bathroom vanities and kitchen cabinets imports on the grounds that those imports threatened U.S. national security. What to know about new U.S. tariffs on cabinets, vanities and some wooden furnitureExpect to pay more for furniture, home remodels with new tariffs set to kick in  

Anything that Trump wants to do unilaterally is justified with this rationale no matter how ridiculous, something I would expect a dictator to do.  

Trump says that he will unilaterally impound federal funds that would are required by law to be sent to Democrat controlled states and major cities.  Trump says he's withholding funds from sanctuary cities and states   

++++

Trump and His Orwellian Party: 

No one should be surprised when Trump and his apartichicks claim fraud in the 2026 midterm elections without, of course, having any real proof admissible in a Court, followed by Trump issuing an order to seize the voting machines, which he was talked out of doing in 2020. 

The order will then be carried out by Noem's DHS or some other agency such as the Hegseth Department of War. Voting machines will be seized in the event the election is close and Trump fears losing a majority in the Senate and/or House. 

Fascists will not easily relinquish their power just because the election results go the wrong way. And the U.S. now has its first fascist government.  

Trump recently stated in an interview earlier this month that he regrets not seizing the voting machines after the 2020 election. President Trump said in an interview that he regretted not seizing voting machines after the 2020 election

Trump was talked out of seizing voting machines by the Secretaries of DHS, DOJ, and DOD after the 2020 election. How Trump attempted to use federal agencies to seize voting machines after 2020 election; Trump asked DOJ to seize voting machines, former DOJ officials testify; Trump was repeatedly warned he did not have the authority to seize voting machines, officials tell special counsel 

The same impediment no longer exists with Noem, Bondi and Hegseth in control of those agencies. They will do whatever Trump orders IMO. 

Only voting machines located in major cities that have significant majorities voting for Democrats will be seized and only those located in swing states. There will be tens of millions in America who will support that seizure and will see nothing at all wrong with it. 

Autocracy in America: ICE and the National Guard - The Atlantic (subscription publication)  Anne Applebaum, who has written several book on authoritarian movements, is interviewed in this article.

Amazon.com : Anne Applebaum books

Senator Elissa Slotkin (D) says Trump administration investigating her over illegal orders video She stated the law that soldiers do not have to obey an illegal order. The Trump acolyte and former Fox personality JeanF

++

ICE Creating Instability and Violence in Minnesota: 

JD Vance Declares: ICE Agent Has 'Absolute Immunity' In Trump's America, ICE agents could murder hundreds of peaceful protesters and have absolute immunity from any criminal prosecution for mass murder. It is an incredible claim, made more so since it comes from the Vice President of the U.S. who may become President.  

Stephen Miller had previously stated that ICE officers had absolute immunity, which is clearly not the law, but will lead to many violating the constitutional rights of citizens and to harm or kill them believing that they are above the law. That is what they have been told by the Trump Administration. Homeland Security on X: "REMINDER. “To all ICE officers: You have federal immunity in the conduct of your duties. Anybody who lays a hand on you or tries to stop you or tries to obstruct you is committing a felony. You have immunity to perform your duties; DHS Pushes Video of Stephen Miller Telling ICE Agents They Have Immunity;  Trump adviser says ICE officers have ‘federal immunity’ — but do they? | The Independent; Do ICE agents have absolute immunity? No, experts say, but it’s not easy for a state to prosecute | CNN Politics

Vance Says ICE Agent Who Killed Renee Good Deserves Gratitude - YouTube

Vance blames victim of fatal ICE shooting at White House briefing | PBS News Vance claims that the shooting victim deserved what happened to her, being a part of what he called her "left-wing ideology". He further claimed  that the media reporting on this incident, such as showing viewers videos and interviewing witnesses, was an "absolute disgrace". Vance said he was not concerned about prejudging what happened before the FBI investigation was complete. Trump's FBI IMO was told by its bosses the results of the "investigation" soon after the incident based on public statements made by Trump, Noem and Vance.  

Maybe Jonathan Ross will release any medical evidence that he was hit by the car. I have been looking online for those documents but have not found them yet. If the medical records confirmed an injury, why not release them? 

Ross showed no indication of a limp after shooting Ms. Good as he casually walked to her vehicle that crashed into another car. I did read an article earlier this week where sources claimed that Ross suffered internal bleeding in his torso after the accident but, even if true,  that may not be connected with this incident but a prior one or a pre-existing medical condition. ICE agent who shot Renee Good suffered internal bleeding, officials say - CBS News

Hopefully, the state will be able to do a proper investigation despite the FBI's ongoing effort to obstruct the state investigation instigated at the highest levels of the U.S. government, confirmed by Trump in his own words. Trump Says He’s Freezing State Out Of ICE Probe Because Walz Is 'Stupid'   

A cell phone video taken by the ICE officer who shot Ms. Good records him calling her a " fucking bitch" after she was shot in the face. It has not yet been confirmed by DHS that this was the shooter who made that statement but I have not seen a denial from Ross or the DHS that it was someone else. 

Prior to being shot, Ms. Good was friendly to the ICE officer thought the Trump narrative claims that she was being very disrespectful .   

Ms Good was turning the vehicle to the right, attempting to avoid the ICE officer who was standing near the front of the vehicle contrary to protocol, and she was slowing moving away when the officer, while standing at least one foot away from the car extended his arm and fired 1 or 2 shots into her face. That is clear from one of the videos which proves that fact. 

There was an acceleration after she was shot multiple times, a normal reflex action after being shot that does nothing to support the Trump/Vance/Noem narrative formulated before the public even knew her name and prior to any investigation being started by Trump's compliant FBI. The cellphone wobble after the officer, holding it in one hand while reaching for his firearm with the other, and quickly firing shots at Ms. Good's face, does not support the Administration's narrative. 

In the search for the truth about what actually happened, Ms Good's body has been examined by a coroner who will be able to determine the trajectory and angle of the shots and that can be linked to the video footage showing the ICE Officer firing shots at an angle with his arm extended and not close to the car that was turning to his right as shown in the frame by frame of one video. 

Trump's FBI will not be able to bury the coroner's report in what appears to be ongoing federal law enforcement cover up orchestrated at the highest levels of the U.S. Government. Trump, Vance, Noem, the FBI and DOJ have zero interest in what the report says or any other evidence, including eyewitness testimony from non-ICE officers, that questions their narrative formulated within minutes or hours after Ms. Good was killed. Were all the shots fired after Ms. Good had turned the vehicle away from Ross? 

Donald Trump’s Top Goon Sparks Outrage by Praising ICE Agent Who Shot Mom: 'Hats Off!'  Maybe Trump will give Ross the highest honor awarded to a civilian by the U.S. government - The Presidential Medal of Freedom Maybe the republicans will name a holiday or at least a battleship after him. 

When the State Blocks the Doctor: The Medical Ethics of Renee Good’s Killing | by Dr. Aiken Dao | Jan, 2026 | Medium There is a video of ICE blocking a doctor immediately after the shooting from rendering aid to Ms. Good. 

Woman killed by ICE agent was mother of 3, poet and new to Minneapolis | PBS News Have Trump and others  working for him expressed anything remotely resembling genuine sympathy? 

Noem and many others at the highest levels in the Trump Administration do not even try to fake it. They would just look ridiculous.  

Psychopaths may be able to fake empathy and compassion, as Trump and many other republicans routinely do in a non-convincing manner except to Trump's cult members who believe Trump is Honest, a Christian Chosen by God to Rule, and actually cares about them. 20 Signs You May Be Dealing With a Psychopath

Jim Acosta reacts to DHS Neo-Nazi post + ICE terrorizing Americans - YouTube Disturbing New Videos Show ICE Harassing Minneapolis Residents - YouTube 

The Deputy AG and former Trump attorney Todd Blanche stated that there was no basis to open a criminal investigation of the ICE Officer who killed Ms. Good. ICE shooting in Minneapolis has "no basis" for criminal rights investigation, DOJ says Mass exodus hits Justice Department's Civil Rights Division amid lack of action in Minneapolis, sources say - CBS News

ICE Agent Jonathan Ross Might File Defamation Suit—Tom Homan - Newsweek When he files a lawsuit, his deposition will be interesting along with the depositions of other non-ICE witnesses including the physician who examined him after the incident and the coroner. Perhaps he will admit under oath that he called her a "fucking bitch" after shooting her in the face in order to gain sympathy with the Trumpsters on the jury.  

Instead of opening an investigation of the shooter, the DOJ ordered federal prosecutors in Minneapolis to launch a criminal investigation of  Ms. Good's widow, Rebecca Good, which prompted at least 6 of them to resign including the long term career prosecutor Joseph H. Thompson. 6 Minnesota prosecutors resign over DOJ push to charge Renee Good's widow More prosecutors resign as DOJ orders investigation of Renee Good's widow - Raw Story; Feds want to charge ICE shooting victim Renee Nicole Good's WIDOW with crimes It is not clear yet who gave that order, but it had to come from Bondi and/or Blanche. The ultimate source would be the White House, either Trump directly or through an intermediary.  

All ethical attorneys need to resign from Trump's DOJ. If they do not, they could easily face disciplinary sanctions by their state bar disciplinary boards for doing what Bondi, Blanche and Trump demand of them or at a minimum be asked to do something that clearly violates their duties and oaths as government attorneys. Let the MAGA incompetents go up against highly competent attorneys hired by the targets of Trump's vengeance campaign or victims of law violations committed by Trump or his servants throughout governmental agencies.

Anyone with video evidence and all eyewitnesses will hopefully cooperate with the state investigation.  

Citizens need to take cell phone videos of ICE and Border Patrol agents attacking civilians exercising their constitutional rights, something that appears to a routine part of ICE/Border Patrol operations and posting them online. 

The CEO and Founder of a Minnesota company, Harmony Investment Group, was caught on tape yelling at ICE protestors, making the following statements: "You liberal commie motherfuckers"; "These people are fucking terrorists"; and "The storm is here. When we come . . . no one can stop what is coming". Deadline Detroit | Troy CEO Resigns After Viral Video Shows Him Screaming at Anti-ICE Protestors, 'We Executed One of You Yesterday'; ‘We executed one of you yesterday’: Michigan CEO steps downafter protest - mlive.com He will not have any difficulty finding a job, plenty of republicans agree with his comments. 

Donald Trump tells Minnesotans that 'day of reckoning & retribution' is coming - Washington Times; Donald Trump Threatens 'DAY OF RECKONING & RETRIBUTION' in Minnesota - Newsweek I am not sure what that means but he is threatening and likely imposes physical danger to anyone who is engaging in their First Amendment rights to protest. Trump has flooded Minneapolis with his army, so more injuries and deaths will result from that action.  

Republicans have two separate rules for protest. 

Attempting to prevent the peaceful transfer of power, storming the capital on 1/6, breaking and stealing a lot of stuff, and physically attacking police officers is in Trump's America a commendable protest performed by "true patriots", but protesting the killing of Ms. Good is not acceptable and will result in the Republicans meting out "RECKONING AND RETRIBUTION" for anyone daring to criticize Trump and DHS. Jon on ICE's Killing of Renee Good and Trump's Model of Compliance for Protesters | The Daily Show - YouTube

The 6 Republican Supreme Court Justices have allowed DHS to engage in racial profiling and to question and detain people based on their skin color, accents, physical appearance, and other personal characteristics. This is now called the Kavanaugh Rule by lawyers. Kavanaugh CALLED OUT for Enabling Racial Profiling-YouTube; Justice Brett Kavanaugh and racial proxies - SCOTUSblog; Supreme Court Allows Unconstitutional Racial Profiling | Project On Government Oversight  

+++

Pentagon to cut Sen. Mark Kelly retirement pay over video: Hegseth In the video, Senator Kelly stated the law that soldiers have a duty to disobey unlawful orders. Sen. Kelly sues DOD Sec. Hegseth, says he was punished for 'disfavored political speech'; Complaint.pdf Kelly has a high power legal, consisting of 7 lawyers, from Arnold & Porter. 

{There are still lawyers who have not been intimidated by Trump's extortion and bribery schemes. The Paramount and Global Law Firm Settlements With Trump Don’t Constitute Bribery | Lawfare; Inside the Trump administration’s extortion-industrial complex | The Foundation for Individual Rights and Expression;  Trump attacks on law firms begin to chill pro bono work on unfavorable causes; Targeting of law firms and lawyers under the second Trump administration - Wikipedia; Law Firm Independence Under Attack With Executive Orders | ACS}

The Trump acolyte and former Fox personality Jeanine Pirro, is reportedly using her position as the Federal D.A. in D.C. to criminally investigate the Democrats who made those accurate statements of military law including Senator Kelly and Jason Crow, both of whom served in combat unlike Mr. Bone Spurs.

In Truth Social posts, Trump made it clear to Pirro that the 6 Democrats had committed sedition and deserved to be killed, his exact words: 

Trump accuses Democrats of 'seditious behavior, punishable by death,' for urging military to ignore illegal orders

Judge Jeanine Targets Military Hero After Trump Threats; Jason Crow says prosecutors contacted him over military video on refusing illegal ordersJason Crow among Democrats who say Trump administration is investigating them over video message to troops - The Colorado Sun

Trump says his 'own morality' is the only potential limit to his global power - ABC News; Maggie Haberman: Trump Is 'Emboldened' Like Never Before Trump is claiming that any order that he gives is lawful just because he gave it. There are no limits to the President's use of military force according to Trump.  

Trump signed a memo last week directing that the U.S. withdraw from 66 international organizations. Withdrawing the United States from International Organizations, Conventions, and Treaties that Are Contrary to the Interests of the United States – The White House; Trump orders US withdrawal from 66 international organizations, including UN climate bodies - JURIST - News Trump is the sole judge on what is and is not in the nation's interest. The only limit on his assertion of power, and this is at best a potential restraint, is his own morality. He has none IMO so there is no limit on his exercise of power in his opinion, something that he has said many times in the past. In his own words, Trump rules the U.S. and the World.      

Minneapolis schools cancel classes after ICE raid at high school the same day Renee Nicole Good was killed; After Border Patrol clash at Roosevelt Minneapolis schools cancel classes | MPR News  Nothing that ICE says about anything can be accepted at face value. Videos of their actions and eyewitness testimony need to reviewed by impartial investigators unaffiliated with Trump's government. That will not happen in Republican controlled jurisdictions. 

No claim by Trump or any representative in his Administration can be taken at face value. I expect a deluge of demonstrably false statements throughout every day of every week. 

Trump and Greenland: 

NATO nations deploy to Greenland after tense White House talks

Trump: ‘We are going to do something on Greenland whether they like it or not’ Trump: "I would like to make a deal, you know, the easy way. But if we don’t do it the easy way, we’re going to do it the hard way."; Greenland rejects Trump's threats, with one lawmaker saying it "is not a product, we're a people" - YouTube; Greenland PM's message for Trump: 'We choose Denmark' over the U.S.

These Billionaires Bet Big On Greenland—After Trump Took Interest - YouTube (Forbes YouTube Channel)

If the U.S. military invades Greenland, the other NATO would be duty bound to engage the U.S. under Article 5. Trump Is Risking a Global Catastrophe - The Atlantic; Denmark’s Army Chief Says He’s Ready to Defend Greenland - The Atlantic Putin would very much like to see this happen which is one reason why it may happen. 

Republican U.S. Foreign Policy: There is no longer a rules based international order after what Trump has done during the first year of his second term and will likely do in the next 3 years. Treaties do not matter. Allies do not matter. The U.S. can just take Greenland, a territory of an ally and NATO member, because it can. The U.S. can strong arm Venezuela to give its oil to Trump, allegedly in his capacity as President, because the U.S. can.  

Stephen Miller summed up the Republican U.S. foreign policy in a recent interview: "The United States of America is running Venezuela. By definition, that's true. Jake, we live in a law, I'm sorry, we live in a world in which you can talk all you want about international niceties and everything else, but we live in a world, in the real world, Jake, that is governed by strength, that is governed by force, that is governed by power. These are the iron laws of the world that have existed since the beginning of time. . .  We're a superpower. And under President Trump, we are going to conduct ourselves as a superpower . . . The future of the free world, Jake, depends on America being able to assert ourselves and our interests without apology."  

Transcript starting at 17:35.11

French president accuses United States of turning away from NATO | ABC NEWS - YouTube; French working with European allies on US threats - YouTube; A U.S. takeover of Greenland could be 'shattering of NATO,' warns Canada's former military commander Putin would like for Trump to shatter the NATO alliance. 

Why is Trump Fighting NATO Instead of Putin? | Command Post - YouTube

++

Trump Went on 'Profanity-Laced Rant' at Susan Collins: Report; Trump dials Collins with ‘profanity-laced rant’ over Venezuela war powers vote Trump has demanded that all 5 Senate Republicans who voted with the Democrats on the war powers resolution be defeated in the next republican primaries. Susan Collins is up for reelection in 2026. Trump's rage rant may actually help her in Maine. He finally managed to convince 2 of the 5 republican senators to change their vote which killed the War Powers Resolution, removing a congressional restraint on Trump starting a war.  Two Republicans flip, defeating war powers resolution after intense Trump pressure Those 2 senators were Hawley (MO) and Young (IND) Both states are Trump territory and likely to remain so no matter what he does. 

Trump weighs potential military intervention in Iran 

DOJ Fires Robert McBride for Not Going After James Comey;  Trump/Bondi's DOJ is in a Lawless Free Fall as they Fire ANOTHER Federal Top Prosecutor - YouTube

The Crack-Up of Trump’s Base Is Greatly Exaggerated - The Atlantic I would agree with the author that almost all Trumpsters are still 100% with Trump. He is not losing his base IMO but is shedding approval ratings from some marginal Trump voters primarily millenials and some independents. His job approval rating among republicans remains extremely high at 94%. Do not expect much slippage from that number. Newsweek If Trump invades Greenland, gets the U.S. in a hot war with European countries, or otherwise causes the end to NATO which will make Putin happy, with stagflation roaring in the later part of his term, it is conceivable that his approval rating among republicans would slip to 90%, but not below. 

++

Trump and Iran: 

Oil falls more than 4% as traders see Trump backing away from Iran strike threats Trump had placed the U.S. in a box, stating that the protests needed to continue, notwithstanding thousands of deaths, because the U.S. had their back and would intervene militarily. 

So he needed to engage in military strikes against Iran, starting a war, or be blamed for making false promises that resulted in many of them dying believing the U.S. was going to intervene to decapitate the authoritarian leaders that have ruined Iran's economy.  

His resolution was simply to say that sources told him that Iran would quit killing the protesters and would not execute its first protester today. Iran protests: Trump stalls on US intervention leaving an uncertain future for a bitterly divided nation So what happens when the killing continues? What does Trump do then?  

I do believe that the Iranian regime is in more danger now of being overthrown than at any time since it overthrew the Shah, but I still view the possibility as remote as long as the army and Islamic Revolutionary Guard Corps (IRGC) remain loyal to the regime. They will simply keep killing protesters until they stop protesting. 

The deteriorating economic conditions caused by the exceedingly incompetent regime, coupled with widespread corruption by those in power, will continue to result in mass protests until there is a regime change. Those in power now know what will happen to them, if they stay in Iran, when that happens.    

+++

1. Small Ball Common Stock Buys: 

A. Added 10 PFE at $25.21 - Fidelity Account: 

Quote: Pfizer Inc. (PFE)

Cost: $252.1

PFE | Pfizer Inc. Analyst Estimates | MarketWatch

PFE SEC Filings

10-Q for the Q/E 9/30/25 

Investment Category: Bond Substitute. This category only defines the objective which is to harvest the dividend and exit the position at a 2%+ annual gain on the shares.  

Stocks that I label as bond substitutes will generally have a significantly higher dividend yield than a S&P500 ETF and will also be higher than the yield-to-maturity of senior unsecured debt issued by the company maturing in less than 5 years. The goal is simply to harvest the dividend and escape at some point with an annualized profit of 2% or higher on the stock. I am currently in the hold with this position.  

Pfizer's Failed Strategy of Growth Through Expensive Acquisitions: The Board has learned nothing from Pfizer's poor stock performance and the fact that the current market capitalization is significantly less than 1/2 of the total acquisition costs starting with Warner Lambert in 1999.  

Some Acquisitions Starting in 2009: 

Warner Lambert: $90.2B

Wyeth: $68B

Pharmacia: $60B

Hospira: $17B

Medivation: $14.3B

Biohaven: 11.6B

Array: $11.4B

Arena: $6.7B

Global Blood Therapeutics: $5.4B

Anacor: $5.2B 

King Pharmaceuticals: $3.6B

Trillium: $2.26B

Seagen: $43B

Total: $338.66B

Market Capitalization at $25.21: About $145B

The PFE average annual total return starting on 1/1/1999 through 1/9/2025 was 2.01%. Total return includes dividend reinvestment. DRIP Returns Calculator | Dividend Channel  The PFE average annual total return over the past ten years was  2.48% compared to  13.66% for the S&P 500 ETF SPY and 30.37% for LLY.  

Consequently, I have a very negative view of Pfizer's Board and leadership. 

Has the Board learned anything from this history. No IMO. My grade for Pfizer's governance is a generous F-.  

New Average cost per share: $27.94 (74+ shares)

Snapshot Intraday 1/8/25 after add

I intend to take this position to 100 shares excluding shares purchased with dividends I will likely start to pare when and if I am able to sell the highest cost shares profitably. 

Dividend: Quarterly at $.43 per share ($1.72 annually), last raised from $.42 effective for the 2025 first quarter payment. In the 2015 4th quarter, the quarterly dividend was $.28 per share. Note that the quarterly dividend was raised $.02 per share each year starting in 2019  through 2020. The increase thereafter has been $.01 per share. There was also a quarterly dividend slash effective for the second quarter of 2009. The stated reason was to help Pfizer pay for its $68B acquisition of Wyeth. This is what I hade to say in 2009 about that acquisition: Pfizer: Wyeth acquisition as more proof of Pfizer's failures (1/25/2009) 

PFE Stock Dividend History & Date | Seeking Alpha

I am reinvesting the dividend. 

Yield at $27.94 AC: 6.156%

Reduced from $28.39

Next Ex Dividend: 1/23/25

Last Earnings Report (Q/E 9/30/25): I discussed this report in a recent post.  Item # 1.H. Added 2 PFE at $24.28(11/8/25 Post); SEC Filed Press Release 

Some Sell Discussions: Item # 3.E. Eliminated PFE in Schwab Account - Sold 9 at $29.28 (5/24/24 Post)(profit snapshot=$187.81); 

Item # 1.E. Eliminated PFE in 2 Accounts: Sold 7 at $41.26 and 3+ at $41.29  (3/6/23 Post)(profit snapshot = $48.92; snapshots of prior realized gains over $100, staring in 2006, can be found in that post.); Item # 3.J. Sold PFE Shares Bought with Dividends at $51.714 and at $60.93(12/16/21 Post); Item # 2.M. Sold 6 at $36.69 (11/28/20 Post)(profit snapshot = $43.6); Item # 4.A. Sold Remaining 33 PFE shares  at $33.44 (8/13/2017 Post)(profit snapshot = $90.67); Item # 3.A. Sold 100 PFE at $34.03 (7/13/17 Post)(profit snapshot = $143.42); Item # 3.A. Sold 100 PFE at $34.65 (3/13/17 Post)(profit snapshot = $235.86); Item # 1 Sold: 100 PFE at $31.68 (5/17/14 Post)(profit snapshot = $282.12) Buy discussions are linked in those posts.

PFE Realized Gains Starting in 2009: $1,316.21

Goal: I will declare victory when and if I can exit the position after harvesting multiple dividends and selling the stock for a 2% or higher annual profit gain. 

B. Added 5 MDV at $14.1 - Fidelity Account: 

Quote: Modiv Industrial Inc. Cl C (MDV) - Net Lease Industrial Manufacturing REIT

Cost: $70.5  

Property Types and 20 Top Tenants as of 9/30/25: 

Last Discussed: Item # 1.J. Added 5 MDV at $14.2-Schwab Account (10/18/25 Post) I discussed the 2025 second quarter report in that post. SEC Filed Earnings Press Release; SEC Filed Supplemental

MDV SEC Filings

Investment Category: Equity REIT Common and Preferred Stock Basket Strategy

Average cost per share this account: $14.28 (15 shares)

Dividend: Monthly at $.0975 per share ($1.17 annually)

MDV Stock Dividend History & Date | Seeking Alpha

I am expecting the dividends paid in 2025 to be classified as ROC 

I do not make adjustments to the dividend yields to delete the ROC supported portion. Instead, I look at the stock from a total return perspective which requires me to exclude the profit generated by the ROC adjustments to the tax basis and then add the dividend yield to that adjusted profit number using the original tax cost basis. I discussed the reasons for taking this approach in a comment published on 

Yield at $14.28: 8.19%

Last Ex Dividend: 12/31/25

Last Earnings Report (Q/E 9/30/25): 

SEC Filed Press Release and SEC Filed Supplemental 

Diluted Shares Outstanding: 11.791+M

The market capitalization at $14.1 is about $166.256+M 

Revenue: $11.687M

FFO per share: $.33

AFFO per share: $.36, up from $.34 in the 2024 3rd Q.

9 Month AFFO per share:  $1.07, up from $.97 

Reconciliation: 

Weighted average lease term: 14.2 years 

The average weighted interest for the $280.5M in debt was 4.27% as of 9/30/25, Supplemental at page 16.

Leverage Ratio at 47.7%, Supplemental at page 15.

C. Added to Falling Knife BCE in Schwab Account - Bought 3 at $23.35+: 

Quotes: 

USDs: BCE Inc.  (BCE)

CADs: BCE Inc  (Canada: Toronto)

Canadian Dollar to US Dollar Exchange Rate Chart | Xe

Cost: $70.07

BCE is Canada's largest telecommunications company.  BCE - Bell Canada Enterprises

52 Week Price Range: US$20.28 - US$$26.02

5 Year Chart: Major Bear Market Pattern with a high over $55 in March 2022 followed by a series of lower highs and lows. 

Snapshot after pare

BCE Analyst Estimates | MarketWatch

BCE Investor Relations

BCE SEC Filings

New average cost per share this account: $24.67 (15 shares)  

Dividends in USDs: Paid quarterly

BCE Inc. (BCE) Stock Dividend History & Date | Seeking Alpha

The amount will depend on the CAD/USD exchange rate. When paid into a U.S. citizens taxable account, Canada will withhold a 15% tax. 

There was a dividend slash effective for the 2025 second quarter payment.   

Yield: It is not possible to calculate a yield since the CAD/USD exchange rate will vary from quarter-to-quarter. The average of the last 3 payments in USDs, before the Canadian withholding tax, was $.319 ($1.276 annually). Assuming that penny rate for 4 quarters, the yield at $24.67 would be about 5.17%. 

I will recoup most of the foreign dividend taxes through the foreign tax credit. Foreign Tax: Credit or Deduction? | Charles Schwab

Part of the weakness in the share price has been the decline in CAD/USD exchange rate that results in the USD priced shares underperforming the shares priced in CADs. 

Last Ex dividend: 12/15/25

Some Material Developments: BCE to acquire Ziply Fiber, accelerating its fibre growth strategy across North America; Experience Lightning-Fast Fiber Optic Internet | Ziply Fiber; BCE sells its minority stake in MLSE | BCE Inc.

Last Earnings Report (Q/E 9/30/25): 

BCE reports third quarter 2025 results 

For a company with a smashed stock price, this looked okay to me. 

D. Added to FFBC - Bought 5 at $25.79: 

Quote: First Financial Bancorp (Ohio) (FFBC)

Cost: $128.95

FFBC is a bank holding company whose subsidiary, First Financial Bank, operates "127 full service banking centers as of September 30, 2025, located in Ohio, Indiana, Kentucky and Illinois." 

Investment Category: Regional Bank Basket Strategy

FFBC Analyst Estimates | MarketWatch 

FFBC SEC Filings

New Average cost per share: $24.33 (25 shares) 

Raised from $23.97.

Dividend: Quarterly at $.25 per share, last raised from $.24 effective for the 2025 third quarter. The rate was at $.16 in the 2025 4th quarter. I did own the stock when several special dividends were paid back in 2011-2013.  

FFBC Stock Dividend History & Date | Seeking Alpha

Yield at $24.33: 4.11%

Last Ex Dividend: 12/1/25 (owned 20 shares as of)

Last Earnings Report (Q/E 9/30/25): I discussed this report in a recent post. Item # 1.D. Restarted FFBC - Bought 10 at $24.26; 5 at $23.85; 5 at $23.5 (11/1/25 Post); SEC Filed Press Release and SEC Filed Earnings Presentation

I became more comfortable owning FFBC after reviewing that report. 

Prior Sell Discussions: Item # 2.A. Sold 60+ at $21.52 (3/8/24 Post)(profit snapshot = $358.63); Item # 5.A. Pared FFBC in Fidelity Account- Sold 20+ at $25.5 and Item # 5.B. Eliminated FFBC in Vanguard Account -Sold 10 at $25.89 (11/29/22 Post)(profit snapshot = $184.33); Item # 1.N. Pared FFBC in Fidelity Account - Sold 25 Shares at $26.2 - Highest Cost Lots (4/1/21 Post)(profit snapshot = $30.91); Item # 3.A. Sold 84+ FFBC at $28.1 (3/24/17 Post)(profit snapshot = $1,129.21); Item # 4 Sold 52 FFBC at $21.25-Update For Regional Bank Basket Strategy As Of 8/18/2016 - South Gent | Seeking Alpha (profit snapshot = $280.72); Item # 1 Sold 50 FFBC at $20.11-Update For Regional Bank Basket Strategy As Of 7/12/16 - South Gent | Seeking Alpha (profit snapshot = $215.98); Item # 3 Sold 50 FFBC at $19.25 Update For Regional Bank Basket Strategy As Of 5/4/16 - South Gent | Seeking Alpha (profit snapshot = $52.76); Item # 4 Sold 57 FFBC at $17.03-Highest Cost Shares (12/23/13)(profit snapshot = $37.68)

FFBC Realized Gains to Date: $2,515.54

E. Added to CION - Bought 10 at $9.61: 

Quote: CION Investment Corp.  (CION) - Externally Managed BDC

Cost: $96.15

52 week range: $8.51-$12.71 (The low was hit in early April 2025 when the stock market was in a precipitous decline due to Trump's trade war announcement). 

Website: Home - CION Investment Corporation

SEC Filed 2024 Annual Report Risk factor summary starts at page 29 and ends at page 57.

10-Q for the Q/E 9/30/25 A summary of investments starts at page 5.

Net Asset Value per share history: 

9/30/25:  $14.86

12/31/24: $15.43

12/31/23: $16.23

12/31/22: $15.98

12/31/21: $16.34

The stock commenced trading under the ticker CION in October 2021 after a 1 for 2 reverse split in 9/2021. SEC Filing The per share data prior to that reverse split needs to be doubled.  

New Average cost per share: $9.99 (60 shares) 

Dividend: Monthly at $.10 per share. Effective for the first payment in 2026, CION switched from a quarterly payment of $.36 per share to a quarterly payment of $.30 paid in monthly installments. This was a dividend slash.  

The company provided no explanation for the slash, nor did the press release even acknowledge it was a slash. SEC Filed Press Release I am expecting dividend slashes for BDCs.  

CION Stock Dividend History & Date | Seeking Alpha

Special dividends were paid in 2021 through 2024 totalling $.62 per share. 

When short term interest rates were rising starting in 2022 until the FED started to cut the federal funds rate in September 2024, the floating rate loans repriced their coupons at higher rates generating more net investment income. Rather than changing the regular dividend amount, or only increasing it slightly, many BDCs opted to pay special dividends to flush out what proved to be temporary increases in interest income.

I do not anticipate any additional special dividends or an increase in the regular dividend until the FED is well into an interest rate hiking cycle. 

Last Ex Dividend:  12/1/25  (owned 50 as of)

Last Earnings Report (Q/E 9/30/25): I discussed this report in a recent post. Item # 1.A. Started CION - Bought 50 at  $10.06 (12/5/25 Post); SEC Filed Press Release and Supplemental

Maximum Position: 100 shares

The limit is consistent with an income producing stock that is a Lotto. The maximum exposure for such stocks is $1,000 + any past realized gains. 

Purchase Restriction: 5 or 10 share lots with each subsequent purchase required to be at the lowest price in the chain. 

F. Added to T - Bought 5 at $23.66; 5 at $23.2 (Schwab Account): 

Quote: AT&T Inc. (T)

Cost: $234.3

10-Q for the Q/E 9/30/25

T Analyst Estimates | MarketWatch

T SEC Filings

New Average cost per share: $23.64 (15 shares)

Dividend: Quarterly at $.2775 per share ($1.11 annually), last reduced from $.3927 in connection with the Warner spinoff. 

T  Stock Dividend History & Date | Seeking Alpha

Yield at $23.64: 4.695%

Last Ex Dividend: 1/12/25  (owned 5 as of)

Last Earnings Report (Q/E 9/30/25): I discussed this report in a recent post. Item # 1.G. Restarted T in Schwab Account - Bought 5 at $25.05 (12/25/25 Post); SEC Filed Earnings Press Release 

Last Elimination: Item # 1.D. Eliminated T in Fidelity Account  and Item # 1.E. Eliminated T in Schwab Account - Sold 10 + at $28.71 (4/4/25 Post)(profit snapshots =  $269.7)

I have a negative opinion about AT&T, but will own a few shares from time to time as a bond substitute, where the objective is to harvest several dividends and exit the position at a 2% or higher annualized gain on the shares. The intensity of my negative opinion is less than I have had for Pfizer over the past decade or so. 

I become slightly more attracted to this stock as a bond substitute when the price starts moving near $25, possibly on its way back down to $20, with my interest increased more at below $20. 

G. Added to MAA in Schwab Account - Bought 1 at $134.4; 1 at $132.2: 

Quote: Mid-America Apartment Communities Inc. (MAA) - Large Apartment REIT and a Component of the S&P 500

Cost: $255.24

Investment Category: Equity REIT Common and Preferred Stock Basket Strategy

New Average cost per share this account: $132.76 (9+ shares)

Prior AC per share at $132.67

Dividend: Quarterly at $1.53 per share ($6.12 annually), last raised from $1.515 effective for the 2026 first quarter payment. 

Yield at New AC: 4.61%

Last Ex Dividend: Today 1/15/25  (owned all as of)

Last Earnings Report (Q/E 9/30/25 ): I discussed this report in a recent post: Item # 1.K. Added to MAA in Schwab Account - Bought 1 at $130.88; 1 at $128; 1 at $126.9 (11/1/25 Post) I also discussed in that post some issues facing apartment REITs now. 

SEC Filing

Last Elimination: Item # 1.E. Eliminated MAA - Sold 5 at $169.88 (3/18/25 Post)(profit snapshot = $222.26)

H. Added 10 DOC in Vanguard Account at $16.89: 

Quote: Healthpeak Properties Inc (DOC)

Cost: $168.9

DOC SEC Filings

Website: Home - Healthpeak | NYSE: DOC

Last Buy Discussions: Item # 1.C. Added to DOC in Schwab Account - Bought 10 at $16.4; 10 at $16.14+; 10 at $15.85 (12/25/25 Post),; Item # 1.J. Added to DOC in Schwab Account - Bought 10 at $16.49 (12/18/25 Post); Item # 1.E. Added to DOC in Schwab Account - Bought 10 at $16.8; 10 at $16.65 (12/11/25 Post

2026 Material Events: This REIT is reducing its ownership of senior housing properties and outpatient medical buildings. The part of the proceeds are being recycled into purchases of struggling life science properties. It remains to be seen whether this strategy will work out. Many analysts view this strategy as risky.  

On 12/15/25, DOC closed the purchase of complex located on Gateway Boulevard in South San Francisco for $600M. The property has about a 60% occupancy for  a 1.4M square foot campus located on 29 acres. I looked at the property on Google Maps and did not see the value, but then I am not familiar with SF real estate other than reading a number of articles that vacancies are high. During the 4th quarter, DOC sold 834,000 square feet of fully stabilized outpatient properties for $325M. DOC noted that it was  "in various stages of negotiation and execution on additional outpatient medical sales, recapitalizations, and loan repayments that could generate proceeds of approximately $700 million or more. These potential transactions would provide further flexibility to recycle capital into highly pre-leased outpatient medical developments, acquire assets with significant upside, and/or repurchase shares." Healthpeak Properties Announces $925 Million of Transaction Activity (1/12/26)

In another major development, Healthpeak announced that it had created a new REIT called Janus Living that it plans to take public. DOC will "contribute its 34-community, 10,422-unit senior housing portfolio to Janus Living and will serve as its external manager. Immediately following the IPO, Healthpeak intends to retain a substantial majority interest in Janus Living, with new public shareholders owning the remainder." DOC will be the external manager of that REIT. The proceeds from the public offering to strengthen its balance sheet and to "more effectively pursue our active pipeline of senior housing acquisition opportunities, including approximately $675 million of investments already under signed letters of intent or purchase agreements." Healthpeak Properties Announces the Formation of a Pure-Play, RIDEA-Structured Publicly Traded Senior Housing REIT (1/7/26)

New Average cost per share this account: $17.07 (40 shares)

Dividend: Monthly at $.10167 per share ($1.22 annually)

DOC Stock Dividend History & Date | Seeking Alpha

Yield at $17.07: 7.147%

Next Ex Dividend: 1/16/26   

Last Earnings Report (Q/E 9/30/25): I discussed this report here: Item # 1.D. Added to DOC in Schwab Account - Bought 10 at $17.3 (12/5/25 Post); SEC Filed Press Release; SEC Filed Supplemental 

One reason for buying a few more DOC shares is that I am running out of options for yield investment as I receive proceeds from maturing securities, see, e.g., Item #7 below, Cash Flow into Fidelity Account on 1/15/26.  

2. Corporate Bonds: 

I am slightly increasing my dollar exposure to investment grade corporate bonds maturing in 2029. This is in response to a possible scenario where the Federal Reserve continues to cut the federal funds rate and then refuses to start a rate hiking cycle even if inflation is in an uptrend, similar to what happened in 2021. The yield comparison, using YTM, is to projected T Bill yields in the event that scenario occurs.  

The current FF range is 3.5% to 3.7%. The T Bill maturing in 6 months or less have investment rates within that range with the 4 and 6 month bills slightly below the midpoint indicating a small possibility that there will be another federal rate cut in the later part of the 2026 first quarter.  

Since I live in Tennessee, which does not have a state income tax, the after federal tax yield of treasury bills and corporate bonds will be the same. The yield advantage of the corporate bonds compared to T Bills would narrow when held in a taxable account and a state taxes the interest paid by the corporate bonds but is not allowed to tax interest paid by direct ownership of T Bills.  

A. Bought 2 Extra Space Storage LP 4% SU Maturing on 6/15/29 at a Total Cost of 99.32: 

Issuer: Operating entity for Extra Space Storage Inc. (EXR) who guarantees the notes. Prospectus

Total Cost at $1,986.4 with $2 commission 

EXR SEC Filings

SEC Filed 2024 Annual Report

SEC Filed Earnings Report for the Q/E 9/30/25 

10-Q for the Q/E 9/30/25 

Finra Page: Bond Page | FINRA.org

Credit Ratings: Baa2/BBB+

YTM at Total Cost: 4.214%

Current Yield at Total Cost: 4.027% 

I now own 4 bonds. The other 2 were bought in 2025. Item # 2.G. Bought 2 Extra Space Storage 4%% SU Maturing on 6/15/29 at a Total Cost of  96.994 (4/4/25 Post) 

I own 2 Extra Space Storage 3.5% SU bonds that will mature on 7/1/26.

After brief holding periods, I sold last year 4 Extra Space Storage LP SU bonds:   

Item # 2.G. Sold 2 Extra Space Storage LP 5.4% SU Maturing on 2/1/34 at 101.937 - Vanguard Accounts (9/2/25 Post)("profit" snapshot  = $63.64)- Item # 2.F. Bought 2 Extra Space LP 5.4% SU Maturing on 2/1/34 at a Total Cost of 98.665 (5/9/25); Bond Page | FINRA.org

Item # 2.I. Sold 2 Extra Space Storage LP 5.4% SU Maturing on 6/15/35at 100.81 - Fidelity Account (8/12/25 Post)("profit" snapshot = $18.2)-Item # 3.D. Bought 2 Extra Space Storage LP 5.4% SU Maturing on 6/15/35 at a Total Cost of 99.8 (7/9/25 Post); Bond Page | FINRA.org

I decided to go with the 2029 maturity that has less interest rate risk. 

B. Bought 2 Unum 4% SU Maturing on 6/15/29 at a Total Cost of 99.459: 

Issuer: Unum Group (UNM) 

Total Cost in Dollars: $1989.18 with $2 Commission

I have eliminated my position in the common stock. 

UNM Analyst Estimates | MarketWatch

UNM SEC Filings 

SEC Filed Earnings Press Release for the Q/E 9/30/25 

Finra Page: Bond Page | FINRA.org

Credit Rating: Baa2/BBB

YTM at Total Cost: 4.17%

Current Yield at TC: 4.022%

I replaced two of the four bonds that matured on 11/5/25:  

+$109.06

Last Bond Offering (11/25): Prospectus for $300M 5.25% SU Maturing in 2035

C. Bought 2 DTE Energy 3.4% SU Maturing on 6/15/29 at a Total Cost of 97.496: 

Issuer:  DTE Energy Co. (DTE) - Utility Holding Company 

Total Cost at $1,949.92 with $2 commission

DTE Analyst Estimates | MarketWatch

DTE SEC Filings 

DTE SEC Filed Earnings Press Release for the Q/E 9/30/25 

Finra Page: Bond Page | FINRA.org

Credit Ratings: Baa2/BBB 

YTM at Total Cost: 4.192%

Current Yield at TC: 3.487%

D. Bought 1 Entergy Texas 4% First Mortgage Bonds Maturing on 3/30/29 at a Total Cost of 99.973: 

Issuer: Operating subsidiary of the utility holding company Entergy Corp.  (ETR) 

Total Cost at $997.93 with $1 Commission

Prospectus 

ETR SEC Filings 

ETR 10-Q for the Q/E 9/30/25 The financial results for Entergy Texas can be found starting at page 171.

Page 183

Finra Page: Bond Page | FINRA.org

Credit Ratings: A3/A

YTM at Total Cost: 4.068%

Current Yield at TC: 4%

I sold 1 Entergy Texas 5.25% FM last year after a brief holding period. 

I currently own the following: 

2 Entergy Texas 3.45% First Mortgage Bonds Maturing on 12/1/27, Bond Page | FINRA.org 

5 Entergy Texas 5.25% First Mortgage Bonds Maturing on 4/15/35, Bond Page | FINRA.org

3. Treasury Bills Purchased at Auction: 

A. Bought 10 T Bills at the 1/12/26 Auction: 

182 Day Bill

Matures on 7/16/26

Interest: $176.5

Investment Rate: 3.602%

4. Exchange Traded First Mortgage Bond: 

Exchange Trade: Traded on the Stock Exchange like a Stock

A. Bought 10 EAI at $21 - Schwab Account: 

Quote: Entergy Arkansas 4.875% 1st Mortgage Bond due 2066 (EAI)

Cost: $210

I own 5 Entergy Arkansas 3.5% First Mortgage bonds that mature on 4/1/26. The issuer has called these bonds with a 2/9/26 call date. 

I own 1 in a Vanguard Account and 4 in my taxable Fidelity account. This is the call notice received from Fidelity: 

The last purchase discussion of that called bond can be found here: Item # 3.B. Bought 2 Entergy Arkansas 3.5% First Mortgage Bonds Maturing on 4/1/26 at a Total Cost of 98.704 (1/1/24 Post) 

Issuer: Wholly owned operating subsidiary of the utility holding company Entergy Corp. (ETR) 

Last Discussed: Item # 3.A. Added to EAI in Fidelity Account - Bought 20 at $21.2 (11/8/25 Post) 

Investment Category: Exchange Traded Baby Bonds Trade like a stock on the stock exchange. 

I own this exchange traded first mortgage bond in 3 taxable accounts and 2 Roth IRA accounts. My limit is 300 shares in taxable account, evenly spread over 3 accounts.  I currently own 275 shares with only my Vanguard account light. 

New average cost per share this account: $21.44 (100 shares)

I inadvertently created a wash sale with this purchase. I had forgotten that I sold 10 shares at a $38.09 loss on 12/10/25, offsetting my realized gains by that amount. When I sold the highest cost 10 shares then, I intended then to wait at least 30 days and then buy them back, but all of that had been forgotten. That loss has now been disallowed and the cost of the last purchase was increased to $21.5 from $21. If I had a few days, the tax cost basis would have been $21.06. 

Yield at $21.44: 5.68%

Calculation: .04875% coupon x. $25 par value = $1.21875 annual interest per share ÷ $21.44 average cost per share =5.6845%.  

Last Ex Interest: 11/28/25

Par Value: $25

Prospectus

Coupon: 4.875%

Maturity: 9/1/66

Issuer Optional Redemption: At par value + accrued and unpaid interest on or after 9/1/2021. 

Credit Risk: Low IMO

Credit Ratings: A2/A

Interest Rate Risk: High IMO

Trades Flat (whoever owns the security on the ex interest date receives the entire quarterly interest payment)

Interest Payments: Quarterly

B. Bought 10 ELC at $20.66 (Vanguard Account): 

Quote: Entergy Louisiana LLC Mortgage Bonds 4.875% Series due 2066  (ELC)

Entergy Louisiana is an operating subsidiary of the utility holding company Entergy Corp. (ETR). 

Last Discussed: Item # 4.A. Added to ELC in Schwab Account - Bought 10 at $20.45+ (1/8/26 Post) 

ELC Prospectus

Par Value: $25

Coupon: 4.875% paid on a $25 par value

Interest Payments: Quarterly

Trades Flat: (no accrued interest is payable to the seller, whoever owns on the ex interest date receives the entire interest payment)

First Mortgage Bond, with lien attaching to substantially all assets. 

Credit Ratings: A2/A 

Optional Redemption: Anytime now at par value + accrued and unpaid interest.  

Interest Rate Risk: HIGH given the potentially long maturity and asymmetric in favor of the issuer given the optional call right. 

The interest rate risk resulting from an early call due to a significant decline in interest rates is mitigated by the realized gain at a $25 par value call. 

New average cost per share this account:  $21.19 (60 shares)

Yield at $21.19 this account: 5.75%

Calculation: .04875% coupon x. $25 par value = $1.21875 in annual interest per share ÷ $21.19  average cost per share this account= 5.7515% 

Last Ex Interest Date: 11/28/25

Maximum Position ELC - All Taxable Account: 300 shares

Current ELC Position - All Taxable Accounts: 250 shares ($304.69 in annual interest income)

I also own this FM bond in 2 RI accounts. 

I started to purchase exchange traded first mortgage bonds in October 2008. (e.g. 10/22/2008 post noting the purchase of 100 EHL at $22.75, a mortgage bond issued by Entergy Louisiana that had a 7.6% coupon paid on a $25 par value, later called at par value) The ones available for purchase then had much higher coupons and were called early by the issuers. ELC will not be called unless it is in the issuer's interest to do so, which may require, with no change in the credit rating, a long term treasury yield at or below 2.5%.  

5. Small Ball Common Stock Sales: 

A. Eliminated ATLO - Sold 30+ at $23.6:

Quote: Ames National Corp. - Bank Holding Company

Proceeds: $716.46

Ames National Corporation Profile | Reuters

ALTO SEC Filings

Last Discussed: Item # 2.A. Added to ATLO in Schwab Account - Bought  5 at $20.44 (4/22/23 Post) 

Last Elimination: Item # 2.D. Eliminated ATLO in Fidelity Account - Sold 5 at $24.84 (2/27/23 Post)(profit snapshot = $10.97)

Profit Snapshot: $68.21

Dividend: Quarterly at $.20 per share, slashed from $.27 per share effective for the 2024 4th quarter. 

ATLO Stock Dividend History & Date | Seeking Alpha

Last Ex Dividend: 12/10/25 (owned all as of) 

Last Earnings Report (Q/E 9/30/25): 

Improving but I still feel the sting of the dividend slash. 

The NIM has improved but is still unsatisfactory IMO.  

B. Pared ROIV - Sold 5 at $22.19; 5 at at $23.63+:

Quote: Roivant Sciences Ltd. (ROIV)

Proceeds: $229.16

Since my last discussion, one development has contributed to the price surge IMO. Roivant and Priovant Announce Positive Phase 3 VALOR Study Results for Brepocitinib in 52-Week Placebo-Controlled Trial in Dermatomyositis (DM)(9/17/25) 

Roivant Highlights Continued Pipeline Progress and Outlook for Company’s Next Phase of Growth at 2025 Investor Day | Roivant Sciences Ltd. (12/11/25)

Website: Roivant

Pipeline | Roivant

ROIV Analyst Estimates | MarketWatch

ROIV SEC Filing

ROIV owns interests in several companies that are pursuing trials in several drug categories. Our Companies | Roivant

10-Q at pages 30-31 

10-Q for the Q/E 9/30/25 

Last Discussed: Item # 3.E. Added to ROIV - Bought 5 at $11.17 (11/27/24 Post);  Item # 3.C. Started ROIV Bought 10 at $11.85; 10 at $11.5 (10/3/24 Post)

Investment Category: Lottery Ticket Basket

This classification is not based on the current cash position or even the cash burn rate. ROIV has over $4.386B in cash and short term investments as of 9/30/25. Instead, the classification is based on the inherent uncertainty whether the pipeline drugs, currently in various stages of clinical trials, will receive marketing approval from regulatory agencies, which I view as necessary to make this investment worthwhile longer term, particularly given the shares outstanding. The cash cushion provides a long term runway to move drugs through the clinical trial process. 

Profit Snapshot: $110.66 (sales prices are included in the snapshot)

New Average cost per share: $11.39 (15 shares)

Snapshot Intraday on 1/14/26 after second pare

Dividend: None and none expected

As previously discussed, Roche bought the 75% owned ROIV Telavant subsidiary for approximately $7.1B in cash. Roche Completes Acquisition of Telavant from Roivant, Including Rights to Novel TL1A Directed Antibody (RVT-3101) for the Treatment of Inflammatory Bowel Disease Another $110M payment was received in August 2024. ROIV also sold its only commercial drug to Organon. Organon Completes Acquisition of Dermavant, including Innovative Dermatologic Therapy, VTAMA® (tapinarof) Cream, 1% | Roivant Sciences Ltd. (10/28/24)

Last Loss Report (Q/E 9/30/25): 

SEC Filed Press Release 

Loss of $113.519M

GAAP E.P.S. ($.17)

Share Count: 680.94+M, down from 735.4+M. The company has been using some of its cash to buy back shares.  

One wild card is the patent litigation against Moderna that is currently scheduled for a trial in March. Genevant Sciences and Arbutus Biopharma Initiate International Patent Infringement Enforcement Actions Against Moderna | Roivant Sciences Ltd. Genevant is a joint venture company formed by ROIV and Arbutus. 

C. Pared LGND - Sold 1 at $204.43:

Quote: Ligand Pharmaceuticals Inc. (LGND)

Proceeds: $204.43

LGND is discussed in this recent article. Why Ligand Pharmaceuticals, The Royalty Arm Behind Blazing Newcomers, Is Up 92% This Year | Investor's Business Daily

On 1/13/26, LGND declined $18.03 closing at $188.78. The intraday low that day was at $175.89. I could not initially find any news but suspected it may have something to do with a FDA decision on one of LGND's licensed drugs which proved to be a correct hunch. LGND has licensed Travere Therapeutics Inc. a drug called FILSPARI that received FDA marketing approval for patients with patients with IgA nephropathy (IgAN) at risk of progression. LGND receives a 9% royalty on worldwide sales. Ligand Pharmaceuticals Incorporated - Ligand Partner Travere Therapeutics Receives Full FDA Approval for FILSPARI® (sparsentan), the Only Non-Immunosuppressive Treatment that Significantly Slows Kidney Function Decline in IgA Nephropathy The news release on 1/13/26 related to the FDA extending its review for another indication called focal segmental glomerulosclerosis. Travere Therapeutics Announces FDA Extends Review of sNDA for FILSPARI® (sparsentan) in FSGS For the approved indication, this drug generated $9.078M in royalties paid to LGND in the 2025 third quarter, up from $3.206M in the 2024 third quarter. 10-Q at page 14. 

Royalty Portfolio - Ligand Pharmaceuticals Until fairly recently, LGND was primarily engaged in drug discovery and would license products to other companies in exchange for milestone payments and royalties. This business model in effect transferred the financial risks of trials and regulatory approval to other companies. 

Royalty Income Q/E 9/30/25 and for 9 Months of 2025: 

The company had for a long time just 1 product that it sold, Captisol, that is used stabilize and solubilize difficult to deliver molecules. LGND sales of captisol will vary widely quarter-to-quarter with peak sales hit when it was included in the Covid drug Vekuly (remdesir)

More recently the company has taken on additional risks by buying some companies and buying potential royalty streams for products in trials. I have been discussing those developments in previous posts and will not be repeating the content here. The last 10-Q summarizes recent investment transaction and other developments at pages 21-29, 36-37. It takes time to evaluate all of the moving parts. I would describe LGND as a deal making machine.

Another business has been coupling licensing of companies with purchasing stock in the licensee providing initial financing for trials through those stock purchases. The most successful result involved buying Viking Therapeutics Inc. shares at a low price many years ago, with most of the shares sold at significant profits other than the 1M shares that are still owned by LQND. 

LGND Analyst Estimates | MarketWatch

LGND SEC Filings

SEC Filed 2024 Annual Report

Investment Category: Lottery Ticket Basket. LGND is one of my higher quality Lottos, but I see view the stock as high risk and extremely volatile with no dividend support which is an important consideration for me. 

Website: Ligand Pharmaceuticals - Biopharma's Technology and Capital Partner

Last Buy Discussion:  Item #1.B. Added to LGND - Bought $30 at $77.22; 1 at $76; 1 at $75; 1 at $73; 1 at $71.8 (3/8/24 Post)

Profit Snapshot: $129.43

New average cost per share: $71.27 (3 shares)

Snapshot on 1/9/26 after pare

Dividend: None and none expected

Recent Convertible Offering: Ligand Announces Closing of Convertible Senior Notes Offering As noted previously, I viewed this convertible offering to be priced favorably for the then existing common shareholders, provided the proceeds are successfully used to generate satisfactory returns on capital. 

Last Earnings Report (Q/E 9/30/25):  

Cash: $139.376M

Short Term Investments: $525.146M

Revenues: $115.461M

Owns 1M shares of  Viking Therapeutics Inc. (VKTX), 10-Q at page 42. 

LGND owns preferred and common stock of Pelthos Therapeutics Inc.  (PTHS) 

10-Q at page 22

As previously discussed, accounting for this company is very complex. I have no educational background in accounting, nor any book learning.  

GAAP Net Income and Adjusted Net Income: 

One fact that is material to evaluating a fair value range for this stock, as previously discussed, is that there were only 20.629M diluted shares outstanding as of 9/30/25. 

Other Sell Discussions: Item # 1.A. Sold 1 LGND at $161.4 (9/8/25 Post)(profit snapshot  = $85.4)(discussed second quarter report in that post, SEC Filed Press Release, along with some issues that I have with this company); Item # 4.B. Pared LGND - Sold 1.642 Shares at $118.26 (6/26/25 Post)(profit snapshot = $74.39)(I discussed the 2025 first quarter report in that post as well as some issues that I have with the company, SEC Filed Press Release); Item # 3.F. Pared LGND - Sold 1 Share at $118.06 (1/29/25 Post)(profit snapshot = $41.81);  Item # 5.C. Eliminated Duplicate Position In LGND - Sold 2 at $103.69 - Schwab Account (8/21/24 Post)(profit snapshot = $31.19). 

LGND Realized Gains to Date: $362.22 (6+ shares)

6. Bond ETFs: 

With the decline in T Bill and other short term rates, I am willing to buy some bond ETFs that have higher yields but only in small amounts. 

I prefer owning individual bonds where I have a promise to pay a sum certain on a day certain. Bond ETFs do not have that promise. If interest rates persistently rise, the bond ETF will experience a decline in net asset value per share and the investor may lose part of their original investment. The ETF price decline may be so significant that the dollar value of the dividends is wiped out, with the fund reporting an annual total return that is negative or below the dividend yield. 

Since I do not buy junk rated bonds anyone, with a 1 bond exception over the past 5 years, I am willing to nibble on a junk bond ETF.  

The 1 bond exception was discussed here:  Item # 1.E. Bought 1 Qwest Capital 7.75% SU Maturing on 2/15/31 at a Total Cost of 91.882 (8/23/22 Post) This bond is now an obligation of the struggling Lumen Technologies Inc. (LUMN). Qwest Capital was a wholly owned subsidiary of Qwest, one of the Baby Bells, who guaranteed the note. Qwest was also known as U.S. West Communications. And, my aged brains seems to recall another name Century Link. This bond was rated BB when I bought it and now has a CCC rating. Bond Page | FINRA.org I may sell it when and if I can do so at a profit. The current price range has largely been in the 91-91.5 range. 

A. Restarted SCYB with a 10 Share Purchase at $26.56 - Schwab Account: 

Includes the last elimination at $26.68. I would have been slightly better off keeping those shares. The change since I last eliminated this ETF is that my options for interest income have become more unfavorable and limited based on the current FF range and the likely cuts in that range this year. 

Quote: Schwab High Yield Bond ETF Overview

Cost: $265.65

Last Discussed: Item # 6.A. Eliminated SCYB - Sold 15 at $26.68+  (9/21/25 Post)(profit snapshot =  $4.24)

Sponsor's website: SCYB | Schwab High Yield Bond ETF 

Weighted Average Maturity as of 11/30/25: 3.62 years

Weighted Average Duration as of 11/30/25: 2.8 years  This low duration mitigates impact of interest rate changes. The rule of thumb is to multiply the duration by the change in interest rates to estimate impact on net asset value per share. The main factor for junk bonds impacting price is credit risk. Interest rate changes can have some positive or negative impact on price with the limited duration but the main impact from a long cycle of lower interest rates may be an improvement in the credit profile of many issuers who can use that trend to refinance at lower rates. 

Total Holdings: 1,870 (very broad exposure to junk bonds)

Expense Ratio: .03%

Credit Ratings: 

Weighted average duration: 2.9 years as of 8/31/25

Dividends: Paid Monthly at a variable rate

Last Ex Dividend: 12/19/25

SCYB Page at Morningstar Currently unrated. 

7. Cash Flow into Fidelity Account on 1/15/26: 

Redemption Proceeds: $61,000

1/15/26 Maturities: $59,000

Early Redemption: $2,000

Interest and Dividends: 

Interest: $885.59

Dividends: $127.18

The dividends include payments by the following REIT equity preferred stocks: GNLPRD, MDVPRA, and NHPAP. Those are owned in more than 1 account. 

The largest stock position that paid a dividend on 1/15/26 is the REIT W. P. Carey Inc. (WPC): 

50+ Shares, Price as of 1/14/26 

I recently eliminated my duplicate WPC positions. 

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.