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Dollar Values of Trades Discussed in this Post:
Inflow Common Stocks (Item # 2 ): $291.95
Outflow Common Stocks/Stock Funds (Item # 1): $1,897.85
Realized Gains Stocks/Stock Funds: $602.87
I am done selling stocks and stock fund in 2026 having gone well over my goal in realized gains.
Net Outflow Stocks/Stock Funds: $1,605.9
Corporate Bonds (Item # 3): 19 (Cost at $18,830.52)
Treasury Bills Purchased at Auction (Item # 4): $12,000 in principal amount
Treasury Notes Purchased in Secondary Market (Item # 5): 3 (cost at $2,959.85)
For as long as interest rates continue to trend higher, I will purchase 3 to 5 short term treasury notes in the secondary market each week. I am averaging down.
Outflow U.S. Equity Preferred Stock (Item # 6): $125 (realized gain at $15.87)
Fixed coupon equity preferred stocks will go down in price as interest rates increase. Would you whether have a fixed coupon equity preferred stock with a 7% current yield that pays qualified dividend but could become worthless or almost so in a bankruptcy, or a ten year treasury that has a current yield of 5.25% whose interest payments are taxed at ordinary rates.
My gut tells me that interest rates have gone up too far, too fast.
Over the next twenty years, I do anticipate that the U.S. government's debt will be downgraded by at least 1 and probably two notches by the rating agencies.
I am expecting at least 1 debt default caused by a failure to raise the debt ceiling during that time period.
The risk premium for U.S. debt will increase and become increasingly untethered from inflation and inflation expectations.
Eventually, maybe within 15-20 years, there will be a series of failed treasury auctions where there are not enough buyers for the debt the treasury has to sell in order to finance the then current budget deficits and to pay off maturing securities.
The Fed will then buy what can not be sold, creating money to fund the purchases. This is called debt monetization, which will devalue the dollar and create more inflation, both aggravating further the already deteriorating U.S. fiscal condition. In other words, the U.S. will hit a steel wall going 100 MPH, pedal to metal. I see no signs that this will be avoided by the dysfunctional political parties.
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Economy:
Interest rates are declining today in response to a weak September jobs report and downward revisions to the prior two months.
US10Y: 5.184% -0.05% as of 9:12 A.M. EST
Hiring in September grew much less than expected, jobs report shows - ABC News According to the BLS, the economy added 29,000 jobs last month, less than the consensus estimate of 84,000. I view both numbers as weak for the U.S. economy. One is just more weak than the other.
Employment Situation Summary - 2026 M09 Results The unemployment rose to 4.2% from 4.1%. Average hourly earnings increased by $.05 to $$37.81 or just +.1%. Over the 12 months ending in September, average hourly earnings increase by 3%, below the inflation rate. The jobs number for July was revised down by 31,000 to -10,000 while the August number was revised down by 29,000 to 133,000.
Bureau of Labor Statistics Data
Average Monthly Job Gains in 2026: 68,000 with August and September subject to revisions.
Average monthly job gains in 2025: 11,803.
Average monthly job gains in 2024: 121,583 with no negative months
U.S. looks to boost Mideast buildup as Trump warns of new Iran strikes (10/2/26) Trump is sending a third carrier group to the Mideast
PCE inflation rose less than expected in August after the government made revisions in how it computes prices for legal services, software, computer accessories and portfolio management. Fed’s preferred gauge showed core inflation at 3.0% in August, much lighter than expected Those revisions were expected to lower PCE inflation compared to previous methods used to calculate those prices.
Annual PCE Inflation: 3.4%, down from 3.7%
Annual Core PCE Inflation: 3%
Month-to-Month PCE Inflation: .3%
Month-to-Month Core PCE Inflation: .2%
Real PCE Month-To-Month at .6%
Personal Income and Outlays, August 2026 | U.S. Bureau of Economic Analysis (BEA)
Notwithstanding this better than expected inflation report, treasury yields rose in the 5 to 30 maturity spectrum on 9/30/28. The 10 year treasury closed up 3 basis points, with the 30 year rising to 5.64% from 5.59% on 9/29:
 |
| September 2026 Yield Curve |
PCE annual inflation through July was report at +3.7%. Personal Consumption Expenditures Price Index | U.S. Bureau of Economic Analysis (BEA)
Inflation Nowcasting The estimates are made by the Cleveland Federal Reserve Bank.
Trump rejected Iran's conditional peace offer. Trump rejects Iran’s peace offer claiming ‘record oil shipments’ Trump insisted that crude oil shipments through the Strait of Hormuz had reached pre-war levels. Trump: "We’re taking tremendous amounts of oil out. Last night, we took a record amount of oil out of the Hormuz Strait, more than we took out before the war." The daily volume of crude oil prior to the war was about 15 million barrels per day and 5 mb/d of refined products. Strait of Hormuz - About - IEA
The blockade of Iran's ports and shipping has cut off Iran's crude oil supply shipments which averaged about 1.5 million barrels per day. Even with the blockade, Iranian oil has been reaching China and other Asian countries since the crude was stored on tankers near those countries. Iran’s Oil Production and Exports Enter a Steep Decline - Middle East Forum (5/24/26). It was estimated in May that Iran still had 89 million barrels in floating storage. I have not found any current estimates.
The question is whether Iran and the Houthis will be able to significantly disrupt tanker traffic in response to Trump's rejection of Iran's latest peace proposal. Three Vessels Struck in Strait of Hormuz as Iran’s Grip Loosens (9/30/26) The oil pipelines are easy targets for drone attacks. The recent successful attack on the Saudi pipeline may have just been a signal that these attacks were possible and would accelerate in the event Saudi Arabia become more involved militarily in the Iran War.
Even with more crude passing through the Strait, the cost of that crude will rise substantially based on insurance costs. Tanker Rates Smash $1 Million a Day as Oil Shipping Crisis Deepens | OilPrice.com The price spikes have been caused by both the supply disruption and the much higher shipping costs. India Emphasizes That Shipping Chaos, Not Supply, Is Driving High Oil Prices | OilPrice.com
AI debt costs rise as Treasury yields spike (9/27/26). JP Morgan estimates that the AI buildout will cost $4.1 trillion through 2030. The rise in interest rates will result in that new debt costing more. And, the problem with debt is that may have to be refinanced at even higher coupon rates when the notes mature. I doubt that the return on capital invested in AI infrastructure will be satisfactory or even coming close to generating profits equal to the total cost.
Trump made these representations last Sunday: "With the exception of oil, which is lower than the Biden administration ― and we no longer have to worry about nuclear weapons with Iran because they’re wiped out ― but with the exception of oil, everything is going down, we have it going down". "Prices for groceries have come way down from Biden. Almost every price has com way down"
Trump has no shame in making demonstrably false statements. Critics Rip Trump Over His Most Blatant Lie Yet; FactChecking Trump's Midterm Convention Speech - FactCheck.org
There was a spike in egg prices due to a bird flu epidemic late in the Biden Administration but prices came down after that problem went away.
The last CPI report has the annual change in food categories through August 2026. Table 2. Consumer Price Index for All Urban Consumers (CPI-U): U. S. city average, by detailed expenditure category - 2026 M08 Results
The annual PCE price index for the 12 months ending in December 2024 rose 2.9% Personal Income and Outlays, December 2025 | U.S. Bureau of Economic Analysis (BEA)
30-year Treasury bond yield scales to highest level since 2002 (9/29/26)
The 10 year treasury yield hit its highest yield since 2002 on 10/1/26 but declined some thereafter.
For the week ending on 10/1/26, the average 30 year mortgage was at 7.28%, up from 7.03% the prior week. Mortgage Rates - Freddie Mac
Trump seems to believe that the Federal Funds (FF) rate, recently raised by the Fed by .25% to 3.75%-4%, is causing longer term interest rates to rise. The FF rate is a short term rate that banks pay each other for overnight loans of their reserves held at the Federal Reserve. The FF rate and high probability changes anticipated in that rate will impact short term T Bill yields. A FF rate lowering cycle can lead to higher intermediate and long term rates. The Fed's inflation fighting credentials took a major hit when keeping ZIRP and Q/E to March 2022 when the annual CPI rate hit 8.5%.
A .5% cut in the Federal Funds rate on 9/18/24 did in fact lead to higher yields on intermediate and long term treasuries. Federal Reserve issues FOMC statement 9/18/24, Daily Treasury Rates | U.S. Department of the Treasury (range went from 5.25%-5.5% to 4.75% to 5%.) The 10 year treasury yield was at 3.65% on 9/17/24 and at 4.58% on 12/31/24. The bond vigilantes were expressing concern that the start of a rate cutting cycle may cause inflation to rise.
I am confident that Trump has no knowledge of how changes in the FF rate impact longer term rates. Trump's ignorance is clearly on display with his demand that the Fed lower the FF rate to 1% or even lower. And, he is filled with rage at Fed voting members, particularly those he appointed who are supposed to be 100% loyal to him personally, fail to comply with that demand.
Consumer optimism slides to lowest since 2014 as fears escalate over rising prices and jobs (9/29/26); US Consumer Confidence Fell in September (Press Release of the Conference Board)
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Trump and His Party:
Federal appeals court rejects Donald Trump's challenge to collusion finding tied to IRS settlement; Appeals court rejects bid to block sanctions tied to Trump's $1.8B IRS deal; Appellate Court Decision.pdf
ICE wasted millions on detention without strategic plan, GAO says; GAO-26-108663, Immigration Detention: Urgent Planning Needed to Avoid Further Waste of Taxpayer Dollars GAO is the General Accounting Office of the U.S. government. What comes through loud and clear is the incompetence of those in charge.
Trump unilaterally decided to rescind over $800M in spending approved by Congress. White House orders over $800M in funds rescinded; Collins calls it 'clear violation' of law - ABC News; Pocket Rescissions and the Impoundment Control Act: Legal Authority and Options for Congress | Congress.gov | Library of Congress So far, republican judges have allowed this Kingly power to proceed that would have been envied by King George prior to the Revolutionary War. D.C. Circuit Court Opinion 2-1.pdf. (Republican Judges Karen LeCraft Henderson and Gregory Katsas in the majority) Only congressionally authorized spending on programs that Trump does not like are impounded.
Administration's pro-Trump TV ad is taxpayer-funded - ABC News; Trump ad funded by taxpayers warns of 'final battle' before midterms; White House airs more taxpayer-funded ads promoting Trump - ABC News Taxpayers are funding ads that praise Trump including one that primarily uses excerpts from one of his campaign propaganda ads.
Lenders Don’t Trust the United States Anymore - The Atlantic
In another long rant, Trump castigated the multiple media organizations for correctly reporting that the Republican candidate for Florida's governor removed some references to Trump's name from his website. Trump "Truth" Message Social (9/26/26)
Trump wants the Courts to stop what he characterizes as Fake News published by the "Woke and Dying" US Today, CNN, the Washington Post, the Guardian, New York Times, ABC, NBC, Forbes and others". The others include major Florida newspapers.
After castigating the press for accurate reporting, Trump said Bryan Daniels should lose the election if he dropped references to Trump at Daniels' website. Byron Donalds removes Trump references from site | Miami Herald; Byron Donalds Removes Mentions of Trump On Campaign Website · The Floridian That statement indicates to me that Trump knew that the stories about Daniels dropping references to him were true but that would not stop him from attacking accurate reporting as Fake News.
Trump will viciously attack any republican politician who dares to criticize him, even in the most meekest, indirect manner and no matter how well deserved and factually based.
A recent example is the Dear Leader's multiple attacks on Maria Elvira Salazar (R-FL) who stated that Trump's deportations have gone too far. Maria Salazar’s Chances in Florida as Trump Posts Slew of Criticism - Newsweek; Trump Flips On Maria Elvira Salazar, Calls To Replace Her On Truth Social
A sane President would have let it go realizing that nothing would be done by Salazar after winning the upcoming election to interfere with the Republican policy of mass deportations. It is crystal clear, however, that members of Trump's party are not allowed to do anything other than repeatedly praise Our Dear Leader effusively, multiple times each day, and to chant in unison, over and over again, "I AGREE" with the "Chosen One" on everything.
Trump: "Why should perpetrators of FAKE NEWS, like CNN and MSDNC, be allowed access to a very sacred place, the White House?" (emphasis added) Trump "Truth" Social Message 9/26/26 I am confused. Was the East Wing part of the "sacred" White House? I thought "sacred" structures could not be obliterated in order to build a gold glittered ballroom stylized in what a Roman Emperor would have done. But then destroying the "sacred" East Wing of the White House is barely worth mentioning in the same breath as having a CNN reporter present at a press briefing.
Trump Unloads On CNN’s Kaitlan Collins With Yet Another Bizarrely Personal Attack (The "Chosen One": "So at a certain point, you say, ‘What’s the purpose of like this crazy Kaitlin Collins?’ She’s a very average person. She’s the most unhappy young person I’ve ever seen. If I did something spectacular by any standard, and they would write about it, they will only write badly.") This kind of statement is consistent with what psychologists call narcissistic rage and injury. Narcissistic injury - Wikipedia;Narcissistic Rage: What Triggers It and How to Protect Yourself | Simply Psychology; 8 Signs of Narcissistic Rage | Psychology Today
IMO, Trump is experiencing what is called a Narcissistic Collapse which is manifesting itself daily. What Is 'Narcissistic Collapse'? Experts See Familiar Hallmarks In Trump’s Rants
Trump-ally Senator Tommy Tuberville (R-Al) isn’t kidding when he says US pilots are in a ‘club’ of furry fetishists | The Independent; Sen. Tommy Tuberville sounds the alarm about a major threat facing Americans: furries on planes - YouTube; This actually happened on the Senate floor - YouTube
Trump: "I trust them", referring to Xi and Putin. Trump Asked Xi Jinping If He Wanted to Buy American Weapons Trump certainly holds Xi, Putin and Kim in much higher regard than leaders of western democracies who he constantly attacks while singing the praises of autocratic leaders that he likes.
The Atlantic reported on a Trump plan to remove Russian sanctions that would enable Russia to beef up its military spending, increasing funding for its invasion of Ukraine and otherwise threatening neighboring countries. Trump's Latest Appeal to Russia Could Outrage Even His Allies - The Atlantic
There is no sane rationale for Trump to constantly attack Canada's leaders and its PM, usually with false claims and accusations. This is a recent example: Trump Insists Canada Has 'Big Unemployment.' Here's What the Data Says, see also Trump’s been lobbing insults at Canada’s leader for more than a year. Now Carney is hitting back | CNN (9/23/26); Trump’s Fury at Canada Takes Darker Turn as GOPers Quietly Sound Alarm (9/30/26) What is he trying to accomplish by this senseless stream of attacks? Trump's idiocy has produced this result: 48% of Canadians hold ‘unfavourable’ views of Americans, poll says - National | Globalnews.ca Canadians know that 77+M Americans voted to give Trump a second term as President.
One explanation for Trump's constant rage attacks directed at Canada and its leaders is that his malignant narcissism compels him to put other people down, as a means to elevate himself in his mind.
Trump knows that there will be no push back from republicans.
His rants, rages and ad hominem personal attacks only increase when anyone, including a leader of a western democracy, criticizes his policies and/or refuses to take a knee, kiss his ring and sing his praises as the most competent, intelligent and knowledgeable leader that the U.S. or even the World has ever had or could ever hope to have until the end of days. Trump to The Atlantic: 'I run the country and the world' Just ask him. He will tell you how great and superior he is, an "extremely stable genius" who is never wrong and consequently never has to apologize about anything and whose judgment on all matters is impeccable and the best ever in the human history on earth and probably the universe as well. Do you know anyone who sings their own praises more than Trump?
Malignant Narcissist: How to Spot Them and How to Cope Does Trump check all of the boxes? I believe that his cult members would recognize the qualities described in anyone else but Trump. Cognitive dissonance prevents many from seeing his true nature while others recognize Trump's true nature and just like and approve of it. Cognitive dissonance helps explain why Trump supporters remain loyal, new research suggests; What's Worse Than Lying to Others? Lying to Yourself. | Brandeis Magazine; Responses to Belief-Conflicting Information: Justification of Support for Donald Trump| Journal of Social and Political Psychology Just think about everything those supporters choose to dismiss about Trump's character even though examples of his primary personality disorders, including malignant narcissism, are provided daily by him in his public statements, particularly in his "Truth" Social messages.
Trump Has Created a New Family-Separation Crisis - The Atlantic A major republican policy is cruelty.
The Supreme Court Is Coming For Everything - YouTube
Robert Kagan’s Chilling Warning About Trump’s Next Two Years | Bulwark on Sunday - YouTube
Senator Eric Schmitt (R-MO) recently proved again that he is as shameless as his Dear Leader. Schmitt claimed Jack Smith had perjured himself by denying that he was at Atlanta Hawks game in Atlanta. Schmitt said that the reason he lied was that he was in Atlanta to coordinate a vast conspiracy against Trump with the Georgia prosecutors.
Even if Smith was at that NBA game, which he was not, that is no proof whatsoever of a conspiracy with Georgia prosecutors of course. Republicans will not look or discuss the actual evidence that warranted the federal criminal indictments against Trump, preferring instead to create fact free conspiracies and engage in baseless and personal ad hominem attacks to distract attention away from the facts in those two cases. If those cases had been allowed to proceed by the republican judges, Trump would have most likely been convicted of multiple crimes IMO which is based on my review of the publicly available evidence in both cases.
Schmitt never had any proof that Smith was at the NBA game in Atlanta. Instead, Smith was then at a women's basketball game in Maryland as Schmitt is fully aware. Republican Senator Makes Embarrassing Mistake While Accusing Jack Smith Of Crimes; Eric Schmitt pins down Jack Smith — as a Caitlin Clark fan - Live Updates - POLITICO; Watch Republican Eric Schmitt's mortifying attempt to trap Jack Smith in perjury. Video Shows Jack Smith At Iowa Hawkeyes Game In Maryland
As expected, Schmitt refused to apologize for falsely accusing Jack Smith of lying and for calling him a "dirtbag" GOP senator airballs perjury claim against Jack Smith over apparent Hawks/Hawkeyes mix-up Several republican Senators disgraced themselves at this hearing, but did manage to prove once again their total subservience to Trump, their unwillingness to even look at or discuss the evidence that warranted the federal indictments against Trump, and their lack of anything resembling good character. Republicans Press Jack Smith on Tooth Fairy, Denny's and 'Les Miserables' - Newsweek; Watch: Kennedy (R-LA) questions Jack Smith about his wife's views on Trump, Obamas - CBS News
Top election lawyer says Trump has already rigged the 2026 midterms - Alternet.org; How Trump Could Threaten the 2026 Election - The Atlantic Trump's party, molded now into nothing more than subservient clones of him, is not a conservative party. In U.S. history, it is necessary to go back to what was known as the Know Nothing movement to find something similar to the GOP as molded into one controlled by Trump and possessing his character "qualities".
The support of republicans in Texas for Ken Paxton may succeed in electing him as their next Senator over the Democrat James Talarico. Texas is a red state that supports Trump. Paxton's victory will not be surprising to me, nor was their choice of Paxton over the incumbent senator John Cornyn. After all, Cornyn did not have Paxton's Trump like character issues, but he did only vote as Trump directed 99.2% of the time rather than 100%. From an indictment to an alleged affair, Ken Paxton’s controversies hang over his Senate bid; A Timeline of Nearly 20 Years of Ken Paxton Scandals; Ken Paxton Took His $1,000 Pen. He Has Not Forgotten
Trump isn't ruling out declaring national emergency around election by invoking the 1807 Insurrection Act January 6th was not an insurrection in Trump's America but voting several incumbent republicans out of office would be.
Trump is 'trying to save face' as Fed attacks collapse in a heap: report - Raw Story The Fed's inspector general found no criminal wrongdoing or misconduct by Powell or anyone else relating to the renovation of the Fed's headquarters. That finding provoked another Trump rage attack on the former Fed Chairman. Trump uncorks fiery tirade after watchdog clears Jerome Powell's name: 'Unheard of!' - Raw Story
Judge permanently dismisses Reflecting Pool vandalism case against former Olympian David Hearn - ABC News Dismissing a criminal charge with prejudice is rare and indicates that the Judge believes the prosecution was bought in bad faith. By dismissing the charges with prejudice, the Judge prevents Trump from causing Hearn to be indicted again.
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Missouri Republicans and a Republican Judges Try an End Run Around a Unanimous Missouri Supreme Court Decision that Republicans Could Not Use a Gerrymandered Map this November:
In a 7-0 decision, the Missouri Supreme Court held that a republican gerrymandered map could not be used in the 2026 election. The map was held to be illegal under state law since Missouri's Constitution clearly required that the map be approved in a referendum which had not happened. Richard von Glahn, Appellant, v. Denny Hoskins, in His Official Capacity, et al., Respondents (Supreme Court of Missouri Decision)
The republican Secretary of State, Denny Hoskins, refused to accept the verified referendum petition claiming that state law did not apply to federal elections, a preposterous position since the Constitution gives the states that authority in the Elections Clause. Hoskins ordered that the gerrymandered map be used which is what has caused the subsequent chaos. Supreme Court rejects Trump-backed Missouri congressional map for third time; Elections Clause: Article 1 Section 4 Clause 1 | Constitution Annotated | Congress.gov | Library of Congress
The republican Secretary of State, who was refusing to acknowledge that the plain language of the state Constitution required a referendum, then filed an emergency petition with the Supreme Court to overrule the State Supreme Court which petition was rejected.
A Federal District Court Judge appointed by Trump, Stephen Clark, then issued an injunction prohibiting the use of the legal map mandated by the State Supreme Court, requiring instead that the illegal gerrymandered map be used notwithstanding the Missouri Supreme Court's holding.
Three republican judges on the 8th Circuit Court of Appeals panel denied to issue a stay of Judge Clark's order but the U.S. Supreme placed Clark's injunction on hold.
The Missouri Supreme Court ruled again that the non-gerrymandered map had to be used in the upcoming election and notified the republican Secretary of State there will be a contempt hearing on his refusal to comply with that order. Order-09-10-26 | DocumentCloud
A panel of 3 republican judges on the U.S. Court of Appeals for the Eight Circuit then upheld Judge Clark's order that had the effect of requiring the republican Secretary of State to ignore the State Supreme Court Order. Appeals court favors Trump-backed Missouri congressional map, but Supreme Court will have final say | PBS News (9/21/26)("The panel consists of Judge James Loken, an appointee of former President George H.W. Bush, and two appointees of Trump — Judges David Stras and Justin Smith. Prior to his June appointment, Smith was an attorney who represented Trump as he unsuccessfully appealed a $5 million jury verdict in a lawsuit filed by the writer E. Jean Carroll to the U.S. Supreme Court," emphasis added ) In effect, those republican judges tried to reward the Missouri Secretary of State for violating state law which just so happened would give the republicans another congressional seat in the upcoming midterms. The effort was framed in legalese with the end result favoring the republican party.
The U.S. Supreme Court overruled the 3 Republican appellate court judges with no dissents. Supreme Court again snubs GOP gerrymander in Missouri - POLITICO; Supreme Court rejects Republicans’ Missouri redistricting push for third time; People Not Politicians v. Onder (U.S. Supreme Court 9/25/2026).pdf
In Trump's America, Trump just needed to issue an Executive Order overruling the correct and unanimous decision of the Missouri Supreme Court applying Missouri state law:
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The anti-democracy party in Tennessee, which has a super majority of Trump clones (and who are proud of it) in the state House and Senate, overseen by a republican governor who will obey Trump's orders, was successful in gerrymandering two major U.S. cities, Memphis and Nashville, who would have elected Democrats as their representatives. This was unacceptable to the anti-democracy party.
The Republican state legislators decided that the voters in those two cities would no longer be allowed to elect a moderate Democrat.
Republicans in Tennessee have no problems with this objective. I have yet to hear a murmur of dissent from any of them. This is to be expected by everyone now. Nothing could be clearer.
The result is that only republicans indistinguishable from Trump represent those cities (3 for parts of each city). This was done by the republicans carving up Nashville and Memphis into three pieces and then joining each piece with rural areas and small towns where 70%-90% of the voters were avid Trump supporters who will never question their support no matter what he does. Trump carried Tennessee with 64.2% of the vote but was soundly defeated in Memphis and Nashville who are no longer allowed to have congressional representation representing the majorities in those two large U.S. cities. Tennessee Election Results 2024: Live Map - Races by County - POLITICO
I live in a heavily republican city just south of Nashville, about a five hour drive from Memphis on the Interstate. I am now in a congressional district that includes about 1/3rd of Memphis. The result is a republican gerrymandered district designed to prevent black voters in both Nashville and Memphis from having a say in congressional elections. The effort has been more successful in denying black voters congressional representation than any law during the Jim Crow era. Yet, Tennessee Republicans will claim that their gerrymandering in Tennessee was purely political and had nothing to do with race.
What Louisiana v. Callais Means for the Voting Rights Act | Harvard Kennedy School; Supreme Court Sets Off Gerrymandering Frenzy | Brennan Center for Justice; Rucho v. Common Cause, 584 U.S. 684 (SupCt. 2019)(This was a 5 to 4 decision with the then 5 Monarchists permitting political gerrymandering that undermines democracy, with Justices Kagan, Ginsburg, Breyer, and Sotomayor dissenting. The Monarchist Amy Coney Barrett replaced Ginsberg after she passed.)
Supreme Court Approval Plunges Among Independent Voters - Newsweek
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Small Ball Trading Rules:
Baseball Analogy: Small ball (baseball) - Wikipedia
Primarily a risk reduction trading technique, one of many strategies that I employ to mitigate risks that are assumed when owning risk assets where loss of capital is possible.
(1) Each purchase has to be at the lowest price in the chain; or has to lower my average cost per share;
(2) Purchases are made in small lots using commission-free trades;
(3) On price pops, I will consider selling my highest cost shares at a profit, no matter how small;
(4) Some positions will be eliminated altogether on price pops when the goal is achieved;
(5) Shares purchased with dividends may be sold when it is profitable to do so and the share price is outside my consider to buy range; and
(6) There is no hesitation to sell a stock after a dividend cut or a disappointing earnings report, when I can realize any capital gain.
The most important objective is to reduce risk through a controlled and disciplined trading strategy that realizes gains, particularly by selling the highest cost lots that reduce my average cost per share and increases my dividend yield.
The corollary is to buy the dips, particularly during extreme volatility events that would be associated with major declines in stocks.
Another aspect is selling fractional shares bought with dividends in order to harvest the original dividend amount plus a small profit on the shares. Generally, if I am willing to buy a dividend stock now through a market purchase, I will consider reinvesting the dividend. Conversely, if I am not willing to buy shares, I will likely turn off the dividend reinvestment option.
My Primary Investment Objectives: (1) Preservation of Capital; (2) Income Generation; (3) Realized Capital Gains in risk assets. Some risks are assumed to hit desired income generation and realized capital gain levels.
I generally define small ball as trades that are less than $1,000.
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1. Small Ball Stock/Stock Fund Sales:
A. Eliminated ADX -Sold 25+ at $25.64:
Quote: Adams Diversified Equity Fund Inc (ADX) at Google Finance - A Stock CEF Formed Shortly before the October 1929 crash.
Proceeds: $652.87
Sponsor's website: Adams Funds
SEC Filed Semiannual Report for the period ending 6/30/26 (Cost of investments then at $1.545+B with the market value at $3.297+B.)
I have been trading this stock CEF since 1984. The current small discount to net asset value per share is a consider to sell signal as is the elevated valuations in the stock market. I will consider restarting a position when the discount expands back into the 10%-15% range and the S&P 500 declines at least 20% from yesterdays close at 7,666 or <6,133.
Data Date of 10/1/25 Trade:
Closing Net asset value per share: $26.39
Closing Market Price: $25.69
Discount: -2.65%
Average 5 Year Discount: -11.31%
Sourced: ADX - CEF Connect (Click "Pricing Information" Tab)
Last Discussed: Item # 5.E. Pared ADX - Sold 5 at $26.02 (7/21/26 Post)(profit snapshot = $47.03)
Adams Diversified Equity Fund (ADX) Portfolio | Morningstar (currently rated 4 stars). Lists top 10 holdings.
Last Buy Discussions: Item # 3.B. Added to ADX - Bought 5 at $16 (11/4/23 Post); Item # 4.A. Added 15 ADX in Schwab Account at $14.76- (1/16/23 Post); Item #4.F. Added 5 ADX in Schwab Account at $14.65 (10/11/22 Post)(contains snapshots of realized gains starting in 2014)
Profit Snapshot: $270.76
A significant part of the total return will be the dividend payments.
Dividends: Paid quarterly.
ADX Stock Dividend History & Date | Seeking Alpha
ADX currently has a managed distribution plan: "Beginning in 2024, the annual distribution rate is the total dividends and distributions per share divided by the average of the Fund's net asset values for the four quarter-end periods ending prior to the calendar year-end in accordance with the Managed Distribution Policy adopted in 2024. Prior to that, the calculation was based on the Fund's average month-end stock price for the twelve months ended October 31, in accordance with the annual 6% minimum distribution rate commitment adopted in September 2011."
Largest Gain: Eliminated ADX - Sold 467+ Shares Update On Closed End Fund Basket Strategy As Of 7/28/15 - South Gent | Seeking Alpha (profit snapshot = $1,923.24, scroll to "Deletions/Reductions Since Last Update)
Some Other Sell Discussions: Item # 1.G. Pared ADX - Sold 5 at $24.73+ (5/22/26 Post)(profit snapshot = $39.31); Item # 2.G. Sold 5 ADX at $23.15 (2/4/26 Post)(profit snapshot = $32.19); Item # 2.J. Pared ADX - Sold 3 at $21.59 (7/15/25 Post)(profit snapshot = $13.46): Item # 2.A. Eliminated Duplicate Position in ADX - Sold 20 at $17.65 - Fidelity Account (9/9/23 Post)(profit snapshot = $67.35); Item # 3.B. Sold 100 at $15.24 (5/22/19 Post)(profit snapshot = $112.32): Item # 2.C. Eliminated ADX - Sold 107+ Shares at $13.63 (3/4/17 Post)($183.26); Item # 4 Pared ADX Again-Sold 143 Shares at $13.97 (8/8/14 Post)(profit snapshot = $427.9); Item # 4. Sold 116 ADX at $13.61 (6/14/14 Post)(profit snapshot = $319.38, reduced the position to 610+ shares)
Quote: Viking Therapeutics Inc (VKTX) at Google Finance
Proceeds: $162.8
Viking Therapeutics – Pipeline Overview
The primary drug, still in trials, is VK2735 for weight loss. The trials are for both an injection and a pill.
I eliminated my 4 share position when the stock popped in response to this news: Viking Therapeutics Announces Positive Topline Results from Maintenance Study of GLP-1/GIP Agonist VK2735 Demonstrating the Promise of Multiple Maintenance Dosing Regimens - Sep 22, 2026 I discussed this development in a comment published on 9/22/26.
Shortly after that announcement, Viking sold shares and convertible SU bonds that caused a share price decline. Viking Therapeutics Prices Upsized $500 Million Offering of Common Stock and Convertible Senior Notes - Sep 24, 2026 The shares were sold a public offering price of $35. Prospectus The convertible bond offering has a 2% coupon. Prospectus
The bottom line is that Viking is very late with its entry into weight loss therapies and will be facing strong competitors, particularly Eli Lilly, when and if VK2735 is approved in both its injectable and pill versions. Fewer doses could allow for marketing advantages, but it is not clear that a more comprehensive trial will confirm what was announced in the aforementioned press release.
Prior Elimination: Item #1.A. Sold 30 VKTX at $22.84 (5/20/23 Post)(profit snapshot = $551.7)
Buy Discussions Prior to Last Elimination: Item # 1.I. Added to Lotto VRTX Bought 5 at $4.67; 3 at $4.32; 10 at $3.95 (1/20/22 Post); Item # 1.M. Bought 10 VKTX at $5.88 (7/2/21 Post)
Profit Snapshot: $30.99
Dividends: None and none expected.
Other Sell Discussion: Item # 3.G. Pared VKTX - Sold 5 at $13.11 (2/27/23 Post)(profit snapshot = $27.17)
Last Loss Report (Q/E 6/30/26):
Net Loss: $128.319M
Cash & Cash Equivalents: $125.75M
Short Term Investments: $379.913M
C. Pared FZROX Again - Sold 5 at $27.06:
Quote: Fidelity ZERO Total Market Index Fund (FZROX)
Proceeds: $135.3
Last Discussed: Item # 1.K. Pared FZROX Again - Sold 5 at $26.13 (6/4/26 Post)(profit snapshot = $83.98)
Last Buy Discussion: Item # 4.K. Added 50 FZROX at $8.57 (4/4/20 Post)
Sponsor's website: FZROX - Fidelity ZERO ® Total Market Index Fund | Fidelity Investments
Expense Ratio: Zero
2,636 Holdings as of 8/31/26 with 33.64% of total portfolio weighted in the top 10 stocks.
The top 10 holding of the S&P 500 ETF SPY was at 37.79% as of 8/31/26.
Top 10 Holdings as of 8/31/26:
Profit Snapshot: $88.63 (9/22/26 sale only)
Average cost per share: $9.33 (45+ shares)
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| Closing Price 9/22/26 |
There will be no change in the AC per share when I sell shares. I am not reinvesting the dividends and have not bought any shares since 2020.
Dividends: Paid annually at a variable rate.
Last Annual Dividend: $.242 per share
The dividend yield is less than 1% at my sales price.
Other Sell Discussions: Item # 1.C. Pared FZROX - Sold 5 at $25.05 (5/9/26 Post)(profit snapshot = $78.59); Item # 2.C. Pared FZROX - Sold 10 at $21.85 (7/15/25 Post)(profit snapshot = $125.6); Item #1.C. Sold 5 FZROX at $20.77; 5 at $21.01 (11/14/24 Post)(profit snapshot = $115.7)
FZROX Realized Gains to Date: $492.5
D. Pared FZILX Again - Sold 5 at $17.38:
Quote: Fidelity ZERO International Index Fund (FZILX)
Proceeds: $86.9
Sponsor's website: FZILX - Fidelity ZERO ® International Index Fund | Fidelity Investments
Expense Ratio: Zero
Number of Holdings: 2,225 as of 8/31/26
Top 10 Holdings as of 8/31/26:
Last Discussed: Item # 1.J. Sold 5 FSLIX at $16.85 (6/4/26 Post)(profit snapshot = $40.38)
Last Purchase Discussion: Item # 1.O. Added to FZILX - Bought $50 at $8.93 (10/11/22 Post)
Profit Snapshot: $43.03 (9/22/26 sale only)
Average cost per share: $8.77 (92+ shares)
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| Closing Price 9/22/26 |
The average cost will remain unchanged since I am using average cost as the cost method and no shares have been bought since 2022.
Dividends: Paid annually
FZILX Dividend History & Date | Seeking Alpha
Last Dividend: $.394 per share
Yield Using $.394 and $17.38 Sales Price: 2.27%
Last Ex Dividend: 12/12/25
Other Sell Discussion: Item # 2.D. Pared FZILX - Sold 10 at $13.56 (7/15/25 Post)(profit snapshot = $47.86)
2. Small Ball Stock Buys:
Three of the stock purchases discussed below are BDCs in major bear market patterns.
All three of the BDCs discussed below have recently cut their dividends.
Net investment income has trended down as variable rate loans reset their coupons. Net investment income per share is declining but may stabilize soon and start to rise with FED rate increases, assuming no material increase in non-accrual loans and depending on the number of rate hikes. The variable rate loans are priced at spreads to short term rates.
Concerns about loans to software companies have intensified due to potential AI threats.
The refinancing of senior unsecured debt has been at significantly higher coupons than maturing debt and has become even more problematic with the rise in short to intermediate term interest rates. Prior to the recent increase in interest rates, I viewed the higher coupons on SU debt to be primarily caused by credit risk concerns.
A. Added to PNNT in Schwab Account- Bought 10 at $3.4:
Quote: PennantPark Investment (PNNT) at Zacks - Externally Managed BDC
Cost: $34
PNNT Detailed Earnings Estimates - Zacks.com
SEC Filed Annual Report for the Fiscal Year Ending 9/30/25 (Risk factor summary starts at page 20 and ends at page 38)
Investment Category: Lottery Ticket with dividends.
Investment Categories: Lottery Ticket and Monthly Income Generation. The LT classification is based on a high risk that the total return with dividends reinvestment, adjusted for inflation and taxes on the dividends, will be unacceptable to me or even negative.
Chart: Major Bear Market Pattern
New average cost per share: $3.73 (60 shares)
Reduced from $3.79
The last reported net asset value (NAV) per share was $6.56 as of 6/30/26. When the stock price has such a large discount to NAV per share, the cause IMO is a belief that the NAV per share will continue to significantly decline. There may also be some doubts about the values assigned to loans, so that the NAV number is viewed as too high.
Regular Dividend: Monthly dividend at $.04 per share ($.48 annually)
Yield at New AC: 12.87% (regular dividend only)
Since I do not expect the special dividend to last, I only include the regular dividend in the yield calculation.
Last Ex Dividend: 9/15/26 ($.04 regular; $.04 special)
Last Discussed: Item # 4.A. Added to PNNT - Bought 20 at $3.72 (9/7/26 Post)
Last Earnings Report (Q/E 6/30/26): I discussed this report in a recent post: Item # 4.D. Restarted PNNT - Bought 30 at $3.84 (8/18/26 Post); SEC Filed Earnings Press Release
Last Eliminations: Item # 1.F. Eliminated PNNT - Sold 10+ at $7.23 - Fidelity Account (9/8/25 Post)(profit snapshot = $43.52); Item # 3.D. Eliminated Duplicate Position in PNNT - Sold 26+ at $6.96 - Schwab Account (1/29/25 Post)(profit snapshot = $42.88)
PNNT Realized Gains to Date (includes RI accounts): $259.88
Goal: As with all BDC stocks, the goal is simply to earn any return in excess of the dividend yield.
Quote: SLR Investment (SLRC) at Zacks - Externally Managed BDC
Cost: $58.35
Last Discussed: Item # 2.A. Added to SLRC in Fidelity Account - Bought 5 at $12 (9/19/26 Post)
SLRC Detailed Earnings Estimates at Zacks.com
SEC Filed 2025 Annual Report (Risk factor summary starts at page 28 and ends at page 65) SLRC owns or has equity interests in several companies that are described at pages 77-80, including two companies that are involved in equipment leasing and equipment financing.
5 Year Chart: Major Bear Market Pattern
A 10 year chart shows the price brief dipping below the current price only in March 2020 during the pandemic stock market meltdown.
New Average cost per share this account: $12.72 (40+ shares)
Reduced from $12.9.
As of 6/30/26, SLRC reported its net asset value per share at $18.
Dividend: Quarterly at $.31 per share ($1.24 annually), slashed from $.41 effective for the 2026 second quarter payment.
SLRC Dividend History & Date | Seeking Alpha
Dividend slashes by BDCs have been common. The percentage slash will depend primarily on how much net income per share will decline resulting from variable rate loans repricing at lower coupons, the increases in non-performing loans which will vary substantially among BDCs, and how much financing costs for SU debt will increase which is now a pervasive problem for these companies that reduces their net interest margins.
Yield at New AC: 9.75%
Last Ex Dividend: 9/11/26
Last Earnings Report (Q/E 6/30/26): I discussed this report in a recent post: Item # 4.B. Added to SLRC in Fidelity Account - Bought 5 at $12.45 (9/7/26 Post); SEC Filed Press Release
SLRC Realized Gains to Date: $276.84
Goal: As with all BDC stocks, the goal is simply to earn any total return in excess of the dividend payments using the unadjusted cost basis for the shares sold.
Purchase Restriction: 5 share lots with each subsequent purchase required to be at the lowest price in the chain.
C. Added to PFLT in Fidelity Account- Bought 5 at $6.97:
Quote: PennantPark Floating Rate Capital (PFLT) at Zacks
Cost: $34.85
PFLT Detailed Earnings Estimates at Zacks.com
Website: Home - PennantPark
SEC Filed Annual Report for the F/Y ending 9/30/25 (Summary of risk factors starts at page 18 and ends at page 37)
5 year Chart: Major Bear Market Pattern
Investment Categories: Lottery Ticket and Monthly Income Generation. The LT classification is based on a high risk of that the total return with dividends reinvestment, adjusted for inflation and taxes on the dividends, will be unacceptable to me or even negative.
Last Discussed: Item # 5.A. Bought 5 PFLT in Fidelity Account at $6.99 (8/11/26 Post) I discussed the last earnings report in that post. SEC Filed Press Release; 10-Q
New Average cost per share this account: $7.77 (40+ shares)
Reduced from $7.99
Last Reported Net Asset valuer per share: $10.26 as of 6/30/26
Dividend: Monthly at $.08 per share ($.96 annually), recently slashed from $.1025 effective for June 2026 monthly payment.
PFLT Dividend History & Date | Seeking Alpha
Yield at New AC: 12.355% (using regular dividend only)
Last Ex Dividend: 9/15/26 (regular of $.08 and $.0033 special)
Realized Gains PFLT to Date: $276.56 (includes realized gains in RI accounts)
4 Largest:
D. Added to Falling Knife UPBD - Bought 5 at $16.95; 5 at $16:
Issuer: Upbound Group Inc (UPBD) at Google Finance
Cost: $164.75
Last Discussed: Item # 2.E. Added to UPBD - Bought 5 at $17.75; 5 at $17.3 (9/19/26 Post)
New Average cost per share: $18.64 (45 Shares)
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| Snapshot Intraday on 9/24/26 after second add |
Reduced from $19.26
Dividend: Quarterly at $.39 per share ($1.56 annually)
I discussed the last earnings report here: Item # 4.A. Added to UPBD - Bought 5 at $20.87; 5 at $19.55; 5 at $19.10 (8/18/26 Post); SEC Filed Earnings Slide Presentation and SEC Filed "Second Quarter Review"
Purchase Restrictions: 5 share lots only with each subsequent purchase required to be at the lowest price in the chain.
3. Corporate Bonds: 19
I am still about 2 weeks behind in discussing my corporate bond trades.
For anyone unfamiliar with how bonds are traded, par values are at $1,000 and the quoted bid and ask prices are at at 1/10th of par value.
The total cost numbers referenced below include a $1 per bond commission.
The accrued interest that is paid to the seller is not part of my cost but will be recouped when the issuer makes the next interest payment.
Since my 1099s will include the interest that I paid the seller, I have to make an adjustment on my tax return to deduct those accrued interest payments. The seller will pay the tax on the accrued interest that I paid to the seller as part of the purchase transaction.
Form 1099-INT – Accrued Interest
Interest rates have continued to trend higher since the following described bonds were bought. The result is that they could be bought today at lower prices.
I refer to this type of interest rate risk as the risk of lost opportunity. Money tied up in these purchases can not be used to buy the same or other bonds at higher YTMs.
So why buy them now? I do not know the future. It just that simple. Rates may continue to rise or may soon reverse and come back down.
I deal with this interest rate risk through a bond ladder that has a duration of 2 to 3 years and a weekly flow of proceeds from maturing securities week. Those proceeds can then be used to buy the higher yielding corporate bonds, T Notes and T Bills for as long as interest rates continue to rise. The short duration and my ability to hold all bonds until redemptions also mitigates this type of interest rate risk.
On 10/1, I received $14K in proceeds in my IB, Vanguard and Schwab taxable accounts, none in my Fidelity account that has the highest weighting in corporate bonds. The Schwab account has the largest weighting, as a percentage of assets, in T bills and T Notes. No corporate bonds are owned in that account since the minimum commission is $10.
I have not been buying longer term municipal bonds due to the interest rate risks. If yields continue to rise, I will likely use the proceeds from maturing municipal bonds to buy new ones. My next maturity is a 5 bond lot maturing on 4/1/27 and 5 more on 7/1/27.
A. Bought 2 National Utilities Cooperative Finance 4.75% SU Maturing on 2/7/28 at a Total Cost of 99.852 - Fidelity Account:
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Issuer: A non-profit owned by the nation's rural electric cooperatives.
Cost: $1,977.02
Filled on 9/18/26
SEC Filed Annual Report for the Fiscal Year Ending 5/31/26
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A2/A-
Credit Ratings The credit reports can be found at that link.
Fitch has an A rating. Fitch Affirms National Rural's IDRs at 'A' and 'F1'; Outlook Stable (8/19/26)
YTM at Total Cost: 4.858%
Current Yield at TC: 4.757%
B. Bought 2 Eaton 4.35% SU Maturing on 5/18/28 at a Total Cost of 99.203:
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Issuer: Eaton (ETN) at Zacks
Cost: $1,984.06
Filled 9/18/26
ETN Detailed Earnings Estimates - Zacks.com (Revenues at $8.531B with GAAP net income at $821M and adjusted net income of $1.228B).
SEC Filed Earnings Press Release for the Q/E 6/30/26
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A3/A-
YTM at Total Cost: 4.852%
Current Yield at TC: 4.385%
C. Bought 2 NNN REIT 4.3% SU Maturing on 10/15/28 at a Total Cost of 98.569:
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Issuer: NNN REIT Inc (NNN) at Google Finance
Cost: $1,971.38
Filled on 9/18/26
Website: Increasing Dividends | NNN REIT
Retail Properties | Our Portfolio | NNN REIT
SEC Filed Earnings Press Release for the Q/E 6/30/26
I have a small ball position in the common stock and have been paring that position. Last Sell Discussions at Item # 5.F. Pared NNN - Sold 2 at $47.27 (7/21/26 Post)(profit snapshot = $12.89); Item # 1.I. Pared NNN in Fidelity Account - Sold 3 at $45.08 (6/4/26 Post)(profit snapshot = $11.36); Item # 2.A. Pared NNN - Sold 10 at $45.75 (3/9/26)(profit snapshot = $22.86); Item # 3.I. Sold 3+ NNN at $44.68 (4/26/25 Post)(profit snapshot = $7.05); Item #2.L. Sold 1+ NNN at $46.18 (8/8/24 Post)(profit snapshot = $7.74)
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa1/BBB+
YTM at Total Cost: 5.036%
Current Yield at TC: 4.362%
I now own 6 and may own up to 10, with any subsequent purchase required to be at the lowest price in the chain. The last purchase was on 8/12/26 at 99.31 creating at that time a YTM of 4.635%.
Other Currently Owned NNN Bonds:
D. Bought 1 Elevance 4.101% SU Maturing on 3/1/28 at a Total Cost of 98.885 - Interactive Brokers Account:
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Issuer: Elevance Health (ELV), formerly known as Anthem.
Cost: $988.85
Filled: 9/18/26
ELV SEC Filed Earnings Report for the Q/E 6/30/26
ELV Detailed Earnings Estimates - Zacks.com
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa2/A-
YTM at Total Cost: 4.908%
Current Yield at TC: 4.147%
I now own 2.
E. Bought 2 HP 4.75% SU Maturing on 1/15/28 at a Total Cost of 99.881:
%20(9:21:26).png)
Issuer: HP Inc (HPQ)
Cost: $1,997.2
Filled on 9/21/26
HPQ Detailed Earnings Estimates - Zacks.com
SEC Filed Earnings Press Release for the Q/E 7/31/26 (Revenues = $15.7B, with GAAP net income reported at $661M and non-GAAP at $772M)
I recently eliminated my common stock position. Item # 1.B. Eliminated HPQ - Sold 10 at $32 (9/12/26 Post)(profit snapshot = $136.45)- Item # 5.A. Started HPQ - Bought 10 at $18.34 (3/3/26 Post)
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB
YTM at Total Cost: 4.839%
Current Yield at TC: 4.756%
F. Bought 2 Medtronic Global Holdings 4.25% SU Maturing on 3/30/28 at a Total Cost of 99.241 - Interactive Brokers Account:
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Issuer: A wholly owned subsidiary of Medtronic PLC (MDT) Finance who, along with Medtronic Inc., guarantees the notes
Cost: $1,984.82
Filled on 9/21/26
I have a small ball position in the common stock (20 shares at an average cost per share of $75.95), see snapshot in the following post:
Last MDT Discussion: Item # 3.E. Eliminated Duplicate Position in MDT - Sold 3 at $92.53 (9/1/26 Post)(profit snapshot = $49.32)
MDT Detailed Earnings Estimates - Zacks.com
SEC Filed Earnings Press Release for the Q/E 7/31/26
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A3/A
YTM at Total Cost: 4.772%
Current Yield at TC: 4.2825%
I now own 4. Last Discussed at Item # 2.D. Bought 2 Medtronic Global Holdings 4.25% SU Maturing on 3/30/28 at a Total Cost of 99.928 (5/22/26 Post)(YTM then at 4.288%)
G. Bought 1 Hewlett Packard Enterprise 4.5% SU Maturing on 3/23/28 at a Total Cost of 99.266 - Vanguard Account:
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Issuer: Hewlett Packard (HPE) at Zacks
Cost: $991.66
Filled on 9/21/26
HPE Detailed Earnings Estimates - Zacks.com
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB
YTM at Total Cost: 5.103%
Current Yield at TC: 4.533%
I am replacing 2 bonds that matured on 9/25/26:
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| IB Account |
H. Bought 2 Marvel Technology 4.875% SU Maturing on 6/22/28 at a Total Cost of 99.695 - Vanguard Account:
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Issuer: Marvell Technology (MRVL) at Zacks
Cost: $1,993.9
Filled on 9/21/26
MRVL Detailed Earnings Estimates - Zacks.com
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB
YTM at Total Cost: 5.055%
Current Yield at TC: 4.89%
I. Bought 2 Public Service of New Hampshire 4.4% First Mortgage Bonds Maturing on 7/1/28 at a Total Cost of 99.357 - Vanguard Account:
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Issuer: One of the wholly operating subsidiaries of the utility holding company Eversource Energy (ES).
Cost: $1,987.14
Filled on 9/21/26
ES Detailed Earnings Estimates - Zacks.com
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A1/A
YTM at Total Cost: 4.778%
Current Yield at TC: 4.4285%
J. Bought 1 RELX Capital 4% SU Maturing on 3/18/29 at a Total Cost of 97.445:
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Issuer: Wholly owned subsidiary of RELX PLC (RELX) who guarantees the note. Prospectus
Cost: $974.45
Filled on 9/21/26
RELX Detailed Earnings Estimates - Zacks.com
RELX SEC Filed Semiannual Report for the period ending 6/30/26
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A3/A-
YTM at Total Cost: 5.106%
Current Yield at TC: 4.105%
K. Bought 2 Analog Devices 4.25% SU Maturing on 6/15/28 at a Total Cost of 99.004 - Fidelity Account:
%206:15:28%20(9:21:26).png)
Issuer: Analog Devices (ADI) at Zacks
Cost: $1,980.04
Filled on 9/21/26
SEC Filed Earnings Press Release for the Q/E 8/1/26 (Revenues of $4.022B with net income at $1.34B)
ADI Detailed Earnings Estimates - Zacks.com
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A2/A
YTM at Total Cost: 4.853%
Current Yield at TC: 4.293%
I now own 4.
Last Discussed at Item # 2.L. Bought 2 Analog Devices 4.25% SU Maturing on 6/15/28 at a Total Cost of 99.693 ( 7/1/26 Post)(YTM then at 4.413%)
Last Bond Offering (9/26): Prospectus
ADI intends "to use the net proceeds from this offering for general corporate purposes, which may include funding the upfront cash purchase price of the Alif Acquisition, capital expenditures, repurchases of our common stock under our stock repurchase program, repayment or refinancing of existing indebtedness, dividend payments and other acquisitions." Prospectus at page S-10
4. Treasury Bills Purchased at Auction: 12
A. Bought 10 Treasury Bills at the 9/28/26 Auction - 2 Accounts:
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%204:1:27%20S%20.png){kind=small}
182 Day Bills
Matures on 4/1/27
Interest: $216.64
Investment Rate: 4.441%
B. Bought 2 Treasury Bills at the 9/29/26 Auction:
1 Year T Bill
Matures on 9/30/27
Interest: $88.98
Investment Rate: 4.616%
5. Treasury Notes Purchased in the Secondary Market:
All purchases were made in my Schwab account.
The Schwab sweep account pays almost nothing:
Consequently, I will quickly use the proceeds from maturing Treasury Bills into purchases of T Bills or increasingly more purchases of short term T Notes.
A. Bought 1 T Note 4.125% Coupon Maturing on 10/31/27 at 99.5625:
%204.125%25%2010:31:27%20.png){kind=small}
YTM: 4.531%
Cost: $995.63
I now own 2.
B. Bought 1 T Note 4.375% Coupon Maturing on 11/30/30 at 98.3125:
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YTM: 4.823%
Cost $983.13
I now own 2.
C. Bought 1 T Note 4% Coupon Maturing on 1/31/29 at 98.1094:
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YTM: 4.859%
Cost: $981.09
I now own 2.
6. U.S. Equity Preferred Stock:
A. Eliminated ONBPP - Sold 5 at $25:
Quote: Old National Bancorp 7% Preferred Series A Stock
Proceeds: $125
Issuer: Old National Bancorp (ONB) at Google Finance - a Bank Holding Company.
I view a bank holding company equity preferred stock as overpriced, given the risks, when the yield is less than 2% over the 10 year treasury yield.
A preferred stock issued by a bank holding company will become worthless when and if the FDIC seizes the operating bank. The debt at the holding company level will generally exceed what is left of the assets.
Profit Snapshot: $15.87
Original Prospectus: This preferred stock was originally issued by First Midwest, denominated then as its Series A preferred stock. ONB acquired First Midwest in 2022 and converted the Series A into an ONB preferred stock that had the same terms. SEC Filing
See also: February 2022 Filing-Registration for Public Trading
Par Value: $25
Coupon: 7%
Dividends: Paid quarterly and non-cumulative.
Optional Redemption: On or after 8/20/25
Stopper Clause: Standard (page S-18)
Last Discussed: Item # 2.K. Bought 5 ONBPP at $21.83 (5/27/23 Post)
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.
