To read images in the text, most will need to be clicked which expands the size. Once 1 image is clicked, all will appear in thumbnails near the page bottom and can be reading consecutively by clicking each image.
Dollar Values of Trades Discussed in this Post:
Inflow U.S. Common Stocks (Item # 4): $1,825.23
Outflow U.S. Common Stocks/Stock Funds (Item # 2): $1,471.01
Realized Gains U.S. Common Stocks: $330.48
For pares, I am selling my highest cost lots using whatever cost method achieves that result.
Net Inflow U.S. Common Stocks/Stock Funds: $354.22
Outflow Canadian REIT (Item # 1): C$4,227
Realized Gain Canadian REIT: C$478.5
Corporate Bonds (Item # 2): 22 (Total Cost = $21,845.8)
Treasury Bills Purchased at Auction (Item #3): $22,000 in principal amount
Treasury Notes Purchased Secondary Market (Item #5): $1,000 in principal amount
Outflow Bond ETFs (Item # 6): $141.02
Trump renews Greenland Threat at NATO Conference, says U.S. could pull troops from Europe; Denmark PM vows to defend Greenland after Trump renews threats
Crude oil prices are rising today in response to Iran resuming attacks, and the U.S. engaging in retaliatory strikes against Iran. Trump says that the ceasefire is over. He no longer wants to talk to Iran. 'Iran Ceasefire Is Over': Trump Says He No Longer Wants To Deal With Tehran After Hormuz Ship Attack - YouTube
Crude Oil Prices Today | OilPrice.com
As discussed in to my last post (here and here), Iran has attacked vessels passing through the Southern Corridor that hugs Oman's coast. That is not Iran's approved corridor which is near its coast. The only reason the attacks make any sense from an Iranian viewpoint is that it is easier for Iran to collect tolls (relabeled as various service fees) when the vessels pass through its approved corridor.
Iran tanker attacks challenge U.S. Navy protected route through Hormuz
Iran and Oman propose fee plan for Strait of Hormuz, sources say (7/2/26) The general approach is to relabel the word toll as a fee for services. No fee was charged prior to the Iran War.
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Economy:
June BLS Jobs Report: Employment Situation Summary - 2026 M06 Results
+57,000 jobs with the consensus at 115,000
4.2% unemployment rate
Labor force participation rate: 61.5%, down .3%
Average hourly earnings: +.3%
Average hourly earnings 12 months: +3.5%
Average work week - private payrolls: unchanged at 34.3 hours
U-6: 7.9%, down from 8.1%
May Jobs: revised down by 43,000 to 129,000
April Jobs: revised down by 31,000 to 148,000
Discussed at Jobs report June 2026; U.S. economy added 57,000 jobs in June
For the first six month of 2026, the average monthly job gain is currently at 92,000:
Bureau of Labor Statistics Data
The average monthly new jobs last year was at stunningly pathetic +9,667, part of the Part of the MAGA Movement Initiative. In TrumpWorld, where the nation is ruled by an all knowing extremely stable and benign genius with impeccable judgement, that average monthly job number is the best ever in the U.S. history, a new "golden age", and proves beyond any doubt that "America is back" thanks to MAGA.
Trump has repeatedly made it clear that his #1 priority is passing the Save Republicans from Losing Elections Act, inappropriately named SAVE America Act. Trump desperately begs for House and Senate to agree on 'number one priority' in late-night rant Trump is demanding that his minions in Congress attach the Save Republicans from Losing Election Act to Defense Appropriations. Trump: "The SAVE AMERICA ACT, which everyone is asking for, paired with the full funding of our Great Department of War, can be passed very quickly, ensuring that the United States of America stays FREE for Generations to come." Until the Republicans comply with this demand, Trump will not sign the recently passed housing bill, which he calls a "big yawn", that would make housing more affordable for working families.
SAVE America Act is ‘No. 1 priority,’ Trump tells Republicans - POLITICO (3/9/26)
By his own admission, Trump's #1 priority is not inflation, affordability, wage and job growth, reducing housing costs or healthcare but what is clearly a voter suppression bill that he wants to become law just prior to the midterm elections. Trump's #1 priority is to protect himself from being impeached again in the House after the midterms.
Trump sets the policy agenda for his party.
Trump says he doesn't want anything to do with Spain: 'Cut off all trade'
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Trump and His Pro-Authoritarian Party:
Stephen Miller: "We have people from all over the world from Third World nations, nations that on their own would have never invented the wheel, let alone modern technology, let alone medicine, let alone air travel. And they can just come into the country, have a baby in a hospital, paid for by you and me, and then that baby is automatically a citizen? That baby can sit on a jury when he turns 18 and sit in judgment of you and sit in judgment of me and sit in judgment of our loved ones and decide who our mayors are, our governors are, our presidents are." Trump adviser Stephen Miller flagged for 'extreme racism' over birthright citizenship response - al.com
To translate what he says for my non-MAGA readers, Miller claims that non-white people are permanently stupid and a worthless drain on the wealth generated by white skinned people. Identify one Republican politician that criticized, even in the most meekly and evasive manner, what Miller had to say.
Stephen Miller: "It is impossible to review the events of the last decade and conclude that it is anything other than divine providence that Donald J. Trump is the President of the United States on the year of America 250, July 4th, 2026." Stephen Miller on X This is a common sentiment expressed by those who call themselves, and who wish to be called by others "christian conservatives."
Trump (usual demagoguery on steroids): "America will never be a communist country. We can only lose the midterms if we allow ourselves to lose the midterms, if we are foolish, stupid and unwise But if we terminate the filibuster as we should do and immediately vote for the SAVE America Act, then we will not lose an election for 100 years." 'Will not lose election for 100 years If...' - YouTube
Trump gifted a lavishly encrusted ring from Belgian diamond group that won tariff relief - CBS News
Trump claimed in a "Truth" Social post that the republicans in Congress can abolish the constitutional right of birthright citizenship without an Amendment to the Constitution. That would be allowed by 4 of the 6 Republican Justices. See, Supreme Court strikes down Trump’s order ending birthright citizenship | SCOTUSblog
It was only 5 Justices who correctly held that the first sentence of the 14th Amendment established a constitutional right to citizenship to all persons born in the U.S., as its plan terms clearly provide: "All persons born or naturalized in the United States, and subject to the jurisdiction thereof, are citizens of the United States and of the State wherein they reside." (emphasis added), U.S. Constitution - Fourteenth Amendment | Library of Congress
Subject to the jurisdiction is well understood to mean that persons in the U.S. are subject to its laws, have to pay taxes, may be civilly sued in state and federal courts, and may be charged with crimes and sentenced to confinement on U.S. soil.
4 of the 6 reactionary Republican Justices want to change the plain meaning of that sentence by adding words to it, which is not a conservative approach but a results oriented one.
Kavanaugh joined the 3 other far right Republican Justices (Alito, Thomas and Gorsuch) in their conclusion that the 14th Amendment does not confer birthright citizenship to all persons born in the U.S. and subject to U.S. jurisdiction. Supreme Court ONE VOTE Away From Letting Trump Change the Constitution - YouTube
Thomas, whose dissent was joined by Gorsuch, would deny citizenship unless the parents of the person born are domiciled in the U.S., a word that is not mentioned or implied in the 14th Amendment. The word "born" is mentioned.
If implemented by a Judge created rule grafted into the text, that limitation would lead to costly litigation on whether the parents were domiciled through the establishment of a permanent residence rather than being merely temporary transients and will inevitably lead to children being deported who otherwise would qualify under the limited standard created by Thomas.
The justification for the position of Thomas, Gorsuch, Alito and Kavanaugh is contradicted by what the sponsors of the 14th Amendment said about its universally (see pages 26-34 Amicus Brief.pdf filed in the Supreme Court) and by the plain meaning of the words of the first sentence that confers automatic citizenship upon birth in the U.S.
See also, Chief Judge Roberts summary of the legislative history at pages 17-23, Trump v. Barbara (06/30/2026)
Kavanaugh only concurred in the result since he believes a federal statute would have to be changed before the U.S. government denies birthright citizenship:
25-365 Trump v. Barbara (06/30/2026)
That argument makes no sense since the statute uses the terms of the 14th Amendment:
8 U.S. Code § 1401 - Nationals and citizens of United States at birth
If Kavanaugh believes the plain meaning of that statute grants citizenship to anyone born in the U.S., then the same result would apply to the first sentence in the 14th Amendment.
Kavanaugh's argument can only make sense when the same exact words have different meanings in the statute and the 14th Amendment, but ask yourself why do the 4 Republican Justices want to change the plain meaning of the birthright citizenship clause by changing its unequivocally clear meaning. It is IMO a results oriented approach to interpreting the Constitution.
If words are to be placed in "context" after abandoning their plain meaning, as Thomas argues, the reference to arms in the Second Amendment means single shot pistols and muskets that required multiple steps to reload and nothing more. Muskets, Rifles, Pistols & More - AmericanRevolution.org
Alito and Thomas proved once again that they probably would have been more at home in the Supreme Court that decided Dred Scott v. Sandford in 1856 or Plessy v. Ferguson (1896)-National Archives. Gorsuch and Kavanaugh are as a practical matter no different from Alito and Thomas.
The predictably hypocritical Senator Cruz (R-Tx) called the majority opinion a "travesty".
Before Cruz recognized a need to pander to the now dominant reactionary ideologies of Trump's base, including its strong and growing authoritarian currents and fact free beliefs, Senator Cruz had this to say about birthright citizenship: "The 14th Amendment provides for birthright citizenship. I’ve looked at the legal arguments against it, and I will tell you, as a Supreme Court litigator, those arguments are not very good. As much as someone may dislike the policy of birthright citizenship, it’s in the U.S. Constitution." Ted Cruz on 14th Amendment - YouTube Only someone trying to implement their personal political opposition would hold to the contrary. There are no legitimate legal arguments against the constitutional right to birthright citizenship.
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Trump makes darkly political speech to usher in U.S.'s 250 anniversary
Putin Is Slipping Into Delusion - The Atlantic He is not the only world leader who is either slipping into delusion or is already there.
Trump's Bonkers New 589-Word Rant Has A Wild Plot Twist Trump claims that the algae in the reflecting pool was "criminally made". Acyn on X All of the reflecting pool problems were attributed by Trump to "Criminal, Radical Left Vandals, people who hate our country". It is not possible to read that 589 word rant and conclude that the President of the U.S. is sane IMO.
While it is certainly concerning that the President of the United States engages in these rants almost daily, the issue is greatly exacerbated by the rants, rank demagoguery and false claims actually still work on tens of millions who have been exposed to them for over a decade now.
And there have been well over a 1,000, frequently malicious, rarely having anything resembling a fact, and always demagogic. No prior President was capable of even publicly communicating one in a similar vein. Republicans tell me that Trump is the Chosen. Hopefully, there will not be one similar rant from any sitting U.S. President after Trump's term ends. One is one too many from any President.
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Olympian David Hearn indicted for alleged vandalism of Reflecting Pool - ABC News; Jeanine Pirro Melts Down After Charging Olympian David Hearn over Reflecting Pool The indictment apparently claims that Hearn pulled up approximately 2 square feet of the liner. Hearn claims he was arrested after touching the already dislodged sealant. There will be considerable evidence (videos, photos and eyewitness testimony) that the sealant had already peeled off before Hearn arrived on the scene, as well as expert testimony explaining why that had happened. Paint peeling in Reflecting Pool after multimillion-dollar makeover - YouTube
Jeanine Pirro, the U.S. Attorney who sought the indictment, will do whatever Trump wants IMO. She tried to criminally indict Democrat House and Senate members for correctly summarizing the law and has otherwise dutifully been implementing Trump's meritless vengeance campaign against his political enemies.
It is not surprising that Pirro is desperately trying to justify Trump's claims of vandalism by bringing the criminal charges, which distracts attention away from Trump's link to the problems including the contractors that he hired and driving over the newly installed sealant with a heavy motorcade of vehicles.
Trump cites old X posts to say Reflecting Pool is 'crystal clear' The Interior Secretary Doug Burgum claimed on 7/5/26 that "nanobubbler technology", which did not previously exist, has now made the water crystal clear. He further claimed that only .1% of 100% of the liner was damaged, not by a 350 gash, but by several smaller gashes which he represented to add up to 350 feet. Burgum represented that he has both "video evidence and eyewitness accounts of people destroying the Reflecting Pool." However, no such proof had been made public though "some photos and videos have emerged of tourists touching the water, nothing has been made public to suggest that people sliced up the liner with razors or box cutters."
The approach that I take with any Trump cabinet secretary is to believe nothing they say about anything until I have access to unrebutted evidence that establishes the statement as accurate. None of them have any credibility IMO.
Trump announces pardons for pollution violators prosecuted for "fixing their car" - CBS News The pollution violations involved disabling emission controls.
Secretary Burgum Ducks Chance To Outright Condemn Patriot Front White Supremacist March in D.C.; Patriot Front | Program on Extremism | The George Washington University
Trump opposes E. Jean Carroll getting damages award Trump is asking for a rehearing of the Court's denial of an appeal.
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Trump unveils new Air Force One jet gifted by Qatar; Qatari jet takes first flight as Air Force One with Trump Trump intends to take the jet with him after he leaves office, claiming he will gift the jet to his Presidential Library and will not "personally" keep it. Turning Qatari 747 into Air Force One could cost $1 billion and take years, experts say The Air Force claims that the retrofit will cost less than $400M while other estimates have the cost at close to $1B. What would the republicans say if Obama or Biden had done the same? The ethical standards for evaluating any person's conduct do not change based on their political affiliation.
Trump Meme Coins- Wikipedia In his official disclosure, Trump revealed that he had made $636 million from his $Trump Meme Coin.
Trump memecoin investors lost $3.8 billion, analysis finds | TechCrunch
Trump Meme Coin Price Chart - CoinMarketCapDo you think Trumps cares that his devoted followers lost billions? Trump took in about $1.2 billion from crypto businesses last year, financial disclosure shows Has anyone who bought those meme coins and watched their value plummet learned anything yet? As W.C. Fields once said, never give a sucker an even break and Trump has made a fortune following that advice. Never Give a Sucker an Even Break (1941) - IMDb What would republicans say if a Democrat President did the same. The answer is clear. Silence or approval would not be their response.
Trump Media & Technology Group Corp (DJT); SEC Filed Loss Report for the Q/E 3/31/26 (net loss of $405.8842M)
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CNN’s Kaitlan Collins trolls Trump by reporting in the middle of the empty field | The Independent (7/3/26)
Trump’s Great American State Fair goes viral again as band outnumbers crowd | The Independent (6/20/26)
The Atlantic Magazine Republishes JD Vance's Scathing Trump Op-Ed On Its 10th Anniversary This is what Vance wrote in 2016: Donald Trump Is an Opioid for the Masses, But He Can't Solve America's Growing Social-Cultural Crisis - The Atlantic Vance has no center and will do and say whatever he believes at the moment will advance his political power. What J. D. Vance Once Knew - The Atlantic
Donald Trump Falsely Claims to be By Far Number One on TikTok Trump creates his own reality with false claims.
Donald Trump's tablet-throwing tantrum exposed as Macron visited White House - The Mirror US Trump has no filter and never matured beyond a grade school brat.
Trump posts a doctored photo portraying Obamas boarding Air Force One spray-painted with graffiti "The use of graffiti is a coded message to remind people of crime and urban decay and has been used in racist messaging against Black people in the past." Trump: Trump says he is 'the least racist person' in the world; President Trump: "I am the chosen one." - YouTube; Trump: ‘I run the country and the world’
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Graham Platner says campaign will 'reflect on the best path forward' after sexual assault allegation - ABC News Platner is a gift that keeps giving to Susan Collins, a pretend moderate. Schumer's attempt to push Governor Janet Mills into the race, who is 78, was a mistake.
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1. Eliminated DIR.UN:CA-Sold 300 "Units" at C$14.10 (C$3 IB Commission):
Quote: Dream Industrial Real Estate Investment Trust (DIR-UN.TO)
Proceeds: C$4,227 after C$ Interactive Brokers Commission
Website: Dream Industrial
Externally Managed
Properties: 343
Gross Leasable Space: 71.1 million square feet
Occupancy: 94.9%
Net Asset value per unit: C$16.76
As previously discussed, Canadian REITs do not depreciate their real estate in their financial statements like U.S. based REITs. That is permissible under the International Financial Report Standards rather than the GAAP standard used by U.S. companies. IFRS - IAS 40 Investment Property
Under the IFRS, companies that own real estate have the option to use depreciation or the fair value option. "Under the fair value model, investment property is remeasured at the end of each reporting period. Changes in fair value are recognized in profit or loss as they occur. Fair value is the price at which the property could be exchanged between knowledgeable, willing parties in an arm’s length transaction, without deducting transaction costs (see IFRS 13)."
Depreciation is more precise than the fair value estimate. The original purchase price of the property and subsequent improvements are a precise number. Fair value is a mushy number.
Last Buy Discussions: Item # 1.A. Added to DIR.UN:CA - Bought 100 Units at C$11.87 (1/1/25 Post); Item #2 Bought 100 DIR.UN:CA at C$12.72 (3/28/24 Post)
5 Year Chart through 6/25/26 Close:
Profit Snapshot: +C$478.5
Dividend: Monthly at C$.0583 per unit
Canada will withhold a 15% tax.
There is no dividend growth, which is a long term negative from my perspective as an income oriented investor. FFO per share growth has been nominal which is another negative, and the FFO numbers are suspect IMO given the use of fair value accounting.
Last Ex Dividend: 6/30/26
Last Earnings Report (Q/E 3/31/26):
Amounts are in Canadian Dollars.
FFO per share: $.26, unchanged from the 2025 first quarter.
Reconciliation of Net Income to FFO:
Last Elimination: Item # 1 Eliminated DIR.UN:CA-Sold 200 at C$13.815 (1/30/23 Post)(profit snapshot = C$653). In that post I also discussed a trade in the CAD priced units that netted a C$686 profit, but a tax reportable loss in USDs of $6.88, providing snapshots of the purchases. For a U.S. citizen and for tax reporting purposes, profits and losses are not measured and reported in a tax return using a foreign currency. The profit or loss is measured by converting the CAD cost into USDs when the security is bought and then again when it is sold. I am okay with realizing a CAD gain and a tax reportable U.S.D. loss.
DIR.UN:CA Realized Gains to Date: C$2,425.5
Maximum Position: 300 units.
Current Position: None
Consider to Restart: <C$13, more likely to restart at <C$12
2. Small Ball Stock Sales:
For pares, I am selling my highest cost lots.
A. Pared DOC Again in Schwab Account - Sold 5 at $21.13 and 10 at $21.59 in Schwab Account:
Quote: Healthpeak Properties, Inc (DOC) at Google Finance - A Healthcare REIT and S&P Component.
Proceeds: $321.58
Last Discussed: Item # 2.A. Eliminated DOC in Vanguard Account - Sold 40 at $20.42 (6/18/26 Post)(profit snapshot = $138.03)
Portfolio - Healthpeak | NYSE: DOC
Website: Home - Healthpeak | NYSE: DOC
DOC SEC Filed 2025 Annual Report
Recent Buy Discussions: Item # 1.H.Added to DOC in Vanguard Account - Bought 10 at $16.89 (1/15/26 Post); 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
Investment Categories: Equity REIT Common and Preferred Stock Basket Strategy and Monthly Income Generation
Profit Snapshots: $60.7 ($18.72 and $41.98)
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| Snapshot Intraday on 5/29/26 after second pare |
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| Excerpt Schwab Statement |
Dividend: Monthly at $.1017 ($1.22 annually)
DOC Stock Dividend History & Date | Seeking Alpha
Last Earnings Report (Q/E 3/31/26): I discussed this report in a recent post and have nothing further to add here which is also the most recent detailed discussion. Item # 1.A.Pared DOC in Schwab Account - Sold 15 at $19; 15 at $19.61 (5/15/26)(profit snapshot = $55.8); SEC Filed Press Release and SEC Fiiled Supplemental. I have been selling my highest cost shares.
Quote: Roivant Sciences Ltd (ROIV) at Google Finance
Proceeds: $172.45
ROIV owns interests in several companies that are pursuing trials in several drug categories. Our Companies | Roivant
SEC Filed Annual Report for the F/Y Ending 3/31/26
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| Ownership % 10-K at page 10 |
Press Releases | Roivant Sciences Ltd.
As previously discussed, Roche bought the 75% owned ROIV Telavant subsidiary for approximately $7.1B in cash. Roche Completes Acquisition of Telavant from Roivant, Including Rights to Novel TL1A Directed Antibody (RVT-3101) for the Treatment of Inflammatory Bowel Disease Another $110M payment was received in August 2024. ROIV also sold its only commercial drug to Organon. Organon Completes Acquisition of Dermavant, including Innovative Dermatologic Therapy, VTAMA® (tapinarof) Cream, 1% | Roivant Sciences Ltd. (10/28/24)
Roivant Announces Genevant Sciences’ and Arbutus Biopharma’s $2.25 Billion Global Settlement With Moderna (3/3/26). Of that amount, $950M is paid upfront with $1.3B contingent on the outcome of an appeal summarized in that press release. ROIV has a significant ownership interest in Genevant.
There is still ongoing patent litigation filed against Pfizer and BioNTech: COVID-19 patent fights continue as Arbutus, Genevant come after Pfizer and BioNTech in new lawsuit | Fierce Pharma (4/24/23).
Investment Category: Lottery Ticket. ROIV has substance. The Lottery Ticket classification is personal to me and is based on (1) no dividend; (2) my lack of medical knowledge which means it is impossible for me to evaluate the pipeline drugs; (3) a long term chart that provides little comfort, (4) the company is experiencing significant operating losses and has almost no operating revenue and a (5) parabolic price spike higher that always makes me uncomfortable since it requires me to do something given my investment objectives. I am simply satisfied harvesting profits.
5 Year Chart:
Parabolic Price Spike Starts in September 2025 near $12.
Last Discussed: Item # 5.B. Pared ROIV - Sold 5 at $22.19; 5 at $23.63 (1/15/26 Post)(profit snapshot = $110.66)
Profit Snapshot: $114.75 (6/29/26 sale only)
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| 15 shares at +$225.61 |
New Average cost per share: $11.34 (10 shares)
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| Snapshot Intraday on 6/29/26 after pare |
Last Buy Discussions: Item # 3.E. Added to ROIV - Bought 5 at $11.17 (11/27/24 Post); Item # 3.C. Started ROIV Bought 10 at $11.85; 10 at $11.5 (10/3/24 Post)
Dividend: None and none expected.
Last Earnings Report (Q/E 3/31/26): Roivant Reports Financial Results for the Fourth Quarter and Fiscal Year Ended March 31, 2026 and Provides Business Update
The company reported a profit due to the litigation settlement with Moderna discussed above:
This press release summarizes ongoing drug trials being conducted by Priovant, Immunovant, and Pulmovant
Cash, Cash Equivalents and Marketable Securities: $4.3B
Diluted Shares Outstanding: 812.287+M. I view this as an important negative issue on the valuation per share.
C. Eliminated SAFE - Sold 15+ at $16.02:
Quote: Safehold Inc (SAFE) at Google Finance - Ground Lease REIT
Proceeds: $246.06
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
Website: Safehold - The Modern Ground Lease Company
Safehold Inc. 10-Q for the Q/E 3/31/26
Some information on ground leases:
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| Page 37 10-Q |
Safehold SEC Filed 2025 Annual Report Risks are summarized starting at page 8 and ending at page 27.
3 Year Financial Metrics:
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| Page 47, 10K |
2023 was negatively impacted by a $145.365M goodwill impairment charge. Along with other adjustment, non-GAAP E.P.S. was reported at $1.45. (see page 10, SEC Filing)
I was underwhelmed by the last earnings report which caused me to profitably exit my taxable account positions as I discussed here: Item # 2.C. Eliminated SAFE in Schwab Account - Sold 41+ at $15.71 (6/18/26 Post)(profit snapshot = $70.6) I discussed the 2026 first quarter report in that post. SEC Filed Press Release and SEC Filed Slide Presentation Both GAAP and Adjusted E.P.S. declined compared to the 2025 first quarter.
Other negative items include no dividend growth, a relatively unattractive dividend yield at $16+ given the lack of dividend increases and my focus on income generation, and an uninspiring growth in GAAP E.P.S. Safehold owns ground leases so no depreciation, maintenance expenses or capital improvements. GAAP E.P.S., not FFO per share, is the relevant number for valuing the company.
My consider to restart price is currently less than $13.5.
Dividend: Quarterly at $.177 ($.708 annually)
SAFE Dividend History & Date | Seeking Alpha
Yield at $16.02: 4.42%
Last Ex Dividend: 6/30/26
Profit Snapshot: $40.99
D. Pared QYLD - Sold 10 Shares at $18.15:
Quote: Global X NASDAQ 100 Covered Call ETF (QYLD) at Google Finance
Proceeds: $181.5
Investment Category: Monthly Income Generation
"The Global X Nasdaq 100® Covered Call ETF (QYLD) follows a “covered call” or “buy-write” strategy, in which the Fund buys the stocks in the Nasdaq 100® Index and “writes” or “sells” corresponding call options on the same index."
Sponsor's website: Nasdaq 100 Covered Call ETF
NASDAQ 100 Covered Call ETF at Morningstar - Currently rated 4 stars.
Last Buy Discussion: Item # 1.G. Added to QYLD - Bought 5 at $16.39 (5/9/26 Post);
Last Sell Discussions: Item # 1.K. Pared QYLD Again - Sold 5 at $17.97 (5/9/26 Post)(profit snapshot = $5.96); Item # 1.F. Eliminated Duplicate QYLD Position (Fidelity Account) - Sold 40 at $18.59 (2/10/25 Post)(profit snapshot = $73.69); Item # 2. Eliminated Duplicate QYLD Position - Sold 30 at $17.97 .(3/15/24 Post)(profit snapshot = $62.03)
Profit Snapshot: $14.75
New Average cost per share: $15.57
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| Snapshot Intraday 6/30/26, Day after Pare |
Reduced from $15.79
Dividends: Monthly at a Variable Rate.
Heavy ROC Support.
Last 12 Dividends per share (through June 2026): $2.03, rounded
Yield at $15.57 Using $2.03 TTM Annual: 13.04%
Last Ex Dividend: 6/22/26
E. Sold 3+ KBWY Shares at $18.57+:
Quote: Invesco KBW Premium Yield Equity REIT ETF (KBWY) at Google Finance
Proceeds: $65.2
Sponsor's website: Invesco KBW Premium Yield Equity REIT ETF
Expense Ratio: .35%
Top 10 Holdings as of 7/2/26:
Of those stocks, I currently own CHCT, GOOD, HIW AHRT, DEA, GNL, and CTO. Among the remaining 22 stocks owned by this ETF, I own APLE, DOC, PINE, SLG, GTY, ARE, UMH, COLD, FVR, and XRN, I recently eliminated NSA due to a pending acquisition. I also recently sold another REIT stock, SILA, in response to an acquisition offer which was owned by this fund. Funds Managed by Blue Owl Capital Complete Acquisition of Sila Realty Trust (7/1/26)
I am a frequent trader of these stocks. I discuss paring PINE and DOC in this post.
The REIT stocks owned by this fund will have higher yields than most equity REITS. KBWY will consequently have a significantly higher yield compared to broad REIT ETFs like the Schwab U.S. REIT ETF (SCHH) an Vanguard Real Estate Index ETF (VNQ) The higher yields generally come with higher risks which includes more dividend cuts.
While there is substantial duplication with individual holdings, I am inclined to keep a small position in KBWY due to the high dividend yield.
Last Discussed: Item # 1.I. Pared KBWY in Fidelity Account Sold 26 (5/29/26 Post)(profit snapshot = $6.89)
This transaction profitably eliminates all shares purchased with dividends. I have turned off reinvestment and will consider turning on it back on when the likely reinvestment prices lower my average cost per share.
Last Buy Discussions: Item # 2.B. Added to KBWY in Fidelity Account - Bought 5 at $15.41; 5 at $15.12 (4/4/26 Post);Item # 2.A. Added to KBWY - Bought 2 at $15.97+; 2 at $15.88 (2/11/26 Post); Item # 1.J. Added to KBWY in Fidelity Account - Bought 5 at $15.49; 5 at $15.23 (10/11/25 Post)
Profit Snapshot: $10.43
New average cost per share this account: $15.42 (40 shares)
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| Snapshot Intraday on 6/26/26 after pare |
Reduced from $15.43
Dividend: Monthly at a slightly variable amount. The monthly dividends generally fall into the $.1225-$.1252 per share range. The last dividend was at $.12 however.
KBWY Stock Dividend History & Date | Seeking Alpha
Last 12 Dividends through June 2026: $1.499 per share
Yield Using $1.5 annual and $15.43 AC: 9.7276 %
Last Ex Dividend: 6/22/26
KBWY – Portfolio – Invesco KBWY Premium Yield Equity REIT ETF | Morningstar Lists top 25 holdings. Currently rated at 2 stars, raised from 1 star since my last discussion.
OLP discussed below is not owned by KBWY but is the kind of equity REIT that this fund owns.
F. Pared OLP Again in Fidelity Account - Sold 5 at $24.75:
Quote: One Liberty Properties Inc (OLP) at Google Finance
Proceeds: $123.75
I own this stock in several accounts.
OLP acquires, owns and manages a geographically diversified portfolio consisting primarily of industrial properties. As of March 31, 2026, OLP owns
Website: One Liberty Properties, Inc.
Management: Internal
OLP SEC Filed 2025 Annual Report
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
Some Buy Discussion: Item # 1.H. Added to OLP in Fidelity Account - Bought 5 at $20.15; 5 at $19.85 (12/25/25 Post); Item # 1.K. Added to OLP - Bought 2 at $20 - Fidelity Account (11/8/25 Post); Item # 1.A. Added to OLP - Bought 5 at $18.8; 5 at $17.6 - Schwab Account (10/7/23 Post)
New Average cost per share this account this account: $20.36 (35 shares)
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| Snapshot after pare |
Reduced from $20.44.
Dividend: Quarterly at $.45 per share ($1.8 annually)
OLP Dividend History & Date | Seeking Alpha
Dividend Tax Information: There were no ROC dividend classifications in 2023-2025.
Yield at $20.26: 8.84%
Last Ex Dividend: 6/25/26
Last Earnings Report (Q/E 3/31/26): I discussed this report here: Item # 1.F. Pared OLP - Sold 5 at $23.2 (5/9/26 Post)(profit snapshot = $4.74); SEC Filed Press Release
Sell Discussions: Item # 2.F. Pared OLP - Sold 2.978 Shares at $24.25; 6 at $24.73 (6/18/25 Post)(profit snapshot = $16.12; this transaction eliminated the remaining shares purchased with dividends. I have turned off dividend reinvestment); Item # 3.J. Pared OLP in Vanguard Account - Sold 15 at $23.25 and Item # 3.K. Pared OLP in Fidelity Account - Sold 20 at $20.3 (3/3/26 Post)(profit snapshots = $16.26); Item # 2.F. Pared OLP in Schwab Account - Sold 5 at $21.8 (2/4/26 Post)(profit snapshot = $9); Item # 2.B. Pared OLP in Schwab Account - Sold 5 at $26.84 (9/12/24 Post)(profit snapshot = $26.93); Item # 2.A. Pared OLP in Schwab Account - Sold 5 at $25.12+ (8/15/24 Post)(profit snapshot = $16.38)
Goal: Given the high dividend yield, the goal is simply any profit before ROC adjustments to the tax cost basis + the dividends.
G. Pared PINE Again in Schwab Account - Sold 10 at $20.94+:
Quote: Alpine Income Property Trust Inc (PINE) at Google Finance - Externally Managed by a wholly owned subsidiary of CTO Realty Growth Inc (CTO). I also own CTO.
Proceeds: $209.45
PINE is a mini-cap equity REIT whose property portfolio consists of
Last Discussed: Item # 1.L. Pared PINE Again in Schwab Account - Sold 5 at $20.05 (7/1/26 Post)(profit snapshot = $21.24)
Last Buy Discussion: Item # 1.A. Added 25 PINE at $13.7 -Fidelity Account and Item # 1.B. Added to PINE in Schwab Account - Bought 5 at $13.73+(11/1/25 Post)
Profit Snapshot: $56.37
New Average cost per share: $14.2 (40+ shares)
Reduced from $14.42
Dividend: Quarterly at $.30 per share, last raised from $.28 effective for the 2026 first quarter payment.
PINE Dividend History & Date | Seeking Alpha
Yield at $14.2: 8.45%
Last Ex Dividend: 6/11/26 (owned all as of)
Last Earnings Report (Q/E 3/31/26): I discussed this report in a recent post: Item # 3.G. Pared PINE in Fidelity Account - Sold 5 at $19.55 (4/24/26 Post)(profit snapshot = $22.62); SEC Filed Press Release and SEC Filed Press Release
Some Sell Discussions: Item # 1.B. Pared PINE in Fidelity Account - Sold 1+ at $18.33; 5 at $19.55; 5 at $19.33; 6 at $20.25 and Item # 1.C. Pared PINE in Schwab Account - Sold 7 PINE at $20; 5 at $20.75 (2/17/26 Post)(profit snapshots = $125.57); Item # 4 Pared PINE in Schwab Account - Sold 10 at $18.04 (1/29/26 Post)(profit snapshot = $6.95); Item # 4.G. Pared PINE - Sold Highest Cost 15 Shares at $18.47 (8/29/24 Post)(profit snapshot = $3.35); Item # 2.E. Eliminated Duplicate Position in PINE - Sold 11 at $17.11 - Schwab Account (7/26/24 Post)(profit snapshot = $21.07)
PINE Realized Gains to Date: $283.04
H. Sold 2 HALO in Schwab Account at $75.51:
Quote: Halozyme Therapeutics, Inc. (HALO) at Google Finance
Proceeds: $151.02
Investment Category: Lottery Ticket
SEC Filed 2025 Annual Report Description of products starts at page 7.
Halozyme Therapeutics, Inc. News Releases
Website: Reinventing the patient experience. | Halozyme
Recent Acquisition: Halozyme Completes Acquisition of Elektrofi, Expanding Breadth of Offerings in Drug Delivery (11/18/25)
HALO supports "leading pharmaceutical companies by assisting in the development of, and supplying, auto-injector devices and auto-injector drug combination products.". A table of the companies and their products using HALO's delivery systems can be found at pages 10-11 of the Annual Report linked above.
Drug Delivery Technologies | Halozyme
Commercial Products | Halozyme
Profit Snapshot: $14.27
Dividend: None and none expected.
Last Discussed: Item # 7 Bought 2 HALO at $71.77 - Fidelity Account (1/29/26 Post)
2026 Guidance: Adjusted E.P.S. of $7.75 to $8.25
2. Corporate Bonds: 22
I have cut off discussions with bonds bought on or before 6/24/26
Cost numbers include brokerage commissions.
My approach in purchasing corporate bonds is to achieve (1) a wide diversification among issuers and industries, (2) one or more maturities each week, (3) higher after tax yields than available in T Bills and Money Market Funds used as the funding sources, (4) a weighted average duration in the 2 to 3 year range in order to mitigate interest rate risk from rising rates and (5) purchases of only investment grade corporate bonds with a significant number rated A or higher including first mortgage bonds issued by operating utilities wholly owned by major U.S. utility holding companies.
This kind of ladder does not work when there is a sustained move down in interest rates since reinvesting the constant flow of proceeds from maturing securities results in lower yields. The short duration is find for me given my age and financial condition.
My corporate bond holdings are scattered in 3 taxable account and 2 RI accounts. I had no idea how many different ones that I owned given that dispersal and the fact that I had made any effort to count them.
I spent a few minutes tallying the number of different corporate bonds that I owned in my Fidelity account and came up with 234 as of 6/6/26.
The owned first mortgage bonds in that account were issued by operating subsidiaries of Entergy (ETR), Duke Energy (DUK). Xcel Energy (XEL), Public Service Enterprise Group (PEG) and Evergy (EVRG). Of those holding companies, the largest number of currently owned first mortgage bonds were issued by ETR subsidiaries:
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| 25 Bonds/4 Different Issuers |
For bonds maturing in 2032 or later, my approach has been and is now to trade them, with the last major profit taking move being last year, primarily in the summer, as I sold those longer maturities that had mostly been bought earlier in 2025.
Starting in my 7/15/25 Post through m 9/21/25 post, I discussed selling 122 corporate bonds ($1,000 par values), maturing in 2032 or later, as part of an interest rate risk mitigation strategy, realizing a $3,092.11 "profit". Many of the bonds were bought at discounts to their $1,000 par value and sold at premiums. I believe all of those bonds were bought earlier this year.
I discussed those sales in earlier posts here:
Item # 3 (7/15/25 Post)(9 bought and 2 sold)(profit snapshot = $30.92)
Item # 3 (7/22/25 Post): Sold 9, profit snapshots = $103.55
Item # 3 (8/5/25 Post)(bought 2; sold 7), profit snapshots = $155.07
Item # 2 (8/12/25 Post) (Sold 20, bought 1); profit snapshots = $479.50
Item # 4 ( 8/19/25 Post) Sold 10, profit snapshots = $219.23
Item # 4 (8/26/25 Post): Sold 11, profit snapshots = $243.77
Item # 2 (9/2/2025 Post): Sold 22; profit snapshots = $523.79
Item # 2 (9/8/25 Post): Sold 15, profit snapshots = $429.61
A. Bought 2 Mid-America Apartment LP 4.2% SU Maturing on 6/15/29 at a Total Cost of 99.495:
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Issuer: Operating subsidiary of Mid-America Apartment Communities Inc (MAA) - Google Finance
Cost: $1,989.90
In 2 taxable and 2 RI accounts, I have small ball positions in the common stock.
Last MAA Discussion: Item # 1.D. Pared MAA in Schwab Account - Sold 2 at $139.33 (6/25/26 Post)
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: 4.469%
Current Yield at TC: 4.221%
Given my investment objectives, I will have more dollars invested in the MAA bonds that have yields-to-maturity somewhat higher than the common stock at $140. The total return of the SU bonds are known to the penny when I buy them, with the only proviso being the issuer does not default. Over the same time frame, I may suffer a total return loss (dividend dollars minus the dollar price decline, realized or unrealized).
B. Bought 2 Canadian Pacific Railway 4% SU Maturing 6/1/28 at a Total Cost of 99.273:
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Issuer: Canadian Pacific Kansas City Limited (CP) at Zacks
Cost: $1,985.46
The company was renamed after Canadian Pacific acquired Kansas City Southern in 2023. Canadian Pacific and Kansas City Southern combine to create CPKC
CP Detailed Earnings Estimates at Zacks.com
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa1/BBB+
YTM at Total Cost: 4.394%
Current Yield at TC: 4.029%
C. Bought 2 Ecolab 4.3% SU Maturing on 6/15/28 at a Total Cost of 99.8:
%204.3%25%206:15:28%20.png)
Issuer: Ecolab (ECL) at Zacks
Cost: $1,996
ECL "is a global leader in water, hygiene and infection prevention solutions and services."
I do not recall ever owning this stock. Ecolab will be heavily weighted in Water ETFs which I have owned in the past. (e.g.. Invesco Water Resources ETF (PHO); PHO – Portfolio – Invesco Water Resources ETF | Morningstar
SEC Filed Earnings Press Release for the Q/E 3/31/26 (Revenues $4.0661B with net income reported at $432.6M)
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A3/A-
YTM at Total Cost: 4.406%
Current Yield at TC: 4.309%
D. Bought 2 Indiana & Michigan 3.85% SU Maturing on 5/15/28 at a Total Cost of 98.833:
%203.85%25%205:15:28%20.png)
Issuer: One of the wholly owned operating subsidiaries of the utility holding company American Electric Power (AEP)
Cost: $1,976.66
AEP 10-Q for the Q/E 3/31/26 The Indiana & Michigan results can be found starting at page 65:
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| Page 68, 10-Q |
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A2/BBB+
YTM at Total Cost: 4.498%
Current Yield at TC: 3.895%
E. Bought 2 Nucor 3.95% SU Maturing on 6/1/28 at a Total Cost of 99.156:
%203.95%25%205:1:28%20.png)
Issuer: Nucor (NUE) at Zacks
Cost: $1,983.12
NUE SEC Filed Earnings Press Release for the Q/E 4/4/26 (Net earnings of $743m with revenues reported at $9.496B)
Nucor Key Metrics Page at Reuters
NUE Earnings Estimates - Zacks.com
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A2/A-
YTM at Total Cost: 4.426%
Current Yield at TC: 3.984%
F. Bought 2 Republic Services 3.95% SU Maturing on 5/15/28 at a Total Cost of 99.21:
%203.95%25%205:15:28%20.png)
Issuer: Republic Services (RSG) at - Zacks - Waste Disposal
Cost: $1,984.2
SEC Filed Earnings Press Release for the Q/E 3/31/26 (Net income of $525M with revenues reported at $4.113B)
RSG Detailed Earnings Estimates - Zacks.com
RSG Key Metrics Page at Reuters
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A3/A-
YTM at Total Cost: 4.387%
Current Yield at TC: 3.981%
Last Bond Offering (6/26): Prospectus
G. Bought 2 Mondelez International 4.125% SU Maturing on 5/7/28 at a Total Cost of 99.338 - IB Account:
%205:7:28%204.125%25%20.png)
Issuer: Mondelez International (MDLZ) - Zacks
Cost: $1,986.76
SEC Filed Earnings Press Release for the Q/E 3/31/26 (revenues at $10.08B with net income at $560M)
MDLZ: Detailed Earnings Estimates - Zacks.com
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa1/BBB
YTM at Total Cost: 4.5%
Current Yield at TC: 4.152%
H. Bought 2 Oncor Electric Delivery 4.3% SU Maturing on 5/15/28 at a Total Cost of 99.695:
Issuer: Oncor is a private company indirectly owned by the utility holding Sempra (SRE), with the majority interest, and by the Texas Transmission Investment LLC.
Oncor is "a regulated electricity transmission and distribution business that uses superior asset management skills to provide reliable electricity delivery to consumers. Oncor (together with its subsidiaries) operates the largest transmission and distribution system in Texas, delivering power to more than 4.1 million homes and businesses and operating more than 145,000 miles of transmission and distribution lines in Texas." Investor Releations
Cost: $1,993.9
Oncor SEC Filed Earnings Press Release for the Q/E /3/31/26 (revenues of $1.724B with net income at $212M)
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A2/A
YTM at Total Cost: 4.468%
Current Yield at TC: 4.313%
I. Bought 2 National Rural Utilities Coop Finance 4.15% SU Maturing on 8/25/28 at a Total Cost of 99.281:
%204.15%25%208:25:28%20.png)
Issuer: National Rural Utilities Coop Finance is a non-profit owned by the nation's rural electric cooperatives. SEC Filed Annual Report for the F/Y Ending 5/31/25 at page 1.
Cost: $1,985.62
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| Page 50, 10-Q |
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A2/A
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| 10-Q at page 42 |
YTM at Total Cost: 4.5%
Current Yield at TC: 4.18%
J. Bought 2 Southern Company Gas 4.05% SU Maturing on 9/15/28 at a Total Cost of 99.13:
%204.05%25%209:15:28%20.png)
Issuer: Southern Company Gas is a wholly owned subsidiary of the utility holding company Southern Co (SO), a S&P 500 component.
Cost: $1,982.6
SO SEC Filed Earnings Press Release for the Q/E 3/31/26
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa1/A-
YTM at Total Cost: 4.463%
Current Yield at TC: 4.086%
K. Bought 1 Prologis LP 4% SU Maturing on 9/15/28 at a Total Cost of 99.165:
%204%25%209:15:28%20.png)
Issuer: Operating entity for the REIT Prologis (PLD)
Cost: $991.65
SEC Filed Financial Report for the Q/E 3/31/26 (5,881 buildings, 1.3B square feet; revenues $2.298B)
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A2/A
YTM at Total Cost: 4.396%
Current Yield at TC: 4.034%
L. Bought 1 Elevance Health 4% SU Maturing on 9/15/28 at a Total Cost of 98.99:
%204%25%209:15:28%20.png)
Issuer: Elevance Health, Inc. (ELV) at Zacks, formerly known as Anthem
Cost: $989.9
ELV Detailed Earnings Estimates - Zacks.com
SEC Filed Earnings Press Release for the Q/E 3/31/26
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa2/A-
YTM at Total Cost: 4.48%
Current Yield at TC: 4.041%
I now own two bonds with the other one bought in a Roth IRA account and not discussed here.
Other owned Elevance Health SU Bonds:
Item # 3.J. Bought 1 Elevance Health 4.101% SU Maturing on 3/1/28 at a Total Cost of 99.498 (6/12/26 Post)(YTM then at 4.4%); Bond Page | FINRA.org
Item # 3K. Bought 1 Elevance Health 3.65% SU Maturing on 12/1/27 at a Total Cost of 99.012 (6/12/26 Post)(YTM then at 4.341%); Bond Page | FINRA.org
3. Treasury Bills Purchased at Auction:
Both purchases were made in my Schwab account. The funds were sourced from the Schwab sweep account that pays 1/100th of 1%:
While SNOXX is a treasury money market fund, it makes significant use of repurchase agreements and states will tax income derived from those agreements. See my video published over 1 year ago, Treasury Bills vs Treasury Money Market Funds - YouTube; Nebraska Dept. of Revenue v. Loewenstein | 513 U.S. 123 (Sup.Ct. 1994)(allowing states to tax income from repurchase agreements that involve U.S. treasuries). A few states will tax the entire dividend amount of a treasury money market fund when the income from repurchase agreements exceeds a threshold amount (e.g. 50% as I recall from a state where a family member once lived). This issue is irrelevant to me since I live in Tennessee which does not have a state income tax.
A. Bought 20 T Bills at the 7/6/26 Auction:
%201:7:27%20.png){kind=small}
182 Day Bills
As previously discussed, I will be buying the 6 month T Bill at all auctions this month as a means to delay tax recognition of the interest income until 2027. I am already starting to shift income tax recognition into 2027 to mitigate a move higher in my 2026 marginal tax rate. When a T bill is bought at auction, and held to maturity, the interest is taxable in the year the bill matures.
Matures on 1/7/27
Interest: $387.26
Investment Rate: 3.96%
B. Bought 2 Treasury Bills at the 7/7/26 Auction:
1 Year T Bills:
Mature on 7/8/27
Interest: $78.06
Investment Rate: 4.032%
4. Small Ball Common Stock Purchases:
A. Added to SNY - Bought 10 at $42.88:
Cost: $430.26
France's Transaction Tax:
This tax added $1.71 to my cost.
1 ordinary share equals 2 ADR shares.
Euro to US Dollar Exchange Rate Chart | Xe
Part of the price decline over the past year has been negative reactions to trial results for amlitelimab, itepekimab, and tolebrutinib.
Sanofi’s MS Drug Tolebrutinib Fails Phase III Trial, While FDA Again Delays Approval Application for another indication - BioSpace; Sanofi provides update on tolebrutinib regulatory submission in non-relapsing secondary progressive multiple sclerosis (12/25/26, the FDA FDA issued a complete response letter "for the new drug application of tolebrutinib to treat non-relapsing secondary progressive multiple sclerosis (nrSPMS) in adult patients." Sanofi claimed this was a reversal of prior FDA guidance and ignored the advice of scientific experts, clinicians and patients).
Sanofi’s touted eczema drug Amlitelimab hits study goal, but data fall short of expectations | BioPharma Dive; Sanofi’s amlitelimab met all primary and key secondary endpoints in the COAST 1 phase 3 study in adults and adolescents with atopic dermatitis (9/4/25)
Itepekimab met the primary endpoint in one of two COPD phase 3 studies 95/30/25)
The negative response to those developments may be overdone, but I lack any expertise to form anything resembling an educated guess on that issue.
I decided to buy another 10 share after reading this press release: Sanofi’s Cenrifki (tolebrutinib) approved in the EU as the first disability-targeting medicine for secondary progressive multiple sclerosis without relapses (6/23/26) As noted in the prior paragraph, the FDA issue a complete response letter which denied the new drug application.
"Tolebrutinib is an investigational, oral, brain-penetrant Bruton’s tyrosine kinase inhibitor specifically designed to target smoldering neuroinflammation, a key driver of disability progression in MS. This mechanism addresses the underlying pathology of progressive MS by targeting the inflammatory processes that contribute to neurodegeneration and disability accumulation."
The company shares profits on the mega profitable Dupixent whose 2026 first quarter revenues were reported at €4.2B or an increase of 30.8%. I have read that U.S. patent protection expires in 2031.
Other recent press releases:
Sanofi provides update on MOBILIZE phase 3 study of riliprubart in chronic inflammatory demyelinating polyneuropathy Trial stopped after independent committee determined that the drug failed to provide sufficient efficacy.
Sanofi’s venglustat accepted for priority review in the US to treat type 3 Gaucher disease (5/28/26)
Last Discussed: Item # 1.A. Restarted SNY - Bought 10 at $47.28; 10 at $46.75 (1/21/26 Post)
New Average cost per share: $45.81 (30 shares)
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| Snapshot Intraday on 6/20/26 after add |
Dividend: Paid annually.
SNY USD Dividend History & Date | Seeking Alpha
Last Annual Dividend Payment: US$2.149
I will engage in collecting the annual SNY dividend and then selling the shares at a profit, and then wait to buy back the shares at a lower price closer to the next annual ex dividend date. Given the price decline, I was unable to profitably sell the shares after receiving the annual payment.
The yield will fluctuate based on fluctuations in the Euro/USD exchange rate. Assuming a constant year-over-year dividend in Euros, a rise in the Euro against the U.S.D. year-of-year will increase the U.S.D. dividend payment as the Euro buys more dollars. A decline in the Euro will result in a lower dividend payment. The dividend yield will also change based on changes in the dividend rate.
The Impact of Exchange-Rate Fluctuations in Foreign Investing | Morningstar
Dividend Tax: France will withhold a dividend tax and an ADR administration fee will be deducted from the dividend:
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| 2026 Annual Dividend Paid on 20 shares |
France Tax Rate at 12.77% for a U.S. Citizen.
Last Ex Dividend: 5/4/26
Last Earnings Report (Q/E 3/31/26):
Q1 2026: double-digit sales and business EPS growth or SEC Filed Earnings Press Release
IFRS: Understanding IFRS: Global Accounting Standards Explained
Business E.P.S. of €1.88 or €.94 for an ADR share.
The Business E.P.S. number is similar to non-GAAP for U.S. corporations. The number will typically exclude amortization of intangibles, restructuring costs, gains or losses from disposals of non-current assets, costs related to litigation, and other non-operational charges and expenses.
"Launches":
Immunology: Dupixent & Kevzara
"Other Main Medicines"
"Vaccines":
One risk with drug companies is product liability litigation.
Some Sell Discussions: Item # 2.A. Eliminated SNY Again - Sold 10 at $50.22 (10/25/25 Post)(Profit Snapshot = $34.5); Item # 2.A. Eliminated SNY - Sold 10 at $53.13 (7/1/2023 Post)(profit snapshot = $52.41); Item # 2.A. Eliminated SNY - Sold 20 at $54.04 (6/1/22 Post)(profit snapshot = $116.91); Item # 2 Sold 50 SNY at $41.54 (1/18/17 Post)(profit snapshot = $130.36); Item # 6 Sold 50 SNY at $42.56- Update For Healthcare Basket Strategy As Of 8/12/16 - South Gent | Seeking Alpha (profit snapshot = $177.4); Item # 1. Sold Sanofi (6/30/2009 Post) (profit snapshot = $83.29)
SNY Realized Gains 2009 to Date = $716.93 (no snapshots of round-trips prior to 2009)
B. Multiple $50 Buys of CRM at Prices Indicated:
Quote: Salesforce Inc (CRM) at Google Finance
Cost: $299.66
CRM Detailed Earnings Estimates - Zacks.com
New average cost per share: $166.1 (2.88+ shares)
Dividend: Quarterly at $.44 per share
CRM Dividend History & Date | Seeking Alpha
I do not view the dividend yield as providing any support for the stock price.
Last Ex Dividend: 6/11/26
I recently discussed this volatile stock and its last earnings report. Item # 5.B. Restarted CRM as a Placeholder - Bought 1 at $180 (6/4/26 Post); SEC Filed Press Release
I do not have a sufficient knowledge base to form any opinion about AI's threat to CRM's business.
My simpleton observation is that CRM is not helpless in meeting the challenge. There is some concern, based on what I have read about the company, that CRM's AI products will cannibalize its legacy products. See, e.g, Salesforce Stock: Buy the Underrated AI Company Now as Pessimism Peaks (6/4/26)
I have a negative opinion about adding back stock compensation expenses to GAAP earnings in the non-GAAP E.P.S. calculation.
A considerable amount of cash is used to buy back shares to offset the dilution to non-employee shareholders.
When that happens, I view the stock compensation as an expense no different in effect than a cash salary. In the last report, there was a $1 per share add back to GAAP E.P.S. for stock compensation expenses.
Last Elimination: Item # 2.A. Sold 1.879 CRM at $310.73 (12/10/21 Post)(profit snapshot = $184.45)
C. Multiple Small Ball Adds to ADBE as Prices Indicated in Snapshot Below:
Quote: Adobe Inc (ADBE) at Google Finance
Cost: $349.93
The buys were $50 with some fills slightly less than $50. Each purchase was at the lowest price in the chain, a risk mitigation approach that I use along with the small purchases when there is no or minimal dividend support and the stock is in a bear market.
5 Year Chart (to 7/6/26): Major Bear Market Pattern
ADBE Detailed Earnings Estimates - Zacks.com
SEC Filed Annual Report for the F/Y ending 11/28/25
New average cost per share: $222.42 (2.67+ shares)
Dividend: None and none expected
Last Discussed: Item # 5. Started ADBE as a Placeholder - Bought 1 at $244.5 (6/4/26 Post) I discussed the last earnings report in that post. SEC Filed Press Release
On 7/7/26, I read a summary of a BofA Securities reinitiating coverage of Adobe with a underperform rating and a $190 price target. The concern expressed by the analyst is that cheap generative AI tools threaten to displace Adobe's core software business and long term pricing power. Other concerns expressed by analysts include the CEO's departure and the CFO's resignation which occurred after the CEO stepped down.
Adobe CEO Shantanu Narayen will leave after company picks successor (3/12/26); Adobe CFO’s exit leaves leadership gap | CFO Dive (6/12/26)
Analyst Reports Available to Schwab Customers:
Morningstar (6/12/26): 5 stars with a fair value estimate of $380, high uncertainty and a narrow moat.
S&P (6/12/26): 3 stars with a 12 month PT of $219, reduced from $281
Argus (6/15/26): Hold, but the analyst raised the F/Y 2026 E.P.S. estimate to $24.42 from $23.68 and the F/Y 2027 E.P.S. estimate to $27.22 from $26.62.
D. Restarted CLOU - Bought 10 at Prices Indicated:
Quote: Global X Cloud Computing ETF (CLOU) at Google Finance
Cost: $236.46
Last Discussed: Item # 1.K. Eliminated CLOU - Sold 10 at $31.4 (10/1/21 Post)(profit snapshot = $151.19).
Last Buy Discussion: Item # 1.D. Bought 10 CLOU at $16.25 (5/23/20 Post)
Sponsor's website: Cloud Computing ETF
Expense Ratio: .68%. I view that as too high.
Top 10 Holdings as of 7/2/26:
I recently bought WDRY and NOW as Placeholders.
Average cost per share: $23.65 (10 shares)
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| Snapshot Intraday on 6/29/26 after last add |
Dividend: None. Whatever dividends are paid are absorbed by the fund's expenses.
CLOU – Portfolio – Global X Cloud Computing ETF | Morningstar Lists top 24 holdings. Morningstar currently has a 1 star rating which is deserved IMO. I will attempt to trade this ETF with a small dollar exposure.
CLOU – Performance – Global X Cloud Computing ETF | Morningstar Through 7/2/26, the five year annual average total return was at -3.86%. The ETF does have the potential of being a bungee jumper. The return in 2020 was at +77.18%, based on price, followed by a -39.56% return in 2022 which was a bad year for these kind of stocks and +$41.36% in 2023.
E. Added to Falling Knife T - Bought 5 at $21.18; 5 at $20.62:
Quote: AT&T (T) at Zacks
Cost: $208.96
T: AT&T - Detailed Earnings Estimates at Zacks.com
I have had a negative opinion about T for a very long time. I have not seen anything to cause me to change that opinion.
As I recently discussed in a comment published on 6/29/26, the most recent weakness in the AT&T stock price was due to concerns about competition from Starlink. I view the concern to primarily linked to Starlink's internet service capabilities over the near to intermediate term, and a longer term concern about wireless services. Adding another competitor will over time squeeze margins in an industry that requires substantial capital expenditures.
Average cost per share: $21.47 (15 shares)
Dividend: Quarterly at $.2775 per share ($1.11 annually), last slashed from $.52 effective for the 2022 second quarter payment.
T Stock Dividend History & Date | Seeking Alpha
I do not anticipate a dividend increase in 2026-2028 given the high debt levels, the likely rise in interest rates, competition restraining price increases, and massive capital expenditures.
Yield at $21.47: 5.17%
Next Ex Dividend: 7/10/26
Last Earnings Report (Q/E 3/31/26): I discussed the last earnings report in this post: Item # 1.A. Restarted AT&T in Schwab Account - Bought 5 at $22.61+ (6/18/26 Post); SEC Filed Earnings Press Release
Last Eliminations: Item # 4.A. Eliminated T - Sold 20 at $28.55 (3/30/26 Post)(profit snapshot = $101.52); Item #1.F. Eliminated Duplicate Position in T - Sold 5 at $28.8 (2/23/26 Post)(profit snapshot = $30.59); Item # 1.D. Eliminated T in Fidelity Account and Item # 1.E. Eliminated T in Schwab Account - Sold 10 + at $28.71 (4/4/25 Post)(profit snapshot = $269.7);
T Realized Gains to Date: $1,793.44
The largest annual gain was in 2010 at $750.6 (212+ shares); Item # 7 Sold 102+ AT&T at $28.96 (11/3/2010); Item # 5 Sold 100 AT & T at 28.69 (9/27/10 Post):
I do not view AT&T's stock price history, starting in 2009, as justifying anything other than a trade. The stock has proven to be a poor long term holding. I am foggy on the history prior to 2009.
5 Year Annual Average Total Return (dividends reinvested) through 7/2/26: 4.68% and at 3.7% for 10 years.
Sourced: DRIP Returns Calculator | Dividend Reinvestment Calculator
Other Sell Discussions: Item # 1.C. Multiple Sales of T (3/18/25)(profit snapshot = $201.37); Item # 3.A. Sold 7 T at $24.17 (1/29/25 Post)(profit snapshot = $32.14); Item # 1.G. Continued to Pare AT&T (T) - Sold Highest Cost 5 Shares in my Fidelity Account at $23.08 (12/5/24 Post)(profit snapshots = $40.21); Item # 2.H. Sold 5 T at $22.98; 5 at $23.01 in Schwab Account (11/27/24 Post)(profit snapshots = $41.11); Item # 2.C. Pared AT&T in 2 Taxable Accounts - Sold 5 at $22.37; 5 at $22.22 (10/31/24 Post)(profit snapshot = $38.89); Item # 2.E. Sold 23 T Various Prices in Schwab Account and Item # 2.F. Sold 30+T at $21.35 -Fidelity Account (9/12/24 Post)(net profit snapshots = $46.75); Item # 3.F. Eliminated T in Vanguard and Schwab Accounts - Sold 31+ at $29.91 and 9 at $29.91 (6/12/21 Post)(net profit snapshots = $49.32); Item # 1.A. Sold Highest Cost 11 T Shares at $38.21; (3/7/20 Post)(profit snapshot = $73.88); Item # 1.B. Sold 13+ T at $38.49 (10/30/2019 Post)(profit snapshot = $74.71); Item # 1.E. Sold 10 T at $37.77 (1/28/18 Post)(profit snapshot = $42.65)
Quote: Starwood Property Trust (STWD) at Zacks
Cost: $83.78
I classify STWD as a hybrid REIT in that it owns some real property but I view the company to be primarily a Mortgage REIT, which I disfavor. The company has 4 business segments:
STWD 10-Q for the Q/E 3/31/26 at page 10
I would characterize its earnings reports as far too complex. Given that complexity, and the overall poor performance of the stock, I will not buy many shares just to secure a high dividend yield.
STWD Detailed Earnings Estimates at Zacks.com
Starwood Property Trust- Investor Relations
Starwood Property Trust, Inc. Profile | Reuters
Recent Major Acquisition: Starwood Property Trust, Inc. - Starwood Property Trust Closes Acquisition of Fundamental Income (7/23/25)
Last Discussed: Item # 4.J. Pared STWD in Fidelity Account - Sold 5 at $20.59 (7/9/25 Post)(profit snapshot = $29.72); Item # 4.A. Pared STWD in Fidelity Account - Sold 4 at $20 (8/29/24 Post)(profit snapshot = $27.88); Item # 3.E. Eliminated 1 of 2 Duplicate Position in STWD - Sold 13 at $20.72 - Vanguard Account (8/5/23 Post)(profit snapshot = $87.37)
Last Buy Discussions: Item # 1.C. Added to STWD in Schwab Account- Bought 1 at $17.56; 1 at $16.59; (4/1/23 Post); Item # 1.H. Added STWD in Fidelity Taxable Account-Bought 2 STWD at $17.18; 2 at $16.91; 1 at $15.24, 1 at $10.36; 1 at $9.3; 1 at $8.74; 1 at $12.45 ( 4/18/20 Post); Item # 1.C. Added to STWD in Fidelity Taxable Account-Bought 1 at $15.66, 1 at $15.12, 1 at $14.82; 1 at $13.74 (7/25/20 Post); Item # 2.D. Added to STWD in Fidelity Taxable-Bought 1 at $14.29 (12/5/20 Post)
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| Snapshot after add/Closing Price as of 6/29/26 |
Dividend: Quarterly at $.48 per share ($1.92 annually)
In this account, I have turned the dividend reinvestment option back on which is consistent with my willingness to buy shares in the market. I will turn it back off when and if the likely reinvestment price goes over $20.
I will not turn on reinvestment in my Fidelity account where I am down to owning only 10 shares at an average cost per share of $10.53.
There have been ROC adjustments to the original tax cost basis that reduced my reportable dividend income and increased my taxable profits due to lowering my tax cost basis.
Starwood Property Trust, Inc. - Stock - Year End Tax Information
2025 ROC Support:
Yield at $17.13 AC = 11.21%
Last Ex Dividend: 6/20/26 (owned all as of)
Last Earnings Report (Q/E 3/31/26):
GAAP E.P.S. = $.13
Distributable E.P.S. $.39 (below the quarterly dividend per share!)
GAAP Reconciliation:
Credit loss allowances are significant: 10-Q at page 24
STWD SU Debt Ratings: Junk
Starwood Property Trust Inc.'s Proposed Unsecured | S&P Global Ratings
Fitch Affirms Starwood Property Trust at 'BB+'; Outlook Stable
I do not own its SU bonds.
Other Sell Discussions: Item # 3.I. Pared STWD - Sold 5.105 at $25.43 (5/14/21 Post) (profit snapshot = $32.18); Item # 1.O. Sold 5 STWD at $25.22 (3/20/21 Post)(profit snapshot = $27.84); Item #1.N. Pared 7 STWD at $23.74 (3/13/21 Post)(profit snapshot = net at $14.56); Items 2.C. Pared STWD in Vanguard taxable-Sold 10 at $20.44 and 2.D. Pared STWD in Fidelity Taxable-Sold 10 at $20.95 (3/6/21 Post); Item # 1.A. Sold 10 STWD at $25.96 (2/16/2020 Post)(profit snapshot = $47.74)
Goal: Any total return prior to ROC adjustments to the cost basis in excess of the dividend payments.
Quote: Franklin BSP Realty Trust (FBRT) at - Zacks - Externally Managed Paper REIT
Cost: $40.25
FBRT Detailed Earnings Estimates - Zacks.com
Investment Categories: Lottery Ticket Basket and Bond Substitute for as long as the dividend is not cut. I classify the stock as High Risk.
SEC Filed 2025 Annual Report (Risk summary starts at page 6 and ends at page 23).
Last Elimination: Item # 3.B. Eliminated Duplicate Position in FBRT - Sold 12 in Fidelity Account at $10.89 (8/12/25 Post)(profit snapshot = $6.96)
New average cost per share: $9.78 (30 shares)
Dividend: Quarterly at $.20 per share, slashed from $.35 effective for the 2026 first quarter payment.
FBRT Stock Dividend History & Date | Seeking Alpha
Yield at New AC: 8.18%
Last Ex Dividend: 6/30/26
Last Report (Q/E 3/31/26):
GAAP E.P.S. = $.07
Distributable E.P.S. = $.09
I am ignoring the distributable E.P.S. number of $.22 before realized losses.
Reconciliation:
Another dividend slash is possible IMO without a material improvement in results.
Claims a Book Value per share of $14.18, adjusted to $14.58.
Repurchased during the quarter 4.361+M shares at a weighted average price of $9.13. One possible benefit of stock price decline, assuming a recovery in earnings down the road that results in a significantly higher stock price, is that shares can be repurchased at low prices.
Goal: Escape with any profit before ROC adjustments to the tax cost basis + the dividends.
G. Added to BSX - Bought 1 at $46.17; 1 at $44.86; 2 at $42.45:
Quote: Quote: Boston Scientific (BSX) at Zacks
Cost: $175.93
Investment Categories: Contrarian Long Term Value with Placeholder Status, borderline Lottery Ticket
Annual Report at pages 3-6 Describes businesses.
BSX: Detailed Earnings Estimates at Zacks.com
Website: Advancing Science for Life - US - Boston Scientific
Average cost per share: $45.1 (6 shares)
Dividend: None and none expected.
Chart: Major Bear Market starting in September 2025 after multiple topping formations starting in February 2025. The price closed at $108.14 on 9/8/25.
The most important percentage decline occurred on 2/4/26 with a close at $75.5, down from $91.62 the previous day. Volume accelerated to 78,234,500 shares from the previous day total of 20,357,400.
The decline was in response to the 4th quarter earnings report. SEC Filed Earnings Press Release for the Q/E 12/31/25 (GAAP E.P.S. $.45, up from $.38; Non-GAAP E.P.S. at $80, up from .79; 2026 guidance: "the company estimates net sales growth for the full year 2026, versus the prior year period, to be approximately 10.5 to 11.5 percent on a reported basis and 10.0 to 11.0 percent on an organic basis. Full year organic net sales guidance excludes the impact of foreign currency fluctuations and net sales attributable to certain acquisitions and divestitures for which there are less than a full period of comparable net sales.
IMO, the 4th quarter report undermined the earnings growth trajectory that was embedded in $90-$110 price, but created an entry point for those investors will to accept a more subdued increase in revenues and earnings.
The stock thereafter started a steady decline to the current price. The recent price rise and decline highlight investor mood swings moving from excessive optimism to excessive pessimism over a relatively short period IMO.
The company estimates adjusted EPS, excluding certain charges (credits), of $3.43 to $3.49. The actual 2025 non-GAAP E.P.S. was $3.06. If the guidance is hit at the midpoint ($3.46), the P/E at $42.35 (my last purchase price) is 12.24 with an estimate growth rate compared to 2025 of 13.07%.
Last Earnings Report (3/31/26): I discussed this report in a recent post: Item # 5.D. Started BSX - Bought 2 at $47.35 (6/12/26 Post); SEC Filed Earnings Press Release
5. Treasury Note Purchased in the Secondary Market:
A. Bought 1 Treasury Note 3.875% Coupon Maturing on 11/30/27 at a Total Cost of 99.6719 (Schwab account):
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Schwab, Vanguard and Fidelity do not charge commissions for U.S. treasury purchases, either at auction or in the secondary market. The purchase price is the total cost number.
I will buy a few short term treasury notes in the secondary market to fill gaps in my bond ladder or just to increase the dollar amount of my maturities in a given week, provided the YTMs are more than 4%.
6. Bond ETFs:
A. Continued to Pare USIG - Sold 5 at $51.51+:
Quote: iShares Broad USD Investment Grade Corporate Bond (USIG) at Google Finance
Proceeds: $257.57
USIG Performance – Morningstar Note that the total return in 2022 was -15.3% when interest rates started to rise. Given the low annual total returns, in the positive years, this kind of number made an acceptable 5 year annual average return unachievable. A total return of +15.3% in 2023 would not bring you back to even.
Through 7/2/26, the YTD total return was at 1.03% and at 4.62% for 1 year. The annual average total returns for 3, 5, 10 and 15 years were at 5.52%, .51%, 2.49% and 3.34% respectively. The only return numbers that are acceptable for this kind of bond fund are the 4.62% for 1 year and the 5.52% for 3 years. The other ones are awful and would represent a negative total return adjusted for inflation and taxes (federal and state if applicable)
Total returns include reinvesting the dividends. Those returns highlight the problem with bond funds. It is possible that the total annual average total returns would be acceptable to me as a longer term hold provided (1) there is no persistent rise in interest rates after my purchases and (2) most of the investment is made near the top of interest rate cycle making the bonds more valuable as rates decline.
Sponsor's website: iShares Broad USD Investment Grade Corporate Bond ETF | USIG
Expense Ratio: .03%
Profit Snapshot: $4.71
New average cost per share: $49.5 (20+ shares)
Reduced from $49.71.
Dividends: Monthly at a variable rate.
USIG Dividend History & Date | Seeking Alpha
Last Ex Dividend: 7/1/26
Last Discussed: Item # 7.B. Pared USIG - Sold 5 at $51.27 (6/25/26 Post)(profit snapshot = $1.89)
B. Started IBHI in Schwab Account as a Placeholder - Bought 5 at $23.31:
Quote: iShares iBonds 2029 Term High Yield and Income ETF | Google Finance - Term Bond Fund
Cost:$116.55
"The iShares iBonds 2029 Term High Yield and Income ETF seeks to track an index of high yield and income-generating corporate bonds maturing in 2029"
IBHI Portfolio: Morningstar (not rated) Weighted average price at 98.69 with a YTM at 6.66%.
Sponsor's website: iShares® iBonds® 2029 Term High Yield and Income ETF | IBHI
Expense Ratio: .35%
As of 7/2/26
Number of Holdings: 381
Effective Duration: 1.96 years
Dividends: Monthly at a variable rate
IBHI Dividend History & Date | Seeking Alpha
Credit Quality: Junk Territory
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.
I published a companion video to this post:
ReplyDeletehttps://www.youtube.com/watch?v=mUq9LONVsyA&t=18s
The Advisor Perspectives published earlier today an analysis of 4 valuation indicators in the context of long term historical charts. This is a monthly update that I will review:
ReplyDeletehttps://www.advisorperspectives.com/dshort/updates/2026/07/08/market-valuation-is-the-market-still-overvalued
As noted there and something that I have emphasized for several decades, valuation indicators are not short term buy and sell signals. A market can remain overvalued, even excessively so, for an extended period.
I recall Alan Greenspan using the phrase Irrational Exuberance to describe the U.S. stock Market in December 1996, just when the S&P 500 had only started a parabolic rise from around 640 in July 1996 to around 1,520 in 2002 before the spike collapsed upon itself.
Robert Schiller published a book called Irrational Exuberance in 2000 just prior to a 50% or so decline in the S&P 500. Schiller was right but I would add a caveat. If you bought at the S&P 500 at its peak price in 2000, and manage to hold on through the 2000-2002 decline, the Near Depression decline starting in 2008 extending into March 2009 when the S&P bottomed intraday at 666, held on through all of the subsequent bear markets and corrections thereafter, you could have sold the S&P 500 at 7,500 yesterday or about a 384% increase from the peak in 2000. (1,026% from 666 though).
Another caveat is what happened after the parabolic spike in the Nikkei 225 that topped out in 1989 near 39,000 and only returned to that level in 2024:
Monthly Chart:
https://www.macrotrends.net/2593/nikkei-225-index-historical-chart-data
Back in the 1970s, Japanese stocks were about the only major stock market that was moving persistently higher. I convinced myself that it was a bubble around 1984 and sold a Japan stock fund, but the parabolic spike continued for another 4-5 years.