The GOP's Alternate Reality Universe Or What Used To Be Called Lying:
Doublespeak - Wikipedia
Spicer: Trump didn't mean wiretapping when he tweeted about wiretapping-CNN
In Doublespeak, wiretapping no longer means wiretapping. I am not exactly sure what it means now. Apparently, wiretapping is some kind of surveillance. An example of Obama wiretapping Trump Tower would be looking at it as he passed by it in a cab.
Kelly, Director of HMS, on Trump's wiretap accusation: 'He's got his reasons'- CNN
Kellyanne Conway on surveillance: We have 'microwaves that turn into cameras'- LA Times
I knew about the Samsung "Smart TVs" could be turned into audio receivers, but Kelly Ann enlightened me on the nefarious microwaves. I am going to go unplug mine right now.
Mike Pence: Mexico will pay for border wall-Mitch McConnell says he doesn't think Mexico will pay for border wall-CNN
Trump: “I am going to take care of everybody. I don’t care if it costs me votes or not. Everybody’s going to be taken care of much better than they’re taken care of now.” Trump gets down to business on 60 Minutes-CBS News
"Nobody will be worse off financially in the process that we're going through " HHS Sec. Tom Price: 'Nobody Will Be Worse Off Financially' Under GOP Health Plan - NBC News-
CBO report: 24 million fewer insured by 2026 under GOP health care bill-CNN
Paul Ryan: GOP Health care reform is 'act of mercy'-Wealthy Would Get Billions in Tax Cuts Under Obamacare Repeal Plan-The New York Times
No Magic in How G.O.P. Plan Lowers Premiums: It Pushes Out Older People-The New York Times
Fact-checking what Trump has taken credit for - CBS News
100 days of Trump claims-Washington Post (scorecard of Trump's false and misleading statements during the first 100 days)
Fact-checking the White House’s rhetoric on the CBO report - The Washington Post
Tom Price undercounts Obamacare impact on getting more Americans insured | PolitiFact
No Evidence Jobs Data was ‘Manipulated' as claimed by Trump's OMB Director Mulvaney-FactCheck.org.
++++++++++
Trump's 2005 Two Page 1040-The Alternative Minimum Tax:
I discussed this document in a previous comment.
This return is marked as a "Client Copy". Donald may have released it himself surreptitiously. trump2005tax.pdf
Trump reported $152,737.866 in taxable income. There was a reported loss of $103,201,242 listed on item 21 that reduced taxable income to $49,536,524. The origins of that loss are apparently identified in a statement attached to the return.
As I mentioned previously, this is the most pertinent part of the tax return:
Without the Alternative Minimum Tax ("AMT"), Trump would have paid $5,310,616 in federal income tax (line 44) or about 3.48% of his total income.
The AMT required Trump to pay an additional $31,571,795 in taxes (line 46) that brought his total up to $36,571,795 or about 24% of his income before the $103,201,242 loss listed on line 21.
Here's the rub.
Trump wants to abolish the AMT.
trump-tax-reform.pdf
In 2005, Trump Was Hit With A Tax That He Now Wants To Abolish : The Two-Way : NPR
If the AMT is continuing to cause him to pay more in taxes, which could only be determined by disclosing his more recent tax returns, then Trump's motive for wanting the AMT abolished is self interest, and he has a clear conflict.
I doubt that the vast majority of enthusiastic Trump supporters know anything about the AMT since they never have paid it but will cheer loudly when Trump says that the nation needs to abolish it. It is so easy to manipulate millions. The U.S. is fertile ground for demagogues to flourish.
Line 65 shows 13,391,993 paid in 2005 estimated tax payments. This would income that Trump had a federal tax liability of $13,291,993 in 2004. The ‘Very Strange’ Item on Trump’s 1040: Alternative Minimum Tax - Bloomberg
++++++++++++
I am way behind in describing additions to my bond/CD ladder baskets. I am discussing all of my $1K bond purchases. All of the intermediate bond purchases could be purchased yesterday at better prices even after a rally in their respective prices.
The ten year treasury is having difficulty making a significant move above a 2.6% yield or staying above that level for long: Chart
Bonds rallied in price yesterday after the FED increased the FF range by .25%. The new range is .75% to 1%.
The ten year treasury closed yesterday at a 2.51% yield, down from 2.62% last Monday: Daily Treasury Yield Curve Rates-2017
Closing Prices 3/15/17:
TLT $118.50 +$1.43 1.22% : iShares 20+ Year Treasury Bond ETF
IEF $104.74 +$ 0.91 0.88% : iShares 7-10 Year Treasury Bond ETF
VCIT $85.71 +$0.70 0.82% : Vanguard Intermediate-Term Corporate Bond ETF
The dot plot continues to show that a majority of FED members anticipate three .25% increases this year:
14 out of 17 see at least a .75% hike in 2017
5 out of 17 see at least a 1% hike
1 out of 17 is projecting a 1.5% hike.
FRB: March 15, 2017: FOMC Projections materials
++++++++++
1. Intermediate Term Bond Ladder Basket Strategy:
Doublespeak - Wikipedia
Spicer: Trump didn't mean wiretapping when he tweeted about wiretapping-CNN
In Doublespeak, wiretapping no longer means wiretapping. I am not exactly sure what it means now. Apparently, wiretapping is some kind of surveillance. An example of Obama wiretapping Trump Tower would be looking at it as he passed by it in a cab.
Kelly, Director of HMS, on Trump's wiretap accusation: 'He's got his reasons'- CNN
Kellyanne Conway on surveillance: We have 'microwaves that turn into cameras'- LA Times
I knew about the Samsung "Smart TVs" could be turned into audio receivers, but Kelly Ann enlightened me on the nefarious microwaves. I am going to go unplug mine right now.
Mike Pence: Mexico will pay for border wall-Mitch McConnell says he doesn't think Mexico will pay for border wall-CNN
Trump: “I am going to take care of everybody. I don’t care if it costs me votes or not. Everybody’s going to be taken care of much better than they’re taken care of now.” Trump gets down to business on 60 Minutes-CBS News
"Nobody will be worse off financially in the process that we're going through " HHS Sec. Tom Price: 'Nobody Will Be Worse Off Financially' Under GOP Health Plan - NBC News-
CBO report: 24 million fewer insured by 2026 under GOP health care bill-CNN
Paul Ryan: GOP Health care reform is 'act of mercy'-Wealthy Would Get Billions in Tax Cuts Under Obamacare Repeal Plan-The New York Times
No Magic in How G.O.P. Plan Lowers Premiums: It Pushes Out Older People-The New York Times
Fact-checking what Trump has taken credit for - CBS News
100 days of Trump claims-Washington Post (scorecard of Trump's false and misleading statements during the first 100 days)
Fact-checking the White House’s rhetoric on the CBO report - The Washington Post
Tom Price undercounts Obamacare impact on getting more Americans insured | PolitiFact
No Evidence Jobs Data was ‘Manipulated' as claimed by Trump's OMB Director Mulvaney-FactCheck.org.
++++++++++
Trump's 2005 Two Page 1040-The Alternative Minimum Tax:
I discussed this document in a previous comment.
This return is marked as a "Client Copy". Donald may have released it himself surreptitiously. trump2005tax.pdf
Trump reported $152,737.866 in taxable income. There was a reported loss of $103,201,242 listed on item 21 that reduced taxable income to $49,536,524. The origins of that loss are apparently identified in a statement attached to the return.
As I mentioned previously, this is the most pertinent part of the tax return:
Without the Alternative Minimum Tax ("AMT"), Trump would have paid $5,310,616 in federal income tax (line 44) or about 3.48% of his total income.
The AMT required Trump to pay an additional $31,571,795 in taxes (line 46) that brought his total up to $36,571,795 or about 24% of his income before the $103,201,242 loss listed on line 21.
Here's the rub.
Trump wants to abolish the AMT.
trump-tax-reform.pdf
In 2005, Trump Was Hit With A Tax That He Now Wants To Abolish : The Two-Way : NPR
If the AMT is continuing to cause him to pay more in taxes, which could only be determined by disclosing his more recent tax returns, then Trump's motive for wanting the AMT abolished is self interest, and he has a clear conflict.
I doubt that the vast majority of enthusiastic Trump supporters know anything about the AMT since they never have paid it but will cheer loudly when Trump says that the nation needs to abolish it. It is so easy to manipulate millions. The U.S. is fertile ground for demagogues to flourish.
Line 65 shows 13,391,993 paid in 2005 estimated tax payments. This would income that Trump had a federal tax liability of $13,291,993 in 2004. The ‘Very Strange’ Item on Trump’s 1040: Alternative Minimum Tax - Bloomberg
++++++++++++
I am way behind in describing additions to my bond/CD ladder baskets. I am discussing all of my $1K bond purchases. All of the intermediate bond purchases could be purchased yesterday at better prices even after a rally in their respective prices.
The ten year treasury is having difficulty making a significant move above a 2.6% yield or staying above that level for long: Chart
Bonds rallied in price yesterday after the FED increased the FF range by .25%. The new range is .75% to 1%.
The ten year treasury closed yesterday at a 2.51% yield, down from 2.62% last Monday: Daily Treasury Yield Curve Rates-2017
Closing Prices 3/15/17:
TLT $118.50 +$1.43 1.22% : iShares 20+ Year Treasury Bond ETF
IEF $104.74 +$ 0.91 0.88% : iShares 7-10 Year Treasury Bond ETF
VCIT $85.71 +$0.70 0.82% : Vanguard Intermediate-Term Corporate Bond ETF
The dot plot continues to show that a majority of FED members anticipate three .25% increases this year:
14 out of 17 see at least a .75% hike in 2017
5 out of 17 see at least a 1% hike
1 out of 17 is projecting a 1.5% hike.
FRB: March 15, 2017: FOMC Projections materials
++++++++++
1. Intermediate Term Bond Ladder Basket Strategy:
A. Bought 1 TransCanada 2.5% Senior Unsecured Bond Maturing on 8/1/22:
Issuer: TransCanada Corp. (TRP:NYSE); TransCanada (TRP:TOR)
Finra Page: Bonds Detail (prospectus linked)
Finra Page: Bonds Detail (prospectus linked)
Moody's at Baa1 (Stable)
S & P at A- (negative)
S & P at A- (negative)
YTM at Total Cost (99.043 ) = 2.691%
This bond closed at 98.28 yesterday creating a YTM at that price of 2.848%.
This bond closed at 98.28 yesterday creating a YTM at that price of 2.848%.
TRP Analyst Estimates
Moody's Affirms TransCanada on Acquisition Announcement; Outlook Stable
I also own Transcanada reset equity preferred stocks.
Item # 4. Bought 50 TRPPRE at C$17.68 and 50 at C$17.25: Update For Exchange Traded Bond And Preferred Stock Basket As Of 7/7/17 - South Gent | Seeking Alpha
TRP.PR.E Stock Quote
2. Bought 100 TRPPRH at C$10.25: Update For Exchange Traded Bond And Preferred Stock Basket Strategy As Of 5/26/2016 - South Gent | Seeking Alpha
TRP.PR.H Stock Quote
I also discussed buying 100 TRPRD at C$18.14 here (12/7/16 comment) This security currently pays a cumulative dividend at the fixed coupon rate of 4% on a C$25 par value. The current discounted price to par value juices the current yield up to 5.52%.
The fixed coupon rate remains in effect to but excluding April 30, 2019. The coupon is then set for five years at a 2.38% spread to the five year Canadian bond and every five years thereafter at the same spread. TRP has the option to redeem at par value on each reset date. The owner has the option to convert their shares on the reset date into Series 8 shares that pay a 2.38% spread to the 3 month Canadian T. Bill.
Moody's Affirms TransCanada on Acquisition Announcement; Outlook Stable
I also own Transcanada reset equity preferred stocks.
Item # 4. Bought 50 TRPPRE at C$17.68 and 50 at C$17.25: Update For Exchange Traded Bond And Preferred Stock Basket As Of 7/7/17 - South Gent | Seeking Alpha
TRP.PR.E Stock Quote
2. Bought 100 TRPPRH at C$10.25: Update For Exchange Traded Bond And Preferred Stock Basket Strategy As Of 5/26/2016 - South Gent | Seeking Alpha
TRP.PR.H Stock Quote
I also discussed buying 100 TRPRD at C$18.14 here (12/7/16 comment) This security currently pays a cumulative dividend at the fixed coupon rate of 4% on a C$25 par value. The current discounted price to par value juices the current yield up to 5.52%.
B. Bought 1 Bank of New York Mellon 2.05% Senior Unsecured Bond Maturing on 5/3/21:
FINRA Page: Bond Detail (prospectus linked)
Credit Ratings:
Moody's at A1
S & P at A
Fitch at A-
YTM at Total Cost (98.839 ) = 2.344%
This bond closed at 98.22 yesterday, creating a YTM at that price of 2.507%.
C. Bought 2 AvalonBay Communities 2.95% Senior Unsecured Bonds Maturing on 5/11/26:
Issuer: Avalonbay Communities Inc. (AVB)
Bought 1 in a Taxable Account
Finra Page: Bond Detail (prospectus linked)
Credit Ratings:
Moody's at A3
S & P at A-
YTM at Total Cost (97.511 ) = 3.265%
Bought 1 in a Roth IRA Account:
Bought 1 in a Roth IRA Account:
2016 Annual Report
This bond closed at 95.7 yesterday, creating a YTM at that price of 3.503%.
"As of December 31, 2016, the Company owned or held a direct or indirect ownership interest in 285 apartment communities containing 83,667 apartment homes in 10 states and the District of Columbia, of which 27 communities were under construction and four communities were under reconstruction.
These 285 apartment communities are located in 18 high barrier-to-entry markets characterized by a low supply of zoned apartment land and lengthy entitlement processes." Corporate Overview
I will consider buying more when and if the YTM crosses 4%.
D. Bought 1 San Diego Electric & Gas First Mortgage Bond Maturing on 5/15/26:
This bond closed at 95.7 yesterday, creating a YTM at that price of 3.503%.
"As of December 31, 2016, the Company owned or held a direct or indirect ownership interest in 285 apartment communities containing 83,667 apartment homes in 10 states and the District of Columbia, of which 27 communities were under construction and four communities were under reconstruction.
These 285 apartment communities are located in 18 high barrier-to-entry markets characterized by a low supply of zoned apartment land and lengthy entitlement processes." Corporate Overview
I will consider buying more when and if the YTM crosses 4%.
D. Bought 1 San Diego Electric & Gas First Mortgage Bond Maturing on 5/15/26:
Issuer: San Diego E & G is a wholly owned subsidiary of Sempra Energy (SRE:NYSE)
FINRA Page: Bond Detail (prospectus linked)
Credit Ratings:
Moody's at Aa2
S & P at A+
Fitch at AA-
Fitch Affirms Sempra, Southern California Gas & San Diego Gas & Electric's Ratings; Outlook Stable
Moody's upgrades Sempra utility subsidiaries; outlooks stable
Fitch Affirms Sempra, Southern California Gas & San Diego Gas & Electric's Ratings; Outlook Stable
Moody's upgrades Sempra utility subsidiaries; outlooks stable
YTM at Total Cost (96.491 ) = 2.937%
This First Mortgage Bond is infrequently available in a 1 bond lot.
I will consider buying more when 1 bond becomes available at a 4% YTM.
This bond closed yesterday at 93.99, creating a YTM at that price of 3.265%.
2. Short Term Bond/CD Ladder Basket Strategy:
A. Bought 2 WFC 1.55% CDs (monthly interest) Maturing on 3/15/19:
B. Bought 1 Bank of China .75% CD Maturing on 9/15/17:
C. Bought 2 USTs .875% Maturing on 1/31/18:
The YTM is .977%.
D. Bought 2 First Bank 1.1% CDs (monthly interest) Maturing on 6/25/18:
Issuer: Operating Bank of First Bancorp (North Carolina)(FBNC)
3. Continued Paring Stock Allocation:
A. Eliminated the Brown Advisory Flexible Equity Fund (BAFAX:MFD)-Sold at $17.96
Profit Snapshot: +$353.05
This fund currently has a 3 star rating from Morningstar.
Through the date of sale, the YTD total return was 7.38% and 21.67% over a one year period.
There are several reasons for eliminating this position, including the fund's performance, overall lack of dividend income or capital gains distributions, and profit harvesting in small fund positions as part of my ongoing stock allocation reduction. The total distribution paid for 2016 was $.0274 per share, down from $.0378 per share in 2015.
This fund falls within the large U.S. stock growth category but has underperformed the S & P 500 over the past 1, 3, 5, and 10 year periods through 3/3/17.
4. Equity REIT Common and Preferred Stock Basket Strategy:
A. Added 50 SNR at $9.57-Commission Free Trade:
SNR Stock QuoteNew Senior Investment Group Inc. (SNR:NYSE)
I bought this odd lot shortly after the ex dividend date (3/8). The current quarterly rate is $.26 per share. At a total cost of $9.57, the dividend yield is about 10.87%.
Most of the 2016 dividend was classified as a return of capital:
New Senior Announces Tax Treatment of 2016 Dividends
The question for REITs is whether the dividend is comfortably covered by funds available for distribution rather than GAAP net income.
SNR is an externally managed REIT that owns and manages senior housing properties-New Senior Investment Group.
Dividend History
On the purchase date, the 52 week range was $9.02 to $12.68.
I am providing links to prior discussions since I do not want to spend time repeating myself.
I bought back 50 of the 358 shares that were sold last year for a total profit of $375.82. (Snapshots at Equity REIT Common and Preferred Stock Basket Strategy) I sold my highest cost shares.
My last SNR blog discussion was in connection with that paring:
Item #6. Sold 108+ SNR at $11.76 and Item # 7. SOLD Highest Cost Lot SNR Lot in Another Taxable Account-Sold 50 at $11.85: Update For Equity REIT Basket Strategy As Of 7/28/16 - South Gent | Seeking Alpha
I discussed buying back 100 shares at $10.17 that I had previously sold at $12.3 here.
I discussed purchases, which are still owned, made during one of the many periodic price declines in these posts:
Item # 5. Added 50 SNR at $8.41+: UPDATE For Equity REIT Basket Strategy As Of 2/12/16 - South Gent | Seeking Alpha
Item # 1. Added 50 SNR at $9.1: Update For Equity REIT Basket Strategy As Of 11/16/15 - South Gent | Seeking Alpha
In my SA Comment Blog # 3, I discussed buying a 50 share lot, which is still owned, in a Roth IRA account here. I discussed the 2016 earnings report here.
The price action of this stock highlights that it is held in low regard by institutional investors: SNR Stock Chart
I simply try to harvest the generous dividend and to realize a gain from selling shares.
Earnings Report for Q/E 12/31/16: New Senior Announces Fourth Quarter and Full Year 2016 Results
FAD=Funds Available for Distribution
The total dividend amount paid last year was $85.412 (page 66 2016 Annual Report). "Normalized FAD" for 2016 was $86.177M. That is too tight.
The company spent $30.913M to buyback stock in 2016 which simply means that the dividend and buyback consumed all of the net cash flow and another $17.026M. The buyback may not be repeated this year.
Note that the quarterly dividend of $.26 per share exceeded the funds available for distribution by 1 cent per share:
To arrive at FAD, SNR has to deduct non-cash revenue from FFO, identified as "straight-line rent" in the preceding snapshot. That item was $5.379M for the quarter. The FFO number is derived by taking the GAAP net loss, subtracting the gain realized from selling assets (non-recurring cash) and adding back depreciation (a non-cash expense)
I do not view a dividend in excess of FAD to be anywhere near safe.
For this REIT, I am in a consider to sell mode at > $11 and a consider to buy at <$10.
Closing Price 3/15/17: SNR $9.86 +$0.31 +3.25%
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 sell 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 family members.
This First Mortgage Bond is infrequently available in a 1 bond lot.
I will consider buying more when 1 bond becomes available at a 4% YTM.
This bond closed yesterday at 93.99, creating a YTM at that price of 3.265%.
2. Short Term Bond/CD Ladder Basket Strategy:
A. Bought 2 WFC 1.55% CDs (monthly interest) Maturing on 3/15/19:
B. Bought 1 Bank of China .75% CD Maturing on 9/15/17:
C. Bought 2 USTs .875% Maturing on 1/31/18:
D. Bought 2 First Bank 1.1% CDs (monthly interest) Maturing on 6/25/18:
Issuer: Operating Bank of First Bancorp (North Carolina)(FBNC)
3. Continued Paring Stock Allocation:
A. Eliminated the Brown Advisory Flexible Equity Fund (BAFAX:MFD)-Sold at $17.96
Profit Snapshot: +$353.05
Through the date of sale, the YTD total return was 7.38% and 21.67% over a one year period.
There are several reasons for eliminating this position, including the fund's performance, overall lack of dividend income or capital gains distributions, and profit harvesting in small fund positions as part of my ongoing stock allocation reduction. The total distribution paid for 2016 was $.0274 per share, down from $.0378 per share in 2015.
This fund falls within the large U.S. stock growth category but has underperformed the S & P 500 over the past 1, 3, 5, and 10 year periods through 3/3/17.
4. Equity REIT Common and Preferred Stock Basket Strategy:
A. Added 50 SNR at $9.57-Commission Free Trade:
SNR Stock QuoteNew Senior Investment Group Inc. (SNR:NYSE)
I bought this odd lot shortly after the ex dividend date (3/8). The current quarterly rate is $.26 per share. At a total cost of $9.57, the dividend yield is about 10.87%.
Most of the 2016 dividend was classified as a return of capital:
New Senior Announces Tax Treatment of 2016 Dividends
The question for REITs is whether the dividend is comfortably covered by funds available for distribution rather than GAAP net income.
SNR is an externally managed REIT that owns and manages senior housing properties-New Senior Investment Group.
Dividend History
On the purchase date, the 52 week range was $9.02 to $12.68.
I am providing links to prior discussions since I do not want to spend time repeating myself.
I bought back 50 of the 358 shares that were sold last year for a total profit of $375.82. (Snapshots at Equity REIT Common and Preferred Stock Basket Strategy) I sold my highest cost shares.
Item #6. Sold 108+ SNR at $11.76 and Item # 7. SOLD Highest Cost Lot SNR Lot in Another Taxable Account-Sold 50 at $11.85: Update For Equity REIT Basket Strategy As Of 7/28/16 - South Gent | Seeking Alpha
I discussed buying back 100 shares at $10.17 that I had previously sold at $12.3 here.
I discussed purchases, which are still owned, made during one of the many periodic price declines in these posts:
Item # 5. Added 50 SNR at $8.41+: UPDATE For Equity REIT Basket Strategy As Of 2/12/16 - South Gent | Seeking Alpha
Item # 1. Added 50 SNR at $9.1: Update For Equity REIT Basket Strategy As Of 11/16/15 - South Gent | Seeking Alpha
In my SA Comment Blog # 3, I discussed buying a 50 share lot, which is still owned, in a Roth IRA account here. I discussed the 2016 earnings report here.
The price action of this stock highlights that it is held in low regard by institutional investors: SNR Stock Chart
I simply try to harvest the generous dividend and to realize a gain from selling shares.
Earnings Report for Q/E 12/31/16: New Senior Announces Fourth Quarter and Full Year 2016 Results
FAD=Funds Available for Distribution
The total dividend amount paid last year was $85.412 (page 66 2016 Annual Report). "Normalized FAD" for 2016 was $86.177M. That is too tight.
The company spent $30.913M to buyback stock in 2016 which simply means that the dividend and buyback consumed all of the net cash flow and another $17.026M. The buyback may not be repeated this year.
Note that the quarterly dividend of $.26 per share exceeded the funds available for distribution by 1 cent per share:
To arrive at FAD, SNR has to deduct non-cash revenue from FFO, identified as "straight-line rent" in the preceding snapshot. That item was $5.379M for the quarter. The FFO number is derived by taking the GAAP net loss, subtracting the gain realized from selling assets (non-recurring cash) and adding back depreciation (a non-cash expense)
I do not view a dividend in excess of FAD to be anywhere near safe.
For this REIT, I am in a consider to sell mode at > $11 and a consider to buy at <$10.
Closing Price 3/15/17: SNR $9.86 +$0.31 +3.25%
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 sell 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 family members.
