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I am winding down my stock trading for this year. Posts will become more infrequent until I resume active stock trading.
Dollar Value of Trades Discussed in this Post:
Inflow Common Stocks (Item # 7): $1,076.55
Outflow Common Stocks/Stock Funds (Item #1): $1,908.63
Realized Gains U.S. Stocks/Stock Funds: $453.25
Net Outflow Stocks/Stock Funds: $832.08
Inflow Corporate Bonds (Item # 2): 18 (cost at $17,808.48)
Treasury Bills Purchased at Auction (Item # 3): $15,000 in principal amount
Treasury Notes Purchased at Auctions (Item # 5): $5,000 in principal amount.
Treasury Notes Purchased in Secondary Market (Item # 4): $2,000 in principal amount (cost at $1,991.56)
Inflow Exchange Traded First Mortgage Bonds (Item #6): $97.5
Outflow Canadian Dollars to U.S.D.: C$10,000
I still have an excess amount of CADs in my IB account. I am converting CADs into USDs when I run out of funds to buy mostly short term U.S. corporate bonds.
Whenever a sampling method produces asinine results, then another method needs to be used.
 |
| 9/26 through 9/10/26 |
Daily Treasury Rates | U.S. Department of the Treasury
The "Chosen One" mocked Debbie Dingell for crying about her husband's death and called her "Debbie Dingbat". Trump "Truth" Social Message (9/6/26) On the same day, Trump posted an AI image of himself nuking earth Trump "Truth" Social Message.
Trump Touts Renaming New Mexico, Claims ‘Moon Is Ours’ - Newsweek
Trump frequently engages in personal ad hominem attacks on female journalists. One of his latest rants was directed at CNN's Kaitlan Collins:
Note that Trump calls the panel discussion with Collins as "all FICTION AND LIES" without, of course, identifying any statement that he claims to be false and then providing real evidence contradicting the claim. In Trump's America, his words alone create what is real and true for tens of millions even though they are demonstrably false and easily proven to be so.
Trump Lunges at Female Reporter When She Presses Him on $5K Checks; Shock as Trump ‘lunges and growls’ at female reporter in tense late-night incident - Raw Story
NEW DOCUMENTARY - The Hero of 7/11 - YouTube Trump did not commemorate 9/11 at ground zero since speeches are allowed there during ceremonies. Trump says firefighters near ground zero carried him to safety ‘right after’ 9/11 attacks; Trump’s top six falsehoods about 9/11 as 25th anniversary nears-The Guardian
Trump promised to pay every voter $5,000 provided the republicans maintain control over the House and Senate. The Trump 'Dividend': $5,000 per voter for repuiblican control of Congress
18 U.S. Code § 597 - Expenditures to influence voting
The 6 Monarchists on the Supreme Court have in effect incentivized a President to commit crimes, including those designed to remain in power (e.g. January 6th), through the creation of a near absolute immunity from criminal prosecutions during or after the President's term in office. That immunity is a created one that just so happened to protect Trump.
{My videos published over 2 years ago: Republican Justices Greenlight the President to Commit Crimes - YouTube; Will the 6 Republican Justices Bear Some Responsibility for Presidential Crimes Hereafter - YouTube; Supreme Court Protects Trump from Obstruction of an Official Proceeding Criminal Charge - YouTube}
Trump defends proposed $5,000 dividend as 'reward,' says 'growth' will pay for it - ABC News The republicans propose to pay $5,000 per person provided they control the House and Senate after the midterm elections. J.D. Vance defended this proposal. JD Vance Tries To 'Sanewash' Trump's $5K Midterm Bribe
$5,000 Dividends Would Cost $1.2 Trillion-2026-09-10
Trump just announced that the government will be sending $500 to almost 1 million Obamacare participants. Trump administration to send $500 payments to nearly 1 million Obamacare participants - CBS News; Trump Promises $500 Obamacare Refunds. Here's Who Qualifies This was after Trump and his party allowed premium support payments to expire that led to about 4 million people losing their healthcare coverage.
Trump offered to pay U.S. citizens 20% of the savings from the DOGE spending cuts in February 2025 which was estimated by the promoters of this scheme to be about $5,000 per person. I am still waiting for that check. A GAO audit could not verify 96% of the claimed refunds as noting in this Fortune article. The budget deficit for the fiscal year ending on 9/30/26 was reported at $2 trillion for the first 11 months of that fiscal year. Monthly Budget Review: August 2026 | Congressional Budget Office
It is certainly possible that all of the bribes being offered by Trump will lead to the republicans maintaining control over the House and Senate.
ABC won't air Kimmel-Talarico interview amid FCC threats
Prosecutor who led ‘grand conspiracy’ probe of Trump targets resigns without charging anyone Trump will just find someone else to bring these baseless revenge criminal charges.
How Election Deniers Infiltrated the System - The Atlantic (subscription publication)
All the Places Trump Was on 9/11 - The Atlantic No statement made by Trump is worthy of belief unless there is evidence supporting the claim from independent and reliable sources. Donald Trump says he spent a lot time with 9/11 responders. Here are the facts-PolitiFact Trump has never presented any evidence supporting his claim that he paid out of his own pocket 100 workers to clean up the rubble. Without that proof, which would be easy to provide if it actually existed, through documents and testimony of the workers, Trump's representations are not believable IMO.
+++
1. Small Ball Common Stock Sales:
A. Eliminated T - S0ld 6 at $26.3; 15 at $26.16:
Quote: AT&T (T) at Zacks
Proceeds: $550.27
T: AT&T - Detailed Earnings Estimates at Zacks.com
Earlier this year, the stocks of publicly traded telecommunications companies declined in response to concerns that Starlink, a satellite internet service operated by Space Exploration Technologies Corp (SPCX), will become a significant competitor for internet services.
Last Discussed: Item # 1.A. Restarted T in Schwab Account - Bought 5 at $22.61+ (6/18/26 Post)(discussed the 2026 first quarter report, SEC Filed Earnings Press Release); Item # 4.A. Eliminated T - Sold 20 at $28.55 (3/30/26 Post)(profit snapshot = $101.52)
Other Recent Buy Discussions (all sold): Item # 1.F. Added to T in Schwab Account - Bought 5 at $23.66; 5 at $23.2 (1/15/26 Post); Item # 1.G. Restarted T in Schwab Account - Bought 5 at $25.05 (12/25/25 Post)
I view the AT&T stock similarly to Pfizer. I discuss my disdain for Pfizer in a recent post. Item # 3.A. Elilminated Duplicate Position in PFE - Sold 29+ at $28.63 - Schwab Account (9/1/26 Post)
For most of the past 3 decades, capital allocation decisions by both companies have been poor. Far too many major mistakes have been made by both companies.
I classify both stocks as bond substitutes where the objective is simply to harvest the dividend and to exit the position with at least a 2% annualized gain on the shares. I do not regard either stock as long term holds and view trading as most likely required to achieve that objective.
Profit Snapshots: $104.38
Fidelity Account: $33.95 (9/2/26 sale only)
Schwab Account: $70.43
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.
The management and Board incinerated billions with the acquisitions of Warner Media and DirecTV.
Last Ex Dividend: 7/10/26
Last Earnings Report (Q/E 6/30/26):
SEC Filed Earnings Press Release
Comparisons are to the 2025 second quarter.
Revenues: $28.615B, up from $27.497B
GAAP E.P.S. = $.66, up from $.62
Adjusted E.P.S. = $.65, up from $.54
Reconciliation: SEC Filing
Free Cash Flow: $4.7B, up from $4.4B
Second Quarter Highlights:
2026 Guidance: Adjusted E.P.S of $2.25-$2.35 with free cash flow of $18B in 2026, $19B in 2027; and $20B in 2028
Analyst Reports Available to Schwab customers:
Morningstar (8/5/26): 3 stars with a fair value estimate of $27, a narrow moat and medium uncertainty.
S&P (7/23/26): 3 stars with a 12 month price target of $26.
Argus (7/22/26): Buy with a $30 price target lowered from $33 in this report
Largest Annual Gain: $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)
Other Sell Discussions: 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); 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)
T Realized Gains to Date: $1,897.82
Quote: HP (HPQ) - Zacks
Proceeds: $320
A summary of HP's products can be found at page 12 of the last 10-Q.
HPQ Detailed Earnings Estimates - Zacks.com As of 9/8/26, the average E.P.S. estimate for the fiscal year ending 10/26 was $3.23 and at $3.07 for the 2027 fiscal year.
Last Discussed: Item # 5.A. Started HPQ - Bought 10 at $18.34 (3/3/26 Post)(discussed earnings report for the fiscal quarter ending 1/31/26,SEC Filed Press Release)
Profit Snapshot: $136.45
Dividend: Quarterly at $.30 per share, last raised from $.2894 effective for the 2025 4th quarter.
HPQ Dividend History & Date | Seeking Alpha
Last Ex Dividend: 9/9/26
Last Earnings Report (Q/E 7/31/26): This report is for the third fiscal quarter.
Comparisons are to the 2025 third fiscal quarter
Revenues: $15.7B, up from $13.9B
GAAP E.P.S. $.71, down from $.8
Non-GAAP E.P.S. $.83, up from $.75
Both GAAP and Non-GAAP E.P.S. include $.11 per share in tariff refunds.
Reconciliation:
 |
| In Millions except for per share amounts |
Free cash flow per share: $1.57B, up form $1.47B
Fiscal 4th Quarter Guidance: "For the fiscal 2026 fourth quarter, HP estimates GAAP diluted net EPS to be in the range of $0.74 to $0.84 and non-GAAP diluted net EPS to be in the range of $0.69 to $0.79, with both including an $0.08 favorable impact from estimated tariff refunds. Fiscal 2026 fourth quarter non-GAAP diluted net EPS estimates exclude $(0.05) per diluted share, primarily related to restructuring and other charges, certain litigation (benefits) charges, net, acquisition and divestiture charges, amortization of intangible assets, non-operating retirement-related credits, tax adjustments, and the related tax impact on these items."
Fiscal year 2026 Guidance: Raised its GAAP E.P.S. guidance to $2.52-$2.62 and raised the non-GAAP E.P.S. guidance to $3.19-$3.25, with both estimates including $.19 per share from tariff refunds. The fiscal 2026 non-GAAP E.P.S. number excludes $.67 in special items.
I would characterize the printer business to be in a long term decline.
Morningstar (8/27/26): 2 stars with a fair value estimate of $28, increased from $24 in this report, no moat and medium uncertainty.
S&P (8/28/26): 2 stars with a a 12 month price target of $18, raised by $1 in this report.
Argus (8/27/26): Buy with a 12 month price target of $34.
The stock rallied in response to this news. HP Extends Data-Center AI Architecture to the Edge (9/8/26).
C. Pared MFC Again - Sold 5 at $44.42+:
Quote: Manulife Financial Corp (MFC) at Zacks
Proceeds: $222.13
CAD Priced Quote: Manulife Financial Corp (Canada: Toronto)
Canadian Dollar to US Dollar Exchange Rate Chart | Xe
MFC Profile Page at Reuters; MFC Key Metrics Page at Reuters
MFC Detailed Earnings Estimates - Zacks
SEC Filings (foreign issuer forms)
Last Discussed: Item # 5.B. Pared MFC Again - Sold at $43.08 (7/21/26 Post)
Profit Snapshot: $165.09
Average Cost per share: $11.41 (35 shares)
 |
| Snapshot Intraday 9/3/26 after pare |
Dividend: Quarterly at C$.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.
Canada will withhold a 15% tax when the dividend is paid into a U.S. citizens taxable accounts. This withholding does not occur when I own MFC in a Roth IRA account which is a treaty right for U.S. citizens. The broker still has to claim that right at the source.
Dividends in USDs: MFC Dividend History & Date | Seeking Alpha
Last 4 Dividends in USDs: $1.37 (3 of the 4 were at the higher rate) To compute the dividend yield, I added 4 cents to reflect the higher dividend.
Yield Using US$1.41 = 12.36%
Last Earnings Report (Q/E 6/30/26):
All amounts are in Canadian dollars.
Core CAD E.P.S. at C$1.9
Schwab has the USD E.P.S. at $.79 with the consensus at $.78.
Analyst reports available to Schwab customers:
Morningstar (8/6/26): 2 stars with a fair market value of $34.1, medium uncertainty, and no moat.
S&P (8/11/26): 4 stars with a 12 month price target of $50 raised from $42 in this report.
Sell Discussions: Item # 1.A. Pared MFC Again - Sold 5 at $40.37 (6/25/26 Post)(profit snapshot = $144.81)(discussed the last earnings report in that post. SEC Filed Shareholder Report); Item # 3.C. Pared MFC Again - Sold 5 at $38.4+ (4/25/26 Post)(profit snapshot = $135.24; I discussed the 2025 4th quarter report in that post, 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: $2,036.54
I recently eliminated my position in a MFC reset equity preferred stock: Item #1.A. Eliminated MFCPRM:CA - Sold 100 at C$25.26 - IB Account (5/2/26 Post)(profit snapshot = C$1,010); MFC-PM.TO
D. Eliminated CSR - Sold 2 at $58.56 and 12 at $58.26:
Quote: Centerspace (CSR) - Apartment REIT
Proceeds: $816.23
Last Discussed: Item # 6.C. Added to CSR - Bought 2 at $53 (9/1/26 Post)
I recently started a position and sold all shares after CSR agreed to be acquired by Independence Realty Trust, Inc (IRT).
Independence Realty Trust and Centerspace to Merge in $8.1 Billion Combination Each CSR share will be exchange for 3.8 IRT shares.
For the reasons discussed in this comment, I do not want IRT shares and last eliminated a position in 2020. I am redeploying the proceeds into another apartment REIT, UDR, that has a positive dividend growth history, see Item # 7.A. below.
Profit Snapshots: $47.43
Dividend: Quarterly at $.77 per share
The dividend will be paid until until the merger is consummated. Since I do not foresee any problem that will impede this acquisition, the next CSR dividend may be the last.
Next Ex Dividend: 9/29/26
2. Corporate Bonds:
Interest rates continued to trend up since I bought the bonds described below.
I want interest rates to go higher since I can reinvest the proceeds from maturing T Bills and bonds into higher yielding ones, thereby increasing my interest income.
The older bonds will go down in value but I can hold all of them until the issuers redeem them.
I am subject only to the interest rate risk that I refer to as the risk of lost opportunity which simply means that funds tied up in lower yielding bonds can not be used to purchase those with higher yields unless I sell them for a loss which I am not going to do. I deal with that risk by having a weekly flow of proceeds from maturing T Bills and bonds that can be reinvested at the higher yields.
A. Bought 2 Connecticut Light and Power 4.65% First Mortgage Bonds Maturing on 1/1/29 at a 99.827 - Interactive Brokers Account:
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Quote: A wholly owned operating subsidiary of the utility holding company Eversource Energy (ES)
Cost: $1,996.54
ES SEC Filings
 |
| ES 10-Q at page 6 |
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A2/A
YTM at Total Cost: 4.726%
Current Yield at TC: 4.658%
B. Bought 2 Duke Energy 4.3% SU Maturing on 3/15/28 at a Total Cost of 99.546:
%204.3%25%203:15:28%20V%20.png)
Cost: $1,990.92
DUK Detailed Earnings Estimates at Zacks.com
SEC Filed Earnings Press Release for the Q/E 6/30/26 Revenue reported at $7.592B with net income at $1.077B.
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB
YTM at Total Cost: 4.608%
Current Yield at TC: 4.32%
I now own 6.
Other Owned Duke Energy SU Bonds:
4 of the 3.15% SU Maturing on 8/15/27, Bond Page | FINRA.org; Last Discussed at Item # 3.D. Bought 2 Duke Energy 3.15% SU Maturing on 8/15/27 at a Total Cost of 96.109 (2/10/25 Post)(YTM then at 4.783%)
I also own several first mortgage bonds issued by wholly owned Duke Energy operating companies.
C. Bought 2 Northrup Grumman 4.6% SU Maturing on 2/1/29 at a Total Cost of 99.756:
%204.6%25%202:1:29%20(9:1:26).png)
Issuer: Northrop Grumman (NOC) at Zacks
Cost: $1,995.12
Filled 9/1/26
NOC SEC Filed Earnings Press Release for the Q/E 6/30/26 Revenue reported at $10.876B with net income at $1.094B.
NOC Detailed Earnings Estimates - Zacks.com
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A3/BBB+
YTM at Total Cost: 4.706%
Current Yield at TC: 4.611%
D. Bought 1 Entergy Mississippi 5% First Mortgage Bond Maturing on 9/1/33 at a Total Cost of 98.063:
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Issuer: One of the wholly owned operating subsidiaries of the utility holding company Entergy (ETR) at Zacks
Filled on 9/1/26
Cost $980.63
ETR 10-Q for the Q/E 6/30/26 Entergy Mississippi results can be found at page 138.
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A2/A
YTM at Total Cost: 5.335%
Current Yield at TC: 5.099%
I now own 8.
E. Bought 1 Entergy Mississippi 5.05% First Mortgage Bond Maturing on 4/15/36 at a Total Cost of 95.78:
%204:15:36%20(9:3:26).png)
Issuer: See Item # 2.D. above.
Cost: $957.8
Filled on 9/3/26
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A2/A
F. Bought 1 Entergy Texas 5.25% First Mortgage Bond Maturing on 4/15/35 at a Total Cost of 98.117:
%20F.png){kind=small}
Issuer: One of the wholly owned operating subsidiaries of the utility holding company Entergy Corp (ETR).
Cost: $981.17
Filled 9/2/26
ETR 10-Q for the Q/E 6/30/26 Entergy Texas results can be found at page 166.
Prospectus (2/25)
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A3/A
YTM at Total Cost: 5.527%
Current Yield at TC: 5.351%
I now own 7.
Last Discussed: Item # 4.C. Bought 1 Entergy Texas 5.25% First Mortgage Bonds Maturing on 5/15/35 at a Total Cost of 98.852 (9/1/26 Post)(YTM at total cost then at 5.417%)
G. Bought 2 Moody's 4.25% SU Maturing on 2/1/29 at a Total cost of 98.99:
%204.25%25%202:1:29%20(9:2:26).png)
Issuer: Moody's Corp (MCO) at Google Finance
Filled 9/2/26
Cost: $1,979.8
MCO Detailed Earnings Estimates - Zacks.com
MCO SEC Filed Earnings Press Release for the Q/E 6/30/26 (Revenues = $2.185B; net income at $878M)
FINRA Page: Bond Page | FINRA.org
Credit Rating: A- by S&P (Moody's does not rate its own bonds)
YTM at Total Cost: 4.696%
Current Yield at TC: 4.293%
H. Bought 2 Sabine Pass Liquefaction LLC 4.2% First Mortgage Bonds Maturing on 3/15/28 at a Total Cost of 99.499:
%204.2%25%203:16:28%20(9:3:26)%20.png)
Issuer: Sabine is indirectly controlled by Cheniere Energy Inc (LNG) and is a wholly owned subsidiary of the publicly traded Cheniere Energy Partners LP (CQP), both as noted in this complicated organizational chart:
Cost: $1,989.98
Filled on 9/3/28
Prospectus "The New Notes will be our senior obligations secured by first priority liens on the collateral (subject to permitted liens)." at page 9 and more fully described at pages 91-92.
10-Q for the Q/E 6/30/26 Revenues = $2.533B; net income at $978M
 |
| Page 3 |
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa1/BBB+
YTM at Total Cost: 4.542%
Current Yield at TC: 4.221%
I now own 4.
I. Bought 1 BP Capital 3.937% SU Maturing on 9/21/28 at a Total Cost of 98.762:
%209:21:28%20(9:3:26)%20.png)
Issuer: Wholly owned subsidiary of BP PLC (BP) who guarantees the notes.
Cost: $987.62
Filled 9/3/26
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A1/A-
YTM at Total Cost: 4.576%
Current Yield at TC: 3.986%
J. Bought 1 BP Capital 4.234% SU Maturing on 11/26/28 at a Total Cost of 99.183:
%204.234%25%2011:6:28%20(1)%20F%20(9:4:26).png)
Issuer: See Item # 2.I. above.
Cost: $991.83
Filled on 9/4/26
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A1/A-
YTM at Total Cost: 4.633%
Current Yield at TC: 4.269%
K. Bought 2 Dominion Energy 4.6% SU Maturing on 6/15/28 at a Total Cost of 99.882:
%204.6%25%205:15:28%20F%20(9:4:26).png)
Issuer: Dominion Energy Inc (D) - a Utility Holding Company whose operating subsidiaries are Virginia Electric Power, now called Dominion Energy Virginia, and Dominion South Carolina. The South Carolina operations were owned by the utility holding company SCANA that was acquired by Dominion Energy in 2019. The operating subsidiary of SCANA was known as South Carolina Electric & Gas.
Cost: $1,977.54
Filled on 9/4/26
The NextEra Energy Inc (NEE) SU bonds are currently rated A-/BBB+ with Fitch at A-. Financial Strength – NextEra Energy, Inc.
Dominion SEC Filed Earnings Press Release for the Q/E 6/30/26
10-Q for the Q/E 6/30/26
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB
YTM at Total Cost: 4.67%
Current Yield at TC: 4.605%
Other Owned Dominion Energy SU Bonds:
2 Dominion Energy 3.6% SU Maturing on 3/15/27, Bond Page | FINRA.org
3 Dominion Energy 5.25% SU Bonds Maturing on 8/1/33, Bond Page | FINRA.org
Other owned Dominion Energy Subsidiary Bonds:
4 Virginia Electric & Power 3.5% SU Maturing on 3/15/27 (2 in a RI account), Bond Page | FINRA.org
2 Virginia Electric & Power 3.8% SU Maturing on 4/1/28, Bond Page | FINRA.org, Item # 2.E. Bought 2 Virginia Electric and Power 3.8% SU Maturing on 4/1/28 at a Total Cost of 98.85 (9/7/26 Post)(YTM then at 4.559%)
1 Dominion Energy Energy South Carolina First Mortgage Bond Maturing on 3/1/35, Bond Page | FINRA.org, discussed at Item # 1.E. Bought 1 Dominion South Carolina 5.25% First Mortgage Bond Maturing on 3/1/35 at a Total Cost of 99.204 (6/18/26 Post)
I will trade the longer term bonds from these issuers when I am afforded the opportunity which was the case in 2025:
%20+$70.34.png){kind=small}
%20$45.32%20.png)
%20+$61.14.png)
%20$53.56%20.png)
%202035%20+$41.4%20.png){kind=small}
%20+$36.74%20RI.png) |
| RI Account |
%205:1528%204.75%25%20(9:8:26)%20.png){kind=small}
A. Bought 10 T Bills at at 9/8/26 Auction:
%203:11:27%20.png){kind=small}
Matures on 3/11/27
Interest: $196.66
Investment Rate: 4.023%
B. Bought 5 T Bills at the 9/9/26 Auction:
%201:12:27%20V.png)
119 Day Bills
Matures on 1/12/27
Interest: $64.28
Investment Rate: 4.001%
4. Treasury Notes Purchased in the Secondary Market:
A. Bought 1 T Note 4.25% Coupon Maturing on 2/15/28 at 99.86719:
%202:15:28%204.25%25%20S%20.png){kind=small}
YTM at 4.344%
Cost: $998.67
I now own 2.
B. Bought 1 T Note 4.25% Coupon Maturing on 1/30/30 at 99.2891:
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| Email Confirmation - Schwab Account |
Cost: $992.89
YTM: 4.477%
I now own 3.
5. Treasury Note Purchased at Auction:
A. Bought 5 T Notes at the 9/8/26 Auction - 2 Accounts:
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3 Year T Note
Matures on 9/15/29
Coupon: 4.375%
OID: $13.75 included in YTM calculation
YTM: 4.474%
6. Exchange Traded First Mortgage Bonds:
A. Added to ELC in Schwab Account - Bought 5 at $19.5:
Quote: Entergy Louisiana Collateral Mortgage Bonds 4.875 Due 9/1/2066 (ELC) at Google Finance
Cost: $97.5
ELC is a first mortgage bond. The snapshot incorrectly identifies this security as a preferred security.
Last Discussed: Item # 6.A. Added to ELC in Schwab Account - Bought 5 at $19.78 (8/25/26 Post)
Coupon: 4.875% paid on a $25 par value
Interest Payments: Quarterly
Trades Flat: (no accrued interest is payable to the seller, whoever owns on the ex interest date receives the entire interest payment)
First Mortgage Bond, with lien attaching to substantially all assets.
Credit Ratings: A2/A
The interest rate risk resulting from an early call due to a significant decline in interest rates is mitigated by the realized gain at a $25 par value call.
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| Snapshot Intraday on 9/3/26 after add |
Reduced from $20.79
Yield at AC: 5.88%
Computation: .04875% coupon x. $25 par value = $1.21875 annual interest per share ÷ $20.73 average cost per share = 5.8792%
Last Ex Interest: 8/31/26
ELC Interest Payment History & Dates | Seeking Alpha
In my Schwab account, I owned 105 shares on the ex interest date and received $31.99 in interest:
Currently Owned Energy Louisiana $1,000 par value First Mortgage Bonds: 13
I prefer owning the $1,000 par value bonds listed below since the terms are much shorter than ELC and consequently have less interest rate risk.
1 Entergy Louisiana 2.4% FM Maturing on 10/1/26 (RI account)
6 Entergy Louisiana 3.25% FM Maturing on 4/1/28 (1 in RI Account), Bond Page | FINRA.org; last discussed at Item # 3.F. Bought 1 Entergy Louisiana 3.25% First Mortgage Bond Maturing on 4/1/28 at a Total Cost of 98.198 (7/28/26 Post); Prospectus (issued in 2016); Bond Page | FINRA.org
4 Entergy Louisiana 5.15% FM Maturing on 9/15/34 (1 in RI Account), Bond Page | FINRA.org; last discussed at Item # 3.C. Bought 1 Entergy Louisiana 5.15% First Mortgage Bonds Maturing on 9/15/34 at a Total Cost of 97.951 (5/30/26 Post)(YTM then at $5.432%); Bond Page | FINRA.org; Bond Prospectus
2 Entergy Louisiana 5.5% FM Maturing on 9/15/36 (1 in RI account), Bond Page | FINRA.org, discussed at Item # 2.D. last post.
7. Small Ball Common Stock Purchases:
A. Added to UDR in Schwab Account - Bought 5 at $36.48; 5 at $36; 5 at $34.9:
Quote: UDR Inc (UDR) at Google Finance - Large Apartment REIT and a S&P 500 component
Cost: $556.9
"As of June 30, 2026, UDR owned or had an ownership position in 60,259 apartment homes, including 685 apartment homes under development."
UDR, Inc._10-Q for the Q/E 6/30/26
5 Year Chart through 9/4/26: Bear Market Pattern
The bear market shown in the previous chart started in April 2022. I do not see any sign yet that the bear market trend has ended.
The decline coincided with the release of an earnings report. SEC Filed Press Release for the Q/E 3/31/22 There is nothing in that report that would IMO remotely justify a $60 stock price. AFFO per share was reported at $.51, up from $.41 in the 2021 first quarter, but the guidance for 2022 was only $2.05 to $2.11 per share, up from $1.82 actual in 2021. I would consequently call the price decline as a Price to AFFO multiple reset. The current multiple is at least rational but it remains to be seen when UDR will be able to grow AFFO per share sufficiently to justify a $40-$50 stock price.
Investment Categories: Equity REIT Common and Preferred Stock Basket Strategy and Bond Substitute with some dividend growth. I have a modest objective for this stock. A victory is defined as a 2% or higher annualized realized gain on the shares plus the dividends.
Last Buy Discussions: Item # 2.A. Added to UDR in Schwab Account - Bought 1 $34.02; 1 at $33.53 (4/4/26 Post); Item # 1.H. Added to UDR in Schwab Account - Bought 5 at $35; 5 at $34 (11/1/25 Post); Item # 1.A Added to UDR in Schwab Account - Bought 5 at $36.3; 5 at $35.9; 3 at $34.54 (10/11/25 Post)
Last Elimination: Item # 1.D. Eliminated Duplicate Positions in UDR - Sold 24+ at $40.8 in Fidelity Account and 16 at $39.93 in my Vanguard Account (2/17/26 Post)(profit snapshots = $160.39)
New average cost per share: $38.16 (75+ shares)
Reduced from $38.74
I changed my dividend option back to reinvestment effective for the next dividend payment.
Yield at $38.16: 4.56%
Last Ex Dividend: 9/15/26
Last Earnings Report (Q/E 6/30/26):
SEC Filed Press Release; SEC Filed Financial Highlights (debt maturities are listed at page 6);
Occupancy: 96.6%
Revenues: $425.399M
GAAP E.P.S. = $.21
FFO per share: $.60, down from $.61
FFO as adjusted per share: $.64, unchanged
AFFO per share: $.54, unchanged. Maintenance expenses are deducted from FFO as adjusted to arrive at AFFO.
The stagnation of the FFO and AFFO numbers compared to the 2025 second quarter explains the stagnant stock price. There will need to be at least some persistent increases in those per share numbers for the stock to trade over $40 IMO.
Reconciliation:
In the FFO calculation, the two major adjustments to GAAP net income are to add back the $160.12M non-cash depreciation expense and to subtract the $35.674M in realized gains from property sales.
During the quarter, UDR bought back approximately 30M shares at a weighted average price of $36.49.
Weighted average interest rate: 3.4% with a weighted average maturity of 3.9 years.
2026 Outlook:
Generally I would describe the problems currently experienced by Apartment REITs to include the following: (1) higher interest rates on bank credit facilities and new SU bonds; (2) the inflation spike in maintenance costs starting in 2021; (3) competition; and (4) a growing resistance to rent increases by financially stressed tenants
UDR SU Bonds: I will generally own 10-15 UDR SU bond which are rated BBB+/Baa1.
I currently own the following
5 Maturing on 9/1/27, 2027 UDR 3.5% SU
3 Maturing on 1/15/28, 2028 UDR 3.5% SU
4 Maturing on 1/26/29, 2029 UDR 4.4% SU
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%20+$31.12%20RI%20.png)
%20+$31.04%20.png){kind=small}
Last year, I briefly owned the 5.125% SU maturing in 2034:
%20+$96.22.png){kind=small}
B. Started RELX - Bought 5 at $35.58; 5 at $34.7; 5 at $33.65:
Cost: $519.65
ADR Ratio: 1 for 1, RELX PLC ADR
Ordinary Shares Traded in London: Relx PLC at Google Finance (priced in British pence)
British Pound to US Dollar Exchange Rate Chart | Xe
I decided to buy the common after researching this company in connection with a SU bond purchase. Item # 4.J. Bought 1 RELX Capital 4% SU Maturing on 3/18/29 at a Total Cost of 98.476 (9/1/26 Post)
On 9/4/26, the ordinary shares in London closed at 2,620 Pence or £26.2, down 2.06% (55 pence). Converting that closing price into USDs using the approximate exchange rate that day gives me US$35.6 for the ADR share.
"RELX is a global provider of information-based analytics and decision tools for professional and business customers. RELX operates in four business areas: Risk provides customers with information-based analytics and decision tools that combine public, licensed, contributory and proprietary data with advanced technology and algorithms to assist them in evaluating and predicting risk and enhancing operational efficiency; Scientific, Technical & Medical helps researchers and healthcare professionals advance science and improve health outcomes by combining high-quality scientific and medical information and trusted data sets with leading technology to deliver analytical tools that facilitate insights and critical decision-making; Legal helps its customers improve decision-making, achieve better outcomes and increase productivity by providing tools that combine legal, regulatory and business information with powerful analytics; and Exhibitions combines industry expertise with data and digital tools to help customers connect face-to-face and digitally, learn about markets, source products and complete transactions."
RELX Detailed Earnings Estimates at Zacks.com As of 9/14/26, the average E.P.S. estimate for 2026 was at $1.93 and at $2.17 for 2027 (a 12.44% increase)
RELX SEC Filings (foreign issuer forms)
Key financial data – RELX - Information-based analytics and decision tools
Website: RELX - Information-based analytics and decision tools
Our business overview – RELX - Information-based analytics and decision tools
5 Year Chart: Bear Market Trend Starting in May 2025 when the price was near $56
Average cost per share: $34.64 (15 shares)
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| Snapshot Intraday on 9/11/26 after last add |
Dividend: Paid semiannually.
RELX Dividend History & Date | Seeking Alpha
Last 2 Dividends per ADR Share: $.9132
Yield Using $.9132 and AC: 2.635%
The dividend yield is too low for me to own more than 20 shares. I will buy one more 5 share lot provided the price declines below $33.
Last Ex Dividend: 8/7/26
Last Earnings Report (Semiannual ending 6/30/26):
Rather than discussed the results in British pounds, I just took a snapshot of the results expressed in USDs:
E.P.S. at $.887, up from $.688.
Adjusted E.P.S. $.926, up from $.825
Revenue and adjusted operating profit by product line in USDs:
Analyst Report available to Schwab Customers:
S&P (7/24/26): 4 stars with a 12 month price target of $49
Morningstar (7/24/26): 5 stars with a fair value estimate of US$57, wide moat and medium uncertainty. The analyst believes that the price decline was related to fears about AI disruption, but dismisses that concern based on his opinion that AI will benefit its services.
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 checked the Freddie Mac website for the latest data on average mortgage rates.
ReplyDeleteFor the week ending 9/10/26, the average rate for a 15 year mortgage was at 6.09%, up from 5.44% for the week ending on 2/26/26.
https://www.freddiemac.com/pmms
For 15 year $300,000 mortgage, the annual increase in interest is $1,950 and at $3,250 for a $500,000 mortgage.
YTMs for several corporate bonds maturing in 2029, rated BBB+/Baa, went over 5% yesterday.
Whenever I publish my next blog, I will discuss buying yesterday 2 Quest Diagnostics 4.2% SU bonds maturing on 6/30/29 at a total cost of 97.643, creating at that TC a 5.113% YTM.
https://www.finra.org/finra-data/fixed-income/bond?cusip=74834LBA7&bondType=CA
I published a YouTube video earlier today.
ReplyDeletehttps://www.youtube.com/watch?v=MOiiBTzyU4A&t=321s
One of the topic is to explain how the IShares TIP ETF (TIP) had an annual average total return of -.06% for the five year period ending on 9/11/26. How can that even happen when the principal amount of the TIPs is increased by CPI during those years?.
CPI Annual Rates:
2021 +4.7%
2022 +8.0%
2023 +4.1%
2024 +2.9%
2025 +2.6%
2026 will be close to 3.4%
https://www.minneapolisfed.org/about-us/monetary-policy/inflation-calculator/consumer-price-index-1913-
The 6 month T Bill was auctioned today with an investment rate of 4.203%. That IR is consistent with a .25% hike in the FF range this week and another one in December.
ReplyDeleteWTI is currently trading at $103.3, up $3.23.
https://oilprice.com/
The ten year treasury yield briefly hit a 5.01% earlier today but retreated some to 4.95% as of 10:40 CST.
https://www.cnbc.com/quotes/US10Y
The ten year treasury yield hit a 19 year high today, crossing over 5%.
ReplyDeletehttps://www.cnbc.com/quotes/US10Y
The 2 year is currently trading near 4.7%:
https://www.cnbc.com/markets/bonds/
In 2007, the U.S. government's total debt was around $9T and recently surged over $40T. The interest cost on the debt is over $1T annually and rising as the government has to higher interest rates to fund the $2T annual budget deficit and to pay off maturities securities that were sold at lower coupons.
WTI crude oil is currently trading up $4.38 at $105.8.
https://oilprice.com/
"U.S. oil tops $105 as Saudi Arabia reportedly cancels some crude cargoes after pipeline closure"
https://www.cnbc.com/2026/09/15/oil-extends-gains-following-houthi-strikes-on-saudi-arabia.html
The stock market is holding up well given the current economic conditions in the context of extreme valuations.
I have not been able to keep my finger off the sell button so I will have another post early next week.
I will generally wait until I have over $1K in stock trades before publishing a post, and I am over that number now.
I have been buying treasury notes in $1K par value increments. The yields are rising so I am averaging down with new purchases as prices fall. I am concentrating those purchases in 2028-2029 maturities. In my Schwab account, I now limit my search for T notes with a minimum coupon of 4%.