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Dollar Value of Trades Discussed in this Post:
Inflow Common Stock/Stock Funds: $1,076.54
Outflow Common Stock/Stock Funds: $2,337.35
For the most part, I am paring positions by selling my highest cost lots and eliminating some duplicate positions.
Realized Gains Stocks/Stock Fund: $591.90
Net Outflow Common Stock/Stock Funds: $1,260.81
2026 Net Outflow Stocks/Stock Funds Discussed Here: $33,614.28
Corporate Bonds: 12 (total cost at $11,906.72)
Treasury Bills Purchased at Auction: $25,000 in principal amount.
I am going to reduce my weekly T Bill auction purchases to 10 for the next 3 weeks. I have grouped too many that mature at about the same time and need to spread the maturities out more. There is also a slight uptrend in the investment rates in response to the hot inflation reports, as investors start to price in a low probability of a rate hike within 12 months.
Outflow Canadian Reset Equity Preferred Stock: C$2,523 (realized gain at C$757)
Fidelity Account Allocations as of 5/15/26:
The bond category includes treasury bills and notes, CDs, corporate and municipal bonds. The weighted average "duration" for those securities is 2.486 years.
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Economy:
April CPI: Consumer Price Index Summary - 2026 M04 Results
CPI 12 Month: +3.8%, up from 3.3% in March and 2.5% through February
Core CPI 12 Month: +2.8%, up from 2.6%.
Month-to-Month CPI +.6%, down from .9%
Month-to-Month Core CPI: .4%, up from .2%
All Annual Numbers:
Food: +3.2%
Apparel: + 4.2%
Gasoline: +29.2%
Transportation Service: +4.3% (within this category, annual airline fares were up 20.7)
Medical Services: +3.2%
Electricity: +6.1% including in the "Energy Services" category
"Beef and Veal": +14.8%
Frankfurters: +10.7%
Frozen Fish and Seafood: +12%
Fruits and Vegetables: +11.5%
Tomatoes: +39.7%
Roasted Coffee: +8.5%
Table 2. Consumer Price Index for All Urban Consumers (CPI-U): U. S. city average, by detailed expenditure category - 2026 M04 Results I am using the n0n-seasonally adjusted annual numbers.
Other items likely impacted by tariffs include annual increases in "dishes and flatware" at +15.4%; non-electric cookware and flatware" at +13%; "Jewelry and watches" at +14.6%; and "Tools, hardware, outdoor equipment and supplies" at +5%.
Discussed at CPI inflation April 2026- CNBC
For the 12 months ending in April, wholesale prices rose 6%.
Trump is directly responsible for these inflation numbers through his tariffs, the Iran War and deportations. Trump Doesn’t Want to Fight Inflation - The Atlantic The tariffs paid by U.S. importers are mostly passed in product price hikes paid by consumers and create supply chain disruptions that result in higher prices, though nowhere near yet what happened during and after the pandemic.
Biden did not cause the supply chain disruptions that were a major contributor to inflation during his term. The supply chain disruptions occurred when consumer demand was surging after being pent up for an extended period by the pandemic induced recession and its aftermath. Another major contributor to inflation during Biden's term, which was not his fault, was the massive creation in new money by the Federal Reserve over a 2 year period:
$15.4271 Trillion in January 2020
$21.7868 Trillion in March 2022
Increase in 26 Months: 41.2242%
M2 Money Supply Growth vs. Inflation - Updated Chart | LongtermTrends
The tax cuts passed by the Republicans last year can contribute to inflation provided demand created by more consumer disposable income occurs when supply is being constrained to meet that demand.
Supply chain disruptions have been this decade the major contributor to supply constraints. While the pandemic disruptions were the most serious in my lifetime, the republican deportations and tariffs will create some and less severe supply problems that will mostly impact prices the agriculture/food, construction, and U.S. manufacturing that are major users of heavily tariffed steel, aluminum, copper and other products.
Stimulating consumer demand through tax cuts and/or stimulus checks when there are major disruptions in the supply chain will likely lead to higher inflation than there would otherwise be without those disruptions.
Oil Price Charts | Oilprice.com
JPMorgan pulls no punches on Strait of Hormuz, oil prices - TheStreet
Chart 5 and 10 ear Breakeven Inflation Rates - St. Louis Fed
Michael Burry says the market today feels like 'the last months of the 1999-2000 bubble' (5/8/26); Michael Burry is not a believer: 'For any stocks going parabolic reduce positions almost entirely' (5/11/26)
China consumer, wholesale inflation tops estimates in April as Iran war drives energy costs higher
FS KKR private credit fund: JPMorgan Chase-led group reins in credit
Presidential 2025 Tariff Actions: Timeline and Status - Library of Congress
The Trump administration’s new tariff road map | Grant Thornton (5/12/26)
Bessent sees 'substantial disinflation' ahead as Warsh takes over the Fed Bessent needs to be cross examined by an unbiased and experienced trial lawyer live on cable news networks for about 4 hours and forced to defend his claims about Trump's economic policies and their impact on inflation. Evasive answers will need to constantly pointed out by the examiner. I have a number of questions that I would like to ask him.
There is a disconnect in the stock market that is focused on how GDP will be temporarily juiced by trillions in AI expenditures. That spending does not flow into consumer bank accounts, though it has improved the net worth of those heavily invested in stocks that benefit from that exponential spending. The U.S. economy is still driven by consumer spending which accounts for close to 68-70% of GDP and consumers in the aggregate, particularly in the bottom 3 quintiles of household income, are pulling back under financial strain with inflation being the primary culprit.
Shares of gross domestic product: Personal consumption expenditures - St. Louis Fed
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Trump and His Pro-Authoritarian Party:
MAGA Is Winning Its War Against American Elections - The Atlantic (5/14/26)
Trump wants his attorney Todd Blanch, masquerading as the Acting Attorney General of the U.S., to go after reporters who in Trump's mind have committed treason. Trump pushed DOJ to subpoena reporters over alleged Iran war leaks, sources say The message was delivered with a sticky note with the word "treason" written in his Sharpie pen.
Over about 40 minutes late last Monday, Trump promoted more than 24 posts that accused Obama of plotting a coup against him, as well as claims that Obama had committed treason and had personally collected $150M under the Affordable Care Act. Trump shared a fake image of Obama, Biden and and Nancy Pelosi wallowing in the Lincoln's Memorial reflecting pool with the caption "Dumacrats love sewage". Big Brother Is ReTruthing You - The Atlantic (subscription publication); Trump Goes Insane Online As Inflation Spikes - YouTube
Some of the promoted videos showed black people misbehaving. Trump also demanded that his DOJ move more quickly bringing criminal prosecutions against Trump critics and enemies
Trump was incensed by an accurate report that a no bid contract of $6.9M was awarded to a company that Trump had used to renovate a swimming pool at his Virginia golf course. As usual, Trump repeated claims that the 2020 election was stolen from him.This is another rant posted by the current U.S. President on 5/11/26: Truth Details
This rant, posted by the U.S. President on 5/12/26, is worth reading as well:
Note that Trump does not specifically deny the NYT story about Iran's missile capabilities in that tirade. The NYT is not making a case "against America!", as Trump tries to frame the issue, nor was the NYT claiming that Iran was "doing well" in the war. Iran knows how many missiles that it has left, so the NYT story does "not give Iran false hope", as represented by the current U.S. President.
Trump routinely attacks those presenting information contradicting his false claims by calling them names, seen as a conclusive rebuttal in Trump's America, which included the words "Losers, Ingrates, and Fools" in the previous snapshot. Trump frequently uses the words treason, almost treason, and treasonous to describe statements, and those making them, that contradict his false or misleading claims. Trump will continue to cause his completely servile DOJ to indict those making them.Trump did say in an interview that he could compel the Treasury to pay him $1B for his claim that an IRS contractor released his tax return. But it is all legit in Trump's America since he claims that the money will be given to charity with Trump taking a charitable deduction.
Anyone viewing Trump as honest now has an incurable case of Trump Derangement Syndrome (TDS) and will never be persuaded with accurate information contradicting Trump's continuous tsunami of false or misleading statements and claims.
TDS is not a mental condition suffered by Trump's critics, but an untreatable mental condition of supporters who believe at least two of the following: (1) that Trump is honest and tells it like it is; (2) is a good role model for their children; (3) is a Christian and/or was Chosen by God to rule the World; (4) actually cares about them rather than just himself and his family members; (5) has not committed any felonies; (6) has not sexually assaulted any women; (7) actually believes his origin story of being a genius businessman; (8) has used and will continue to use his second term and the powers of the Presidency to vastly increase his wealth and the wealth of his children, (9) cares about promoting U.S. Democracy and the protecting the institutions necessary for a Democracy to flourish; and (10) actually makes decisions based on a careful consideration of accurate information, with his subordinates talking truth to power, and then makes an intelligent analysis of possible ramifications.
False or misleading statements by Donald Trump - Wikipedia; False or misleading statements by Donald Trump (second term) - Wikipedia; Four years of Trump falsehoods | Fact Checker
Trump angrily called a female reporter a "dumb person" and "not a smart person" for asking a question about his ballroom. Donald Trump defends ballroom size, attacks reporter A normal person would just have answered the question explaining why the estimate cost rose from $200M to $400M, excluding the $1B of taxpayer money that House Republicans recently voted to improve security of the new building.
Hegseth again looks to punish Democratic Sen. Mark Kelly over military comments - ABC News Kelly discussed information disclosed in a public information. This is how frat boy Hegseth described what Kelly disclosed: "Captain' Mark Kelly strikes again," Hegseth posted. "Now he's blabbing on TV (falsely & dumbly) about a *CLASSIFIED* Pentagon briefing he received. Did he violate his oath ... again? @DeptofWar legal counsel will review." Senator Kelly knocks Hegseth amid 2nd investigation threat - YouTube What Kelly said about the drawdown in munitions resulting from the Iran War was public knowledge. I had read numerous publicly available articles on that subject. That will not stop Trump's DOJ, controlled by Trump's former attorney Todd Blanche, from trying to indict Senator Kelly again. Prosecutors fail to secure indictment against 6 Dem lawmakers - POLITICO
Hegseth's Signal chat put U.S. personnel at risk, Pentagon watchdog finds | PBS News
The 6 Republican Justices have allowed the Republicans in Alabama to disenfranchise black voters in the upcoming congressional elections. Supreme Court greenlights 11th-hour Alabama redistricting plan for 2026 election - Democracy Docket; The Republican efforts to disenfranchise black voters is in 2026 far more successful than doing the Jim Crow era, yet the Republicans claim to be conservatives and the 6 Republican Monarchists who have caused that result view themselves as "conservatives" as well.
South Carolina governor to call special session to redraw House maps - YouTube; South Carolina redistricting: Governor forces lawmakers back to session to eliminate lone majority-Black district - Democracy Docket Earlier, the 6 Republican Justices permitted a clearly racially motivated gerrymander in South Carolina, reversing the factual findings of a 3 judge panel. Alexander v. South Carolina State Conference of the NAACP (05/23/2024), reversing 3 Judge Panel Decision
In Approving Alabama Gerrymander, the Roberts Court Shows Its Naked Political Bias
The bias was also apparent in the 4-3 decision by the Virginia Supreme Court to cancel the election results in the Virginia redistricting through a strained reading of a procedural statute.
If I had the power, I would put an end to all gerrymandering as being inconsistent with U.S. democracy. The 6 Republican Justices are creating constitutional law permitting gerrymandering that obviously undermines our Democracy. They are only conservatives to those who wish to accomplish that result.
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Trump's Bogus $10 Billion Lawsuit Against the U.S.:
Trump sues IRS, Treasury for $10 billion over tax returns leak - ABC News
Other Presidents prior to Trump released their tax returns before the elections. Trump has sued the government that he controls for $10B since an independent contractor, now serving a jail sentence, released his tax return along with returns of other wealthy individuals. IRS consultant pleads guilty to leaking tax information associated with Trump, other wealthy individuals - ABC News
Statement on Trump lawsuit and potential settlement – The Tax Law Center
'The mob has a word for that': Trump seeks BILLIONS in taxpayer cash in IRS suit - YouTube; Trump would like the government he leads to pay him billions : NPR; Trump’s Plot to Pocket Billions in Taxpayer Dollars Just Might Succeed | The New Republic
As previously discussed, a federal judge ordered that Trump and his controlled government employees need to explain why there was a case or controversy which is required for the court to have jurisdiction. Court Order. pdf; Judge orders Trump, DOJ to justify why president's $10B IRS lawsuit should proceed - ABC News This is a constitutional requirement contained in Article III §2. Clause 1
The Court gave Trump and his government until March 21st to explain why the case should not be dismissed.
Trump and his controlled employees at his DOJ want to settle the suit using taxpayer money and do not want to respond to the Court's order for the obvious reason. The District Court issued that order after Trump and his controlled DOJ asked for a stay of proceedings to work out a settlement.
It was reported that Trump's DOJ and Trump were near a settlement of his lawsuit against the government that he controls. In the proposed settlement, the U.S. Treasury would fork over $1.7B to a slush fund controlled by Trump and unanswerable to nobody. Trump poised to drop IRS suit, launch $1.7B 'weaponization' fund for allies: Sources - ABC News "Under the terms of the potential settlement agreement, President Trump would have the authority to remove members of the commission running the fund without cause, and the commission would be under no obligation to disclose its procedures or decision-making process for awarding more than a billion dollars, the sources said."
I posted a comment on 3/14/26 discussing this abomination. If this settlement happens, I suspect that the DOJ lawyers involved in this farce will have disciplinary complaints filed against them and also result in one of many Articles of Impeachment against Trump if the Democrats win control over the House this November which assumes that the efforts of Trump and his party to steal the election prove to be unsuccessful.
++
But, What About Hunter Biden:
Gulf states that bankrolled Trump's son-in-law are now furious they got burned: report - Raw Story About 99% of the ~6.16B invested in Kushner's Affinity fund, started in 2021, originates from foreign investors.
Jared Kushner defends controversial $2bn Saudi investment; Jared Kushner's Great EA Swindle – CEPR; Jared Kushner is back – and so are big questions about his financial ties-The Guardian
Qatar gifting Trump $400M luxury jet raises ethical and legal concerns
UAE 'Spy Sheikh' bought $500M stake in Trump crypto company Trump denies any knowledge of this investment made a few days before he started his second term and claims it had no impact on his decision to allow UAE access to the most advanced AI chips notwithstanding that nation's close ties with China; Abu Dhabi - Capital of the UAE - firm to invest $2bn in Binance using Trump’s crypto venture - The Guardian
Trump’s Sons Land Massive Pentagon Deal as They Flaunt Corruption | The New Republic; Fury flies over Trump sons' shady drone deal with Pentagon: 'But Hunter! But Burisma!' - Raw Story
Trump’s sons to take stake in Kazakh miner that won $1.6bn US backing
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I am cutting off discussions of common stock/stock fund trades made on or before 5/8/26.
1. Small Ball Stock Sales:
A. Pared DOC in Schwab Account - Sold 15 at $19 and 15 at $19.61:
Quote: Healthpeak Properties, Inc. (DOC) at Zacks DOC is a S&P 500 component.
I sold my highest cost 30 shares.
Proceeds: $579.22
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
Healthpeak Properties formerly traded under the PEAK symbol. After completing a major acquisition of Physicians Realty, which had the "DOC" stock symbol, Healthpeak changed its symbol to DOC. Healthpeak Properties, Inc. - Healthpeak Properties Closes Merger with Physicians Realty Trust (3/1/24); Healthpeak Properties and Physicians Realty Trust to Combine in an All-Stock Merger of Equals to Create the Pre-Eminent Owner, Operator and Developer of Real Estate for Healthcare Discovery and Delivery, An Attractive and Growing Market (10/30/23)
Most of my trading profits were in Physicians Realty.
Portfolio - Healthpeak | NYSE: DOC
DOC SEC Filed 2025 Annual Report
Website: Home - Healthpeak | NYSE: DOC
Recent News: In March 2026, Healthpeak entered into a joint venture with affiliates of Blackstone through the contribution of a 100% occupied, six-property outpatient medical portfolio valued at approximately $212 million. The portfolio comprises approximately 418,000 square feet across California, Maryland, Colorado, Texas, and Nebraska." Blackstone will own 80% with DOC at 20%. "Healthpeak received gross proceeds of approximately $170 million for the sale of the 80% interest. The transaction implies a trailing cash cap rate of approximately 6.1% and a valuation of approximately $508 per square foot".
Last Discussed: Item # 1.H.Added to DOC in Vanguard Account - Bought 10 at $16.89 (1/15/26 Post)
Other Recent Buy Discussions: Item # 1.D. Added to DOC in Schwab Account - Bought 10 at $17.3 (12/5/25 Post); 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 Event- Creating and Taking Public Janus Living Inc (JAN) Finance:
Earlier this year, DOC 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)
The Janus Living IP was completed on 3/23/26 by selling 48.3M shares. The public offering price was $20 per share with net proceeds to Janus of $18.7 per share after the underwriting commissions. Janus is managed by a DOC indirect subsidiary. As of 3/31/26. DOC owned 81.6% of JAN's common shares. 10-Q at page 39 (Janus Living SEC Filings)
Prior to announcing its first quarter report, the stock price was struggling based on investor concerns that DOC was decreasing its exposure to senior living facilities while increasing its ownership of "lab" properties where occupancy trends have been unfavorable. A REIT devoted to lab properties, Alexandria Real Estate Equities (ARE), has taken massive valuation hits to its properties with the stock price being smashed after trading over $220 in December 2021 and recently hitting a 52 low at $39.41.
Profit Snapshots: $55.8
New Average Cost per share: $16.77 (165+ shares)
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| Snapshot after pare/Closing Price as of 5/6/26 |
Reduced from $16.89
Dividend: Monthly at $.1017 ($1.22 annually)
DOC Stock Dividend History & Date | Seeking Alpha
I am no longer reinvesting the dividend effective for the May 2026 payment.
2025 Dividend Taxation: Healthpeak Properties, Inc. - Stock Info - 1099 Reporting
Yield at $16.77 this account: 7.277%
Next Ex Dividend: 5/18/26
Last Earnings Report (3/31/26):
I discussed this report in a comment published on 5/6/26. The stock closed that day at $19.5, up $2.99 or 18.11%.
SEC Filed Press Release and SEC Fiiled Supplemental
Revenues: $752.952M
GAAP E.P.S. = $.28
NAREIT Defined FFO per share: $.42
Adjusted FFO per share $.45
Reconciliation:
2026 Guidance: Adjusted FFO per share $1.71-$1.75
The price rise in response to this report was due in part to the following statements in the press release: "Lab new lease executions totaled 129,000 square feet and renewal lease executions totaled 12,000 square feet and +3.5% cash releasing spreads on renewals" and "Lab total occupancy increased sequentially and is expected to increase through year-end 2026."
Physicians Realty Sell Discussions: Item # 1. Eliminated DOC -Sold 61+ at $13.73(1/12/24 Post)(profit snapshot = +$39.05); Item # 1.A. Eliminated DOC -Sold 46+ at $17.66 (7/3/2020 Post)(profit snapshot = $213.64); Item 1.A. Sold 55 DOC at $16.77 (4/18/20 Post)(profit snapshot $22.14); Item # 4.A. Sold Remaining DOC at $17.1-Used Commission Free Trade (12/9/18 Post)(profit snapshot = $69.5); Stocks, BItem # 5. Sold 100 DOC at $17.6 - Interactive Brokers Account (8/22/18 Post (profit snapshot = $61.25); Item # 3.A. Sold 103 DOC at $16.92 (8/19/18 Post)(profit snapshot = $12.97)
Largest Gain to Date: +$237.96
Healthpeak (PEAK) Sell Discussion: Item # 1.G. Eliminated PEAK - Sold 15 at $31.08 (3/6/2021 Post)(profit snapshot = $38.01)
Discussions of Physicians Realty are linked in the right side column under the "DOC" symbol.
The DOC-PEAK link is for discussions of Healthpeak when the stock traded under the PEAK symbol and later under the DOC symbol after completing this acquisition.
Goal: A 1% realized annual total return prior to ROC adjustments to the tax cost basis in excess of the dividend payments.
Combined PEAK & DOC-PEAK Realized Gains: $804.66 (includes gains in RI accounts)
Goal: Given the dividend yield, my goal is to realize a 2% total return in excess of the dividend payments before ROC adjustments to the tax cost basis.
SU Bonds:
I own 6 Physicians Realty bonds which was acquired by Healthpeak:
B. Pared Duplicate Position in COLD - Sold 17+ at $15.01:
Proceeds: $255.8
COLD is a cold storage REIT. As of 3/31/26, COLD "operated
2026 First Quarter Warehouse Results:
Page 11, SEC Filed Supplemental
I view the occupancy levels as low and unsatisfactory. For the 2023 first quarter, the economic occupancy percentage was at 84% with physical occupancy at 77.3%. SEC Filing Without delving into the why, my recollection is that the decline is due to competition.
The company also operates a transportation segment:
 |
| 10-Q at page 40 |
Profit Snapshot: $14.18
New Average cost per share this account: $12.51 (24 shares)
 |
| Snapshot Intraday on 5/8/26 after pare |
Reduced from $13.2
Dividend: Quarterly at $.23 per share ($.92 annually), last raised from $.22 effective for the 2025 first quarter payment.
COLD Dividend History & Date | Seeking Alpha
Yield at $12.51: 7.354%
Last Ex Dividend: 3/31/26
Last Earnings Report (Q/E 3/31/26):
Recent earnings reports have been disappointing.
SEC Filed Earnings Press Release and SEC Filed Supplemental
Revenues: $629.87M
Per Diluted Share Numbers
GAAP E.P.S. ($.05)
NAREIT Defined FFO per share: $.14
Core FFO per share: $.20, down from $.24
Adjusted FFO per share: $.29, down from $.34
Reconciliation:
2026 Outlook: Adjusted FFO per share of $1.2-$1.3
As of 3/31/26, COLD had outstanding $4.197+B of unsecured senior debt with a weighted an effective interest rate of 4.18% (page 20, Supplemental)
SU Bonds: I owned a COLD Operating SU bond maturing in 2032 for about two months:
%202032%20+$20.84%20.png)
Item # 2.J. Sold 2 Americold LP 5.6% SU Maturing on 5/15/32 at 100.945 (8/12/25 Post)-Item # 4.B. Bought 2 Americold Operating 5.6% SU Maturing on 5/15/32 at a Total Cost of 99.803 - Vanguard Account (6/12/25 Post); Bond Page | FINRA.org (credit rating at Baa3); Bond Prospectus
I may reconsider buying a SU bond due to the debt reduction described above.
C. Pared MFC Again - Sold 5 at $40 - Schwab Account:
Proceeds: $200
CAD Priced Shares: Manulife Financial Corp (Canada: Toronto)
Canadian Dollar to US Dollar Exchange Rate Chart | Xe
MFC Detailed Earnings Estimates - Zacks.com
Profit Snapshot: $142.97
Website: Manulife Global
MFC Key Metrics Page at Reuters
MFC Key Metrics Valuation Page at Reuters
SEC Filings (foreign issuer forms)
2025 SEC Filed Annual MD&A Report
Manulife Products and Services
Average cost per share: $11.41 (50 shares)
 |
| Snapshot Intraday 5/8 after pare |
Dividend: Quarterly at C$.485 per share, last raised from C$.44 effective for the 2026 first quarter payment.
The dividend will fluctuate with the CAD/USD exchange rate.
Last 4 Dividends in USDs: $1.3029
MFC Dividend History & Date | Seeking Alpha
Only 1 of the 4 dividends was at the new C$.485 penny rate.
Yield at Annual US$1.3 and $11.41 total cost per share: 11.39%
The yield will be higher using 4 quarterly dividends at the new rate.
Last Ex Dividend: 2/25/26
Last Earnings Report (Q/E 3/31/26): This report was released after my last pare and was viewed unfavorably by investors.
SEC Filed Earnings Press Release
Key Highlights: Amounts in Canadian Dollars
Reconciliation:
Other Sell Discussions: Item # 3.C. Pared MFC Again - Sold 5 at $38.45+ (4/25/26 Post)(profit snapshot = $135.24, discussed 2025 4th quarter report,SEC Filed Earnings Press Release); Item # 4.E. Pared MFC - Sold 5 at $37.14+ (1/21/26 Post)(profit snapshot = $128.7); Item # 3.A. Pared MFC Again - Sold 5 at $32.14 (6/12/25 Post)($103.69); Item # 3.B. Pared MFC Again - Sold 5 at $32.02 (5/23/25 Post); Item # 1.A. Pared MRC - Sold 5 at $31.59 (4/5/25 Post)(profit snapshot = $100.91); Item # 2.A. Sold 5 MFC at $32.79 (11/27/24 Post)(profit snapshot = $106.95); Item # 2.A. Pared MFC - Sold 5 at $32.79 (11/27/24 Post)(profit snapshot = $106.95); Item # 4.B. Pared MFC Again - Sold 5 at $32.38 (11/14/24 Post)(profit snapshot = $104.39); Item # 3.B. Pared MFC Again - Sold 5 at $30.36 (10/16/24 Post)(profit snapshot = $94.9); Item # 2.B. Pared MFC - Sold 5 at $29.29 (10/10/24 Post)(profit snapshot = $91.44); Item # 1.G. Eliminated Duplicate Position in MFC - Sold 14 at $20.1-Fidelity Account (3/6/23 Post)(profit snapshot = $143.61); Item # 1.A. Sold 32 MFC at $20.63 (2/2/20 Post)(profit snapshot = $104.79); Item # 2.A. Sold 20 MFC at $18.78 (11/2/19 Post)(profit snapshot = $7.69)
Largest Gain Not Discussed here (IB Account): $481.06
That trade was only mentioned in a comment: South Gent's Comment Blog # 7 - Seeking Alpha
Lowest prices paid to date: Item # 2.C. Bought in Fidelity Account 10 MFC at $10.15; 2 at $9.3; 2 at $8.9 (5/9/20 Post) Those lots have been sold.
Realized MFC Gain In USDs: $1,711.31
There have been no realized losses yet.
D. Eliminated Duplicate Position in UMH - Sold 30+ at $15.99 - Vanguard Account:
Quote: UMH Properties (UMH) at Zacks
Proceeds: $493.84
UMH is a "REIT that currently owns and operates 145 manufactured home communities containing approximately 27,100 developed homesites, of which contain 11,200 contain rental homes, and over 1,000 self-storage units. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama, South Carolina, Florida and Georgia. Included in the 145 communities are two communities in Florida, containing 363 sites, and one community in Pennsylvania, containing 113 sites, that UMH has an ownership interest in and operates through its joint ventures with Nuveen Real Estate."
Property Summary as of 3/31/26:
Last Buy Discussions: Item # 1.E. Added to UMH - Bought 5 at $14 in Schwab Account (3/30/26 Post)
UMH SEC Filed 2025 Annual Report
Last Sell Discussion: Item # 3.G. Pared UMH in Fidelity Account - Sold 5 at $16.25 (3/3/26 Post)(profit snapshot = $7.35) I discussed the 2025 4th quarter report in that post. SEC Filed Press Release and SEC Filed Supplemental I characterized that report as "blah".
Profit Snapshot: $57.77
Dividend: Quarterly at $.225 per share ($.90), last raised from $.215 effective for the 2025 second quarter payment. The quarterly dividend was understandably slashed from $.25 to $.18 per share effective for the 2008 second quarter payment. While understandable, it can not be excused IMO that the Board and managers have been unable to increase FFO per share sufficiently to return the quarterly rate back to $.25 in 18 years. The current rate is only barely covered by the $.23 normalized FFO per share reported for the 2026 first quarter, see earnings report discussion below. IMO it would be prudent to cut the quarterly dividend by $.02 or $.03 per share, with no raises thereafter until the Board and managers start persistently growing FFO per share.
UMH Dividend History & Date | Seeking Alpha
Next Ex Dividend: 5/15/26
Revenues: $65.838M
GAAP E.P.S. $.03
FFO per share: $.21
Normalized FFO per share: $.23, unchanged from the 2025 first quarter.
Reconciliation:
UMH Equity Preferred Stock: I own UMHPRD. Item # 5.A. Added to UMHPRD in Schwab Account - Bought 5 at $21.9 (1/1/26 Post); Item # 4.A. Added to UMHPRD in Fidelity Account - Bought 5 at $21.95 (12/5/25 Post) This preferred stock has a 6.375% coupon paid on a $25 par value. Dividends are cumulative.
E. Pared STAG Again - Sold 5 at $39.01 - Schwab Account:
Quote: Stag Industrial (STAG) at Zacks
Proceeds: $195.05
As of 3/31/26, STAG owned 601 industrial properties with about 120.3M square feet. 10-Q for the Q/E 3/31/26 at page 8
Investment category: Equity REIT Common and Preferred Stock Basket Strategy
Last Buy Discussion: Item # 2. Added to STAG in Interactive Brokers Account-Bought 50 at $17.55-Update For Equity REIT Basket Strategy As Of 1/21/16 - South Gent | Seeking Alpha (lot has been sold)
Last Sell Discussion: Item #2.A. Pared STAG Again - Sold 5 at $37.75 (2/4/26 Post)(profit snapshot = $92.61)
Profit Snapshot: $125.39
New Average cost per share: $13.93 (35+ shares)
 |
| Snapshot Intraday on 5/8/26 after pare |
Dividend: Quarterly at $.3875 per share ($1.55 annually)
STAG had been paying a monthly dividend. The last monthly dividend was at $.1242 per share ($1.4904 annually), last raised from $.1233 effective for the January 2025 payment. In 2015, the monthly rate was at $.115. I view the dividend increases as effectively meaningless which is the primary reason I am harvested profits.
STAG Stock Dividend History & Date | Seeking Alpha
Yield at $13.93: 11.12%
Last Ex Dividend: 3/31/26
Next Ex Dividend: 6/30/26
Last Earnings Report (Q/E 3/31/26):
Using Diluted Shares
Revenues: $224.207M
Occupancy Total Portfolio: 95.1%
GAAP E.P.S. = $.32
Core FFO per share: $.65, up from $.61.
Cash available for distribution: $109.795M, up from $106.486M
CAD per share: $.5626, up from $.559
Reconciliation:
Some Other Sell Discussions: Item # 2.A. Pared STAG - Sold 5 at $36.42 (7/15/25 Post)(profit snapshot = $79.82) Item # 2.A. Pared STAG - Sold 5 at $35.41 (5/30/25 Post)(profit snapshot = $149.47); Item # 1.D. Sold 10 STAG at $36.67 (3/18/25 Post)(profit snapshot = $165.13) Item # 1.A Sold 10 STAG at $40.53 (9/5/24 Post)(profit snapshot = $199.74); Item # 2.A. Pared STAG - Sold 10 at $38.99 (1/23/24 Post)(profit snapshot = $249.22); Item # 4.A. Eliminated Duplicate Position in STAG - Sold 50 at $37.22 (9/16/23 Post)(profit snapshot = $1,075.13); Item # 1.G. - Sold 4 STAG at $33 (4/1/21 Post)(profit snapshot = $32.49); Item # 7-Pared STAG Sold 42 at $25.2: Update For Equity REIT Basket Strategy As Of 7/28/16 | Seeking Alpha (profit snapshot = $271.32); Item # 2. Pared STAG-Sold 54 Shares at $23.81: Update For Equity REIT Basket Strategy As Of 7/1/16- South Gent | Seeking Alpha (profit snapshot = $318.54); Item # 2. Pared STAG -Sold 50 of 240 at $22.74: Update For Equity REIT Basket Strategy As Of 6/24/16 - South Gent | Seeking Alpha(profit snapshot = $48.31); Update For Equity REIT Basket Strategy As Of 3/21/16 - Item # 2. Sold 133 STAG at $19.61 | Seeking Alpha (profit snapshot = $125.27)
STAG Realized Gains to Date: $3,185.73
F. Pared IRM Again - Sold 1 at $129+ (Fidelity Account):
Quote: Iron Mountain Inc (IRM) at Google Finance - Digital and Paper Storage REIT
Proceeds: $129.3
The stock price is being juiced by AI's need for digital storage.
Iron Mountain - Investor Relations
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
Last Discussed: Item # 3.H. Pared IRM Again- Sold 1 at $120.15 (4/25/26 Post)(profit snapshot = $99.21).
Last Purchase Discussions: Item # 2.E. Started IRM in Schwab Taxable Account-Bought 10 at $26.8; 5 at $25.8; 5 at $25.25; 5 at $24.9 (12/5/20 Post); Item # 1.B. Added 3 IRM at $22.99; 2 at $22.31 - Fidelity Account (6/20/20 Post); Item # 2.A. Added 1 IRM at $26.46; 1 at $26.07; 1 at $25; 2 at $23.95; 1 at $23.3; 1 at $23.76; 1 at $24.33; 1 at $22.61; 1 at $24.33; 1 at $22.6 and 1 at $21.79 - Fidelity Account (5/2/20 Post) The tax cost basis has been reduced some due to ROC adjustments to the original cost numbers.
Profit Snapshot: $108.37 (5/5/26 sale only)
New Average cost per share: $20.1 (5 Shares)
 |
| Snapshot Intraday on 5/5/26 after pare |
Reduced from $20.24
Dividend: Quarterly at $.864 per share ($3.456 annually)
IRM Dividend History & Date | Seeking Alpha
Yield at $20.1: 17.19%
Last Ex Dividend: 3/16/26
Next Ex Dividend: 6/15/26
Last Earnings Report (Q/E 3/31/26):
SEC Filed Slide Presentation (61 countries, ~ 1,300 facilities, 240,000+ customers)
Revenue: $1.095B, up 13% Constant FX
Organic revenue growth 17.2% compared to the 2025 first quarter
Reported E.P.S. = $.48, up from $.05
Non-GAAP E.P.S. = $.60, up from $.43
NAREIT Defined FFO per share: $.89, up from $.38
Normalized FFO per share: $.99, up from $.77
AFFO per share: $1.43, up from $1.17
Net Income to Normalized FFO Reconciliation:
Normalized FFO to AFFO Reconciliation:
2026 Guidance: AFFO per share $5.79-$5.86
Other Sell Discussions: Item # 3.C. Sold 1 IRM at $112.34 (3/3/26 Post)(profit snapshot = $91.4, discussed the 2025 4th quarter report, SEC Filed Press Release), Item # 2.A. Pared IRM - Sold 1 at $106.1 (11/1/25 Post)(profit snapshot = $83.66)(discussed again issues that I have with adjustments to GAAP); Item # 4.C. Pared IRM -Sold 1 at 100.8 (7/9/25 Post)(profit snapshot = $77.22)(discussed issues that I have with adjustments made to normalized FFO calculation); Item # 2.A. Pared IRM -Sold 3 at $109.83 (8/8/24 Post)(profit snapshot = $257.65); Item # 2.F. Pared IRM - Sold 2 at $100 (7/26/24 Post)(profit snapshot = $150.29); Item # 1.J. Eliminated IRM in Vanguard Account - Sold 3 at $54.25 (2/13/23 Post)(profit snapshot = $98.68); Item # 4.G. Sold 1 IRM in Fidelity Taxable Account at $55.04 (9/20/22 Post)(profit = $29.61); Item # 3 Eliminated IRM in Schwab Taxable Account - Sold 19+ at $57.73 (5/5/22 Post)(profit snapshot = $631.54) Item # 2.H. Pared IRM in Fidelity Taxable Account - Sold 1 at $47.58 (10/10/21 Post)(profit snapshot = $21.6); Item #1.A. Sold 3 IRM in Fidelity Taxable-Sold 3 at $49.12 (10/1/21 Post)(profit snapshot = $86.06); Item # 2.K. Pared IRM in Fidelity Taxable Account-Sold 5 at $44.18 Item #2.L. Pared IRM in Vanguard Taxable-Sold 1 at $46.19; and Item # 2.M. Pared IRM in Schwab Taxable-Sold 1 at $46.93 (6/19/21 Post)(profit snapshots = $122.41); Item # 1.K. Sold 5 IRM at $37.69 (4/30/21 Post)(profit snapshot = $76.42); Item # 1.L. Sold 5 IRM in Schwab Account at $36.42 and Item #1.M. Sold 2.731 in Fidelity Account at $36.86 (4/1/21 Post)(profit snapshots = $73.38); Item #1.B. Sold 2 IRM at $35.63; 5 at $36.8 in Fidelity Taxable (2/27/21 Post)(profit snapshot = $54.15) ; Item # 1.B. Pared IRM-Sold 15 at $33.04 (2/22/20 Post)(profit snapshot = $36.73); Item # 1.C. Sold 10 IRM at $33.91-Used Commission Free Trade (12/26/18 Post)(profit snapshot = $12.24 ); Item # 4 Sold 50 IRM at $33.82 Update For Equity REIT Basket Strategy As Of 4/6/16 - South Gent | Seeking Alpha (profit snapshot = $398.06)
G. Pared HR Again - Sold 5 at at $19.7 (Fidelity Account):
Quote: Healthcare Realty Trust Inc (HR) at Google Finance
Proceeds: $115.2
HR is one of the largest medical office building REITs.
Total Properties as of 3/31/26: 563 with 32.9M square feet includes 64 joint venture properties.
Tenants:
Wholly owned occupancy at 92.1%, up from 91.1%
Sourced: SEC Filed Supplemental for the Q/E 3/31/26
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
Merger: Healthcare Realty Trust (HR) and Healthcare Trust of America (HTA) Announce Closing of Merger - Healthcare Realty HR acquired HTA but HTA was the company that survived, a reverse merger. After the merger was consummated, the name of the surviving company was change to Healthcare Realty and the symbol changed from HTA to HR. Prior to the closing, HTA paid its shareholders a special dividend of $4.82 per share. I owned 50 HTA shares and received a $241 cash payment, most of the payment was classified as ROC as I recall which reduced my tax cost basis.
Both HTA and HR during their separate existence failed to increase cash available for distribution (CAD) per share over a long period of time. (e.g., in Item # 1.H discussing legacy HTA; wherein I calculated the CAD per share in the 2021 3rd quarter at $.349; at $.377 in the 2020 third quarter and at $.344 in the 2016 3rd quarter or flat over a 5 year period. In Item # 2.A. discussing Legacy HR, I noted that the CAD per share was $.33 in the 2021 4th quarter and at $.31 in the 2012 4th quarter. Pathetic IMO.
As I have noted in the past, "combining two entities who have proven an inability to increase CAD per share will not create one that can IMO."
This combination, which made no sense IMO, was the brainchild of hedge fund manager Paul Singer. Elliott Investment Management urges REIT Healthcare Trust of America to explore sale | Reuters (10/11/21)
Last Purchase Discussions: Item # 1.E. Added to HR in Fidelity Account - Bought 2 at $15.94 (7/15/25 Post); Item # 1.O. Added to HR - Bought 1 at $15.65; 1 at $14.65 (4/18/25 Post); Item # 1.I. Bought 3 HR at $16.24 - Fidelity Account (1/22/25)
Last Discussed: Item # 3.B. Pared HR - Sold 50 at $18.24 (3/23/26 Post)(profit snapshot = $100.42)
Profit Snapshot: $18 (5/5/26 sale only)
New average cost per share: $13.81 (20+ shares)
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| Snapshot Intraday on 5/5/26 after pare |
Reduced from $14.35
Dividend: Quarterly at $.24 per share ($.96 annually), slashed from $.31 per share effective for the 2025 third quarter payment.
HR Dividend History & Date | Seeking Alpha
The dividend slash was necessary IMO since HR was not covering the dividend with funds available for distribution (FAD). For dividend coverage for non-triple net lease REITs, FAD is the most important cash flow number IMO.
I am not reinvesting the dividend and will reconsider that option when and if the likely reinvestment prices reduce my average cost per share.
Last Earnings Report (Q/E 3/31/26):
Revenues: $278.99M, down from $298.977 (HR has been selling properties)
GAAP E.P.S. ($0.00) Minus $56,000.
NAREIT Defined FFO per share: $.35
Normalized FFO per share: $.41, up from $.39.
FAD (Funds available for distribution): $112.858M, up from $102.220. $5.85M of the increase was attributable to lower maintenance costs in 2026 first quarter, see reconciliation table below.
FAD per share: $.325, up from $.2924.
Reconciliation:
Medical office buildings frequently have multiple tenants which results in HR being responsible for routine maintenance costs that are both high an recurring, which is the case with any office building with multiple tenants. A a major deduction from normalized FFO in the FAD calculation was $29.178M for routine maintenance.
2026 Guidance: Normalized FFO per share $1.59-$1.64
Some Legacy HTA Sell Discussions: Item # 6 Pared HTA - Sold 20 at $31.8 (4/28/22 Post)(profit snapshot = $198.37); Item # 1.H. Sold 5 HTA at $31.61; 5 at $32.89 (11/11/21 Post)(profit snapshot = $96.97); (Item # 3.B. Pared HTA - Sold 10 at $28.17; 10 at $29.17 (7/18/20 Post)(profit snapshot = $118.58); Item # 1 Sold 2 HTA at $26.7 (5/2/20 Post)(Profit Snapshot = $7.81); Item # 2.D. Eliminated HTA-Sold 30 at $32.51 (2/8/2020 Post)(profit snapshot = $178.02); Item # 1.A. Sold 10 HTA at $31.31 (1/29/20)(profit snapshot = $44.34); Item # 2.B. Sold 10 HTA at $30.81 (11/28/19 Post)(profit snapshot = $39.2);Item # 1.A. Sold 15 HTA at $28.57-Used Commission Free Trade(9/12/18 Post)(profit snapshot = $46.12); Item # 2 Sold 50 HTA at $26.25 Update For REIT Basket Strategy As Of 10/28/15 - South Gent | Seeking Alpha(profit snapshot = $124.1)
Largest Legacy HR Realized Gain: Item # 2 Sold 50 HR at $26.33 Update For REIT Basket Strategy As Of 10/19/15 - South Gent | Seeking Alpha (profit snapshot = $103.27)
Other Recent HR Sell Discussions: Item # 2.C. Pared HR - Sold 20+ at $18.74 (11/1/25 Post)(profit snapshot = $27.11, sold all shares with a tax cost basis of over $17): Item # 7B. Eliminated Duplicate Position in HR (Schwab Account) - Sold 9+ at $16.09 (7/15/25 Post)(profit snapshot = $10.32)
SU Bonds: I own 14 senior unsecured bonds issued by Healthcare Realty or Healthcare Trust of America, now combined into HR as discussed above. The bonds are rated BBB/Baa2.
Owned SU debt includes bonds originally issued by Healthcare Trust of America, formerly traded under the HTA symbol, and Healthcare Realty.
I am about to lose 4 HTA 3.5% SU that would have matured on 8/1/26, which are being called early as of 5/20/26:
%20bond%20call%20on%205:20:26%20.png)
Other owned SU bonds:
6 mature on 7/1/27; Bond Page | FINRA.org
4 mature on 1/15/28; Bond Page | FINRA.org
Last SU Purchase Discussions: Item #2.B. Bought 2 Healthcare Trust of America 3.625% SU Maturing on 1/15/28 at a Total Cost of 96.467 (4/15/25 Post); Item # 2.E. Bought 2 Healthcare Trust of America 3.625% SU Maturing on 1/15/28 at a Total Cost of 96.048 (3/18/25 Post); Item # 3.A. Bought 2 Healthcare Realty 3.75% SU Maturing on 7/1/27 at a Total Cost of 97.287 (2/10/25 Post)
H. Eliminated 1 of 2 Duplicate Positions in COLB Sold 10 in Vanguard Account at $30.18+:
Quote: Columbia Banking System Inc (COLB) at Google Finance
Proceeds: $301.84
COLB is a bank holding company that owns Columbia Bank, "the largest bank headquartered in the Northwest and one of the largest banks headquartered in the West with offices in Arizona, California, Colorado, Idaho, Nevada, Oregon, Texas, Utah, and Washington."
COLB Detailed Earnings Estimates - Zacks.com
Investment Category: Regional Bank Basket Strategy
COLB Key Metrics Valuation Page at Reuters
Profit Snapshot: $58.09
Last Buy Discussions: Item # 3.D. Added to COLB in Fidelity Account - Bought 5 at $23.45 (7/29/25 Post); Item # 3.D. Added to COLB in Fidelity Account - Bought 5 at $23.45 (7/29/25 Post); Item # 1.J. Added to COLB - Bought 2 at $19.81 (6/3/23 Post); Item # 2.K. Added 1 COLB at $20.31 (5/27/23 Post)
COLB Detailed Earnings Estimates - Zacks.com
Dividend: Quarterly at $.37 per share ($1.48 annually), last raised from $.36 effective for the 2025 4th quarter payment. In the first quarter of 2016, the penny rate was at $.18. Several special dividends were paid that year.
COLB Dividend History & Date | Seeking Alpha
Last Earnings Report (Q/E 3/31/26): Item # 3.E. Pared COLB in Fidelity Account - Sold 5 at $30 (4/25/26 Post). I discussed this report in a recent post:
Profit Snapshot: $11
New Average cost per share: $10.41 (25 shares)
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| Snapshot Intraday on 5/6/26 after pare |
Reduced from $10.54.
Dividend: Quarterly at $.19 per share ($.76 annually)
NEWT Dividend History & Date | Seeking Alpha
Yield at $10.41: 7.3%
Last Ex Dividend: 3/24/26
Last Earnings Report (Q/E 3/31/26):
Diluted E.P.S. at $.43, up from $.35 in the 2025 1st Q., but down from $.65 in the 2025 4th Q.
Note the net loss of $49.578M in the 2026 first quarter using the "fair value option" for loan, compared to a +$23.591M "gain" in the 2025 4th quarter. Both number are unrealized. This change to an unrealized loss resulted in an "earnings" decline compared to the last quarter.
The realized gain on the sale of loans did increase to $26.682M compared to $9.505M in the 2025 4th quarter and $12.961M in the 2025 1st Q.
2. Canadian Reset Equity Preferred Stock:
As discussed briefly in a comment published on 5/3/26, I am in a quandary about what to do with my growing Canadian Dollar position in my Interactive Brokers Account. I am still thinking about what to do.
A. Sold Highest Cost FTSPRM:CA 100 Shares out of 200 Shares at C$25.24:
Quote: Fortis Fixed Rate Reset First Cumulative Redeemable Preferred Shares Series M at Google Finance
Proceeds: C$2,523 after C$1 commission.
Priced in Canadian Dollars and traded on the Toronto stock exchange.
Issuer: Fortis Inc (FTS) at Google Finance (USD priced shares) - Utility Holding Company
Fortis Releases 2026 1st Quarter Results
Website: Fortis Inc.
I sold my highest cost lots.
Profit Snapshot: C$757
This Canadian reset equity preferred stock reset its coupon for 5 years at 5.493% paid on a C$25 par value. That coupon remains in effect until 12/1/29. The coupon resets every 5 years, unless called on the reset date, at a 2.48% spread to the Canadian 5 year government bond.
Par Value: C$25
Dividends: Cumulative and Paid Quarterly
Optional Redemption: Only on the reset date, call protected until then.
Purchase Discussions: Item # 5.A. Added to FTSPRM:CA - Bought 50 at C$17.73 (3/6/23 Post); Item # 2.B. Bought 50 FTS.PRM at C$12.4 (5/23/20 Post); Item # 3.A. Bought 50 FTS.PRM at C$16.28 (3/14/20 Post); Item # 2.A. Bought 50 FTSPRM:CA at C$17.55 (11/23/2019 Post)
New Average cost per share: C$14.26 (100 shares)
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| Snapshot after pare/Closing Price as of 5/12/26 |
Yield at New AC: 9.63%
Computation: .05493 coupon x C$25 par value = C$1.37325 Annual Dividend per share = 9.63%
Last Ex Dividend: 5/15/26
As with other Canadian securities that I own, Canada will withhold a 15% tax on the dividend payments.
Historical Realized Gains in Canadian Reset Equity Preferred Stocks: +C$30,418.5
I keep track of my profits in Canadian reset preferred stocks by placing the profit snapshots (no realized losses yet) in a folder titled Canadian Preferred Stocks. This is a snapshot of the trades in that account starting in 2016 when I started to trade them:
The two snapshots of EBGEF realized gains are in USDs. This Enbridge reset preferred stock trades on the U.S. pink sheet exchange and is consequently priced in USDs. EBGEF - Enbridge Inc. | Quote | OTC Markets
In 2017, I sold 300 shares of ENBPRP in my Fidelity account that had been bought on the Toronto exchange. The snapshot of the profit is in U.S. Dollars ($1,458.25) since that is what I have after Fidelity converted the CAD profit of C$1,814 into USDs. The total profits in this niche category uses the C$1,814 number.
I quit using Fidelity for trades on the Toronto exchange with this 2017 sale since it has a higher commission than Interactive Brokers which is C$1 for each 100 shares or just C$3 for 300 shares. The IB currency exchange commission is also much lower than Fidelity as I recall
I include snapshots of Canadian Reset Equity Preferred stocks in a post originally published in September 2009 that then included only U.S. floating rate preferred stocks. Advantages and Disadvantages of Equity Preferred Floating Rate Securities (originally published in September 2009 and updated since then with new trade snapshots)
The realized gain to date in U.S. floating rate preferred stocks is $16,525.47. I do not own any U.S. equity preferred floaters since the yields are currently too low and most of the ones that I would consider buying pay non-cumulative dividends and are issued by bank holding companies. When the operating bank owned by the holding company is seized by the FDIC, the preferred stocks issued by the bank holding will become worthless.
3. Small Ball Common Stock Buys:
A. Added to PFE - Bought 5 at $26.11+ (Fidelity Account):
Quote: Pfizer (PFE) at Zacks
Cost: $130.58
PFE Detailed Earnings Estimates - Zacks.com
Investment Categories: Bond substitute and Contrarian Value.
Pfizer's Failed Growth by Acquisition Strategy: Whenever I discuss PFE, I will emphasize that it revenue growth through expensive acquisitions has unquestionably failed but Pfizer continues along that path nonetheless.
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 $26: About $147B
The PFE average annual total return starting on 1/1/1999 through 5/11/2025 was 2.01%. Total return includes dividend reinvestment. DRIP Returns Calculator | Dividend Channel The PFE average annual total return over the past ten years through 5/11/26 was 2.61% compared to 15.47% for the S&P 500 ETF SPY and 31.05% 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 an extremely generous F-.
Last Discussed: Item # 1.A. Added to PFE in Fidelity Account - Bought 10 at $25.21 (1/15/26 Post)
New average cost per share this account: $27.8 (82+ shares)
Reduced from $27.94
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 $27.8 AC: 6.187%
Last Ex Dividend: 5/8/26
Last Earnings Report (Q/E 3/31/26):
SEC Filed Earnings Press Release
Revenues: $14.451B, up from $13.715B
Revenues by Product:
GAAP E.P.S. $.47, down from $.52
Non-GAAP E.P.S. $.75, down from $.92 (18.47% decline)
Reconciliation:
2026 Guidance: Adjusted E.P.S. $2.8-$3
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 to FMS - Bought 5 at $20.08:
Quote: Fresenius Medical Care AG & Co. (FMS) at Zacks
Cost: $100.4
FMS is based in Germany.
FMS "is the world’s leading provider of products and services for individuals with renal diseases, based on publicly reported revenue. The Company provides dialysis and related services for individuals with renal diseases, including through value and risk-based care programs, as well as other healthcare services. The Company also develops, manufactures, and distributes a wide variety of healthcare products. The Company’s healthcare products include hemodialysis machines, peritoneal dialysis cyclers, dialyzers, peritoneal dialysis solutions, hemodialysis concentrates, solutions and granulates, bloodlines, renal pharmaceuticals, systems for water treatment, as well as acute cardiopulmonary and apheresis products. The Company supplies dialysis clinics it owns, operates or manages with a broad range of products and also sells dialysis products to other dialysis service providers. The Company’s other healthcare services include pharmacy services, vascular specialty services, ambulatory surgery center services, and physician nephrology practice management."
ADR Ratio: 2 ADRs = 1 Ordinary Share Priced in Euros. ADR program | Fresenius Medical Care
The USD priced ADR price will generally reflect the Euro price converted into USDs with that number then divided by 2 but there will be a time lag since the electronic trading on the Xetra Frankfurt exchange will close at 11:30 EDT during the NYSE trading hours.
Fresenius SE & Co. KGaA (FRE.DE) Stock Price
FMS closed at €38.33 on 5/13/26 in Germany. Using a EUR/USD conversion value of 1.1717, close to where it was that day, the Euro value would convert into US$44.92 ÷ 2 = US$22.46 for each ADR share.
FMS - Detailed Earnings Estimates - Zacks.com
FMS SEC Filings (foreign issuer forms)
Last Discussed: Item # 2.A. Started FMS - Bought 5 at $22.36 (4/11/26 Post)
Five Year Chart: Major Bear Market Pattern starting in the 2021 summer.
New average cost per share: $21.22 (10 shares)
Dividend: Paid annually
FMS Dividend History & Date | Seeking Alpha
Dividend Tax: Germany will withhold 25% + a 5.5% solidarity surcharge (on the 25%) = 26.375%. The dividend will be withheld at the source. I do not know whether Schwab will assert my U.S. Treaty rights to a maximum 15% rate at the source which I doubt. If that does not happen, some brokers have in the past obtained a refund from the foreign countries tax authority and will reimburse the excess down the road. Fidelity did reclaim $28.06, crediting that mount on 5/11/25, of the Swiss Tax on the recent Novartis dividend collected on 3/16/26.
For now, I am assuming that I will end up paying the 26.375% tax and will recover most of that amount as a foreign tax credit when I file my 2026 tax return. My total foreign tax credit each year associated with dividend payments will generally hover in the $400 - $600 range with some of the paid foreign dividend taxes required to be carried forward based on the limitations contained in Form 1116.
Next Dividend: $.8716
Next Ex Dividend: 5/22/26
Last Earnings Report (Q/E 3/31/26): Investors reacted negatively to this report causing a significant percentage decline that allowed me to average down with a 5 share purchase.
SEC Filed Financial Report or Fresenius Medical Care delivers strong operating income growth in Q1 2026 while advancing the U.S. rollout of 5008X CAREsystems at speed | Fresenius Medical Care
My reaction to this report was negative but to a lesser degree than reflected in the price decline on .
I tolerate negative reports when I view the stock as undervalued with a price already reflecting most of the reasonably predictable bad news over the next 12 months or so, while assigning a near zero chance of positive news. The company has IMO the capability of improving results given its worldwide strong market position in dialysis.
FMS reports in Euros €
Revenues: €4,612BM down 6$
Revenues by Business Segments:
E.P.S.: €.43, down from €.52
Adjusted E.P.S. of €.91 or about US$.53 for the ADR.
Reconciliation:
"Free cash flow5 increased by 94% to EUR 40 million in the first quarter 2026 (Q1 2025: EUR 21 million), resulting in a margin of 0.9% (Q1 2025: 0.4%)." (emphasis supplied)
Discussed at FMS Stock Rises Despite Q1 Earnings & Sales Miss, Margins Expand - May 6, 2026 - Zacks.com
C. Added to CHCT in Schwab Account - Bought 10 at $17.75:
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
Company Snapshot: 198 properties, 4.357+M square feet, 89.8% leased
Property Classifications:
Top Tenants:
SEC Filed Annual Report (Risk factor discussion starts at page 15 and ends at page 48)
Last Discussed: Item # 1.H. Restarted Duplicate CHCT Position in Fidelity Account - Bought 5 at $13.92; 5 at $13.56+ (10/11/25 Post); Item # 1.B. Added to CHCT in Schwab Account - Bought 5 at $16.5 (8/5/25 Post); Item # 1.P. Bought 10 CHCT at $16.38; 10 at $15.85; 10 at $15 (4/13/25 Post)
New Average cost per share this account: $16.39 (85 shares)
 |
| Snapshot on 5/6/26 after add |
Raised from $16.21.
Dividend: Quarterly at $.48 per share ($1.92 annually)
CHCT Stock Dividend History & Date | Seeking Alpha
Yield at $16.39: 11.71%
Last Ex Dividend: 5/11/26
Last Earnings Report (Q/E 3/31/26):
SEC Filed Earnings Press Release and Supplemental (property locations can be found at pages 16-23.
As previously discussed, CHCT had leased 6 geriatric behavioral hospital operator to a tenant that has run into trouble. The tenant paid $.3M in rent during the first quarter, up from $.1M in the 2025 4th quarter. The tenant "signed a Letter of Intent (LOI) for the sale of its business to a behavioral healthcare provider. The buyer is finalizing legal and business due diligence and has entered the drafting phase of the definitive purchase documents, including new leases on the six hospitals owned by the Company. While the transaction is progressing, the Company cannot provide assurance regarding the specific timing or the ultimate certainty of the closing.
"In addition to the rent issue, CHCT has a term loan to this tenant which it determined was not reasonably secured and wrote down the value by $11M, see Annual Report at pages 98-99.
The events described above constitute a major mistake made by this relatively small REIT.
GAAP E.P.S. $.07, up from $.03.
FFO per diluted share: $.49, up from $.47
AFFO per diluted shares: $.56, up from $.55
Reconciliation:
D. Restarted GMAB - Bought 5 at $26 - Fidelity Account:
Quote: Genmab A/S - ADR at Google Finance
Cost: $130
Quote in DKKs: Genmab A/S (Denmark: OMX)
Danish Krone to US Dollar Exchange Rate Chart | Xe
ADR Ratio: 10 ADRs = 1 Ordinary Share
Approved Medicines: Royalties and Milestones
Sourced: SEC Filed Earnings Press Release for the Q/E 3/31/26 at page 25
GMAB Detailed Earnings Estimates - Zacks.com As of 5/7, the average E.P.S. estimate for 2026 was at $1.19 and at $1.67 in 2027. This would be for the USD priced shares. E.P.S. is being significantly restrained by pipeline costs.
More details are provided in Exhibit 15.3_Genmab Annual Report.pdf at the GMAB website.
Basic 3 Year Financial Data: For the USD priced shares, the per share data needs to be divided by 10.
3 Year Sources of Revenues:
Last Discussed: Item # 2.B. Eliminated GMAB - Sold 23 at $30.37 - Two Accounts (10/4/25 Post)(profit snapshot = $212.54) There was a stock pop in reaction to this news: Genmab to Acquire Merus, Expanding Late-Stage Pipeline and Accelerating into a Wholly Owned Model There was also a positive reaction to this trial data: Genmab Announces Updated Results from Phase 2 EPCORE® NHL-6 Study Evaluating Epcoritamab Monotherapy in the Outpatient Setting in Patients with Relapsed/Refractory (R/R) Diffuse Large B-Cell Lymphoma (DLBCL) - Genmab A/S (9/3/25)
The Merus acquisition price was US$97 per share or about US$8B. Over the decades, I have developed an opinion about growth by acquisition of pipeline stage companies. Most of the growth by acquisitions in the pharmaceutical industry have been at what proved to be excessive prices, though there have also been several success stories. Merus was a clinical stage company with a cancer drug in late stage trials.
I decided to harvest my profit since I do not have the knowledge to evaluate whether the Merus acquisition will result in good returns on the investment. I still do not know.
This acquisition was completed in December 2025: Genmab Announces Completion of Tender Offer for Outstanding Common Shares of Merus N.V.
I decided to restart a small ball position after reading this summary of a GS report. Genmab upgraded to Buy from Neutral at Goldman Sachs - TipRanks.com I do not have access to that report. The GS PT is reported to be $30.5. Future price appreciations depends on trial results of pipeline drugs and regulatory approvals. Pipeline | Genmab (3 compounds in Phase 3 trials)
Buy Discussions: Item # 3.J. Added to GMAB - Bought 2 at $21.56 (8/19/25 Post); Item # 1.G. Bought 10 GMAB at $21.74 (12/12/24 Post); Item # 1.H. Added to GMAB - Bought 5 at $20.84 (12/19/24 Post)(In that post, I discussed the impact of the DKK/USD exchange ratio on the ADR price when I purchased shares in December 2024: "The ADR U.S. price will reflect the share price on Denmark's stock exchange converted into USDs and adjusted for the ADR Ratio. When I bought the ADR, the DKK price was at 1,543, down .87%. Converting DKK1,543 in USDs, the USD price was $217.2 which has to be divided by 10 given the ADR ratio or US$21.72." I also made this comment: "My "feeling" is that the royalty stream is already baked into the price and further gains will be dependent on matters that I have no ability to assess.")
Investment Category: Lottery Ticket. The classification is based on the uncertainties about pipeline drugs and the lack of any dividend taking into account my investment objectives which place an emphasis on current income generation.
Dividend: None and none anticipated by me.
Last Earnings Report (Q/E 3/31/25):
Genmab Announces Financial Results for the First Quarter of 2026 or SEC Filed Earnings Press Release This report was released after my purchase. The company reports in USDs.
Revenues: $896M, up from $715M
Diluted E.P.S. $.83
"operating expenses, excluding Acquisition and integration related charges, were $606 million for the first three months of 2026 compared to $485 million for the first three months of 2025. The increase of $121 million, or 25%, was primarily driven by the expansion of our product pipeline, including advancement of Rina-S and petosemtamab, and the continued investment in Genmab’s global commercialization capabilities to prepare for the upcoming projected launches of Rina-S and petosemtamab."
Acquisition and integration related charges, relating primarily to the Merus acquisition, were $45M. Amortization "expense" of acquired intangible assets was reported at $12M.
2026 Outlook:
2026 royalty growth is primarily from DARZALEX revenues which the company projects at a midpoint of $2.7B based on estimated net sales of $15.6B to $16.4B. A major problem for GMAB is that U.S. patent protection expires in 2029.
Other drugs where GMAB receives royalty payments are described at page 7 of a May Investor Presentationd.pdf. The largest is royalties received from Novartis sales of Kesimpta.
Other revenues include "net product sales and collaboration payments for EPKINLY and Tivdax, reimbursement revenues and milestone payments."
Detailed 1st Quarter Report.pdf; Our medicines | Genmab
The Tivdax collaboration is with Pfizer.
The collaboration agreements are generally described at pages 54-56, SEC Filed 2025 Annual Report Royalty and milestone agreements are described starting at page 56.
Purchase Restriction: Each subsequent purchase must be at the lowest price in the chain and may not exceed a 5 share purchase. The total out-of-pocket purchase limit is $1,000 (standard for Lottery Tickets) + the total of prior net realized gains.
E. Added to MDT in Schwab Account - Bought 5 at $77:
Cost: $385
I discussed the MDT purchase in a comment published on 5/9/26.
The stock was selling at a higher price in the 2019 summer. A ten year top in the stock price was hit near $136 in August 2021.
Last Buy Discussion: Item # 1.B. Added to MDT - Bought 5 at $77.3 (7/5/24 Post)
Investor Relations | Medtronic - Overview
Investment Categories: Contrarian value and Dividend Growth
MDT is a dividend aristocrat. Dividend Aristocrats In Focus: Medtronic This stock category requires a company to raise the dividend for at least 25 consecutive years. MDT is currently at 47 years of consecutive dividend increases.
Given my age and average life expectancy, I have to look at other factors in addition to the consecutive years of dividend increases. Those are (1) the current yield is relatively low for new purchases and (2) the rate of dividend growth has slowed down from a 4 or 5 cent quarterly dividend increase to 1 cent which becomes far more important given my age.
MDT Detailed Earnings Estimates - Zacks.com As of 5/11/26, the average E.P.S. estimate for 2026 was at $5.57 and at $6.09 in 2027.
New average cost per share this account: $75.85 (20 shares)
Dividend: Quarterly at $.71 per share ($2.84 annually), last raised from $.70 effective for the 2025 second quarter payment.
MDT Dividend History & Date | Seeking Alpha This website has a table showing the consecutive years of dividend increases.
Yield at $75.85: 3.744%
If the quarterly dividend increases were just 1 cent per year for 10 years, and my total cost remained at $75.85, the yield at the end of that period would be 4.27%. A 1 cent increase to $.72 would be a 1.4% annual raise, far below the likely inflation rate.
Last Ex Dividend: 3/27/26
Last Earnings Report (Q/E 1/23/26): This is for the third fiscal quarter.
Investors had a negative reaction to this report. Just prior to its release, the stock was trading near $105.
Revenue Growth by Operating Segment:
Diluted E.P.S. = $.89, down from $1.01
Non-GAAP Diluted E.P.S. = $1.36 (excludes -$.04 per share currency impact), down from $1.39.
Reconciliation:
Fiscal 2026 Guidance: "The company reiterates its FY26 organic revenue growth of approximately 5.5% and diluted non-GAAP EPS guidance of $5.62 to $5.66. This includes a potential impact from tariffs of approximately $185 million, unchanged from the prior guidance. Excluding the potential impact from tariffs, this guidance represents FY26 diluted non-GAAP EPS growth of approximately 4.5%." (emphasis added) For many investors, non-GAAP E.P.S. growth of 4.5% is not attractive
General Rationale for Purchasing Shares: (1) the company is a leader in medical devices and the baby boomers will be good customers; (2) MDT is recession resistant; (3) there are dividends and dividend growth; and (4) the P/E is reasonable using 2026 F/Y adjusted E.P.S. guidance of $5.62 to $5.66, but the slow growth in E.P.S. mitigates the advantage of the relatively low P/E compared to the S&P 500.
Other Recent Sell Discussions: Item # 2.I. Pared MDT - Sold 5 at $90.05 (7/15/25 Post)(profit snapshot = $45.05); Item # 3.A. Pared MDT - Sold 5 $86.06 (7/3/25 Post)(profit snapshot = $37.81); Item # 4.E. Eliminated Duplicate Position in MDT - Sold 4 at $89.79 (8/29/24 Post)(profit snapshot = $38.9)
Largest Gains in 2011 (+$883.29 on 239+ shares) and 2014 (+$914.4 on 30 shares):
For the last 10 years or so, I have viewed this stock only as a short term trade. I will start to contemplate eliminating my position when and if the price goes back over $105. My consider to pare a position by selling my highest cost lots is currently at >$85.
MDT Realized Gains to Date: $2,062.4
Other Recent News: Medtronic announces MiniMed as name for planned New Diabetes Company - Jun 12, 2025; Medtronic announces intent to separate Diabetes business - May 21, 2025 (expected to be completed within 18 months)
F. Started Duplicate Position in MDT (Fidelity Account) - Bought 1 at $76.86; 1 at $76.2:
Cost: $153.06
See Item # 2.E. Above
Average cost per share this account: $76.53
Yield at $76.53: 3.71%
My current plan is to add to this position only in 1 share lots, with each subsequent purchase required to be at the lowest price in the chain.
4. Corporate Bonds: 12
I am cutting off discussions with trades made on or before 5/8/26.
Cost numbers included brokerage commissions at $1 per bond.
A. Bought 2 Capital One 3.8% SU Maturing on 1/31/28 at a Total Cost of 98.977:
Issuer: Capital One Financial Corp (COF) at Google Finance
Cost: $1,979.54
SEC Filed Earnings Press Release for the Q/E 3/31/26
COF Detailed Earnings Estimates at Zacks.com
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa1/BBB
YTM at Total Cost: 4.415%
Current Yield at TC: 3.839%
B. Bought 2 CMS Energy 3.45% SU Maturing on 8/15/27 at a Total Cost of 98.949 - Interactive Brokers Account:
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Issuer: CMS Energy Corp (CMS) at Google Finance
Cost: $1,978.98
CMS Detailed Earnings Estimates at Zacks.com
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB
YTM at Total Cost: 4.3%
C. Bought 2 Federal Realty LP 3.25% SU Maturing on 7/15/27 at a Total Cost of 98.73:
%203.25%25%207:15:27%20.png)
Issuer: Operating Entity of Federal Realty Investment Trust (FRT)
Cost: $1,974.6
FRT does not guarantee the notes.
SEC Filed Earnings Press Release for the Q/E 3/31/26
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa1/BBB+
YTM at Total Cost: 4.352%
I do not view the current yield as material for maturities within 18 months. There is some income shifting into 2027 when buying the bonds at a discount to par value.
D. Bought 2 Honda Motor 4.436% SU Bonds Maturing on 7/8/28 at a Total Cost of 99.967:
%204.436%25%207:8:28%20%20.png)
Issuer: Honda Motor Co Ltd (HMC) at Google Finance
Cost: $1,999.34
Honda Motor SEC Filings (foreign issuer forms)
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A3/BBB+
YTM at Total Cost: 4.449%
Current Yield at TC: 4.4375%
E. Bought 2 Realty Income 3.65% SU Maturing on 1/15/28 at a Total Cost of 98.963:
Issuer: Realty Income Corp (O) at Google Finance
Cost: $1,979.26
I have a small ball position in the common stock.
Last Realty Income (O) Discussion: Item # 2.A. Pared O - Sold 5 at $63 (9/12/24 Post)(profit snapshot = $46.52)
Largest Realty Income (O) Realized Gain: Item # 1. Eliminated Realty Income (O)- Sold 100 at $52.37 -Seeking Alpha (realized gain = $1,579.6). That lot was sold on 1/20/16.
Realty Income SEC Filed Earnings Press Release for the Q/E 3/31/26
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A3/A-
YTM at Total Cost: 4.288%
Current Yield at TC: 3.688%
G. Bought 2 Oracle 4.5% SU Maturing on 5/6/28 at a Total Cost of 99.75:
%204.5%25%205:6:28%20.png)
Issuer: Oracle Corp (ORCL) at Google Finance
Cost: $1,995
ORCL Detailed Earnings Estimates at Zacks.com
ORCL SEC Filed Earnings Press Release for the Q/E 2/28/26 Fiscal 3rd Q.
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB
YTM at Total Cost: 4.632%
The yields on Oracle bonds are slightly higher than similarly graded bonds maturing at about the same time. This indicates that the Bond Ghouls view the credit risk as slightly higher than signaled by the BBB credit grade.
Current Yield at TC: 4.511%
5. Treasury Bills Purchased at Auction:
A. Bought 20 at the 5/11/26 Auction:
182 Day Bills
Mature on 11/12/26
Interest: $365.52
Investment Rate: 3.733%
B. Bought 5 T Bills at the 5/12/26 Auction:
1 Year T Bill
When held to maturity, the interest will be taxable in 2027. One year T Bills are auctioned monthly. The last auction in April 2026 resulted in a 3.71% investment rate.
Matures on 5/13/27
Interest: $184.53
Investment Rate: 3.806%
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.
Do you agree with Michael Blurry's view?
ReplyDeleteI'm suspicious that we might be only a third of the way up the mountain climb that happened before the crash.
I haven't been paying attention in the past, so I have no expertise to judge with. So I wonder how close to the last innings of 2000, it looks like.
Crashes always sounds terrible, 30-50% down. But if you don't ride up long enough, you wind up cashing out BELOW the new low entry point that forms after the crash.
Vix has moved back below 20 quite a few days. Until that's 3 months worth, the model has nothing to say about it. But I am wondering what that might mean.
I am more concerned with riding down a 30% to 50% market decline with a significant allocation to stocks. My Age and ability to meet my investment goals with investment grade corporate bonds, municipal bonds and treasury bills have caused that concern to be far more important to me now than missing out on more gains.
DeleteWhen I was younger in 2007, I was certain that something really bad was about to happen and I reduced my stock allocation to about 35% or so and was able to recover by July 2009 after restarting significant stock purchases in February 2009. We were lucky then that the Near Depression did not develop into another Great Depression where my buying in 2009 would have led to steeper losses rather than good gains as it turned out.
There is no guarantee that the next 30% -55% decline, and there will be more, will result in a fairly rapid recovery which has been the experience of most investors around today. The DJIA hit 1000 as I recall in 1969 and was struggling near 850 July 1982, unadjusted for the high inflation numbers during that period and taxes on the dividends which were not tax favored back then.
What happened after the 1929 crash and the Great Depression resulted in a longer period of recovery back to the nominal 1929 highs.
I agree with Burry that the market is overvalued using traditional market valuation indicators. The Shiller P/E is very close to the 2000 top while the Buffett indicator is far above its 2000 peak. A large number of stocks powering the market higher are in parabolic price spikes, factoring in the best possible news for a decade or so into the current price. There is for example no guarantee that AI spending will not start a major decline sometime in 2027 or 2028. And, there can be no assurance that those spending those trillions will receive an adequate return on those huge investments, with the current stock prices reflecting a long term superior return.
On the positive side, there are more highly profitable companies now with profit margins far above what was standard in earlier periods.
Something will need to happen IMO to cause investors to head for the exits in droves. The buy the dip will then have to be cured with each purchase resulting in just a larger loss total soon thereafter.
Currently, as reflected in the current major index levels, all bad news is being ignored and wished away while predictions about the future are so rosy that they lean toward delusions.
The movement in the VIX continues to be consistent with an Unstable Vix Pattern which signals an increased possibility of a Catastrophic Event occurring. Investors are already on edge, subject to up and down fear and greed mood swings, so an undeniable major negative news or developing trend could result in a substantial decline. A persistently higher inflation trend, rising unemployment, coupled with extreme valuations and clearly excessive earnings estimates, can start the ball rolling down. The elevator is always faster on the way down than when it is moving higher usually at a crawl.
On the cause of inflation which was triggered by the pandemic, Trump removed the federal organization whose job was to frontrun new diseases popping up in the world, by investigating and preemptively telling appropriate agencies so that our government could do something about it. We might have avoided the degree of damage, if Trump had not removed that organization.
ReplyDelete"Tensions flare near Strait of Hormuz as one ship is seized and another is sunk" (5/15/26)
ReplyDeletehttps://www.pbs.org/newshour/world/tensions-flare-near-strait-of-hormuz-as-one-ship-is-seized-and-another-is-sunk
So what is Trump going to do now? Iran is giving him the middle finger.
Trump told Sean Hannity today that he was going to be more patient with Iran, which I interpreted as a recognition that he acknowledged that he has run out of good options and Iran remains recalcitrant.
Trump repeated in that interview that Iran could sign an agreement or face annihilation. Trump: "They're finished. Now they can make a deal or they get annihilated. I don't want to do that."
https://rollcall.com/factbase/trump/transcript/donald-trump-interview-sean-hannity-fox-news-beijing-may-14-2026/
So did Hannity then ask Trump how can Iran block the Strait, attack and seize ships, with a good portion of the U.S. navy nearby?
He also called Norah O'Donnell a "stupid person"
When will Hannity acknowledge on national TV that he called Trump "bat shit crazy" during his first term and then did whatever he could to help him win reelection in 2024? https://theweek.com/speedreads/932556/sean-hannity-reportedly-privately-admitted-thinks-trump-bats-crazy-person
https://www.alternet.org/2020/08/sean-hannity-secretly-believes-trump-is-crazy-and-gets-treated-like-melania-book
Energy infrastructure facilities throughout the Persian Gulf region will be attacked by Iran if Trump starts along that his threatened path.
"Traders now see next Fed interest rate move as a hike following inflation surge"
ReplyDeletehttps://www.cnbc.com/2026/05/15/traders-now-see-next-fed-interest-rate-move-as-a-hike-following-inflation-surge.html
The 1 year T Bill is no longer factoring in a rate cut as I previously discussed. The yield, which is near 3.82% and rising, is higher than the upper end of the FF range.
The CME FedWatch tool currently has the probability of a .25% cut on or before the December meeting at .4%. The odds of a rate hike is at .25% hike is at 41.3% with an 8.9% probability of a .5% hike. The remaining odds at no change.
https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html
On or before theMarch 2027 meeting, the probability of at least a .25% hike to 3.75% to 4% is currently at 69% with a 27% chance of at least a .5% hike.
I have noticed short term investment grade bond yields moving up.
If unemployment increases with job losses each month, the current FED will be hesitant to increase rates notwithstanding a spike to 6% this quarter as predicted in the Survey of Professional Forecasters.
"Inflation rate projected to hit 6% in the second quarter, top economic forecasters say"
https://www.cnbc.com/2026/05/15/inflation-rate-projected-to-hit-6percent-in-the-second-quarter-top-economic-forecasters-say.html
Stimulating demand with abnormal monetary policies when inflation is spiking is the wrong thing to do. Maybe the Fed learned something from 2021 when it kept Q/E and ZIRP as inflation spiked higher.