Baseball Card Auction Results, BFS, CNC, DIN, ELC, FOLD, KMB, KW, MDLZ, OBDC, PLYM, TY

Dollar Value of Trades Discussed in this Post: 

Inflow Common Stocks/Stock Fund (Item # 1): $1,086.93

Dividends: $80.71 

(For the CEF TY, where the dividends will vary depending primarily on realized capital gains, I am using the total amount paid in 2024 which was $3.9154 per share)

Yield at $1,086.93 Cost: 7.43%, rounded up. 

Outflow Common Stocks (Item # 5): $1,976.2

I am selling some stocks classified as Lottery Tickets that pay either no and minimal dividends where I have a significant percentage profit. 

I also sold a my positions in PLYM which will soon be acquired for $22 in cash and probably will not pay another dividend. 

Realized Gains Common Stocks: $622.28

Net Outflow common stocks: $889.27

Inflow Corporate Bonds (Item # 2): $7,000 in principal amount, total cost at $6,888.35

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

Inflow Exchange Traded First Mortgage Bonds (Item # 4): $204.55  

Inflow 3 Baseball Cards Auctioned at Ebay (Item # 6): +$4,016.24 before Ebay and consignment seller commissions. I used a consignment service. I have not totaled up my cost for those 3 cards yet, but I believe the number will be below $150 with holding periods ranging from 65 years for the Yaz RC and about 45 years for the other 2. 

Baseball cards and baseball memorabilia are in an alternative asset category for me. I am having my raw cards graded and will likely sell 5 to 15 more this year.  

I am continuing to deemphasize treasury bill purchases due to the lower yields. I am considering using some proceeds from some T Bill maturities to fund alternative asset purchases outside of my brokerage accounts.  

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Economy: 

ADP National Employment Report: Private Sector Employment Increased by 41,000 Jobs in December; Annual Pay was Up 4.4% - Jan 7, 2026 Goods producing jobs declined by 3,000. 

Third Quarter 2025, Preliminary Productivity and Costs Results "Nonfarm business sector labor productivity increased 4.9 percent in the third quarter of 2025, the U.S. Bureau of Labor Statistics reported today, as output increased 5.4 percent and hours worked increased 0.5 percent. (All quarterly percent changes in this release are seasonally adjusted annualized rates.) From the same quarter a year ago, nonfarm business sector labor productivity increased 1.9 percent in the third quarter of 2025. Unit labor costs in the nonfarm business sector decreased 1.9 percent in the third quarter of 2025, reflecting a 2.9-percent increase in hourly compensation and a 4.9-percent increase in productivity. Unit labor costs increased 1.2 percent over the last four quarters." If accurate, the productivity an unit cost numbers will restrain inflation increases. 

December 2025 ISM® Services PMI® Report 54.4% up from 52.6% in November; new orders component surged to 57.9 from 52.9%; prices remained elevated at 64.3%

Both the ISM Services and Productivity/Costs reports were good. 

Why Trump banning institutional investors like Blackstone from buying homes won’t bring down housing costs, according to experts - MarketWatch (subscription publication) If Trump was actually interested in bringing down home prices, he would remove the tariffs that he imposed on products used in new homes. The institutional buyers own a slither of single family homes, meet a market need by renting them out to those in need of housing, and will then frequently sell the homes. The institutions are in effect providing capital for homebuilders to build new homes. 

December Manufacturing PMI® at 47.9% Any number below 50 indicates an ongoing contraction. The PMI declined from 48.2 in November. The new orders component was reported at 47.7. The employment component was reported at 44.9. Prices remained firmly in an expansion mode with a reading of 58.5

With about 20% of the U.S. fleet patrolling the Venezuelan coast at enormous cost and preventing many oil shipments from leaving the country, Venezuela's storage capacity was near its limit. Production. which was about 25% of historical high levels, was about to be cut. 

Trump claims that Venezuela agreed to ship 30 to 50 million barrels to the U.S. that eliminates, at least temporarily, the storage problem created by the U.S. embargo and sanctions. Given the U.S. embargo and sanctions, Venezuela had no choice but to accede to Trump's demand. Venezuela to export $2 billion worth of oil to US in deal with Washington | Reuters 

I have not seen any confirmation yet from the Venezuelan government. As noted in the Reuters article, supplying that crude to the U.S. may require the diversion of tankers originally bound for China to the U.S.  

Trump says that he will control the proceeds from selling that crude to U.S. refiners and will use the proceeds in some manner for the benefit of the U.S. and Venezuela. The time frame for those shipments was not disclosed by Trump. 

Prior to the Trump's embargo and sanctions, Venezuela was shipping about 500,000 barrels per day to U.S. refiners or over 182M barrels annually. Trump has not changed the amount of crude being exported  from Venezuela to the U.S. but only diverting control over $1.5B-$2B of the proceeds from Venezuela to himself, using an expensive deployment of the U.S. fleet and other military forces to implement this now routine act of extortion (e.g. U.S. law firms, U.S. media companies, U.S. universities, U.S. Cities and States governed by Democrats) This is what I would call a now standard MO for Trump, break something into pieces, put a few pieces back together at great cost to the Treasury, and then pat himself on the back for a job well done. 

The legality of U.S. seizing oil tankers in international waters has yet to be tested in U.S. courts. Those tankers are foreign flagged, with one of them carrying a Russian registration. U.S. seizes 2 sanctioned oil tankers linked to Venezuela in the North Atlantic and the Caribbean | PBS News; Russia says US seizure of oil tanker is illegal, lawmaker calls it piracy | Reuters

U.S. tanker seizures put pressure on Russian 'shadow fleet' and Putin's economy

Trump says U.S. may reimburse oil companies if they rebuild Venezuela's infrastructure If Trump follows through with this plan, the U.S. will reimburse the major U.S. oil companies for rebuilding Venezuela's energy infrastructure and will then use Venezuelan oil revenues to reimburse the U.S. Treasury. Trump represented that the U.S. oil companies will have expanded operations in Venezuela "up and running" in less than 18 months. Spending over $100 billion to rebuild Venezuela’s oil industry won’t be the biggest obstacle facing U.S. oil companies - MarketWatch We shall see, but I do not believe anything that he says about anything unless I have actual evidence that he is making a rare factual statement. 

Defense-contractor stocks rebound after Trump follows criticism with pledge to lift military budget by 50% - MarketWatch (subscription publication)(1/8/26);  Lockheed and Northrop shares dive as Trump says he’ll ‘not permit’ dividends and buybacks in defense sector - MarketWatch (1/7/26). 

What we are seeing now is a constant stream of state interference in the private sector. That control extends to the government demanding a share of profits in exchange for granting an export license, receiving massive amount of stock in exchange for some government action, possibly preventing companies from paying dividends or buying back stock, and turning private business  transactions that were previously legal into prohibited acts. There is a name for these republican policies: Socialism, arguably "radical left" socialism.  

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Trump and His Party: 

Bitfinex bitcoin thief Ilya Lichtenstein thanks Trump for early prison release

Federal and local officials dispute ICE shooting of a Minneapolis woman : NPR; Renee Nicole Good identified as woman shot, killed by ICE in Minneapolis; ICE Fatally Shoots Woman in Her Car at Start of Minneapolis Immigration Raids I have examined the video of this incident and reviewed eyewitness testimony. Noem said the woman, 37 year old Renee Nicole Good who was a U.S. citizen, was committing an act of domestic terrorism, and consequently, according to Noem, the ICE officer was justified in firing at least 3 shots into the vehicle killing Good, with one witness stating that the ICE officer aimed at Good's face. 

Last October, the U.S. government made a similar false claim after one its agents shot Marimar Martinez, a 30-year-old teaching assistant at a Montessori school and a U.S. citizen, five times when she was in her vehicle. Bondi's DOJ, thoroughly corrupt now IMO and lacking any independence from Trump, even went so far as to indict the victim but had to dismiss the charges when video evidence contradicted the government's claim that the shooting was justified as self defense in response to an act of domestic terrorism. Minneapolis Shooting by ICE Agent Brings Debate Over Police Force and Moving Vehicles Back in Focus CNN speaks with woman shot by Border Patrol five times - YouTube It is important for bystanders to use their phone cameras to capture what the government actually did. Marimar Martinez shooting: How the government’s defense of a Border Patrol agent fell apart | CNN Read that article if you still have any confidence in an CBP/ICE/FBI investigation. 

Nicole was the mother of a six year child. The father passed away in 2023. Do not expect the psychopaths in charge  of the U.S. government to express any sympathy. 

Trump blamed the "radical left" for the killing of Ms. Good. 

After reviewing the video, Trump made this statement: "The woman screaming was, obviously, a professional agitator, and the woman driving the car was very disorderly, obstructing and resisting, who then violently, willfully, and viciously ran over the ICE Officer, who seems to have shot her in self defense. Based on the attached clip, it is hard to believe he is alive, but is now recovering in the hospital" Commentary Donald J. Trump on Truth Social; Fatal ICE shooting in Minneapolis 

The ICE officer will likely be indicted for second degree murder by a state court IMO under this section of Minnesota's criminal code. Sec. 609.19 Murder in the Second Degree "(1) causes the death of a human being with intent to effect the death of that person or another, but without premeditation"  The jury can then sort out whether the killing was murder or justified self defense.  

If the Trump's DOJ had jurisdiction, there would be no indictment.  Bondi would not even allow a federal GJ to review the evidence. Trump's DOJ will, however, indict someone for throwing a sandwich at an ICE officer or pushing one back after being pushed. 

I noted several FBI agents investigating this incident. I have no confidence in Kash Patel's FBI investigating this incident, since the FBI operates under Pam Bondi's direction and she will do whatever Trump wants IMO. Hopefully state and local police will conduct a proper investigation independent of Patel's FBI. 

Noem claims that the officer was hit by the vehicle and taken to a hospital for examination but apparently quickly released. I would like to see any evidence of a physical injury since the video does not support that claim. Trump claimed that the officer was recovering in the hospital.

There is video evidence that, shortly after the shooting, a person identified himself as a physician and was blocked by ICE from rendering aid.  

JD Vance calls out 'gaslighting' regarding ICE shooting in Minneapolis

Facts do not matter to Trump and his minions running the U.S. government. Reality creations, false narratives, and deliberately misleading claims  are the norm. No amount of accurate information will cause them to change their false statements, which will be believed by tens of millions, even when accurate information is easily accessible, at least for now, that proves the claims to be false. 

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Protests have erupted in Iran and many protesters have been murdered by the Iranian government. 

Trump had this to say about  a potential U.S. military response: 

Trump says if Iran "kills peaceful protesters," the U.S. will "come to their rescue" - CBS News

Trump resorts to threats almost daily since he believes that words will cause nations to change their policies in response.  That threat in the Truth Social message reproduced above will not alter Iran's response to protests. What does Trump do when that inevitable result occurs? Six killed in clashes between protesters and security forces in Iran; Iran Security forces clash with protesters at Grand Bazaar, at least 36 killed in demonstrations | PBS News (1/6/25)

The problem with Trump's constant stream of threats aimed at foreign leaders and countries is that a failure to follow through will result in them being ignored and treated as political theatre for U.S. domestic consumption. That may actually cause an impulsive response from Trump, with zero  thoughtful consideration given to the consequences of course, to carry out the threat since the Chosen One was not obeyed.   

Trump had also recently threatened more U.S. military action against Iran if it restarted a nuclear program.  Trump threatens to 'knock the hell' out of Iran if it rearms with ballistic missiles or restarts a nuclear program 

Trump's Regime Change and Nation Building Policies:  

The U.S., through Trump and/or Rubio, have threatened Mexico, Cuba and Columbia after Trump authorized military strikes against Venezuela's military and forcibly removed its President/Dictator to the U.S. After capturing Maduro, Trump hints at military action in Cuba, Mexico and Colombia; A new Trump foreign policy doctrine emphasizes threats of regime change  These threats have received widespread dissemination throughout the world. Those reviewing those threats will not see any pushback from republicans. 

Chavez and Maduro were both highly incompetent leaders that impoverished Venezuela, notwithstanding an abundance of natural resources and a relatively small population. Several million people have fled the country during their dictatorships in order to avoid starvation and abject poverty with no hope of improving their financial condition. For those still living there, starvation and famine are likely outcomes at least over the intermediate term after Trump's actions. Both Chavez and Maduro were evil. I could say the same about many other dictators in the world including Putin, Kim and several others. There has always been abundance of dictators in world history. 

The military operation conducted by the U.S. was very well planned and impressive, even though unlawful under both U.S. and international law IMO. 

Maduro was seized inside a Venezuelan military compound that was attacked by the U.S. military. Photos show damage at Fuerte Tiuna, the military base where Maduro was captured There are reports that the U.S. military killed over 40 individuals including most of Maduro's security detail and several civilians. 

The arrest of Maduro was easily the most costly in U.S. history but may not end up being the most deadly. Waco siege - Wikipedia (76 deaths)

The legality of the U.S. attack and seizure of Maduro is discussed in this article as well as the legal distinctions between those actions and the 1989 arrest of Noriega in Panama by the U.S. military. International Law and the U.S. Military and Law Enforcement Operations in Venezuela IMO, the actions of the U.S. President and Military leaders clearly violate international law, but that is of course irrelevant in Trump's America, as are any U.S. laws that stand in the way of Trump doing whatever he wants to do. What Trump and the republicans have done is replace a rules based international order with just 1 law: Might Makes Right. 

'We are going to run the country': Trump says U.S. will govern Venezuela until there's a 'proper transition'; Trump says U.S. will govern Venezuela until there's a 'proper transition': 'We are going to run the country'; Trump says US will run Venezuela after capturing Maduro | REUTERS - YouTube

Trump tells NBC News he will be top person in charge of Venezuela - YouTube

Pete Hegseth: "President Trump sets the terms" on running Venezuela

Trump’s FAFO Doctrine - The Atlantic  The announced Trump foreign policy is called FAFO which stands for F**K-Around- And- Find - Out. It is a militaristic and imperialistic foreign policy.  

It is not even possible to place odds on all the potential scenarios.  The future after a regime change accomplished by force is unpredictable as shown by what happened after recent U.S. efforts to effectuate regime changes using military force.  

How many persons in the Bush Administration, including the President and VP, predicted what would happen in Iraq or Afghanistan after a successful U.S. invasion - the answer is nobody.  

(And as aside, did anyone learn anything about what happened in Vietnam after the U.S. pullout. The South Vietnamese army did not last long and were far more motivated and competent than the Afghan army. Many republicans would have had the U.S. military still in Vietnam and in Afghanistan until the end of days.  The U.S. nation building, military training, vast U.S. financial resources spent including military equipment, large numbers of wounded and killed combatants and civilians, and the entire effort collapsed shortly after the U.S. military left). 

Trump did say recently that he ruled the U.S. and the World. Trump to The Atlantic: 'I run the country and the world'; Trump’s snatching of Maduro shows a new level of unrestrained global power | CNN  The U.S. military attack on Venezuela is consistent with that belief. 

One has to ask whether there is any possible Trump order that the U.S. Military would refuse to carry out now. It is hard to imagine any limit. Simply saying the military is obliged not to carry out an unlawful order, what used to be the law prior to Trump, is sufficient to justify a court martial in Trump's America. 

Would the generals and admirals that now lead the U.S. military follow a Trump order to invade Greenland, for example.  It is a reasonable question to ask IMO.  US attacking NATO ally to annex Greenland would be end of 'everything,' says Danish PM | Euronews; After Venezuela raid, Trump says 'We do need Greenland, absolutely' | Fortune

Trump and Bondi have caused Maduro to be indicted by a U.S. Grand Jury. It remains to be seen whether the DOJ has sufficient admissible evidence to convince a jury that Maduro is guilty beyond a reasonable doubt. 

There may be one cooperating witness who plead guilty in a U.S. court and has been awaiting sentencing since his guilty plea on 6/25/25 with a possible sentence of up to 50 years. His name is Hugo Armando Carvajal Barrios, the former head of Venezuela's military intelligence, who was an ally of Hugo Chavez but withdrew his support for Maduro in the 2019 election. Hugo Carvajal - WikipediaMaduro responded by expelling him from the military. It looks like he is angling for a sweetheart sentencing deal in exchange for testimony implicating Maduro. A conviction based on this kind of testimony is far from assured. A jury will struggle to believe whatever he says. In Trump's America, anyone deemed guilty by Trump or Bondi is not presumed to be innocent. Bondi: Maduro "will soon face the full wrath of American justice on American soil in American courts."   

The indictment was signed by the thoroughly politicized republican Jay Clayton who is currently obeying the Trump/Bondi demand to investigate any Democrat for possible criminal prosecution who is mentioned in the Epstein files, but of course to exclude from any such investigation any republican including Trump. Trump, amid Epstein furor, directs Bondi to investigate Democrats - POLITICO Bondi orders prosecutor to probe Epstein ties to prominent Democrats - YouTube 

What does the U.S. do if a jury returns a not guilty verdict? Will Trump release him and allow him to return to Venezuela? Or will he die in prison, in a somewhat suspicious manner similar to Epstein? 

How will the Venezuelan military and Maduro's supporters respond over time to the U.S. taking control over their country?  

Trump has repeatedly said that Venezuela stole "our" oil. Trump claims Venezuela oil was 'stolen ' by Venezuela- YouTube In his mind, Trump believes the U.S. military action inside Venezuela sovereign territory is justified in part because the U.S. is entitled to take "our" oil back using military force. The U.S. military is obviously on board with that policy. How will this announced objective play in Venezuela over time? It plays well, of course, in the Orwellian America. 

Laws of War : Laws and Customs of War on Land (Hague IV); October 18, 1907 ("private property ... must be respected (and) cannot be confiscated", while "pillage is formally forbidden.") 

It may take time to reach a boiling point in Venezuela where chaos and violence become the norm. 

Sure, there are a very large number of Venezuelans rejoicing now, and millions are happy that this dictator has been removed, even though it is not clear who will end up having political power, and whether Trump has managed to chart a course for them, through his unilateral action, that leads to bloodshed, destruction, famine, and a civil war.  That probable, though not certain forecast, was made by Peter Zeihan in this video: The Beginning of Venezuela's End Part 2 || Peter Zeihan - YouTube I started to follow Zeihan's commentary after reading his book The Accidental Superpower: Ten Years On, originally published in 2014 and updated in 2023. 

If starvation and famine return to Venezuela, will Trump send food or will he use starvation as leverage for regime change that results in the U.S. taking Venezuela's natural resources? He is capable of doing that IMO. Rubio explains how U.S. might 'run' Venezuela after Maduros' ouster (Rubio said that the U.S. will use its leverage to run Venezuela)

Will there be armed resistance requiring U.S. boots on the ground? Trump says he is not concerned about involving the U.S. military in regime change and nation building, something he has criticized in the past. Trump: US is 'not afraid of boots on the ground' in Venezuela | AP News 

Has Trump thought through all the potential scenarios that may emerge from what he has done and his responses? That is simply impossible for him to do. 

On what factual basis does Trump have for stating that removing Maduro will allow the U.S. to take control of Venezuela? The resolution of that issue is more important than whether or not a jury convicts Maduro. What will Trump do if the new Venezuelan government does not cooperate in turning control over to the U.S or forcibly opposing the U.S. seizure of Venezuela's natural resources? 

Trump claimed that the VP installed by Maduro, Delcy Rodriguez, will do whatever Trump tells her to do which is not believable. 

Trump Threatens Venezuela’s New Leader With a Fate Worse Than Maduro’s - The Atlantic Trump: “if she doesn’t do what’s right, she is going to pay a very big price, probably bigger than Maduro") I interpret that remark as Trump threatening to use the U.S. Military or CIA to kill her. There are no restraints on Trump. None. Will the U.S. Military and/or the CIA under the Trumpster John Ratcliffe carry out such an order to murder a leader of a foreign country who fails to obey Trump's demands? It is a reasonable question to ask IMO.  

And no sooner than Trump made that representation to the American people, the new President made it clear that she was in no mood to cooperate with a U.S. takeover. Venezuelan VP appears to defy Trump, calls Maduro 'only president' in fiery speech | New York Post  

There does not appear to be a plan about what to do now. When Bush launched the invasion of Iraq, there was at least a detailed plan on what to do after Hussein was deposed. Where is the plan for Venezuela?   How Is Trump Planning to ‘Run’ Venezuela? (With Anne Applebaum) | The David Frum Show - YouTube How is the U.S. going to run Venezuela with no boots on the ground? The U.S. does not even have an embassy in that country. 

Several strategists have opined that over 100,000 U.S. soldiers will be needed to "run" the country, all of whom would become targets by insurgent forces loyal to Maduro or non-Maduro supporters who are just opposed to what the U.S. is doing. What would you do if a foreign country started to dictate policy for the U.S. and installed someone to do its bidding as President?  

And how does Trump and the members of his personality cult reconcile the arrest of Maduro for drug trafficking with Trump's recent pardon of  the former Honduran President who was actually convicted by a U.S. jury of importing massive amounts of cocaine into the U.S. Trump seized Venezuela's Maduro after pardoning Honduras' Hernández That pardon can not be reconciled with Trump justifying the Venezuela invasion and arrest of Maduro, who has been charged but not yet convicted by a U.S. jury for alleged drug trafficking. 

For those living in Central and South America, and other foreign countries as well, Trump's motive for the U.S. taking over Venezuela is clear. The U.S., through the unilateral actions of President Trump, wanted to seize that nation's natural resources which will then be divided up among U.S. companies and probably several preferred individual beneficiaries yet to be named or who will remain silent partners in deals. Political corruption is out-of-control in the U.S. now. Trump says U.S. oil companies will invest billions in Venezuela. Trump has long claimed US can take other countries’ oil - E&E News by POLITICO; Trump: We should have taken Iraq's oil - YouTube Republicans have no problem with that policy, applauding what Trump has done. And they will have the same reaction as they did in the Iraq and Afghanistan Wars when the locals fail to cooperate after a regime change.  

Trump's war with Venezuela and Maduro's seizure have nothing to do with the alleged involvement of the Venezuelan government in drug trafficking to the U.S. or Trump's purported interest in promoting democracy in Venezuela which is a ridiculous and laughable contention, but only about who controls that nation's resources. The same could be said about other potential targets of republican imperialism including Greenland.   

Trump has reintroduced into American foreign policy the doctrine of spheres of influence, making it a central theme of U.S. foreign policy along with the republican tariff taxes imposed on U.S. importers. The U.S. sphere of influence includes all of North and South America as well as many other countries including the recently added Greenland. That kind of thinking is identical to what Russia has been saying about Ukraine and China about Taiwan. Trump deciding who will run Venezuela sends 'strong signal’ to Putin and Xi Jinping | Ben Wallace - YouTube

PolitiFact | Fact-checking Donald Trump following U.S. attacks on Venezuela and capture of Nicolás Maduro

Stephen Miller's wife posted an image of Greenland with the U.S. Stars and Stripes covering the territory with the ominous message "soon". Katie Miller on X: "SOON";   Stephen Miller's wife catches heat for 'insane' one-word post - Raw Story Trump has repeatedly stated that he wants the U.S. to seize Greenland for national security purposes and has refused to rule out using military force to accomplish his objective. Trump says US needs Greenland after naming special envoy; US attack on Venezuela raises fears of future Greenland takeover | Greenland | The Guardian

Trump will be a permanent stain on the U.S. that will not rub off in the generations and centuries to come. There is no avoiding that result now. He is not going to change, and there is no telling what he will do during the next 3 years. 

No one is going to stop him from doing whatever he wants to do, certainly no one in the republican party. Trump 'rants and raves' for over 124 minutes as House Republicans sit in silence - The Mirror US

The 6 Republicans Justices, who are Monarchists determined to vest the President with Kingly powers that King George would have envied in 1776, have unleashed him, thereby undermining the very reason for the American Revolution and the Constitution. That is not a conservative judicial approach. 

Republican politicians in Congress are not going to restain him no matter how many laws he violates or how much damage he does to the economy and America's standing in the world. All are at minimum enablers and most are enthusiastic supporters egging him on. There will never be enough Republican Senators to convict him of impeachment charges. They are incapable of even uttering the mildest criticism and instead voice support for what he has done, is doing and will do. All are equally responsible for what he does.  

Most foreign leaders and citizens recognize the undeniable IMO. Trump is not a lone wolf, some kind of temporary aberration in the U.S. but has just substantially grown what was always present prior to 2016. The republicans nominated him to be President 3 times, and he was elected again in 2024 with everyone knowing who and what he is (or must be presumed to have known given the long period of observation), and with full knowledge of his obvious mental condition, yet 77+M  voted for him anyway.  

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Hegseth launches action targeting Sen. Kelly's rank, retirement-NPR It is not surprising that the Hegseth Department of War will punish Senator Kelly for simply stating the law and exercising his First Amendment rights. Hegseth also place his own censure letter in Kelly's service file.  

Trump: 300 million people died from drugs last year in the U.S.  300 Million People Died Last Year From Drugs | Video | C-SPAN.org   

NPR investigation shows how the government tried to erase information about January 6 : NPR No wonder the republicans wanted to defund an independent news outlet. The Corporation for Public Broadcasting Board of Directors voted to dissolve this week after the republicans cut off federal funding. Corporation for Public Broadcasting is officially shutting down months after GOP funding cuts

Trump Branded ‘Dangerously Unstable’ And 'Delusional' After Latest Online Meltdown - Inquisitr News

Top Interior Department official has ties to Thacker Pass lithium mine - High Country News; A Top Trump Official Has Financial Ties To Controversial Nevada Lithium Project

My videos: Mark Milley Says Trump is a "Fascist to The Core" My Historical Analysis - YouTube (starting at 3:47); Trump's Fascist Rhetoric - YouTube;Retired 4 Star Marine General John Kelly Calls Trump a Fascist on the record - YouTube.  

I noted there that one historical difference between Trump and fascists in the past was his refusal to use the U.S. military to extend control or influence over foreign countries. That distinction no longer exists. A fascist now controls the U.S. government, aided and abetted by an assortment of True Believers, many of whom are psychopaths or at best assholes, and is exercising power with no restraints other than some federal court judges whose decisions are later overturned by the 6 Republican Justices. So there are no effective restraints on him and the exercise of dictatorial powers is only starting. 

Trump Floats Cancelling Election, Then Insists He Won't | TIME IMO, and I never thought that I would say this about any U.S. politician, if Trump could kill his critics without fear of any penalty, he would. 

Mike Johnson still refuses to install plaque to honor Jan. 6 officers

Five years after Jan. 6, Trump is rewriting the narrative around the Capitol siege; Ahead of 5-year anniversary of Jan. 6, report examines aftermath following Trump's return to office - ABC News

Stephen Millar has insured everyone that NATO countries will not come to Greenland's defense in the event the U.S. invades, even though Article 5 of the NATO Treaty would require the NATO countries, other than the U.S., to view such an attack as a military attack on everyone of them and respond accordingly. Stephen Miller says 'nobody's going to fight' the US over Greenland 'militarily'; Trump aide Stephen Miller says US could seize Greenland

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1. Small Ball Common Stock Purchases: 

A. Added 10 TY at $32.65: 

Quote: Tri-Continental Corp. Overview - A Balanced CEF

Cost: $326.5

TY was formed on 1/14/1929 and was one of the few CEFs that survived the the October 1929 and the subsequent Great Depression. 

Sponsor's website: Tri-Continental Corporation

Top 10 Holdings as of 11/30/25: 

Leveraged: Slightly at close to 2% using a preferred stock. Tri-Continental Corp. $2.50 Cumulative Preferred Stock (TY.PR)(paid on a $50 par value) 

Tri-Continental Corporation - SEC Filed Semiannual Report for the period ending 6/30/25

TY SEC Filed 3rd Quarter Report As of 9/30/25, the cost of investments was at $1.544+B with the value at $1.993+B. Allocations: 66.95% common stock; convertible bonds and convertible preferred stocks at a combined 11.4%; corporate bonds at 20%; misc. on remainder)

Last Discussed: Item # 1.G. Restarted TY - Bought 5 at $34.2 (10/11/25 Post) 

New Average cost per share: $33.13 (11 shares)

Dividends: Paid quarterly 

TY Stock Dividend History & Date | Seeking Alpha

I am not reinvesting the dividend. 

Last Ex Dividend: 12/12/25 at $2.3154 (owned 5 shares as of, taken in cash)

Data Date of 1/5/26 Trade: 

Closing Net Asset Value per share: $32.8 

Closing Market Price: $36.77

Discount: -10.8%

Average 3 year discount: 11.66%

Sourced: TY - CEF Connect (Click "Pricing Information" Tab)

B. Added to BFS - Bought 5 at $31.3: 

Quote: Saul Centers Inc (BFS) - A REIT

Cost: $156.5

Saul Centers List of Properties

BFS SEC Filings

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

New average cost per share: $31.43 (15 shares)

Dividend: Quarterly at $.59 per share ($2.36 annually)

BFS Stock Dividend History & Date | Seeking Alpha

Yield at $31.43: 7.51%

Next Ex Dividend:  1/15/26

Last Earnings Report (Q/E 9/30/25): I discussed this report in my last post and have nothing further to add here. Item # 1.H. Started BFS - Bought 10 at $31.5 (1/1/26 Post); SEC Filed Press Release

I will likely continue to average down in 5 share lots, a risk mitigation strategy that I use, at least until I review an earnings report that causes me to question continued purchases.  

C. Added to OBDC in Schwab Account - Bought 5 at $12.5: 

Quote: Blue Owl Capital Corp. (OBDC) - Externally Managed BDC 

Cost: $62.5

OBDC SEC Filings

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

SEC Filed 2024 Annual Report (Summary of risk factors starts on page 35 and ends at page 78)

New average cost per share this account: $12.64 (15 shares)

Regular Dividend: $.37 per share ($1.48 annually)

OBDC Stock Dividend History & Date | Seeking Alpha

Yield at $12.64: 11.71%

Last Ex Dividend: 12/31/25 (owned 10 in this account and 30 in my Fidelity account as of)  

Last Earnings Report (Q/E 9/30/25): I discussed this report in my last report and have nothing further to add here. Item # 1.E. Started OBDC in Schwab Account - Bought 10 at $12.71+ (1/1/26 Post) I listed the historical net asset values per share in that post, and repeated my analysis of why BDC stocks are risky investments. I also listed the special dividends that OBDC paid, primarily in 2023-2024, as NII per share rose in response to variable rate loans resetting at higher coupons. After the Fed started to cut the FF rate in September 2024, those coupons have continually reset at lower yields causing a decline in NII. I do not expect anymore special dividends until the FED is well under way in a rate hiking cycle. A cut in the regular dividend is also possible.    

Last Sell Discussion: Item # 1.L. Pared OBDC - Sold 10 at $15.05 (2/10/25 Post)(profit snapshot = $22.96). 

Item # 3.A. Eliminated Duplicate OBDC Position in Vanguard Account -  Sold 30 at $13.78 (9/23/23 Post)(profit snapshot = $52); The prior sell discussion was made when the name was Owl Rock and the symbol was ORCC;  Item # 1.A. Eliminated  ORCC in Schwab Taxable Account- Sold 26+ at $13.6 (3/6/23 Post)(profit snapshot = $40.68)

D. Restarted MDLZ - Bought 1 at $55.07; 1 at $54.1; 1 at $53.53; 1 at $52.8; 1 at $51.8:

Snapshot Intraday on 1/7/26 after last add

Quote: Mondelez International Inc. Cl A (MDLZ)

Cost: $267.3 

The stock has recently been hitting new 52 week lows. 

Our Brands | Mondelēz International, Inc.

MDLZ Analyst Estimates | MarketWatch

Chart: Major Bear Market Pattern 

I am not exactly backing up the truck trying to predict the end of this stock's bear market. Starting to nibble after a significant price decline is a long term standard practice for me that I use as a contrarian value investor. The consumer product sector is in a bear market. 

While the duration of the ongoing bear market is unknowable,  companies like GIS, MDLZ and KMB (all discussed in this post), have long term staying power and the financial strength to weather the recent rapid input cost increases and lower consumer demand for their products resulting in substantial part from consumer resistance to price increases caused by input cost inflation starting around 2021.  

Last Eliminated: Item # 3.C. Eliminated MDLZ - Sold 5 at $69.38(12/7/24 Post)(profit snapshot = $20.51) - Item # 2.B. Restarted MDLZ - Bought 3 at $65.57; 2 at $64.83 (7/19/24 Post)

I am content buying back shares previously sold at a higher price and bought at prices than the shares sold. 

Average cost per share: $53.46 (5 shares)

Dividend: Quarterly at $.50 per share, last raised from $.47 effective for the 2024 4th quarter payment. 

Dividend Info | Mondelēz International, Inc.

The low dividend yield, which at least goes up as I average down, will restrain the dollar commitment to this stock. I am more focused on dividend stocks that have yields higher than 4% at my purchase prices.

At my age and overall financial condition, I am more interested now in increasing current dividend income than harvesting capital gains sometime in the future. 

Yield at $53.45: 3.74%

Last Ex Dividend: 12/31/25 (owned 1 share as of)

Last Earnings Report (Q/E 9/30/25): 

SEC Filed Earnings Press Release 

Revenues: $9.744B

Net revenues "increased 5.9 percent due to Organic Net Revenue1 growth of 3.4 percent, favorable currency-related items and incremental net revenue from our acquisition of Evirth. Organic Net Revenue growth was driven by higher net pricing, partially offset by unfavorable volume/mix." 

E.P.S. $.57, down from $.63

Adjusted E.P.S. $.72, down from $.95 

While this decline is bad, I am not conditions are bad and will never get any better for MDLZ.  

Reconciliation:

MDLZ estimates that 2025 free cash would be about 3+B, adjusted E.P.S. to decline approximately 15%, and organic revenues to increase by 4%+.

E. Added to Falling Knife GIS - Bought 1 at $44.77; 1 at $44.06; 1 at $43.15 (Fidelity Account): 

Quote: General Mills Inc. (GIS)

Cost: $175.43

Last Discussed: Item # 1.J. Added to GIS - Bought 1 at $46.22 (11/8/24 Post) 

I discussed the challenges facing this company here: Item # 1.K. Bought 1 GIS at $46.68 (11/1/25 Post)

The stock will negatively react whenever RFK Jr. makes comments about proceeds food which happened again on 1/7/25. RFK Jr. updated the food pyramid;  New U.S. dietary guidelines from Trump administration back more protein and full-fat dairy, less grains  The health guidelines oddly places near the top of the recommended list red meat and full-fat dairy products.  RFK "has often highlighted his personal taste for saturated fat."  

Our brands - General Mills

GIS SEC Filings

Chart: Major Bear Market Pattern Starting in May 2023

The current price is near the February 2013 price range.

The major bear market pattern was caused primarily IMO by the input cost inflation spike in 2021-2022 that resulted in higher product prices just to recoup the increases in input costs. The result was that consumers resisted the price increases, volume declined, margins were pressured down, and year-over-year E.P.S. started to decline.  

Other development's negatively impacting price include the appointment of RFK Jr. as the Secretary of Health and Human Services and weight loss drugs causing less desire for snacks and other food products. Another factor that may be depressing the stock price is a lawsuit filed by San Francisco against GIS and other packaged food companies. San Francisco files landmark lawsuit, comparing ultra-processed food companies to 'big tobacco' - ABC News That is not something that is on my radar now. 

I previously mentioned that I had switched from 5 share average downs to 1 share since it is not possible looking at this chart to predict when a bottom will form. I do not require much of a price decline to buy another 1 share lot.  

New average cost per share: $53.18 (65+ shares)

Reduced from $53.79.

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

GIS Dividend History & Date | Seeking Alpha

I am reinvesting the dividend and will continue to do so for as long as the likely reinvestment price is below my average cost per share. 

Yield at New AC: 4.535%

Yield at $43.15: 5.655%

Next Ex Dividend: 1/12/26

I discussed the earnings report for the fiscal quarter ending 8/24/25 in this post. Item # 1.G. Added to GIS - Bought 1 at  $48.32; 1 at $47.64;  1 at $47.29 (10/25/25 Post); SEC Filed Earnings Press Release

Last Earnings Report (F/Q ending 11/23/25): This is another report that provides fuel for the bears. 

This report was for the 2026 second fiscal quarter. 

SEC Filed Press Release 

"Second-quarter net sales for General Mills’ North America Retail segment were down 13 percent to $2.9 billion, including a 10-point headwind from the North American Yogurt divestitures. Net sales were down double digits for the Big G Cereal & Canada operating unit, down mid-single digits for U.S. Snacks, and down low-single digits for U.S. Meals & Baking Solutions. Organic net sales were down 3 percent. Increased consumer value, innovation, and product news drove strong pound competitiveness in the quarter, with the segment holding or gaining pound share in 8 of its top 10 U.S. categories. Retail sales growth and market share in pounds were stronger than in dollars in the quarter, as expected, due to investments to address key price cliffs and price gaps in selected categories. Segment operating profit of $682 million was down 21 percent as reported and in constant currency, due primarily to lower volume, including the impact of the yogurt divestitures."

Second quarter net sales for the pet segment were up 11% to $660M, but 10 points was due the Whitebread Pet Acquisition.For several years now, GIS has been an aggressive buyer of pet food and treat companies, starting with its cash acquisition of the Blue Buffalo in 2018 for an enterprise value of about $8B. General Mills Completes Acquisition of Blue Buffalo Pet Products; General Mills Accelerates Portfolio Reshaping With Acquisition of Blue Buffalo Pet Products I have read comments from several analysts that there is a concern that the launch of fresh, refrigerated pet food, a premium category, will end up flopping.

The foodservice segment revenue declined by 8% to $582M but 7 points was due to the yogurt divestiture. 

The revenue for the international segment rose 6% to $729M. 

Revenues: $4.7B, down 7% due in significant to the yogurt business divestitures, with organic revenues down 1%. 

GAAP E.P.S. $.78, down 45%

Adjusted E.P.S. $1.1, down 21%.

Reconciliation: 

Fiscal 2026 Guidance: 

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. I am currently sitting on an unrealized loss. 

GIS will require patience. As with MDLZ, I am not assuming that the present will continue indefinitely into the future.

I will probably increase the number of shares for each purchase when and if the price goes below $40. 

Owned GIS SU Bonds: 4 stacked as follows

Third Party Service Pricing as of 1/7/26

I sold last year 2 GIS 4.95% SU bonds maturing on 3/29/33 after a brief holding period:

I had 2 GIS bonds mature last year: 

F. Added to Falling Knife KMB - Bought 1 at $97.8 (Schwab Account): 

Quote: Kimberly-Clark Corp.

SEC Filings

KMB Analyst Estimates | MarketWatch

Last Discussed: Item # 1.N. Added to KMB - Bought 1 at $104.4; 1 at $100 (11/8/25 Post) 

Last Elimination: Item # 3.A. Eliminated Remaining KMB in Fidelity Account - Sold 5+ at $137.87 (1/3/23 Post)

KMB's Board must have decided that a weak share price near $120, down from around $145 in September 2024, was still too high so they took an action designed to cause a 20% decline in the stock price soon after I started to purchase my 1 share lots. Kimberly-Clark to Acquire Kenvue (KVUE), Creating a $32 Billion Global Health and Wellness Leader; Our brands | Kenvue - A new view of care; KVUE SEC Filings; KVUE SEC Filed Earnings Press Release for the Q/E 9/28/25

My current opinion is that the Kenvue acquisition solves none of KMB's growth problems but simply adds to that problem with stagnant sales and earnings. There are some acquired litigation issues involved with this acquisition. 

I suspect that KMB will be able to drive cost savings in the distribution of Kenvue products using its existing network. 

Overall the best case scenario is that the acquisition does no lasting significant harm to KMB shareholders, but only time will tell whether the acquisition rises to a neutral level, no worse off at least, or a possible slight benefit assuming major cost savings. The 2 best case scenarios based on what I know now. There may be some potential in growing product sales primarily in skin care line of products.   

New Average cost per share: $113.68 (8+ shares)

Dividend: Quarterly at $1.26 per share ($5.04 annually)

I am reinvesting the dividend until the likely reinvestment price starts to exceed my average cost per share. 

Yield at New AC: 4.43%

Last Ex Dividend: 12/5/25

Last Earnings Report (Q/E 9/30/25): I discussed this report in a recent post: Item # 1.L. Bought 1 KMB at $118 (11/1/25 Post); SEC Filed Press Release

2. Corporate Bonds: 

These purchases were marginal at best. Yields on corporate bonds have become unattractive but the YTMs on the 2029 maturity will exceed the yields on T Bills until the FED is well into a rate hiking cycle with the FF rate exceeding 4.25%. 

While far from certain, the real YTM yield of these bonds may end up being a net positive number.  

It is also relevant to me that I am replacing with new purchases bonds from the same issuer that have recently matured or will mature prior to the maturity dates of the new purchases. It is also relevant to me to maintain a high level of diversity in my bond portfolio. 

A. Bought 2 W.P. Carey 3.85% SU Maturing on 4/15/29 at a Total Cost of 98.881 - Interactive Brokers Account: 

Issuer: W. P. Carey Inc. (WPC) - A REIT

I own the common stock but reduced my overall position last year. 

Last Common Stock Discussion: Item # 2. Eliminated Duplicate Positions in WPC - Sold 30 in Interactive Brokers Account at $64.195 and 10 in my Schwab Account at $64.2 (7/29/25 Post)(profit snapshots = $323.07) 

Website:  Portfolio Overview | W. P. Carey

SEC Filings 

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

Finra Page: Bond Page | FINRA.org

Credit Ratings: Baa1/BBB+

YTM at Total Cost: 4.193%

Current Yield at TC: 3.894%

I own 6 W.P. Carey 4.25% SU bonds maturing on 10/1/26. Bond Page | FINRA.org

I had 10 W.P.Carey 4% SU bonds mature on 2/1/2025, 2 of which were in a RI account: 

I flipped 2 last year that had a 2034 maturity: 

B. Bought 2 Interstate Power 3.6% SU Maturing on 4/1/29 at a Total Cost of 98.228: 

Issuer: Operating subsidiary of the utility holding company Alliant Energy Corp. (LNT)

LNT SEC Filings 

LNT 10-Q for the Q/E 9/30/25 The Interstate Power financial information can be found at pages 6-8

In Millions

Finra Page: Bond Page | FINRA.org

Credit Ratings: Baa1/BBB+

YTM at Total Cost: 4.22%

Current Yield at TC: 3.665%

I own 2 Interstate Power 4.1% SU maturing on 9/26/28. Bond Page | FINRA.org; Item # 3.H. Bought 2 Interstate Power 4.1% SU Maturing on 9/2/6/28 at a Total Cost of 97.693 (2/10/25 Post) 

C. Bought 2 Essex Portfolio LP 4% SU Maturing on 3/1/29 at a Total Cost of 99.484: 

Issuer: Operating entity for the Apartment REIT Essex Property Trust Inc.  (ESS) who guarantees the note. 

Prospectus 

Most of the apartments are located in California so earthquakes are a risk. 

ESS SEC Filings 

SEC Filed 2024 Annual Report 

SEC Filed 2025 Third Quarter Report Revenues were reported at $473.303M, GAAP Net Income at $164.621M (includes property gains of $67.509M and FFO of $268.673M that excludes the property gains and adds back depreciation of $151.489M and other small adjustments to GAAP net income. 

Finra Page: Bond Page | FINRA.org

Credit Ratings: Baa1/BBB+

YTM at Total Cost: 4.175%

Current Yield at TC: 4.021%

I now own 6 bonds. I did not discuss here my last purchase made last March when I was discussing only  a few of my trades : 

Other Currently Owned Essex SU Bonds: 

4 Maturing on 4/15/26, Bond Page | FINRA.org

2 Maturing on 5/1/27, Bond Page | FINRA.org, Item # 2.F. Bought 2 Essex LP 3.625% SU Maturing on 5/1/27 at a Total Cost of 97.756 (2/10/25 Post) 

Previously Owned Essex Bonds that Matured on 4/1/2025: 

For this issuer, I am a continuous mode of stacking purchases and occasionally selling longer maturities profitably. 

I sold last year 2 bonds that had a 4/1/34 maturity date: Item # F. Sold 2 Essex Property LP 5.5% SU Maturing on 4/1/34 at $103.623 (9/8/25 Post)("profit" snapshot = $89.14) - Item # 2.D. Bought 2 Essex Property 5.5% SU Maturing on 4/1/34 at a Total Cost of 99.066 - Interactive Brokers Account (4/25/25 Post) Given the guarantee by ESS, I will sometimes use Essex Property Trust and Essex Portfolio LP interchangeably.  

Last Essex Portfolio Bond Offering (12/26): Prospectus for $350M of 4.875% SU notes maturing in 2036. In the Use of Proceeds section at page S-9, one use of the proceeds will be to repay a portion of the $450M SU that matures on 4/15/26, which I own. 

D. Bought 1 Laboratory Corporation of America 2.95% SU Maturing on 12/1/29 at a Total Cost of 95.549 - Interactive Brokers Account: 

Issuer: Labcorp Holdings Inc.  (LH) 

LH Analyst Estimates | MarketWatch

LH SEC Filings 

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

After this bond was issued, the company changed its name to Labcorp Holdings. Bonds issued by LH can frequently be bought in 1 bond lots.  

Finra Page: Bond Page | FINRA.org

Credit Ratings: Baa2/BBB

YTM at Total Cost: 4.198%

Current Yield at TC: 3.087%

Most of the LH bonds that I have owned have matured. 

I still own the following: 

1 LH 3.6% SU Maturing on 9/1/27, Bond Page | FINRA.org

2 LH 4.35% SU Maturing on 4/1/30, Bond Page | FINRA.org

All of those bonds were bought last year with the last purchase made in June 2025: Item # 2.C. Bought 2 Labcorp 4.35% SU Bonds Maturing on 4/1/30 at a Total Cost of 98.419 (6/26/25 Post) 

3. Treasury Bills Purchased at Auction: 

A. Bought 10 T Bills at the 1/7/26 Auction: 

119 Day Bill

Matures on 5/12/26

Interest: $116.02

Investment Rate: 3.601% 

4. Exchange Traded First Mortgage Bonds: 

A. Added to ELC in Schwab Account - Bought 10 at $20.45+: 

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

Cost: $204.55

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

Last Discussed: Item # 4.A. Added to ELC in Vanguard Account - Bought 15 at $21.2 and Item # 4.A. Added to ELC in Schwab Account - Bought 10 at $20.95 (11/15/25 Post); Item # 4.A. Bought 10 ELC in Schwab Account at $20.11 and Item # 4.B. Added 5 ELC in Vanguard Account at $20 (6/18/25 Post); Item # 6.A. Added 5 ELC at $20.52- Schwab Account (5/23/25 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: $20.9 (90 shares)

Snapshot: Closing Price as of 1/2/26

Reduced from $20.96 in this account.

Yield at $20.9 this account: 5.83%

Calculation: .04875% coupon x. $25 par value = $1.21875 in annual interest per share ÷ $20.9  average cost per share = 5.8313% 

Last Ex Interest Date: 11/28/25

Maximum Position ELC - All Taxable Account: 300 shares

Current ELC Position - All Taxable Accounts: 240 shares ($292.5 in annual interest income)

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 FOLD - Sold 10 at $14.25: 

Quote: Amicus Therapeutics Inc.  (FOLD)

Proceeds: $142.51

Classified as a Blackjack Hand, part of the Lottery Ticket Basket Strategy. This classification will severely restrained how much I will risk buying shares given my current financial goals and risk tolerance. 

Profit Snapshot: $62.81

Last Discussed: Item # 1.B. Restarted FOLD - Bought 10 at $7.97 (10/25/25 Post) 

Prior Sell Discussion: Item # 4.A. Eliminated FOLD - Sold 50 at $14.28 - Interactive Brokers Account (9/11/17 Post)(profit snapshot = $425.98)

FOLD is in the process of being acquired by BioMarin Pharmaceutical Inc.  (BMRN). This is a cash offer at $14.5 per FOLD share. BioMarin to Acquire Amicus Therapeutics for $4.8 Billion, Expanding Position as a Leader in Rare Diseases, Accelerating Revenue Growth and Strengthening Financial Outlook  I anticipate that the acquisition will close and consequently will quit playing with this stock. 

I own 6 shares of BMRN and view this acquisition as a positive for BMRN shareholders as previously discussed in a comment published on 12/19. 

FOLD Realized Gains:  $488.79  (60 shares, no losses)

B. Eliminated DIN - Sold 15 at $34.5 (Schwab Account): 

Quote: Dine Brands Global Inc.  (DIN)

Proceeds: $517.5

DIN SEC Filings

DIN Analyst Estimates | MarketWatch

Last Discussed: Item # 1.E. Added to DIN - Bought 2 at $21.96; 3 at $20 (8/12/25 Post); Item # 2.A. Started DIN - Bought 5 at $23.85; 5 at $24.23 (6/12/25 Post)

I bought this stock for its high dividend yield. After purchasing the shares, the company cut the quarterly dividend from $.51 to $.19 per share. 

The stock has reacted positively to that cut, which is rare, since DIN said it would use $50M of the savings to buy back shares. The share count as of 9/30/25 was only 14.14M. I decided to sell the stock after the announcement, given my reason for owning any shares, but decided to wait until 2026 when I anticipate a lower marginal tax rate than in 2025. And the positive impact from the share buybacks dissipate given the substantial rise in the stock price since this announcement.  

Overall, I am not enthusiastic about DIN's business of franchising and owning Applebee's and IHOP restaurants. Ownership of those restaurant brands generally results from a bankruptcy of the franchisee.    

Profit Snapshot: $173.18

Dividend: Quarterly at $.19 per share ( annually), slashed from $.51 effective for the 2026 1st quarter payment

DIN Stock Dividend History & Date | Seeking Alpha

Last Ex Dividend ($.19 per share)L 12/23/25 (owned as of) 

SEC Filed Press Release

GAAP E.P.S. $.48, down from $1.44

Adjusted E.P.S. $.73, down from $1.44

Reconciliation: 

Revenues: 

C. Eliminated  PLYM in Fidelity Account - Sold 20+ at $21.91:  

Quote: Plymouth Industrial REIT Inc. (PLYM)

Proceeds: $450.64

Last Discussed: Item # 1.D. Pared PLYM in Schwab Account - Sold 10 at $22.26+ and Item # 1.E. Pared PLYM in Fidelity Account - Sold 10 at $20.11 (8/26/25 Post)(profit snapshot = $99.95)

PLYM SEC Filings

Investment Category: Equity REIT Common and Preferred Stock Basket Strategy

Last Buy Discussions: Item #1.H. Added to PLYM in Fidelity Account - Bought 5 at $14.45; 5 at $14.35 (8/12/25 Post); Item # 1.J. Added to PLYM in Schwab Account - Bought 1 at $14.75; 2 at $14.4; 5 at $14; 5 at $13.1 (4/13/25 Post) 

Dividend: Quarterly at $.24 per share

Dividends-Plymouth Industrial REIT, Inc. (PLYM)

Profit Snapshot: $142.84

PLYM is in the process of being acquired for $22 per share in cash.  Plymouth Industrial REIT Announces Agreement to Be Acquired by Makarora for $2.1 Billion (10/24/25). After paying its 2025 4th quarter dividend, which I received, PLYM stated that it may not pay another dividend: "Plymouth will pay its previously announced third quarter dividend on October 31, 2025 and will pay dividends as reasonably necessary for the Company to maintain its status as a real estate investment trust for tax purposes and to avoid incurring any entity level income or excise tax, but Plymouth may not pay any other dividends during the term of the Merger Agreement."

I will use the proceeds to buy another dividend paying stock. 

Prior Sell Discussions: Item # 2.C. Eliminated PLYM - Sold 20 at $22.68 (9/9/23 Post)(profit snapshot = $212.59); Item # 2.E. Eliminated PLYM in my Vanguard and Schwab Taxable Accounts - Sold 20 at $22.75  (9/10/21 Post)(profit snapshots = $216.98) 

D. Eliminated PLYM in Schwab Account - Sold at $21.9: 

See Item # 5.C. above. 

Proceeds: $438.12

Profit Snapshot: $144.65 

PLYM Realized Gains to Date: $941.87 (includes realized gains in Roth IRA accounts that were not discussed here and 1 transaction in a taxable account where I profitably sold shares purchased with dividends)

E. Eliminated CNC - Sold 2 at $44.4 (Fidelity Account): 

Quote: Centene Corp. (CNC)

Proceeds: $88.8

52 week price range: 

Last Discussed: Item # 1.O. Restarted CNC - Bought 2 at $26.1 (8/5/25 Post) 

Investment Classification: BlackJack Hand, part of the Lottery Ticket Basket Strategy 

This is not the kind of stock that I normally buy other than as a Blackjack Hand.  

My gut reaction when I bought 2 shares was that the Stock Jocks had overreacted to recent poor earnings reports, but had no idea of a fair value range based on negative issues that the company was facing. 

Website: Managed Care & Healthcare Solutions | Centene Corporation

CNC Analyst Estimates | MarketWatch

CNC SEC Filings 

CNC 10-Q for the Q/E 6/30/25 

Profit Snapshot: $36.6

Dividend: None and none expected 

Last Earnings Report (Q/E 9/30/25): 

SEC Filed Press Release 

I am just going to take a snapshot of the financial results. 

I was not able to find much comfort in those numbers. 

F. Eliminated Duplicate KW Position (Fidelity Account) - Sold 35 at $9.67+: 

Quote: Kennedy-Wilson Holdings Inc. (KW)

Proceeds: $338.63 

KW received an unsolicited offer to acquire the company for $10.25 per share. SEC Filing The acquirers including the large Canadian company Fairfax Financial owned collectively approximately 31% of the shares when the offer was made. 

As noted in a recent comment, the current discount to that cash offer price reflects some skepticism that KW will accept that offer or a higher one that the acquirers would be willing to pay. In the event no deal happens, I will buy back the shares sold in my Schwab account provided the price falls below $8 per share.  

KW is not organized as a REIT. I would categorize it as a hybrid real estate company. "The Company's operations are defined by two business segments; its Consolidated Portfolio and Co-Investment Portfolio. Investment activities in the Consolidated Portfolio primarily involve ownership of multifamily assets. The Co-Investment Portfolio consists of (i) the co-investments in real estate and real estate-related assets, including loans secured by real estate, that the Company has made through its commingled funds and joint ventures that it manages; (ii) fees (including, without limitation, asset management fees, construction management fees, and/or acquisition and disposition fees); and (iii) carried interests."

KW SEC Filings

KW SEC Filed 2024 Annual Report

KW Reuters Profile Page 

Profit Snapshot: $62.2

Last Discussed: Item # 1.D. Added to KW in Fidelity Account - Bought 5 at $7.45 (11/8/25 Post); Item # 3.B. Started Duplicate Position in KW - Bought 20 at $8.09 - Fidelity Account (8/26/25 Post); Item # 1.D. Multiple Small Ball Buys of KW in Schwab Account- Bought 2 at $6.27+;  2 at $6.05+; 3 at $6.3; 5 at $6.76+; 5 at $6.85 (7/15/25 Post)  The shares that were bought in Fidelity account were part of the 35 shares sold. 

Dividend: Quarterly at $.12 per share, slashed from $.24 effective for the 2024 second quarter payment. The dividend was unsustainable at $.24.9.67. 

Profit Snapshot: $62.2

KW Stock Dividend History & Date | Seeking Alpha

Last Earnings Report (Q/E 9/30/25) SEC Filing 

I will not discuss this report given the pending acquisition offer making it unimportant until there is news that the offer was rejected by KW. In the event KW turns down the offer, and I repurchase the shares sold, I will then discuss the last earnings report when and if that purchase happens.  

Average cost per KW share in Schwab Account: $7.11 (30+ shares)

Price Intraday on 1/8/26

6. Baseball Cards: 

As previously discussed, I sent off 3 low graded baseball cards to be auctioned by a consignment company called 4 Sharp Corners, the leading card consignment company for EBAY auctions of baseball, football and basketball cards. The auction ended on 1/4/26: 

I will not actually receive $4,016.24 since commission costs will be deducted from that number before I am paid. I believe the consignment company includes the EBAY commission in its commission rate. The buyers will pay sales taxes and shipping costs.  

I have not yet tallied up my cost numbers, but believe the total cost for all three cards will be less than $150. 

The 1960 Carl Yastrzemski rookie card was acquired that year as part of 5 card + gum wax pack purchase (maybe 5 cents total as I recall), and no regard was thereafter made for preserving its original mint condition. The last auction at a PSA 9 grade was $27,631.2. Auction Prices Realized Baseball Cards 1960 TOPPS Carl Yastrzemski Grading is tough now. I am using the SGC and CGC grading services and generally expect that I will have at least 100 cards graded this year with 5-15  likely to be sold at auction later this year.  

The Aaron RC card in a PSA 9 grade last auctioned for $600,000 and at a $6,627.77 at a PSA 5 grade. 

The Aaron and Mantle cards were purchased from dealers over 40 years ago. 

I view baseball cards and baseball memorabilia as one of my alternative asset categories.  In the memorabilia category, I own baseballs, pictures and 1 bat signed by several stars from the 1950s and 1950s including Aaron, Mantle, Mays, Koufax, Dimaggio, and Frank Robinson and several baseballs signed by more recent stars like Nolan Ryan and Joe Morgan. It is important to avoid touching the baseballs with your fingers since that will create a stain. 

I also own some vintage football and basketball cards. 

I will be selling a number of baseball cards this year, based on my opinions about the potential profits and valuations. I am buying some 6-9 graded baseball cards that I view as undervalued, spending no more than $150 on each card with most of the purchases in the $50-$100 range. The general goal is to earn an annual return 10% over the CPI rate.  

7. Municipal Bond Early Call - Schwab Account: 

The maturity date for this bond is 7/1/45. Emma Page I would emphasize both the maturity date and the coupon of 3.875%. This bond has had light trading which is normal for the Tennessee municipal bonds that I own. Before the call, the last trade was at 85.5 on 9/10/25. The trading activity can be found at the Emma website, just click the "Trade Activity" tab. 

While Schwab has a notation that the bond has been called at par value (100), the 3rd party pricing service used by that broker still has the market value price at 89.646 as of 1/7/26, creating a fictional unrealized loss of $452.2 when I will realize a "profit" on 2/4/26.

The third party pricing services used by brokers to price bonds owned by their customers invariably price the bond below the last trade and are frequently ridiculous prices. Why that happens is secret information. One reason may be to underprice the bonds when a customer is faced with margin calls and the lightly traded bonds have to be sold at whatever price is necessary to meet a hypothetical margin call. 

While I am not predicting that some of the municipal bonds recently purchased and discussed here will be called early, there is a pattern emerging of early calls even when the coupon is in the 3.75%-4.25% range, with a maturity in the 2038-2045 range. This potential may end up reducing the interest rate risk that I have been assuming for municipal bonds in that maturing range. 

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.