Economy:
JPMorgan now sees economy contracting by 40%, in the second quarter and unemployment reaching 20%
Powell expects ‘robust’ recovery once coronavirus is under control - MarketWatch
Another 6.6M Americans file for unemployment benefits as layoffs show no letup
Department of Labor News Release on initial claims for unemployment benefits for the week ending 4/4/20
Calculated Risk: University of Michigan: Largest Decline on Record for Consumer Sentiment
JPMorgan now sees economy contracting by 40%, in the second quarter and unemployment reaching 20%
Powell expects ‘robust’ recovery once coronavirus is under control - MarketWatch
Another 6.6M Americans file for unemployment benefits as layoffs show no letup
Department of Labor News Release on initial claims for unemployment benefits for the week ending 4/4/20
Calculated Risk: University of Michigan: Largest Decline on Record for Consumer Sentiment
Private and government systems and services are simply inadequate to quickly deal with the deluge of unemployment claims and loan requests under the recently passed Coronavirus Aid, Relief and Economic Security Act ("CARES"). Thousands of applicants, zero loans: Trump's small businesses lending program is a failure to launch (4/4/20).
Frustration mounts on Main Street as entrepreneurs wait on banks and SBA for much-needed funding (4/9/20 article)
The FED has launched a $600 billion separate loan facility for small and mid-size businesses. Federal Reserve takes additional actions to provide up to $2.3 trillion in loans to support the economy Those loans will by for 4 years with interest payments deferred for 1 year. Banks will originate the loan, retaining 5% and selling the remainder to the Fed's credit facility. Fed announces new lending plans it says will provide $2.3 trillion in support for economy - MarketWatch That is an important development and more important IMO than the FED's relaunch of QE and return to ZIRP.
Frustration mounts on Main Street as entrepreneurs wait on banks and SBA for much-needed funding (4/9/20 article)
The FED has launched a $600 billion separate loan facility for small and mid-size businesses. Federal Reserve takes additional actions to provide up to $2.3 trillion in loans to support the economy Those loans will by for 4 years with interest payments deferred for 1 year. Banks will originate the loan, retaining 5% and selling the remainder to the Fed's credit facility. Fed announces new lending plans it says will provide $2.3 trillion in support for economy - MarketWatch That is an important development and more important IMO than the FED's relaunch of QE and return to ZIRP.
US bank group warns of 'massive' delays
U.K. consumer confidence plummets amid lockdown - MarketWatch
WHO says the coronavirus can spread one to three days before symptoms start
This part of Paycheck Protection Program could reduce forgivable loans
Mortgage forbearance requests jump nearly 2,000%
The CEO who built Cisco into a powerhouse has a sobering coronavirus diagnosis: At least nine months of economic pain - MarketWatch
European stocks fall on grim economic forecasts and EU failure to agree a pandemic recovery plan - MarketWatch (4/8/20) The Banc of France predicted a 6% slump in that nation's first quarter GDP. Bank of France sees 6% GDP contraction in Q1 - MarketWatch
German economy forecast to slump 4.2% this year-MarketWatch (joint forecast of "5 leading German institutes."
Toyota extends production suspension at US plants through 5/1/20 - ABC News
Airlines and TSA report 96% drop in air travel
About 80% of hotel rooms in the US are empty amid the coronavirus pandemic, new data says
U.K. consumer confidence plummets amid lockdown - MarketWatch
WHO says the coronavirus can spread one to three days before symptoms start
This part of Paycheck Protection Program could reduce forgivable loans
Mortgage forbearance requests jump nearly 2,000%
The CEO who built Cisco into a powerhouse has a sobering coronavirus diagnosis: At least nine months of economic pain - MarketWatch
European stocks fall on grim economic forecasts and EU failure to agree a pandemic recovery plan - MarketWatch (4/8/20) The Banc of France predicted a 6% slump in that nation's first quarter GDP. Bank of France sees 6% GDP contraction in Q1 - MarketWatch
German economy forecast to slump 4.2% this year-MarketWatch (joint forecast of "5 leading German institutes."
Toyota extends production suspension at US plants through 5/1/20 - ABC News
Airlines and TSA report 96% drop in air travel
About 80% of hotel rooms in the US are empty amid the coronavirus pandemic, new data says
New round of stimulus talks faces GOP roadblock I am not sure why Congress is considering adding more stimulus now when (1) no one knows how long there will be shut downs impacting most of the country; and (2) until the existing stimulus is actually delivered to the intended recipients and more is needed to prevent dire and potentially irreversible financial consequences. Discussing what will be in another stimulus plan now, when and if needed, is fine.
States like Illinois, Arizona, Michigan Oregon as well as cities brace for economic reckoning from coronavirus - The Washington Post The federal aid is going mostly to businesses and individuals.
Trump says he's not going to reopen economy 'until we know this country is going to be healthy'
Economists say US in short deep recession, but consumers expected to keep spending despite job losses This is the result of a survey that included 45 economists and was conducted by the National Association for Business Economics. Those economists are predicting that consumer spending will remain positive through the recession. Their consensus forecast is for a +.8% PCE increase during this quarter. I doubt that will be the case. Consumer spending on food will increase since dining out is probably down over 90%. Both are included in personal consumption expenditures. Purchases of retail merchandise other than food will plummet. There will also be less spending on personal services. Their consensus forecast for job losses this month is 4.8M which IMO is a ridiculously low estimate.
++++++
Markets and Market Commentary:
Jamie Dimon details JPMorgan strength in annual letter, says US strong (Dimon: “We don’t know exactly what the future will hold — but at a minimum, we assume that it will include a bad recession combined with some kind of financial stress similar to the global financial crisis of 2008.”)
Stock market won’t hit coronavirus lows until these 3 criteria are met, says Goldman Sachs - MarketWatch
Goldman analyst who predicted the coronavirus would kill the bull market says ‘risk to the downside is greater’ despite Dow’s recent rally - MarketWatch
In an unusual moment, the stock market's ability to sniff out the future is severely impaired
Goldman analyst who predicted the coronavirus would kill the bull market says ‘risk to the downside is greater’ despite Dow’s recent rally - MarketWatch
In an unusual moment, the stock market's ability to sniff out the future is severely impaired
‘The worst is behind us’ — with the most attractive risk-reward in years, it is time to buy stocks, Morgan Stanley says - MarketWatch I am not as clairvoyant as brokerage firms. The worst major stock average declines may be behind us with the lows hit last month, but that conclusion is more speculation than fact. I do not comprehend the meaning of the word "years" as used by MS, since SPX is currently above the December 2018 low and the word "years" indicates at least 2 full years at a minimum.
It remains to be seen how investors will react to a parade of earnings news like this warning from Starbucks. Starbucks sees 47% drop in second-quarter earnings on coronavirus hit
Jeff Saut says market bottom in, sees new S&P 500 record in 2020
The bullish case for stocks with major averages already up more than 20% from the lows
Waiting for a stock-market bottom is ‘folly,’ says billionaire Howard Marks: ‘If something’s cheap…you should buy’ - MarketWatch
AGNC Investment cuts dividend by 25%; book value down 23% YTD (NASDAQ:AGNC) | Seeking Alpha Like other MREITs, AGNC has been reducing its dividends for years. When I last eliminated AGNC, I mentioned then that I would not be buying again. Item # 4 Sold 50+ AGNC at $$17.83+ (12/26/18 Post)("I am going to quit while I am ahead on this MREIT.")
Realty Income Announces First Quarter 2020 Earnings Release Date, Draws $1.20 Billion On Revolving Credit Facility, And Withdraws 2020 Guidance
Stocks will revisit their coronavirus crash low, and here’s when to expect it - MarketWatch This is an opinion article written by Mark Hulbert who argues that the retest will come next August.
++++++
Portfolio Management:
I mentioned above the MS opinion that the risk-reward is the most attractive in years and that firm's recommendation to buy stocks. I do not subscribe to that opinion.
In my view, the S & P 500 may now be in a fair value range with no pandemic having come into existence, with economies continuing to limp along, or moving into a recession (several European countries), as they were prior to the pandemic.
I did add to my stock allocation last month during the meltdown.
My normal approach is to buy into volatility spikes which I have been doing since the volatility event started on 2/24/20.
CBOE Volatility Index-St. Louis Fed
In part, I am playing the possibility that the S & P 500 bottomed in the 2150-2200 range and that a V shape recovery will take baby steps during the current quarter and will be in full motion no later than the third.
There is certainly no assurance that this will happen. And I am very suspicious of the claim that the economy will be roaring in the second half, as opposed to more subdued growth. The possibility that a recession will continue into the third quarter can not be dismissed now IMO.
And, I view the recent robust rally to be overdone, taking as a given a future scenario that is still in doubt.
My current best guess is that the odds are less than 50/50 that the future will unfold in that manner currently being predicted by the Stock Jocks, but the probability that it will is not immaterial.
Another consideration is the probability that investors will have major panic episodes over the next several weeks.
As first quarter earnings reports are released this month, there will be an abundance of negative news. And, companies are going to be very circumspect in seeing "light at the end of the tunnel". Most will continue refusing to provide 2020 guidance or to engage in positive spin about the next quarter or two.
U.S. economic data will be horrific for the second quarter.
Investors will reconsider their hopes that the corner has been turned and nothing but blue skies lie dead ahead.
A retest of the March lows is possible, particularly if the current recessions continues into the second half.
It is also possible that an attempt to restart the economy in May will result in a second major wave of infections. Scientists now believe that the virus will survive in more warm and humid conditions. Warm weather is unlikely to stop coronavirus, National Academies finds - The Washington Post; Summer Heat May Not Diminish Coronavirus Strength - The New York Times
The NYT obtained a copy of predictions made by Homeland Security if stay-at-home restrictions are lifted on 4/30. There would be another spike in infections during the summer, bringing the total death number close to 200,000 even with schools remaining closed until summer and 25% of the workforce continuing to work at home. Coronavirus Cases in the US: Live Updates
While I increased my stock allocation last month, I am now in a net selling mode though the selling is a mere trickle currently. I have also restarted a trickle of double short ETF purchases as hedges that were eliminated last month during the meltdown.
Some stock positions bought in March have already been eliminated and will not be discussed in a post.
I will not be discussing any of the stock purchases made in my Roth IRA accounts and less than 50% of the purchases overall.
It will be late May or early June before I finish discussing less than 50% of the stock purchases already made.
There were several days in March when I hit 100 filled orders per day.
Most of the proceeds from maturing bonds, CDs and treasury bills will be used to purchase either investment grade corporate bonds (with the focus on short maturities) or kept in a money market account.
Third Party Pricing Services for Bonds:
For anyone just starting out buying individual bonds, I want to emphasize that the bond prices shown in your account are not based on the last trade
Instead, brokers use third party pricing services to provide lower than fair market values.
The third party prices will almost invariably below the fair market value, so the only conclusion that I can reasonably reach is that is done purposely.
The why is speculative but may have something to do with the lack of liquidity when there is a margin call and bonds have to be sold quickly to meet the margin call.
In a 3/19 comment, I mentioned buying 10 American Electric Power 2.95% SU bonds maturing on 12/15/22. The total cost was at 96.828. I will discuss that purchase in my next post.
The last last trade was at 102.537.
Those bonds were purchased in my Schwab account. This bond was last priced by the third party service used by that broker at 101.2061.
All of the trades for several days have been above par value.
I also own 2 bonds in my Fidelity account: Item # 3.B Bought 1 American Electric Power 2.95% SU Bonds Maturing on 12/15/22 at a TC of 98.716 (1/30/19 Post); Item # 4.A. Bought 1 at a TC of 98.613 (4/9/18 Post)
Apparently several days of trades above 100 caused the third party service used by Fidelity, easily the most inaccurate one among my brokers, to take the price off 97, but not enough days and trades above par to actually take the price to or over 100 that would at least be closer to reality.
The last price for this same bond priced at 101.2061 in my Schwab account was 99.605 by the Fidelity pricing service:
At least that third party service is inching closer to the bond's fair market value.
Value of 10 Bonds:
Last Trade: $10,253.70
Schwab Price: $10,120.61
Fidelity Price: $ 9,960.5
Last Trade vs. Fidelity $ Difference: $293.20
It is just important to keep in mind that the third party prices most likely do not reflect the prices that bonds can be bought or sold.
BDCs and Regional Banks: I have taken hits in both sectors where I owned a position prior to pandemic and started small ball purchases too soon in March.
These two sectors were among the hardest hit during the March stock plunge.
All or virtually all stocks that I own in those sectors declined by over 50%.
The common thread was rational concerns about credit defaults during the deep recession that the nation is now experiencing.
The Feds announced last Friday that it would be loaning money directly to small and medium size businesses, with the banks dishing out FED's money and keeping 5% of the loan. Interest payments on the loans will be deferred for one year. Federal Reserve Board - Federal Reserve takes additional actions to provide up to $2.3 trillion in loans to support the economy
Small and mid sized businesses are the primary recipients of bank and BDC commercial loans. The substantial rally in their stocks last Thursday was probably linked to the FED coming to the aid of their loan customers.
Closing Prices Last Trading Day:
KRE $37.38 +$2.74 +7.91%: SPDR S&P Regional Banking ETF
BIZD $10.53 +$0.94 +9.86%: VanEck Vectors BDC Income ETF
The S & P 500 was up 1.45%.
BDCs are an unfavored asset class for me. I view them as risky even during an economic expansion period. I consequently keep my overall exposure to far less than minimal amounts and trade them frequently to harvest gains. They are now properly classified as very high risk IMO due to the ongoing shutdowns and recession.
Regional banks are being priced incorrectly based on the scenario where there is a rapid economic recovery in the second half and small business bankruptcies can be mitigated by the fiscal and monetary policies that are now in place. On the other hand, most are probably overpriced with a continuation of depressionary conditions into the third quarter with a slow and painful recovery thereafter. So, tell me what the future holds, and I will be better able to allocate my money now.
++++++
Wisconsin Republicans:
Wisconsin Republicans, who control the state legislature and want to maintain control over the state Supreme Court, refused to postpone an election last Tuesday.
When the newly elected Democrat governor tried to postpone the election until June, when conditions are likely to be more safe than now, the republicans challenged his decision in courts. The republican majorities in the Wisconsin Supreme Court and the U.S. Supreme Court of course voted in favor of the republican politicians.
It was not important to the republicans that people would be risking their health and even lives by voting.
What was important was a political calculation that they had a better chance to hold onto a narrow 5 to 4 majority in the Wisconsin Supreme Court by proceeding with the election with limited voter turnout. Why Wisconsin Republicans Insisted on an Election in a Pandemic - The New York Times; Wisconsin holds its primary election in the middle of a pandemic
It is important to keep that majority for a case pending before that Court where republicans are attempting to purge 200,000 from the voting rolls.
The Wisconsin republicans have been doing whatever they can to make voting harder, to gerrymander districts to frustrate majority rule, and to dilute the power of urban centers that vote for Democrats.
A republican majority of the state Supreme Court is a necessary ingredient in those fundamentally authoritarian power tactics.
To insure the victory of a republican Supreme Court Justice, all but 5 voting places in Milwaukee were closed creating 2 hour waits to vote after risking your life. Milwaukee, with its 600,000 people, is one of the primary bastions of voter support for democrats. What we learned from Wisconsin - The Washington Post
After a Disturbing Election Day, Now What in Wisconsin? (noting 10,000 absentee ballots were disregarded)
Robin Vos, the republican speaker of the state House of Representatives, assured that voting was safe with the precautions shown in this photo that he posted on his facebook page.
Among republicans, this conduct is viewed as acceptable.
Republicans in Wisconsin and elsewhere are opposed to voting by mail since that would increase voter turnout that could remove them from power in several states including Wisconsin. Keeping power is far more important than the most fundamental rights necessary to a properly functioning democracy.
The ostensible excuse given for their position is not to discourage voting, the real reason, but to prevent voter fraud, which is a reality creation designed to provide cover for their real objective.
Watch Demagogue Don lie about the Judicial Watch settlement with California: Trump falls on face when asked by Jim Acosta for proof of mail-in ballot fraud - YouTube
Don the Authoritarian routinely lies about voting fraud for self-serving reasons. Trump’s wild claims of voter fraud blow back on campaign aide; Trump, who has lied about voting for years, disparages voting by mail for self-serving reasons - The Washington Post
Trump pushes false claims about mail-in vote fraud. Here are the facts.
Trumps lies on this topic and many others are shameful but he can not be shamed into telling truth. The main reasons are simple to understand. He is a pathological liar and lying works so well for him (and has for decades).
+++++
Kansas Republicans:
Kansas GOP Cancels Large Gathering Ban on Crisis’s Worst Day
Gov. Laura Kelly (D) condemns A.G., legislators for ’political attack’ as deaths, infections surge - News - The Topeka Capital-Journal - Topeka, KS
++
It remains to be seen how investors will react to a parade of earnings news like this warning from Starbucks. Starbucks sees 47% drop in second-quarter earnings on coronavirus hit
Jeff Saut says market bottom in, sees new S&P 500 record in 2020
The bullish case for stocks with major averages already up more than 20% from the lows
Waiting for a stock-market bottom is ‘folly,’ says billionaire Howard Marks: ‘If something’s cheap…you should buy’ - MarketWatch
AGNC Investment cuts dividend by 25%; book value down 23% YTD (NASDAQ:AGNC) | Seeking Alpha Like other MREITs, AGNC has been reducing its dividends for years. When I last eliminated AGNC, I mentioned then that I would not be buying again. Item # 4 Sold 50+ AGNC at $$17.83+ (12/26/18 Post)("I am going to quit while I am ahead on this MREIT.")
Realty Income Announces First Quarter 2020 Earnings Release Date, Draws $1.20 Billion On Revolving Credit Facility, And Withdraws 2020 Guidance
Stocks will revisit their coronavirus crash low, and here’s when to expect it - MarketWatch This is an opinion article written by Mark Hulbert who argues that the retest will come next August.
++++++
Portfolio Management:
I mentioned above the MS opinion that the risk-reward is the most attractive in years and that firm's recommendation to buy stocks. I do not subscribe to that opinion.
In my view, the S & P 500 may now be in a fair value range with no pandemic having come into existence, with economies continuing to limp along, or moving into a recession (several European countries), as they were prior to the pandemic.
I did add to my stock allocation last month during the meltdown.
My normal approach is to buy into volatility spikes which I have been doing since the volatility event started on 2/24/20.
In part, I am playing the possibility that the S & P 500 bottomed in the 2150-2200 range and that a V shape recovery will take baby steps during the current quarter and will be in full motion no later than the third.
There is certainly no assurance that this will happen. And I am very suspicious of the claim that the economy will be roaring in the second half, as opposed to more subdued growth. The possibility that a recession will continue into the third quarter can not be dismissed now IMO.
And, I view the recent robust rally to be overdone, taking as a given a future scenario that is still in doubt.
My current best guess is that the odds are less than 50/50 that the future will unfold in that manner currently being predicted by the Stock Jocks, but the probability that it will is not immaterial.
Another consideration is the probability that investors will have major panic episodes over the next several weeks.
As first quarter earnings reports are released this month, there will be an abundance of negative news. And, companies are going to be very circumspect in seeing "light at the end of the tunnel". Most will continue refusing to provide 2020 guidance or to engage in positive spin about the next quarter or two.
U.S. economic data will be horrific for the second quarter.
Investors will reconsider their hopes that the corner has been turned and nothing but blue skies lie dead ahead.
A retest of the March lows is possible, particularly if the current recessions continues into the second half.
It is also possible that an attempt to restart the economy in May will result in a second major wave of infections. Scientists now believe that the virus will survive in more warm and humid conditions. Warm weather is unlikely to stop coronavirus, National Academies finds - The Washington Post; Summer Heat May Not Diminish Coronavirus Strength - The New York Times
The NYT obtained a copy of predictions made by Homeland Security if stay-at-home restrictions are lifted on 4/30. There would be another spike in infections during the summer, bringing the total death number close to 200,000 even with schools remaining closed until summer and 25% of the workforce continuing to work at home. Coronavirus Cases in the US: Live Updates
While I increased my stock allocation last month, I am now in a net selling mode though the selling is a mere trickle currently. I have also restarted a trickle of double short ETF purchases as hedges that were eliminated last month during the meltdown.
Some stock positions bought in March have already been eliminated and will not be discussed in a post.
I will not be discussing any of the stock purchases made in my Roth IRA accounts and less than 50% of the purchases overall.
It will be late May or early June before I finish discussing less than 50% of the stock purchases already made.
There were several days in March when I hit 100 filled orders per day.
Most of the proceeds from maturing bonds, CDs and treasury bills will be used to purchase either investment grade corporate bonds (with the focus on short maturities) or kept in a money market account.
Third Party Pricing Services for Bonds:
For anyone just starting out buying individual bonds, I want to emphasize that the bond prices shown in your account are not based on the last trade
Instead, brokers use third party pricing services to provide lower than fair market values.
The third party prices will almost invariably below the fair market value, so the only conclusion that I can reasonably reach is that is done purposely.
The why is speculative but may have something to do with the lack of liquidity when there is a margin call and bonds have to be sold quickly to meet the margin call.
In a 3/19 comment, I mentioned buying 10 American Electric Power 2.95% SU bonds maturing on 12/15/22. The total cost was at 96.828. I will discuss that purchase in my next post.
The last last trade was at 102.537.
Those bonds were purchased in my Schwab account. This bond was last priced by the third party service used by that broker at 101.2061.
I also own 2 bonds in my Fidelity account: Item # 3.B Bought 1 American Electric Power 2.95% SU Bonds Maturing on 12/15/22 at a TC of 98.716 (1/30/19 Post); Item # 4.A. Bought 1 at a TC of 98.613 (4/9/18 Post)
Apparently several days of trades above 100 caused the third party service used by Fidelity, easily the most inaccurate one among my brokers, to take the price off 97, but not enough days and trades above par to actually take the price to or over 100 that would at least be closer to reality.
The last price for this same bond priced at 101.2061 in my Schwab account was 99.605 by the Fidelity pricing service:
Value of 10 Bonds:
Last Trade: $10,253.70
Schwab Price: $10,120.61
Fidelity Price: $ 9,960.5
Last Trade vs. Fidelity $ Difference: $293.20
It is just important to keep in mind that the third party prices most likely do not reflect the prices that bonds can be bought or sold.
BDCs and Regional Banks: I have taken hits in both sectors where I owned a position prior to pandemic and started small ball purchases too soon in March.
These two sectors were among the hardest hit during the March stock plunge.
All or virtually all stocks that I own in those sectors declined by over 50%.
The common thread was rational concerns about credit defaults during the deep recession that the nation is now experiencing.
The Feds announced last Friday that it would be loaning money directly to small and medium size businesses, with the banks dishing out FED's money and keeping 5% of the loan. Interest payments on the loans will be deferred for one year. Federal Reserve Board - Federal Reserve takes additional actions to provide up to $2.3 trillion in loans to support the economy
Small and mid sized businesses are the primary recipients of bank and BDC commercial loans. The substantial rally in their stocks last Thursday was probably linked to the FED coming to the aid of their loan customers.
Closing Prices Last Trading Day:
KRE $37.38 +$2.74 +7.91%: SPDR S&P Regional Banking ETF
BIZD $10.53 +$0.94 +9.86%: VanEck Vectors BDC Income ETF
The S & P 500 was up 1.45%.
BDCs are an unfavored asset class for me. I view them as risky even during an economic expansion period. I consequently keep my overall exposure to far less than minimal amounts and trade them frequently to harvest gains. They are now properly classified as very high risk IMO due to the ongoing shutdowns and recession.
Regional banks are being priced incorrectly based on the scenario where there is a rapid economic recovery in the second half and small business bankruptcies can be mitigated by the fiscal and monetary policies that are now in place. On the other hand, most are probably overpriced with a continuation of depressionary conditions into the third quarter with a slow and painful recovery thereafter. So, tell me what the future holds, and I will be better able to allocate my money now.
++++++
Wisconsin Republicans:
Wisconsin Republicans, who control the state legislature and want to maintain control over the state Supreme Court, refused to postpone an election last Tuesday.
When the newly elected Democrat governor tried to postpone the election until June, when conditions are likely to be more safe than now, the republicans challenged his decision in courts. The republican majorities in the Wisconsin Supreme Court and the U.S. Supreme Court of course voted in favor of the republican politicians.
It was not important to the republicans that people would be risking their health and even lives by voting.
What was important was a political calculation that they had a better chance to hold onto a narrow 5 to 4 majority in the Wisconsin Supreme Court by proceeding with the election with limited voter turnout. Why Wisconsin Republicans Insisted on an Election in a Pandemic - The New York Times; Wisconsin holds its primary election in the middle of a pandemic
It is important to keep that majority for a case pending before that Court where republicans are attempting to purge 200,000 from the voting rolls.
The Wisconsin republicans have been doing whatever they can to make voting harder, to gerrymander districts to frustrate majority rule, and to dilute the power of urban centers that vote for Democrats.
A republican majority of the state Supreme Court is a necessary ingredient in those fundamentally authoritarian power tactics.
To insure the victory of a republican Supreme Court Justice, all but 5 voting places in Milwaukee were closed creating 2 hour waits to vote after risking your life. Milwaukee, with its 600,000 people, is one of the primary bastions of voter support for democrats. What we learned from Wisconsin - The Washington Post
After a Disturbing Election Day, Now What in Wisconsin? (noting 10,000 absentee ballots were disregarded)
Robin Vos, the republican speaker of the state House of Representatives, assured that voting was safe with the precautions shown in this photo that he posted on his facebook page.
Republicans in Wisconsin and elsewhere are opposed to voting by mail since that would increase voter turnout that could remove them from power in several states including Wisconsin. Keeping power is far more important than the most fundamental rights necessary to a properly functioning democracy.
The ostensible excuse given for their position is not to discourage voting, the real reason, but to prevent voter fraud, which is a reality creation designed to provide cover for their real objective.
Watch Demagogue Don lie about the Judicial Watch settlement with California: Trump falls on face when asked by Jim Acosta for proof of mail-in ballot fraud - YouTube
Don the Authoritarian routinely lies about voting fraud for self-serving reasons. Trump’s wild claims of voter fraud blow back on campaign aide; Trump, who has lied about voting for years, disparages voting by mail for self-serving reasons - The Washington Post
Trump pushes false claims about mail-in vote fraud. Here are the facts.
Trumps lies on this topic and many others are shameful but he can not be shamed into telling truth. The main reasons are simple to understand. He is a pathological liar and lying works so well for him (and has for decades).
+++++
Kansas Republicans:
Kansas GOP Cancels Large Gathering Ban on Crisis’s Worst Day
Gov. Laura Kelly (D) condemns A.G., legislators for ’political attack’ as deaths, infections surge - News - The Topeka Capital-Journal - Topeka, KS
++
Trump:
What did Donald actually say and do to protect the Nation during the emergence phase of the Covid-19 U.S. Pandemic:
86.5% of republicans approve of how Donald has handled the COVID-19 pandemic. How Americans View The Coronavirus Crisis And Trump's Response | FiveThirtyEight; Despite his false claims, Republicans trust Trump for accurate information on COVID-19 over the CDC
The number of U.S. citizens infected with COVID-19 far exceeds any other country. Coronavirus World Map: Tracking The Spread Of The Outbreak-NPR
430,000 People Have Traveled From China to U.S. Since Coronavirus Surfaced - The New York Times (40,000 have travelled since Trump imposed travel restrictions); Trump's Snowballing China Travel Claim - FactCheck.org ("In early March, President Donald Trump said that restrictions he placed on travel to and from China “saved a lot of lives,” a claim that grew to “probably tens of thousands” and “hundreds of thousands” by early April. But we found no support for such figures.") Trump is incapable of being straight with the American public even on matters relating to a national health crisis. The Alternate Reality of TrumpWorld remains in full bloom.
The Virus Tears Across the and U.S. States Scramble (4/6/20 article)
Fact Check: Trump disputes HHS IG report, repeats several other false claims at Monday's coronavirus briefing
Analysis: The White House continues to downplay the coronavirus threat to much of the country (4/6/20 Article)
Delays and Shortages Exacerbate Coronavirus Testing Gaps in the U.S. - The New York Times
New York is in dire need of ventilators. China just donated 1,000. - Vox This says a lot about U.S. preparedness and Donald's handling of the pandemic.
Trump says IG report finding hospital shortages is 'just wrong' | TheHill (4/6/20 article, sourced from AP) The Fake News President says the report from his Administration, based on a survey of 323 hospitals from around the country, is Fake News. Trump: Health and Human Services watchdog produced "fake dossier" on coronavirus
Looks like another Inspector General is about to fired for doing their job. Hospital Experiences Responding to the COVID-19 Pandemic: Results of a National Pulse Survey March 24-27, 2020
Trump berates reporters when asked about HHS report from his own administration In TrumpWorld, a reporter is being nasty to Donald when asking a question that the Duck does not want to answer or even to be asked.
Coronavirus response: Officials got warnings but didn’t act quickly: USA Today
Two months in, Trump's coronavirus response creates more chaos
Trump administration ended coronavirus detection program - Los Angeles Times (two months before the coronavirus pandemic started in Wuhan)
Ex-GOP Strategist Steve Schmidt Calls Trump 'Incompetent,' 'Ignorant' Over Handling of Coronavirus Pandemic
Trump administration shuttered pandemic monitoring program, then scrambled to extend it
Trump Wants Everyone to Forget He Ignored Repeated Coronavirus Warnings: A Closer Look - YouTube
{Remember, everything in TrumpWorld is upside down: True is False and False is True are just two examples. Those who live in TrumpWorld will never leave, nor could they be convinced to even challenge the opinions that keep them in that alternate reality free from doubts or even the faintest question about their beliefs and opinions}
States and experts begin pursuing a coronavirus national strategy in absence of White House direction - The Washington Post (4/10/20 article)
November 2019: Intelligence report warned of coronavirus crisis as early as November: Sources - ABC News
January 18, 2020: Trump had been briefed by Health and Human Services Secretary Alex Azar who told "several associates" that Trump viewed the warnings about the coronavirus as "alarmist" and he did not want to listen. The U.S. was beset by denial and dysfunction as the coronavirus raged
U.S. intelligence reports from January and February warned about a likely pandemic - The Washington Post (one republican did react. The surge in warnings coincided with a move by Sen. Richard Burr (R-N.C.) to sell dozens of stocks worth between $628,033 and $1.72 million." Merely coincidental in TrumpWorld).
January 22, 2020: Trump “We have it totally under control. It’s one person coming in from China.”
February 24, 2020:
February 23, 2020: Peter Navarro warns Trump in a memo that 1.2 million Americans could die from Covid-19 with over as many as 100 million infections. Trump aide Peter Navarro warned 'as many as 1.2 million souls' could be lost to coronavirus: reports Donald claims he did not read the memo, which is easy to believe since he does not read memos. When asked whether the recalls being briefed, Lying Don said he does not remember.
If you want to explain something to Doofus Don, do not write a memo.
Use brightly colored flash cards as if you were trying to educate a 5 year old with acute attention deficit disorder. Juncker used ‘brightly coloured, simple flashcards’ to explain trade to Trump during meeting | The Independent
February 26, 2020 : “So we’re at the low level. As they get better, we take them off the list, so that we’re going to be pretty soon at only five people. And we could be at just one or two people over the next short period of time. So we’ve had very good luck.” Remarks by President Trump at White House Briefing Donald claims the U.S. is "really prepared". PolitiFact | Timeline: How Donald Trump responded to the coronavirus pandemic
February 29, 2020: “And I’ve gotten to know these professionals. They’re incredible. And everything is under control. I mean, they’re very, very cool. They’ve done it, and they’ve done it well. Everything is really under control.” Remarks by President Trump at the 2020 Conservative Political Action Conference | National Harbor, MD | The White House
So ask a Trumpster where is the national plan which includes the rapid manufacture of test kits, personal protective equipment and ventilators.
March 6, 2020: Trump: Anyone who wants virus test can get a test - YouTube And, the testing kits available to everyone are perfect, just like his "perfect call" with Ukraine's President. Donald added that Washington state's governor Jay Inslee was a "snake".
Trump: “I like this stuff. I really get it. People are surprised that I understand it… Every one of these doctors said, ‘How do you know so much about this?’ Maybe I have a natural ability. Maybe I should have done that instead of running for president.” ‘Maybe I have a natural ability’: Trump plays medical expert on coronavirus by second-guessing the professionals - The Washington Post
If I ever need a new heart, I want Donald to perform the surgery. Thinking about Don the Magnificent some more, I also want him to do the necessary brain surgery when and if I have a brain aneurysm.
I also want Donald, the universe's foremost expert on everything, now or at any time in the past or in the future (add in all dimensions known and unknown and including all residents of heaven as well), to prescribe whatever drugs I may need given his superior knowledge on that subject. I am suffering more frequent brain malfunctions. Maybe Doctor Don can prescribe that malaria drug for me. What do I got to lose?
March 8, 2020:
March 10, 2020: “And we’re prepared, and we’re doing a great job with it. And it will go away. Just stay calm. It will go away.” Remarks by President Trump After Meeting with Republican Senators | The White House
March 17, 2020: "I've always known this is a real, this is a pandemic. I've felt it was a pandemic long before it was called a pandemic." Trump's answer to a reporter's question. PolitiFact | Trump says he always felt coronavirus was a pandemic. He didn’t talk that way Rated a Pants-on Fire Claim by Trump.
March 18, 2020:
The preceding narrative created by Donald was spread by Trump TV.
This video need to be watched by every American: Saluting the Heroes of the Coronavirus Pandumbic | The Daily Show - YouTube; see also 'Yikes!' Amanpour reacts to Fox News montage about virus - YouTube (Karen Swisher talks about how it difficult it was for her to convince her mother, an avid Fox viewer, that she needed to take precautions);
Sean Hannity wants to rewrite history on Fox's coronavirus coverage. He can't. - YouTube;
How Fox News has shifted its coronavirus rhetoric - YouTube;
And what about those healthcare workers who are protesting the lack of personal protective equipment? In Trump's America, they are not nurses who are risking their lives everyday but outside radical leftist agitators bused in by George Soros to make Donald look bad.
Coronavirus death toll: Americans are almost certainly dying of covid-19 but being left out of the official count - The Washington Post That is the case in every country due to lack of testing. (see, e.g. Uncounted among coronavirus victims, deaths sweep through Italy's nursing homes - Reuters)
In the alternate reality of TrumpWorld where reality creations have replaced facts, there is no way that even God could have done a better job than Donald.
The Trumpster/republican view is summarized by a republican lady who was featured in a recent NYT article as follows:
“He’s covered every aspect. He’s done everything.”
Then why does the U.S. have the highest level of confirmed infections than anywhere else in the world and will end up with far more deaths per 100,000 people? WHO COVID-19 Dashboard; Cases in U.S. | CDC Why are governors still having to scramble and bid against one other for medical supplies in mid-April 2020? Why states and the federal government are bidding on PPE (4/11/20 article)
When asked yesterday what metrics he will use to determine when it is safe to reopen the country, Donald pointed to his head:
And then he said "The metrics right here. That's my metrics".
Donald played down the need for more widespread testing before reopening the economy. Trump downplays need for widespread testing before reopening economy Less than 1% of the population has been tested so far, far less than other countries. Donald will know that it is safe when the number of people being admitted to hospitals goes down. I am not sure whether it is his brain or gut drawing that conclusion.
Trump claimed yesterday that he has the power to overrule a governor's decision. Trump: “If I disagreed, I would overrule the governor, and I have that right to do it.” Fauci: Kids could get ‘infected’ if Florida reopens schools The Trumpster Florida governor is thinking about opening Florida's schools next month.
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Really nasty remark are routinely made by Donald. He could care less about spewing his vile on others.
In TrumpWorld, it is not nasty for the Don the Magnificent, for example, to call the former republican congressman Joe Scarborough "Psycho Joe".
In TrumpWorld, telling the truth and relying on facts that are inconsistent with Donald's reality creations are per se Fake News.
Scarborough hosts a morning TV show with his wife Mika Brzezinski. Did the President hit a new low when he insulted Mika Brzezinski on Twitter? - YouTube
It is hard to believe that these tweets and hundreds of similar ones come from an American President who is not being nasty by publishing them in Trump's America.
Coronavirus crisis highlights Trump’s resistance to criticism — and his desire for fervent praise Trump is a Carnival Barker.
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Disgusting Don Has To Take Credit Whenever Someone Else Does a Good Deed:
I did hear Donald say last Saturday that he deserved credit for those ventilators shipments from China to NY, even though the shipment was arranged by the founders of Alibaba, Jack Ma and Joe Tsai who are making donations of medical supplies to several countries who have not adequately prepared for the pandemic which of course includes he U.S..
Transcript Excerpt:
Remarks by President Trump, Vice President Pence, and Members of the Coronavirus Task Force in Press Briefing | The White House
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General Bone Spur as a Wartime President-Fire The Inspector Generals, Undercut Constitutional Rights and Environmental Protections:
One Hundred Star General Bone Spurs is attempting to build a campaign image and message that he is a wartime President doing everything possible in the nation's time of need.
The messaging is conducted through various channels including Trump co-opting the daily coronavirus briefings to spew misinformation, conspiracy theories and recommendations inconsistent with those given by the medical experts. The nation would be better off with the Duck just playing golf. Secret Service signs $45,000 “emergency order” for golf carts at Trump club amid pandemic: report | Salon.com
It is not surprising that Donald is using the pandemic, when the nation is distracted, to fire the Inspector General for the intelligence community for doing his job and to undercut environmental protections and constitutional rights.
Trump Fires Intelligence Watchdog Who Had Key Role in Ukraine Complaint;
'Syndromic surveillance' useful to track pandemics like COVID-19 (The team was disbanded due to Trump's cuts to the CDC budget)
DOJ Wants to Suspend Constitutional Rights for Coronavirus Emergency;
Trump is sneaking environmental rollbacks past a nation in quarantine | Grist;
Amid the coronavirus outbreak, the Trump administration continues pushing its anti-environment agenda - The Washington Post Donald is only doing what republicans want him to do. The GOP is not a conservative party.
Last Saturday afternoon during the daily coronavirus briefing, where Don the Magnificent demonstrates daily his unfitness to lead, a reporter asked him about the firing of the Inspector General for the intelligence community Michael Atkinson.
I was not surprised to hear Don the Authoritarian launch into a rambling, incoherent rant attacking the IG for doing his job and performing a public service.
Transcript Excerpt: This is truly disgusting.
Pages 19-21: Remarks by President Trump, Vice President Pence, and Members of the Coronavirus Task Force in Press Briefing | The White House
It is very difficult for me to listen to anyone, regardless of ideology or party affiliation, who sprays vile and false information like the Duck. I somehow managed to listened to Donald's entire tirade against the IG live on TV.
Donald's strong authoritarian tendencies and use of false statements were on display as was his psychological condition known as narcissistic injury, his mean spirit, and thoroughly disgusting nature. Just another convincing example of Donald's mental instability and unfitness to be President.
Demagogue Don called IG Atkinson a disgrace, the final word in Trumpworld for which there is no appeal and facts are totally irrelevant of course in rebuttal. The Duck has spoken, end of discussion. Everybody just need to get in lock step behind Donald.
Don the Authoritarian then removed another Inspector General. Mattis rebukes Trump over removal of Pentagon inspector general
For those who are not living in TrumpWorld, ask yourself a question. Why do 90%+ of republicans support a lying demagogue with strong authoritarian tendencies?
++
One of Donald's favorites commentators, Alex Jones, who is not a member of the Fake News media in TrumpWorld, claimed that COVID-19 was an American made biological weapon developed by forces to undermine Donald. Jones is using the pandemic to sell a wide variety of products to the brain impaired that "kills the whole sars-corona family at point-blank range.” Alex Jones’s Bogus Coronavirus Cures | The New Yorker; A Texas businessman who claims coronavirus is a race-targeting bioweapon says he advised Texas Gov. Greg Abbott on response to the pandemic | Media Matters for America
What did Donald actually say and do to protect the Nation during the emergence phase of the Covid-19 U.S. Pandemic:
86.5% of republicans approve of how Donald has handled the COVID-19 pandemic. How Americans View The Coronavirus Crisis And Trump's Response | FiveThirtyEight; Despite his false claims, Republicans trust Trump for accurate information on COVID-19 over the CDC
The number of U.S. citizens infected with COVID-19 far exceeds any other country. Coronavirus World Map: Tracking The Spread Of The Outbreak-NPR
430,000 People Have Traveled From China to U.S. Since Coronavirus Surfaced - The New York Times (40,000 have travelled since Trump imposed travel restrictions); Trump's Snowballing China Travel Claim - FactCheck.org ("In early March, President Donald Trump said that restrictions he placed on travel to and from China “saved a lot of lives,” a claim that grew to “probably tens of thousands” and “hundreds of thousands” by early April. But we found no support for such figures.") Trump is incapable of being straight with the American public even on matters relating to a national health crisis. The Alternate Reality of TrumpWorld remains in full bloom.
Fact Check: Trump disputes HHS IG report, repeats several other false claims at Monday's coronavirus briefing
Analysis: The White House continues to downplay the coronavirus threat to much of the country (4/6/20 Article)
Delays and Shortages Exacerbate Coronavirus Testing Gaps in the U.S. - The New York Times
New York is in dire need of ventilators. China just donated 1,000. - Vox This says a lot about U.S. preparedness and Donald's handling of the pandemic.
Trump says IG report finding hospital shortages is 'just wrong' | TheHill (4/6/20 article, sourced from AP) The Fake News President says the report from his Administration, based on a survey of 323 hospitals from around the country, is Fake News. Trump: Health and Human Services watchdog produced "fake dossier" on coronavirus
Looks like another Inspector General is about to fired for doing their job. Hospital Experiences Responding to the COVID-19 Pandemic: Results of a National Pulse Survey March 24-27, 2020
Trump berates reporters when asked about HHS report from his own administration In TrumpWorld, a reporter is being nasty to Donald when asking a question that the Duck does not want to answer or even to be asked.
Coronavirus response: Officials got warnings but didn’t act quickly: USA Today
Two months in, Trump's coronavirus response creates more chaos
Trump administration ended coronavirus detection program - Los Angeles Times (two months before the coronavirus pandemic started in Wuhan)
Ex-GOP Strategist Steve Schmidt Calls Trump 'Incompetent,' 'Ignorant' Over Handling of Coronavirus Pandemic
Trump administration shuttered pandemic monitoring program, then scrambled to extend it
Trump Wants Everyone to Forget He Ignored Repeated Coronavirus Warnings: A Closer Look - YouTube
{Remember, everything in TrumpWorld is upside down: True is False and False is True are just two examples. Those who live in TrumpWorld will never leave, nor could they be convinced to even challenge the opinions that keep them in that alternate reality free from doubts or even the faintest question about their beliefs and opinions}
States and experts begin pursuing a coronavirus national strategy in absence of White House direction - The Washington Post (4/10/20 article)
November 2019: Intelligence report warned of coronavirus crisis as early as November: Sources - ABC News
January 18, 2020: Trump had been briefed by Health and Human Services Secretary Alex Azar who told "several associates" that Trump viewed the warnings about the coronavirus as "alarmist" and he did not want to listen. The U.S. was beset by denial and dysfunction as the coronavirus raged
U.S. intelligence reports from January and February warned about a likely pandemic - The Washington Post (one republican did react. The surge in warnings coincided with a move by Sen. Richard Burr (R-N.C.) to sell dozens of stocks worth between $628,033 and $1.72 million." Merely coincidental in TrumpWorld).
February 24, 2020:
 |
| 2/24/20 Tweet: Coronavirus "very much under control" |
If you want to explain something to Doofus Don, do not write a memo.
Use brightly colored flash cards as if you were trying to educate a 5 year old with acute attention deficit disorder. Juncker used ‘brightly coloured, simple flashcards’ to explain trade to Trump during meeting | The Independent
February 26, 2020 : “So we’re at the low level. As they get better, we take them off the list, so that we’re going to be pretty soon at only five people. And we could be at just one or two people over the next short period of time. So we’ve had very good luck.” Remarks by President Trump at White House Briefing Donald claims the U.S. is "really prepared". PolitiFact | Timeline: How Donald Trump responded to the coronavirus pandemic
February 29, 2020: “And I’ve gotten to know these professionals. They’re incredible. And everything is under control. I mean, they’re very, very cool. They’ve done it, and they’ve done it well. Everything is really under control.” Remarks by President Trump at the 2020 Conservative Political Action Conference | National Harbor, MD | The White House
 |
| Tally as of 4/10/20 |
March 6, 2020: Trump: Anyone who wants virus test can get a test - YouTube And, the testing kits available to everyone are perfect, just like his "perfect call" with Ukraine's President. Donald added that Washington state's governor Jay Inslee was a "snake".
Trump: “I like this stuff. I really get it. People are surprised that I understand it… Every one of these doctors said, ‘How do you know so much about this?’ Maybe I have a natural ability. Maybe I should have done that instead of running for president.” ‘Maybe I have a natural ability’: Trump plays medical expert on coronavirus by second-guessing the professionals - The Washington Post
If I ever need a new heart, I want Donald to perform the surgery. Thinking about Don the Magnificent some more, I also want him to do the necessary brain surgery when and if I have a brain aneurysm.
I also want Donald, the universe's foremost expert on everything, now or at any time in the past or in the future (add in all dimensions known and unknown and including all residents of heaven as well), to prescribe whatever drugs I may need given his superior knowledge on that subject. I am suffering more frequent brain malfunctions. Maybe Doctor Don can prescribe that malaria drug for me. What do I got to lose?
March 8, 2020:
March 10, 2020: “And we’re prepared, and we’re doing a great job with it. And it will go away. Just stay calm. It will go away.” Remarks by President Trump After Meeting with Republican Senators | The White House
March 17, 2020: "I've always known this is a real, this is a pandemic. I've felt it was a pandemic long before it was called a pandemic." Trump's answer to a reporter's question. PolitiFact | Trump says he always felt coronavirus was a pandemic. He didn’t talk that way Rated a Pants-on Fire Claim by Trump.
March 18, 2020:
The preceding narrative created by Donald was spread by Trump TV.
This video need to be watched by every American: Saluting the Heroes of the Coronavirus Pandumbic | The Daily Show - YouTube; see also 'Yikes!' Amanpour reacts to Fox News montage about virus - YouTube (Karen Swisher talks about how it difficult it was for her to convince her mother, an avid Fox viewer, that she needed to take precautions);
Sean Hannity wants to rewrite history on Fox's coronavirus coverage. He can't. - YouTube;
How Fox News has shifted its coronavirus rhetoric - YouTube;
And what about those healthcare workers who are protesting the lack of personal protective equipment? In Trump's America, they are not nurses who are risking their lives everyday but outside radical leftist agitators bused in by George Soros to make Donald look bad.
Coronavirus death toll: Americans are almost certainly dying of covid-19 but being left out of the official count - The Washington Post That is the case in every country due to lack of testing. (see, e.g. Uncounted among coronavirus victims, deaths sweep through Italy's nursing homes - Reuters)
In the alternate reality of TrumpWorld where reality creations have replaced facts, there is no way that even God could have done a better job than Donald.
The Trumpster/republican view is summarized by a republican lady who was featured in a recent NYT article as follows:
“He’s covered every aspect. He’s done everything.”
Then why does the U.S. have the highest level of confirmed infections than anywhere else in the world and will end up with far more deaths per 100,000 people? WHO COVID-19 Dashboard; Cases in U.S. | CDC Why are governors still having to scramble and bid against one other for medical supplies in mid-April 2020? Why states and the federal government are bidding on PPE (4/11/20 article)
When asked yesterday what metrics he will use to determine when it is safe to reopen the country, Donald pointed to his head:
Donald played down the need for more widespread testing before reopening the economy. Trump downplays need for widespread testing before reopening economy Less than 1% of the population has been tested so far, far less than other countries. Donald will know that it is safe when the number of people being admitted to hospitals goes down. I am not sure whether it is his brain or gut drawing that conclusion.
Trump claimed yesterday that he has the power to overrule a governor's decision. Trump: “If I disagreed, I would overrule the governor, and I have that right to do it.” Fauci: Kids could get ‘infected’ if Florida reopens schools The Trumpster Florida governor is thinking about opening Florida's schools next month.
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Really Nasty Don:
Donald views reporters who dare to ask a question that the Duck does want to answer (particularly a question that quotes his prior statements that contradict the story he wants to tell now) to be "nasty" or asking a "nasty" question or asking a question in a "nasty" tone.
The basic theme underlying Donald's assaults on the reporters is that he does not like anyone interfering with whatever false narrative he is trying to sell at the moment. (e.g. Coronavirus: Trump rails against reporter who asked about stockpile; Trump throws tantrum over coronavirus question: 'You're a terrible reporter'; Trump's heated response to 'snarky, nasty question' - BBC News)
Donald views reporters who dare to ask a question that the Duck does want to answer (particularly a question that quotes his prior statements that contradict the story he wants to tell now) to be "nasty" or asking a "nasty" question or asking a question in a "nasty" tone.
The basic theme underlying Donald's assaults on the reporters is that he does not like anyone interfering with whatever false narrative he is trying to sell at the moment. (e.g. Coronavirus: Trump rails against reporter who asked about stockpile; Trump throws tantrum over coronavirus question: 'You're a terrible reporter'; Trump's heated response to 'snarky, nasty question' - BBC News)
Really nasty remark are routinely made by Donald. He could care less about spewing his vile on others.
In TrumpWorld, it is not nasty for the Don the Magnificent, for example, to call the former republican congressman Joe Scarborough "Psycho Joe".
Scarborough hosts a morning TV show with his wife Mika Brzezinski. Did the President hit a new low when he insulted Mika Brzezinski on Twitter? - YouTube
Coronavirus crisis highlights Trump’s resistance to criticism — and his desire for fervent praise Trump is a Carnival Barker.
++
Disgusting Don Has To Take Credit Whenever Someone Else Does a Good Deed:
I did hear Donald say last Saturday that he deserved credit for those ventilators shipments from China to NY, even though the shipment was arranged by the founders of Alibaba, Jack Ma and Joe Tsai who are making donations of medical supplies to several countries who have not adequately prepared for the pandemic which of course includes he U.S..
Transcript Excerpt:
++
General Bone Spur as a Wartime President-Fire The Inspector Generals, Undercut Constitutional Rights and Environmental Protections:
One Hundred Star General Bone Spurs is attempting to build a campaign image and message that he is a wartime President doing everything possible in the nation's time of need.
The messaging is conducted through various channels including Trump co-opting the daily coronavirus briefings to spew misinformation, conspiracy theories and recommendations inconsistent with those given by the medical experts. The nation would be better off with the Duck just playing golf. Secret Service signs $45,000 “emergency order” for golf carts at Trump club amid pandemic: report | Salon.com
It is not surprising that Donald is using the pandemic, when the nation is distracted, to fire the Inspector General for the intelligence community for doing his job and to undercut environmental protections and constitutional rights.
Trump Fires Intelligence Watchdog Who Had Key Role in Ukraine Complaint;
'Syndromic surveillance' useful to track pandemics like COVID-19 (The team was disbanded due to Trump's cuts to the CDC budget)
DOJ Wants to Suspend Constitutional Rights for Coronavirus Emergency;
Trump is sneaking environmental rollbacks past a nation in quarantine | Grist;
Amid the coronavirus outbreak, the Trump administration continues pushing its anti-environment agenda - The Washington Post Donald is only doing what republicans want him to do. The GOP is not a conservative party.
Last Saturday afternoon during the daily coronavirus briefing, where Don the Magnificent demonstrates daily his unfitness to lead, a reporter asked him about the firing of the Inspector General for the intelligence community Michael Atkinson.
I was not surprised to hear Don the Authoritarian launch into a rambling, incoherent rant attacking the IG for doing his job and performing a public service.
Transcript Excerpt: This is truly disgusting.
It is very difficult for me to listen to anyone, regardless of ideology or party affiliation, who sprays vile and false information like the Duck. I somehow managed to listened to Donald's entire tirade against the IG live on TV.
Donald's strong authoritarian tendencies and use of false statements were on display as was his psychological condition known as narcissistic injury, his mean spirit, and thoroughly disgusting nature. Just another convincing example of Donald's mental instability and unfitness to be President.
Demagogue Don called IG Atkinson a disgrace, the final word in Trumpworld for which there is no appeal and facts are totally irrelevant of course in rebuttal. The Duck has spoken, end of discussion. Everybody just need to get in lock step behind Donald.
Don the Authoritarian then removed another Inspector General. Mattis rebukes Trump over removal of Pentagon inspector general
For those who are not living in TrumpWorld, ask yourself a question. Why do 90%+ of republicans support a lying demagogue with strong authoritarian tendencies?
++
One of Donald's favorites commentators, Alex Jones, who is not a member of the Fake News media in TrumpWorld, claimed that COVID-19 was an American made biological weapon developed by forces to undermine Donald. Jones is using the pandemic to sell a wide variety of products to the brain impaired that "kills the whole sars-corona family at point-blank range.” Alex Jones’s Bogus Coronavirus Cures | The New Yorker; A Texas businessman who claims coronavirus is a race-targeting bioweapon says he advised Texas Gov. Greg Abbott on response to the pandemic | Media Matters for America
‘The Strange Case of Donald J. Trump: A Psychological Reckoning’ - Northwestern Now; Amazon.com: The Strange Case of Donald J. Trump: A Psychological Reckoning (9780197507445): McAdams, Dan P.: Books
At least 70 people infected with coronavirus linked to a single church, health officials say Since people are tightly packed during a service, and generally congregate freely with other attendees, churches have a significant source of contagion. That is why republican governors have exempted churches from stay at home orders. Florida, other states allowing church services during coronavirus pandemic draw criticism | TheHill
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Donald, the Trumpster Thomas Modly and Captain Brett Crozier, formerly commander of the aircraft carrier U.S. Theodore Roosevelt:
Virus cases soar to 416 on U.S. warship after captain fired (the Navy is still waiting for 1000 test results, just for the crew of this carrier)
Donald could not tolerate a Navy Captain, Brett Crozier, who was concerned about the health of his crew. Trump says Navy captain letter asking for help on coronavirus-stricken ship 'was terrible'; More crew on USS Theodore Roosevelt test positive after ship's captain fired - CBS News
Why? In TrumpWorld, One Thousand Star General Bone Spurs himself is more concerned about the health of those crew members than his own political future.
(note, since my earlier reference, Donald promoted himself to 1000 Star General Bond Spurs from a mere 100 Stars since his majestic qualities as a wartime commander were not adequately reflected in the prior rank)
The Captain poked a hole in that narrative and consequently embarrassed Donald which is a sin in TrumpWorld worth far more than just walking the plank into the deep blue seas.
Offenders have to be publicly castigated by Trumpsters and their apparatchiks on GOP TV and elsewhere before walking the plank.
Trump made it clear last Saturday that he supported Crozier's firing for requesting help as COVID-19 infections rapidly spread among his crew. Virus-stricken aircraft carrier erupts in applause and cheers as ousted Capt. Brett Crozier departs - The Washington Post; Navy fires USS Theodore Roosevelt captain who asked for COVID-19 aid; Questioning Coronavirus Strategy Costs Carrier Commander His Job : Coronavirus Live Updates : NPR
This is a link to the letter sent by Crozier to the Department of Navy that got him fired: TR-COVID-19-Assistance-Request.pdf
Thomas Modly, the Trumpster political appointee who fired the Captain, told an associate that Trump wanted the Captain removed immediately before an investigation could even be started to see whether Crozier had leaked his letter to the press: Inside the ouster of Capt. Brett Crozier - The Washington Post
Modly later claimed, as many have before him, that the did not talk to anyone in the White House about firing Captain Crozier (which if true does not rule out that someone else talked to someone in the White House who then talked to Modly)
Modly claimed that the Captain of the aircraft carrier was panicking about the epidemic on his ship which, if true, calls into question how the Navy chooses Captains.
After firing the Captain, Modly felt compelled to fly 8000 miles to Guam to address the crew in person. Trip to Guam at center of acting Navy secretary Thomas Modley’s resignation cost over $243,000 - The Washington Post
During that address, Modly claimed that Captain Crozier had committed a court martial offense by either leaking the letter to the press or being too stupid to know that it would be leaked by someone. Acting Navy secretary blasts ousted aircraft carrier captain as 'stupid' in address to ship's crew - CNN Modly asserted that Crozier had betrayed the Navy.
Fired Navy captain reportedly tests positive for coronavirus
Acting secretary of the Navy has submitted his resignation after calling ousted aircraft carrier captain 'stupid'
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Tybee Island will fight Georgia governor's 'reckless mandate' to reopen state's beaches - CNN Governor Brian Kemp (R-GA), who just found out that COVID-19 can be transmitted by those who are symptomatic, said he would arrest anyone who tried to keep him from reopening the beaches.
Governor Kemp's intellect is on display in this campaign ad: So Conservative - YouTube Those kind of campaign ads work on more than 1/2 of voters in several southern states. It is really sad. Maybe the next voting generation will be different.
Jerry Falwell Jr. Got Arrest Warrants Issued for Journalists; Jerry Falwell Jr. says warrants are out for 2 journalists after critical stories on coronavirus decision-POLITICO Falwell is a member of the American Taliban wing of the GOP.
Eugene Scalia, rising in Trump orbit, becomes key force in coronavirus response effort - The Washington Post Eugene is son of the now deceased Supreme Court Justice Antonin Scalia.
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Trump and Fox News Promotion of Malaria Drug to Treat and Prvent Coronavirus:
Over the past week or so, Fox "News" has made a number of fact filled recommendations for using hydroxychloroquine to treat COVID-19. By fact filled, I mean by the "fair and balanced" Fox "News" standards.
1, Jesse Waters: Waters denounced the "cherry-picking snakes, liars and backstabbing hypocrites” who have prevented people from taking the drug. No one in the media has prevented anyone from taking the drug, of course, but that is irrelevant in TrumpWorld. Any doctor can prescribe it after the FDA gave emergency approval for off label use.
2. Tucker Carlson: Referring to media outlets that report factual information about this drug, Carlson had this to day: “It is probably the most shameful thing I, as someone who has done this for 20 years, has ever seen. It’s making a lot of us ashamed to work in the same profession as those people. So reckless and wrong in the middle of a pandemic, it really is, for real.”
3. Laura Ingraham: “After hearing all of the stories where hydroxychloroquine is credited with saving lives, it is amazing that the left and the medical establishment is still in total denial about the potential of these decades-old drugs.” If anyone recovers who takes the drug, that is proof in TrumpWorld that the drug caused the recovery.
4. Sean Hannity: The drug is showing success “in spite of what the mob and the media is telling you.”
The "study" relied on by Fox "News" for its normal excoriations directed at responsible news organizations was subsequently questioned by the publisher. Statement on IJAA paper | International Society of Antimicrobial Chemotherapy If a responsible news organization mentions this fact, then it is part of a media mob disseminating Fake News in Fox's Alternate Reality and is engaged in a radical left wing conspiracy deserving of the most harsh condemnation by Fox "News" personalities.
Coronavirus: Chloroquine No Better Than Regular Care, Study Says- Bloomberg
No Evidence of Rapid Antiviral Clearance or Clinical Benefit with the Combination of Hydroxychloroquine and Azithromycin in Patients with Severe COVID-19 Infection - ScienceDirect
Trump doubles down on unproven drug hydroxychloroquine to treat and prevent coronavirus
Dr William Haseltine Warns Against Coronavirus Malarial Drug
Navarro on coronavirus disagreement with Fauci: 'I'm a social scientist'
'No miraculous recovery': Some ICU doctors say hydroxychloroquine isn't helping sickest patients
Former FDA leaders decry emergency authorization of malaria drugs for coronavirus | Science | AAAS
Hydroxychloroquine evidence for treating Covid-19 is weak - Vox This will not prevent Donald from recommending it to patients. Note that some hospitals overseas quit giving the drug after patients reported seizures and blurred vision. As I discussed above, I want Doctor Don to give me a prescription to cure my brain malfunctions, what do I have to lose other than a heart attack or other side effects that the drug may cause. Mayo Clinic cardiologist: 'Inexcusable' to ignore hydroxychloroquine side effects
President Trump is wrong in so many ways about hydroxychloroquine studies. Here are the facts - CNN
The drug is being tested in clinical trials.
++
Donald, the Trumpster Thomas Modly and Captain Brett Crozier, formerly commander of the aircraft carrier U.S. Theodore Roosevelt:
Virus cases soar to 416 on U.S. warship after captain fired (the Navy is still waiting for 1000 test results, just for the crew of this carrier)
Donald could not tolerate a Navy Captain, Brett Crozier, who was concerned about the health of his crew. Trump says Navy captain letter asking for help on coronavirus-stricken ship 'was terrible'; More crew on USS Theodore Roosevelt test positive after ship's captain fired - CBS News
Why? In TrumpWorld, One Thousand Star General Bone Spurs himself is more concerned about the health of those crew members than his own political future.
(note, since my earlier reference, Donald promoted himself to 1000 Star General Bond Spurs from a mere 100 Stars since his majestic qualities as a wartime commander were not adequately reflected in the prior rank)
The Captain poked a hole in that narrative and consequently embarrassed Donald which is a sin in TrumpWorld worth far more than just walking the plank into the deep blue seas.
Offenders have to be publicly castigated by Trumpsters and their apparatchiks on GOP TV and elsewhere before walking the plank.
Trump made it clear last Saturday that he supported Crozier's firing for requesting help as COVID-19 infections rapidly spread among his crew. Virus-stricken aircraft carrier erupts in applause and cheers as ousted Capt. Brett Crozier departs - The Washington Post; Navy fires USS Theodore Roosevelt captain who asked for COVID-19 aid; Questioning Coronavirus Strategy Costs Carrier Commander His Job : Coronavirus Live Updates : NPR
This is a link to the letter sent by Crozier to the Department of Navy that got him fired: TR-COVID-19-Assistance-Request.pdf
Thomas Modly, the Trumpster political appointee who fired the Captain, told an associate that Trump wanted the Captain removed immediately before an investigation could even be started to see whether Crozier had leaked his letter to the press: Inside the ouster of Capt. Brett Crozier - The Washington Post
Modly later claimed, as many have before him, that the did not talk to anyone in the White House about firing Captain Crozier (which if true does not rule out that someone else talked to someone in the White House who then talked to Modly)
Modly claimed that the Captain of the aircraft carrier was panicking about the epidemic on his ship which, if true, calls into question how the Navy chooses Captains.
After firing the Captain, Modly felt compelled to fly 8000 miles to Guam to address the crew in person. Trip to Guam at center of acting Navy secretary Thomas Modley’s resignation cost over $243,000 - The Washington Post
During that address, Modly claimed that Captain Crozier had committed a court martial offense by either leaking the letter to the press or being too stupid to know that it would be leaked by someone. Acting Navy secretary blasts ousted aircraft carrier captain as 'stupid' in address to ship's crew - CNN Modly asserted that Crozier had betrayed the Navy.
Fired Navy captain reportedly tests positive for coronavirus
Acting secretary of the Navy has submitted his resignation after calling ousted aircraft carrier captain 'stupid'
++++
Tybee Island will fight Georgia governor's 'reckless mandate' to reopen state's beaches - CNN Governor Brian Kemp (R-GA), who just found out that COVID-19 can be transmitted by those who are symptomatic, said he would arrest anyone who tried to keep him from reopening the beaches.
Governor Kemp's intellect is on display in this campaign ad: So Conservative - YouTube Those kind of campaign ads work on more than 1/2 of voters in several southern states. It is really sad. Maybe the next voting generation will be different.
Jerry Falwell Jr. Got Arrest Warrants Issued for Journalists; Jerry Falwell Jr. says warrants are out for 2 journalists after critical stories on coronavirus decision-POLITICO Falwell is a member of the American Taliban wing of the GOP.
Eugene Scalia, rising in Trump orbit, becomes key force in coronavirus response effort - The Washington Post Eugene is son of the now deceased Supreme Court Justice Antonin Scalia.
Trump and Fox News Promotion of Malaria Drug to Treat and Prvent Coronavirus:
Over the past week or so, Fox "News" has made a number of fact filled recommendations for using hydroxychloroquine to treat COVID-19. By fact filled, I mean by the "fair and balanced" Fox "News" standards.
1, Jesse Waters: Waters denounced the "cherry-picking snakes, liars and backstabbing hypocrites” who have prevented people from taking the drug. No one in the media has prevented anyone from taking the drug, of course, but that is irrelevant in TrumpWorld. Any doctor can prescribe it after the FDA gave emergency approval for off label use.
2. Tucker Carlson: Referring to media outlets that report factual information about this drug, Carlson had this to day: “It is probably the most shameful thing I, as someone who has done this for 20 years, has ever seen. It’s making a lot of us ashamed to work in the same profession as those people. So reckless and wrong in the middle of a pandemic, it really is, for real.”
3. Laura Ingraham: “After hearing all of the stories where hydroxychloroquine is credited with saving lives, it is amazing that the left and the medical establishment is still in total denial about the potential of these decades-old drugs.” If anyone recovers who takes the drug, that is proof in TrumpWorld that the drug caused the recovery.
4. Sean Hannity: The drug is showing success “in spite of what the mob and the media is telling you.”
The "study" relied on by Fox "News" for its normal excoriations directed at responsible news organizations was subsequently questioned by the publisher. Statement on IJAA paper | International Society of Antimicrobial Chemotherapy If a responsible news organization mentions this fact, then it is part of a media mob disseminating Fake News in Fox's Alternate Reality and is engaged in a radical left wing conspiracy deserving of the most harsh condemnation by Fox "News" personalities.
Coronavirus: Chloroquine No Better Than Regular Care, Study Says- Bloomberg
No Evidence of Rapid Antiviral Clearance or Clinical Benefit with the Combination of Hydroxychloroquine and Azithromycin in Patients with Severe COVID-19 Infection - ScienceDirect
Trump doubles down on unproven drug hydroxychloroquine to treat and prevent coronavirus
Dr William Haseltine Warns Against Coronavirus Malarial Drug
Navarro on coronavirus disagreement with Fauci: 'I'm a social scientist'
'No miraculous recovery': Some ICU doctors say hydroxychloroquine isn't helping sickest patients
Former FDA leaders decry emergency authorization of malaria drugs for coronavirus | Science | AAAS
Hydroxychloroquine evidence for treating Covid-19 is weak - Vox This will not prevent Donald from recommending it to patients. Note that some hospitals overseas quit giving the drug after patients reported seizures and blurred vision. As I discussed above, I want Doctor Don to give me a prescription to cure my brain malfunctions, what do I have to lose other than a heart attack or other side effects that the drug may cause. Mayo Clinic cardiologist: 'Inexcusable' to ignore hydroxychloroquine side effects
President Trump is wrong in so many ways about hydroxychloroquine studies. Here are the facts - CNN
The drug is being tested in clinical trials.
+++++
All trades are commission free except as otherwise noted.
1. Bought Back 100 RNW:CA at C$11.08 (C$ 1 Commission):
Quotes:
CAD Priced Shares: TransAlta Renewables (RNW:CA)
USD Priced Shares: U.S. Grey Market | TRSWF
Last Closing Price (4/9): RNW.TO C$15.09 -C$0.05 -0.33%
Website: TransAlta Renewables
The company owns wind, solar, hydro and gas generating facilities. Facilities in Operation/Development | TransAlta Renewables
January 2020 Investor Presentation:
Dividends: Monthly at C$.0783 (C$.94 annually)
Dividend Information | TransAlta Renewables
Dividend Yield: 8.48% (Using C$11.98 and C$.94)
Last Ex Dividend Date: 3/12/20
Next Ex Dividend Date: 4/14/20
Last Earnings Report (Q/E 12/31/19):
Last Round-Trips:
Item # 1 Sold 100 RNW:CA at C$17.92(3/14/20 Post)(profit snapshot = C$511)-Item # 2 Bought 100 RNW:CA at C$12.79 (9/14/19 Post);
Item # 3. B. Sold 150 RNW:CA at C$13.97 (profit snapshot = C$163.5)- Item # 2.A. Bought 100 RNW:CA at C$12.91 (6/18/18 Post), Item #2.A. Bought 50 RNW:C at C$12.45 (7/12/18 Post)
Item # 3. B. Sold 100 TRSWF at US$10.36 (5/5/19 Post)(Profit Snapshot = US$75.74)-Item # 2.B. Bought 100 TRSWF at US$9.55-Used Commission Schwab Free Trade (6/18/18 Post)
Totals:
+ US$75.74
+C$674.5
All trades are commission free except as otherwise noted.
1. Bought Back 100 RNW:CA at C$11.08 (C$ 1 Commission):
Quotes:
CAD Priced Shares: TransAlta Renewables (RNW:CA)
USD Priced Shares: U.S. Grey Market | TRSWF
Last Closing Price (4/9): RNW.TO C$15.09 -C$0.05 -0.33%
Website: TransAlta Renewables
The company owns wind, solar, hydro and gas generating facilities. Facilities in Operation/Development | TransAlta Renewables
January 2020 Investor Presentation:
Dividends: Monthly at C$.0783 (C$.94 annually)
Dividend Information | TransAlta Renewables
Dividend Yield: 8.48% (Using C$11.98 and C$.94)
Last Ex Dividend Date: 3/12/20
Next Ex Dividend Date: 4/14/20
Last Earnings Report (Q/E 12/31/19):
Item # 1 Sold 100 RNW:CA at C$17.92(3/14/20 Post)(profit snapshot = C$511)-Item # 2 Bought 100 RNW:CA at C$12.79 (9/14/19 Post);
Item # 3. B. Sold 150 RNW:CA at C$13.97 (profit snapshot = C$163.5)- Item # 2.A. Bought 100 RNW:CA at C$12.91 (6/18/18 Post), Item #2.A. Bought 50 RNW:C at C$12.45 (7/12/18 Post)
Item # 3. B. Sold 100 TRSWF at US$10.36 (5/5/19 Post)(Profit Snapshot = US$75.74)-Item # 2.B. Bought 100 TRSWF at US$9.55-Used Commission Schwab Free Trade (6/18/18 Post)
Totals:
+ US$75.74
+C$674.5
2. Leveraged Bond CEFs:
A. Added 35 GDO at $16.78; 5 at $15.6; 5 at $14.34; 5 at $13.75; 5 at $12.3; 5 at $11.4:
Last Closing Price (4/9): GDO $15.44 +$0.69 +4.68%
General Information:
I have bought, sold, eliminated and restarted this CEF multiple times over the past decade.
Last Elimination: Stocks, Bonds & Politics: Item # 1.B. Eliminated GDO-Sold 224+ at $16.47-Used Commission Free Trade (3/3/19 Post)
Data Date of Trade (3/9/20):
Closing Net Asset Value Per Share = $17.62
Closing Market Price: $16.9
Discount: -4.09%
Data Date of 3/12/20 Trade:
Closing Net Asset Value Per share = $16.48
Closing Market Price: $15.55
Discount: -5.64%
Data Date of 3/16/20 Trade:
Closing Net Asset Value Per Share: $15.76
Closing Market Price: $14.42
Discount: -8.5%
Data Date of 3/17/20 Trade:
Closing Net Asset Value Per Share: $15.34
Closing Market Price: $14.45
Discount: -5.8%
Date Date of Trade (3/18/20):
Closing Net Asset Value Per Share: $14.43
Closing Market Price: $12.33
Discount: -14.55%
The time period covered by those purchases was a rough one for CEFs that were primarily weighted in corporate bonds. The investment grade corporate market was in disarray due to increasing credit concerns and an overall lack of liquidity.
Those issues were only magnified in the junk corporate bond market.
Pricing started to improve on 3/25/20 after the FED intervened in the investment grade bond market through purchases of ETFs, thereby providing much needed liquidity in that massive market.
GDO's net asset value was reported at $13.62 on 3/23 and had improved to $15.28 as of 3/27 or a 12.2% increase in just 4 trading days.
Dividend: Monthly at $.101 per share ($1.212 annually)
There is some ROC support.
Last Ex Dividend Date: 3/23/20
Maximum Position: 500 Shares
Purchase Restriction: Each subsequent purchase must reduce my average cost per share.
Average Cost Per Share: $15.76
Dividend Yield at Average Cost: 7.69%
Highest Cost Lot: Will be sold when I can do so profitably.
B. Restarted NBB-Bought 20 at $19.4; 5 at $18.5; 5 at $17.74; 5 at $16.67:
Quote: NBB - Nuveen Build America Bond Fund
Last Closing Price (4/9): NBB $19.76 +$0.19 +0.97%
Last Closing Price (4/9): NBB $19.76 +$0.19 +0.97%
SEC Filings
Leveraged: Yes at 38.09% as of 3/31/20, through reverse repurchase agreement.
Last SEC Filed Shareholder Report: Period ending 9/30/2019
Credit Quality:
Portfolio Holdings as of 12/31/2019: SEC Filing
Dividend: Monthly at $.0925 per share ($1.11 annually)
Average Cost Per Share: $18.65
Dividend Yield at Average Cost: 5.95%
Last Ex Dividend: 4/14/20
Last Round-Trip: Item # 3.B. Sold 40 NBB at $19.84-Used Commission Free Trade (1/20/19 Post)- Item # 1.B. Bought 30 NBB at $19.03 and 10 at $18.76 (12/2/18 Post)
Data Date of 3/12/20 Trade:
Closing Net Asset Value Per Share: $22.66
Closing Market Price: $19.39
Discount: -10.85%
Data Date of 3/18/20 Trade:
Closing Net Asset Value Per Share: $20.54
Closing Market Price: $17.32
Discount: -18.21%
Sourced: NBB- CEF Connect
Average Effective Duration: 11.16 years (as of 2/28/20)
For a bond fund with that duration, the rule of thumb is that a 1% rise in interest rates would cause about a 10% loss in value. Similarly, a 1% decline would result in a 10% rise in value. Get to know your bond fund: Duration | Vanguard
The primary risk is interest rate risk due to the long duration.
Another risk is the the municipal bond market lacks liquidity. Over the past several weeks, that market has had periods of dysfunctional pricing, which means in this context, the yield spreads have become untethered to treasuries.
Some Prior Trade Links:
Item # 3 Sold 50 NBB in Roth IRA: Update For CEF Basket Strategy As Of 2/26/16 - South Gent | Seeking Alpha (profit snapshot = $62.98)-Item # 1 Bought 50 NBB at $19.51 in a Roth IRA: Update For CEF Basket Strategy As Of 10/21/15 - South Gent | Seeking Alpha; Item # 2 Sold 100 NBB at $21.25 (Roth IRA)(2/27/15 Post)(profit snapshot $101.7)-Item # 1 Roth IRA: Added 100 NBB at $20.1 (6/14/14 Post); Item # 2 Added 50 NBB at $18.55 (6/29/13 Post); Item # 1 Bought 50 NBB at $20.73-ROTH IRA (6/8/12 Post); Item # 1 Sold 100 NBB at $20.13-ROTH IRA (11/22/2011 Post); Item # 3 Sold 100 NBB at $20.07 (11/4/11 Post); Item # 1 Sold 50 NBB at $19.24 in the Regular IRA (12/3/2010 Post)- Item # 5 Bought: 50 NBB at $18.4 (11/18/2010 Post)
There is an unleveraged ETF that owns Build America Bonds: BAB Fund - Invesco Taxable Municipal Bond ETF Overview
NBB Trading Profits To Date: $516.12
Leveraged: Yes at 38.09% as of 3/31/20, through reverse repurchase agreement.
Credit Quality:
Dividend: Monthly at $.0925 per share ($1.11 annually)
Average Cost Per Share: $18.65
Dividend Yield at Average Cost: 5.95%
Last Ex Dividend: 4/14/20
Last Round-Trip: Item # 3.B. Sold 40 NBB at $19.84-Used Commission Free Trade (1/20/19 Post)- Item # 1.B. Bought 30 NBB at $19.03 and 10 at $18.76 (12/2/18 Post)
Data Date of 3/12/20 Trade:
Closing Net Asset Value Per Share: $22.66
Closing Market Price: $19.39
Discount: -10.85%
Data Date of 3/18/20 Trade:
Closing Net Asset Value Per Share: $20.54
Closing Market Price: $17.32
Discount: -18.21%
Sourced: NBB- CEF Connect
Average Effective Duration: 11.16 years (as of 2/28/20)
For a bond fund with that duration, the rule of thumb is that a 1% rise in interest rates would cause about a 10% loss in value. Similarly, a 1% decline would result in a 10% rise in value. Get to know your bond fund: Duration | Vanguard
The primary risk is interest rate risk due to the long duration.
Another risk is the the municipal bond market lacks liquidity. Over the past several weeks, that market has had periods of dysfunctional pricing, which means in this context, the yield spreads have become untethered to treasuries.
Some Prior Trade Links:
Item # 3 Sold 50 NBB in Roth IRA: Update For CEF Basket Strategy As Of 2/26/16 - South Gent | Seeking Alpha (profit snapshot = $62.98)-Item # 1 Bought 50 NBB at $19.51 in a Roth IRA: Update For CEF Basket Strategy As Of 10/21/15 - South Gent | Seeking Alpha; Item # 2 Sold 100 NBB at $21.25 (Roth IRA)(2/27/15 Post)(profit snapshot $101.7)-Item # 1 Roth IRA: Added 100 NBB at $20.1 (6/14/14 Post); Item # 2 Added 50 NBB at $18.55 (6/29/13 Post); Item # 1 Bought 50 NBB at $20.73-ROTH IRA (6/8/12 Post); Item # 1 Sold 100 NBB at $20.13-ROTH IRA (11/22/2011 Post); Item # 3 Sold 100 NBB at $20.07 (11/4/11 Post); Item # 1 Sold 50 NBB at $19.24 in the Regular IRA (12/3/2010 Post)- Item # 5 Bought: 50 NBB at $18.4 (11/18/2010 Post)
There is an unleveraged ETF that owns Build America Bonds: BAB Fund - Invesco Taxable Municipal Bond ETF Overview
3. Small Ball:
A. Restarted BDN-Bought 10 at $9.27; 5 at $8.7; 5 at $7.79:
Quote: Brandywine Realt (BDN)
Last Closing Price: BDN $11.49 +$0.81 +7.58%
Company Website: Brandywine Realty Trust
SEC Filings
2019 Annual Report (as of 12/31/19, BDN owned 95 properties that contain an aggregate of approximately 16.7 million net rentable square feet and consist of 86 office properties and four mixed-use properties . . ., one development property and four redevelopment properties . . . . The properties are located in or near Philadelphia, Pennsylvania; Austin, Texas; Metropolitan Washington, D.C.; Southern New Jersey; and Wilmington, Delaware. As of December 31, 2019, the properties, excluding properties under development and redevelopment, were approximately 93.0% occupied." at page 24).
Company Profile | Reuters.com
Brandywine Realty Trust (BDN) Key Developments | Reuters.com
Last Round-Trip: Item # 2.B. Sold 101+ BDN at $15.33 (11/9/19 Post)(profit snapshot = $100.4)(discussed third quarter report in that post)-Item # 2.A. Bought 100 BDN at $14.34-Commission free trade (7/17/19 Post)
Note the last purchase was a 100 share lot and the first purchase in the current chain was 10 shares. This is a simple risk reduction technique used during the period of heightened uncertainty.
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
Dividend: Quarterly at $.19 per share ($.76 annually)
Last Ex Dividend Date: 4/6/20 (all purchases owned)
Average Cost Per Share: $8.76
Dividend Yield at Average Cost = 8.68%
2019 Dividend Tax Classification (some ROC):
5 Year Chart:
Last Earnings Report (Q/E 12/31/19):
BDN had no outstanding draws under its $600M unsecured credit facility as of 12/31/19. I have not seen any press release to date announcing a drawdown.
The company used the proceeds of two bond offerings completed last October to pay down its revolving credit facility and for other general corporate purposes "to the extent the facility is fully repaid". Prospectus (see use of proceeds at page S-3; $200M in principal amount of which $100M was from a 4.1% SU note maturing in 2024 and the other $100M was from a 4.55% SU note maturing in 2029).
BDN had $90.5M in cash as of 12/31/19.
Sourced: SEC Filed Press Release
On 4/7/20, Citigroup downgraded BDN to sell and lowered its price target to $8 from $17. I do not have access to that report. I would note that the price closed at $9.75 on 4/6 and at $11.49 on 4/9, moving up 17.85% after the downgrade.
I will flip this stock for relatively small gains, preferably after 1 ex dividend date which occurred after my purchases on 4/6/20.
B. Added 5 TPVG at $11.1; 5 at $10.7; 5 at $8.2; 5 at $6.92; 2 at $5.61;2 at $5.35; 2 at $4.45; 2 at $4; 2 at $3.5; 2 at $2.99; 5 at $4.96;
A. Restarted BDN-Bought 10 at $9.27; 5 at $8.7; 5 at $7.79:
Quote: Brandywine Realt (BDN)
Last Closing Price: BDN $11.49 +$0.81 +7.58%
Company Website: Brandywine Realty Trust
SEC Filings
2019 Annual Report (as of 12/31/19, BDN owned 95 properties that contain an aggregate of approximately 16.7 million net rentable square feet and consist of 86 office properties and four mixed-use properties . . ., one development property and four redevelopment properties . . . . The properties are located in or near Philadelphia, Pennsylvania; Austin, Texas; Metropolitan Washington, D.C.; Southern New Jersey; and Wilmington, Delaware. As of December 31, 2019, the properties, excluding properties under development and redevelopment, were approximately 93.0% occupied." at page 24).
Company Profile | Reuters.com
Brandywine Realty Trust (BDN) Key Developments | Reuters.com
Last Round-Trip: Item # 2.B. Sold 101+ BDN at $15.33 (11/9/19 Post)(profit snapshot = $100.4)(discussed third quarter report in that post)-Item # 2.A. Bought 100 BDN at $14.34-Commission free trade (7/17/19 Post)
Note the last purchase was a 100 share lot and the first purchase in the current chain was 10 shares. This is a simple risk reduction technique used during the period of heightened uncertainty.
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
Dividend: Quarterly at $.19 per share ($.76 annually)
Last Ex Dividend Date: 4/6/20 (all purchases owned)
Average Cost Per Share: $8.76
Dividend Yield at Average Cost = 8.68%
2019 Dividend Tax Classification (some ROC):
The company used the proceeds of two bond offerings completed last October to pay down its revolving credit facility and for other general corporate purposes "to the extent the facility is fully repaid". Prospectus (see use of proceeds at page S-3; $200M in principal amount of which $100M was from a 4.1% SU note maturing in 2024 and the other $100M was from a 4.55% SU note maturing in 2029).
BDN had $90.5M in cash as of 12/31/19.
Sourced: SEC Filed Press Release
On 4/7/20, Citigroup downgraded BDN to sell and lowered its price target to $8 from $17. I do not have access to that report. I would note that the price closed at $9.75 on 4/6 and at $11.49 on 4/9, moving up 17.85% after the downgrade.
I will flip this stock for relatively small gains, preferably after 1 ex dividend date which occurred after my purchases on 4/6/20.
B. Added 5 TPVG at $11.1; 5 at $10.7; 5 at $8.2; 5 at $6.92; 2 at $5.61;2 at $5.35; 2 at $4.45; 2 at $4; 2 at $3.5; 2 at $2.99; 5 at $4.96;
Last Closing Price (9/9): TPVG $7.26 +$0.08 +1.11%
TPVG SEC Filings
Website: TriplePoint Venture Growth
Chart:
2019 Annual Report (risk factor summary starts at page 23; list of investments starts at page 72; unfunded commitment discussion list at page 61) The company owned 278,747 shares of CrowdStrike Holdings Inc. (CRWD) as of 12/31/2019 (page 81), which, if not already sold, could be used as a source of capital.
Last month, TPVG sold $60M in 4.5% senior unsecured notes maturing in 2025. SEC Filed Press Release
Dividend: Quarterly at $.36 per share ($1.44 annually)
Last Ex Dividend: 3/13/20
If that penny rate is not cut, the dividend yield at the closing price on 4/10 would be 19.83%. Money will double in 3.83 years at that rate.
The current stock price reflects an opinion that the dividend rate will soon be slashed or even eliminated and the TPVG's survival is in serious doubt. It remains to be see whether the future forecast embedded in the price prove prescient or overly pessimistic or somewhere in between. Price sends a signal about the future, but the humans making that future forecast are not able to predict the future, though many are under the impression that they can.
Prior to these small ball purchases, I had reduced my position to 20+ shares through a series of sell transaction that netted in realized gains.
The last sell was in August 2019 and pared the position down to 20+ shares. Item # 2.A. Pared TPVG-Sold 14 shares at $15.61-Used Commission Free Trade (9/1/2019 Post)
Realized TPVG Gains to Date: +$699.27
Sell Discussions: Item # 2.A. Sold 74+ TPVG at $14.87 (7/20/19 Post)(profit snapshot= $246.43); Item # 4.C. Eliminated TPVG in Roth IRA Account (4/17/19 Post)(profit snapshot= $88.87); Item # 3.B.(4/14/19 Post)(profit snapshot = $71.76); Item 3.A. Sold 40 TPVG at $13.44-Schwab Account and Item #3B Sold 50 TPVG at $13.39 Vanguard Roth IRA (3/13/19 Post)(profit snapshots included); Item 2.B. Sold 50 TPVG at $13.39 (3/4/2017 Post)(profit snapshot = $153.08); Item # 3 Sold 50 TPVG at $12.33 (1/16/17 Post)(profit snapshot = $83.48)
Buy Discussions: Item # 4.A. Bought 50 TPVG at $12.11-In A Roth IRA Account (12/5/18 Post); Item # 3 D. Bought 10 TPVG at $11.2-Used Commission Free Trade (1/9/19 Post); Item # 4.A. Bought 50 TPVG at $12.11-In A Roth IRA Account (12/5/18 Post); Item # 3.A. Added 50 TPVG at $13.28 and 10 at $13.02-Used Schwab Commission Free Trades (8/15/18 Post); Item # 2.B. Added 10 TPVG at $11.6-Used Commission Free Trade (3/19/18 Post); Items 1.B. and 1.C. Bought 50 TPVG at $12.32 and 10 at $12.01-Used Commission Free Trades (2/26/18 Post); Comment Blog # 3-South Gent: Bought 50 TPVG at $10.61 | Seeking Alpha
This BDC had its IPO in March 2014. The offering price was $15.
12/31/19: $13.34
9/30/19: $13.47
12/31/18: $13.50
9/30/18: $13.59
12/31/17: $13.25
9/30/17: $13.39
9/30/16: $13.44
9/30/15: $14.52
9/30/14: $14.64
Last Earnings Report (12/31/19): This will probably be the last positive earnings report for awhile.
Weighted average yield on debt investments: 15.3%
"As of December 31, 2019, the Company had total liquidity of $64.1 million, consisting of cash of $26.4 million and available capacity under its revolving credit facility of $37.7 million, subject to existing advance rates, terms and covenants. The Company ended the quarter with a 1.01x leverage ratio.
For the fourth quarter of 2019, the Company recorded net investment income of $11.1 million, or $0.45 per share, as compared to $10.2 million, or $0.41 per share, for the fourth quarter of 2018
During the fourth quarter of 2019, the Company recorded $1.2 million, or $0.05 per share, of net realized gains on investments,
The Company’s net increase in net assets resulting from operations for the fourth quarter of 2019 was $5.6 million, or $0.23 per share
As of December 31, 2019, the Company’s net assets were $332.5 million, or $13.34 per share, as compared to $335.4 million, or $13.47 per share, as of September 30, 2019."
TriplePoint Venture Growth BDC Corp. Announces Fourth Quarter and Fiscal Year 2019 Financial Results
TriplePoint Venture Growth (TPVG) CEO James Labe on Q4 2019 Results - Earnings Call Transcript | Seeking Alpha (at page 3, TPVG claimed "that 96% of our floating rate loans have a prime floor set to 4.25% or higher. So we are well-positioned in a decreasing rate environment, especially given our warehouse credit facility is based on a variable rate as well.")
The next earnings report will likely be released in early May.
In addition to Crowdstrike mentioned above, TVPG had minor equity stakes in 2 other companies that are now public companies. Those are Casper Sleep and 48,616 shares of Medallia Inc (MDLA) (page 80, annual report).
The company did sell its Farfetch common stock during the 2019 4th quarter realizing a $1.4M gain (page 4 earnings call transcript)
Equity investments include common stock, preferred stock that is convertible into common stock and warrants that are generally part of a loan deal.
Recent Equity Offering: 5.75M shares (including greenshoe) sold at a public offering price of $14.08 last January. TPVG received net proceeds of $78.5M (page 6 of earnings call transcript)
Current Position: 71+ shares
Average Cost Per Share: $8.4
Dividend Yield at Average Cost = 17.14% (assumes no cut, which is NOT the market's assumption embedded in the current price)
Purchase Restriction: I had been using the small ball restriction until I bought some shares at $2.99 on 3/19 and now I will use the restriction that each subsequent purchase has to reduce my average cost per share.
On 4/1/20, Janney cuts its PT to $9 from $14 and maintained its neutral rating.
On 4/2/20, Compass Point cut its PT to $8 from $14.25, but raised its rating to buy from neutral.
I do not have access to those reports.
I bought 5 shares of a TPVG exchange traded bond and discuss that nibble in Item # 4.C. below.
C. Added 5 RF at $10.37: 5 at $9.3; 5 at $8; 5 at $7.5:
RF Analyst Estimates
Last Closing Price (9/9): RF $11.01 +$0.90 +8.90%
Regions, "with $126 billion in assets, is a member of the S&P 500 Index and is one of the nation’s largest full-service providers of consumer and commercial banking, wealth management, and mortgage products and services. Regions serves customers across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates approximately 1,400 banking offices and 2,000 ATMs."
2019 Annual Report
5 Year Financial Data:
SEC Filings
RF Information as of 9/9/20:
Chart: Cratered Like Other Regional Banks
Last Buy Discussion: Item # 1.F. Added 5 RF at $15; 5 at $14.7; 5 at $14.15; 5 at $13.63 (2/29/20 Post) The consensus 2020 E.P.S. estimate was then at $1.62.
Dividend: Quarterly at $.155 per ($.62 annually)
Dividend History | Regions Financial Corporation
Last Ex Dividend date: 3/5/20
Dividend Reinvestment: Yes
Dividend Yield at Average Cost of $12.52: 4.95%
Current Position: 55+ shares
Last Earnings Report (Q/E 12/31/19):
NIM: 3.39%
Efficiency Ratio: 58.1% adjusted basis
Charge Off Ratio: .46%
NPL Ratio: .61%
Tangible Common Book Value Per Share = $10.58
Loan to Deposit Ratio: .85%
GAAP Earnings:
Asset Quality:
Regions reports 2019 earnings from continuing operations of $1.5 billion, and earnings per share of $1.50, up 10 percent
The next earnings is scheduled to be released on 4/17.
One source of bank stock weakness is the suspension of share buybacks. Regions Financial Corp. Temporarily Suspends Share Buyback Program (3/16/20)
On 4/9/20, J P Morgan lowered its PT to $13 from $18.5 and reiterated its overweight rating.
On 4/8/20, Barclays cut its PT to $14. from $19 and reiterated it under underweight rating.
I do not have access to those reports.
I do have a question however.
Are those analysts predicting the future or merely describing a car crash that has already happened before they decided to say there has been a car crash, a bad one in fact.
Too bad for the passengers on board.
And, when and if conditions improve and the price runs to say $16, then the upgrades will come. Buy high and sell low, advice that is apparently worth millions.
Last Closing Price (9/9): RF $11.01 +$0.90 +8.90%
Regions, "with $126 billion in assets, is a member of the S&P 500 Index and is one of the nation’s largest full-service providers of consumer and commercial banking, wealth management, and mortgage products and services. Regions serves customers across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates approximately 1,400 banking offices and 2,000 ATMs."
2019 Annual Report
5 Year Financial Data:
RF Information as of 9/9/20:
Chart: Cratered Like Other Regional Banks
Dividend: Quarterly at $.155 per ($.62 annually)
Dividend History | Regions Financial Corporation
Last Ex Dividend date: 3/5/20
Dividend Reinvestment: Yes
Dividend Yield at Average Cost of $12.52: 4.95%
Current Position: 55+ shares
Last Earnings Report (Q/E 12/31/19):
NIM: 3.39%
Efficiency Ratio: 58.1% adjusted basis
Charge Off Ratio: .46%
NPL Ratio: .61%
Tangible Common Book Value Per Share = $10.58
Loan to Deposit Ratio: .85%
GAAP Earnings:
The next earnings is scheduled to be released on 4/17.
One source of bank stock weakness is the suspension of share buybacks. Regions Financial Corp. Temporarily Suspends Share Buyback Program (3/16/20)
On 4/9/20, J P Morgan lowered its PT to $13 from $18.5 and reiterated its overweight rating.
On 4/8/20, Barclays cut its PT to $14. from $19 and reiterated it under underweight rating.
I do not have access to those reports.
I do have a question however.
Are those analysts predicting the future or merely describing a car crash that has already happened before they decided to say there has been a car crash, a bad one in fact.
Too bad for the passengers on board.
And, when and if conditions improve and the price runs to say $16, then the upgrades will come. Buy high and sell low, advice that is apparently worth millions.
D. Added 5 SJR at $16.88; 5 at $16.4; 5 at $15.8; 1 at $12.48 :
Quotes:
USD Priced Shares: Shaw Communications Inc. Cl B NV (SJR)
CAD Priced Shares: Shaw Communications Inc. Cl B NV (Canada: Toronto)
Last Closing Price (9/9): SJR $16.37 +$0.10 +0.61%
Investor Relations
Shaw Companies, Corporate Divisions | About - Shaw - Shaw.ca
Shaw Communications Inc (USA) Profile | Reuters
Shaw Communications Inc Key Developments | Reuters
Only Sell Discussion: Item # 3.B. Sold 50 SJR at $20.85-Highest Cost Lot (11/27/19 Post)
Last Buy Discussion: Item # 1.C. (3/7/20 Post)
Last Substantive Buy Discussion: Item # 2.C. (2/8/20 Post)(discussed earnings report for the fiscal quarter ending 11/30/19 in that post)
Dividend: Monthly at C$.098542 or C$1.18 annually (converted into USDs for owners of NYSE traded SJR)
Dividend yield will depend on the CAD/USD conversion rate at the time of each payment.
Dividends are subject to a 15% Canadian withholding tax when the position is held in a U.S. citizens taxable account. No tax is withheld when a U.S. citizen owns the stock in their retirement account (IRA or Keogh).
Next Ex Dividend: 4/14/20
Dividend Reinvestment: Yes
SJR Chart:
Last Earnings Report (Q/E 2/29/20): This report was released after all purchases. Shaw Announces Second Quarter and Year-to-Date Fiscal 2020 Results
Notwithstanding the uncertainty created by the pandemic, Shaw expects free cash flow this year will be in line with prior estimates.
E.P.S. C$.32, up from C$30 in year ago quarter
Revenue at C$1.36B, up from C$1.32B
Free Cash Flow up 20%
Added 54,000 new monthly wireless subscribers
Average billing per user was $43.84, a 6.4% increase Y-O-Y
Shaw warns that Freedom Mobile isn't adding as many customers as planned due to COVID-19 | CBC News
Prior Earnings Report (Q/E 11/31/19): Shaw Announces First Quarter Fiscal 2020
Current Position: 129+ shares
Maximum Position: 200 Shares
Average Cost per share = $18.52
Highest Cost Lot in Current Chain (excluding shares purchased with dividend): 50 shares at $19.7, which will be sold when and if the price clears $20.
Lowest Cost lot: Bought at $12.45 (3/23/20)
Purchase Restriction: Each subsequent purchase, other than through dividend reinvestment, must reduce my average cost per share.
In a report dated 1/15/20, available for review without a subscription by Schwab brokerage customers, Morningstar assigns a narrow moat and 4 star rating. The analyst has a FV estimate of $22.
E. Added 5 OFS at $9.66; 5 at $9.2; 5 at $8.7; 5 at $6; and 5 at $5.65; 2 at $4.8; 2 at $3.7; 10 at $3.79 :
Quote: OFS Capital Corp. (OFS)-A BDC
Last Closing Price (9/9): OFS $4.86 +$0.3400 +7.52%
Market Capitalization at $4.86: about $65.08M
52 Week Price Range: $3.39-$12.81
Chart: Widow Maker Bear Market
Website: Homepage - OFS Capital
OFS SEC Filings
Management: External
2019 Annual Report (risk summary starts at page 27 and ends at page 55)
List of investments start at page 95.
Industry sector classification starts at page 123.
5 Year Financial Data:
Chart: The potential risks are illustrated in this chart
Net Asset Value Per Share History: As I noted in my last post discussing OFS, the recent decline in net asset value per share was worrisome and that was before the pandemic's onset.
12/31/19: $12.46
9/30/19: $12.74 (14.31% decline from 12/31/16)
6/30/19: $12.95 Page 2 10-Q
3/31/19 $13.04 10-Q
12/31/18 $13.10
6/30/18 $13.70
03/31/18 $13.67
12/31/17 $14.12
12/31/16 $14.82
12/31/15 $14.76
12/31/14 $14.24
12/31/13 $14.54
IPO Offering Price at $15 (November 2012) with proceeds after the underwriters' discount at $13.05 Final Prospectus Supplement
Last Sell Discussions: Item # 3.B. Sold 10 OFS at $12.04(11/30/19 Post); Item # 4.B. Sold 60 shares at $12 (11/13/19 Post)
Last Buy Discussions: Item # 3.A. Bought 10 OFS at $11.06 (12/22/19 Post); Item # 3B. Bought 10 OFS at $9.95 and 20 at $9.61 Using Fidelity Commission Free Trades (1/9/19 Post)
Trading Profits to Date: $137.02
Dividend: Quarterly at $.34 per share ($1.36 annually)
The current share price reflects an opinion that the dividend will be slashed or eliminated altogether. The dividend yield at $4.86, the last closing price, is about 27.98%. At that rate, money will double in about 2.81 years before adjusting for taxes and inflation.
Last Ex Dividend Date: 3/23/20
Last Earnings Report (Q/E 12/31/19):
"90% of our total portfolio consisted of senior secured loans"
"At December 31, 2019, the Parent had $13.4 million of cash and cash equivalents available for general corporate activities, including approximately $1.9 million held by SBIC I LP that was available for distribution to the Parent.
Additionally, as of December 31, 2019, we had $69.0 million of borrowings available through our senior secured revolving credit facility with Pacific Western Bank, as well as unused commitments of $93.6 million under the BNP Facility."
OFS Capital Corporation Announces Fourth Quarter and Full Year 2019 Financial Results
Current Position: 105+ shares
Average Cost Per Share: $8.63
Dividend Yield at Average Cost: 15.76% (assumes no dividend cut, which is not the market's assumption)
Dividend Reinvestment: Yes
G. Added 10 GOOD at $16.7; 10 at $16.4; 10 at $16; 10 at $15.7; 5 at $14.2; 5 at $13.6; 5 at $12.8 and 5 at $12.1; 2 at $11.4; 2 at 10.85; 2 at $9.5:
Quote: Gladstone Commercial Corp. (GOOD)
Last Closing Price (9/9): GOOD $14.84 +$1.28 +9.44%
Website: Gladstone Commercial | Monthly Dividend REIT
Commercial Real Estate Map
Company COVID-19 Disclosure: Gladstone Commercial Corporation Provides Corporate (3/24/20)
Chart:
Dividend: Monthly at $.12515 per share ($1.5018 annually)
Distribution History | Gladstone Commercial Corporation
Average Cost Per Share: $15.11
Dividend Yield at Average Cost = 9.94%
Last Ex Dividend: 3/19/20
Dividend Reinvestment: Yes
Last Sell Discussions: Item # 1.C. Eliminated GOOD in Schwab Account-Sold 50+ at $20.88 and Item # 1.D. Sold Highest Cost GOOD Share in Fidelity Account at $21.36 (3/3/19 Post)
5 Years of Financial Data:
Last Earnings Report (Q/E 12/31/19): SEC Filed News Release
For the Years Ending 12/31/19 and 12/3/18:
Gladstone Commercial Corporation Reports Results for the Fourth Quarter and Year Ended December 31, 2019
Other Recent News: Gladstone Commercial Announces $30.3 Million Industrial Acquisition in Crandall, GA ("The initial capitalization rate for the acquisition was 6.3%, with an average capitalization rate of 6.9% . . The property is 100% leased to Haier US Appliance Solutions, Inc. (DBA GE Appliances), a wholly-owned subsidiary of worldwide appliance leader Haier Smart Home (SHSE: 600690). Constructed in 2020 as a build-to-suit with ten and one-half (10.5) years of remaining lease term, the tenant utilizes the property to import and distribute appliance components . .. The facility serves as the Tenant’s core import and distribution facility for its nearby manufacturing facilities across the south.')
H. Added 5 FHN at $8.56; 5 at $7.7; 1 at $7.41 :
Quote: First Horizon National Corp. (FHN)
Last Closing Price: FHN $9.50 +$0.92 +10.72%
First Horizon National Corp. Analyst Estimates | MarketWatch
Investment Category: Regional Bank Basket Strategy (profit snapshots = $51,611.26)
"First Horizon National Corp. provides financial services through First Horizon Bank, First Horizon Advisors, and FHN Financial businesses. The banking subsidiary was founded in 1864 and has the largest deposit market share in Tennessee. The company operates approximately 270 bank locations across the Southeast U.S. and 29 FHN Financial offices across the entire U.S. First Horizon Advisors wealth management group has more than 300 financial professionals and about $4.8 billion in assets under management. FHN Financial is a capital markets industry leader in fixed income sales, trading and strategies for institutional customers in the U.S. and abroad."
10 Year Chart:
Needless to say, I would have been better off waiting to buy until the swan dive shown on the right side was at or near its denouement splash into a concrete floor.
Last Buy Discussion: Stocks, Bonds & Politics:Item # 2.B. Bought 5 FHN at $14.77; 10 at $13.70; 5 at $12.73; 5 at $11.46; 5 at $10.8; 5 at $10.3 and 5 at $9.12 (3/14/20 Post)
I discussed the last earnings report in Item # 1.; First Horizon Releases 2019 Fourth Quarter and Full Year Financial Results
Current Position: 124+ shares
Average Cost Per Share: $13.33
Dividend: Quarterly at $.14 ($.56 annually)
Dividend Yield at $13.33:
Last Ex Dividend: 3/12/20
Dividend Reinvestment: Yes
Purchase Restriction: Small Ball Rule (next buy has to be below $7.41)
I discuss an FHN bond purchase below.
I. Restarted NOBL: Bought 1 at $57.82; 1 at $55.56; 1 at 54.9 (a Fidelity Account); and 1 at $55.87; 1 at $57.98 (a Vanguard Account):
Quote: ProShares S&P 500 Dividend Aristocrats ETF Overview
Last Closing Price: NOBL $62.79 +$1.23 +2.01%
Sponsor's Website: ProShares S&P 500 Dividend Aristocrats ETF (NOBL) ("The only ETF that focuses exclusively on companies in the S&P 500 that have grown dividends for at least 25 consecutive years.")
Last Elimination: Item # 2.D. Sold 5 NOBL at $74.28 (12/4/19 Post)- Item # 5.A. Bought 5 NOBL at $66.39 (3/23/19 Post)
I did not get far before deciding to bail last December. I am starting out even slower now, notwithstanding the much lower prices.
Dividends: Quarterly at a variable rate
Last Ex Dividend: 3/25/20
Current Position: 5 shares
Maximum Position: 200 shares (2 account total)
J. Eliminated Remaining MSPRA-Sold 10 MSPRA at $18.21; 5 at $18.1 and 10 at $19.95 (sold after ex dividend date):
Quote: Morgan Stanley Non-Cumulative Series A Preferred Stock
Profit Snapshots: $49.4 (25 shares)
Last Discussion: Item # 5.A. Bought 100 MSPRA at $16.57 and Sold 90 at $17.5 (3/21/20 Post) The 10 shares sold at $19.94 were the remaining shares left out of that 100 lot purchase. I did not discuss the other purchases.
Category: Advantages and Disadvantages of Equity Preferred Floating Rate Securities
Security: MSPRA is an equity preferred stock that pays non-cumulative and qualified dividends at the greater of 4% or .7% above the 3 month Libor rate on a $25 par value. Prospectus
Stopper Clause: Yes
Maturity: None but issuer may exercise its optional redemption right at anytime.
MSPRA Trading Profits to Date: +$2,311.14 (snapshots at Advantages and Disadvantages of Equity Preferred Floating Rate Securities)
4. Asia Pacific Ex Japan Adds:
A. Bought 10 EAI at $20.43:
Quote: EAI | Entergy Arkansas LLC First Mortgage Bonds 4.875% due 2066 Overview
Last Closing Price (9/9): EAI $25.03 +$0.28 +1.13%
Category: Exchange Traded Baby Bonds as a sub-category of Exchange Traded Bonds
Issuer: Whole owned subsidiary of Entergy Corp. (ETR)
ETR 2019 Annual Report :
EAI Chart as of 3/19:
Credit Ratings:
Last Round-Trips:
Item # 4.B. Sold 30 EAI at $24.7-Used Commission Free Trade (5/18/19 Post)(profit snapshot =$50.21)-Item # 5.A. Bought 10 EAI at $21.73-Used Commission Free Trade (12/16/18 Post), Item # 3 Bought 20 EAI at $23.68 - Used Commission Free Trade (10/7/18 Post)
Item # 4.B. Sold 30 EAI at $24.73-Used Commission Free Trade (3/17/19 Post)-(profit Snapshot= 17.36)-Item # 4.A. Bought 30 EAI at $24.12 (5/24/18 Post)
Item # 3.A. Sold 50 EAI at $24.84 (8/16/17 Post)(profit snapshot = $34.57)
Security: Prospectus
First Mortgage Bond on substantially all assets
Par Value: $25
Optional Redemption Date: or or after 9/1/21
Maturity Date: 9/1/2066 unless redeemed earlier at issuer's option
Interest Rate Risk: Asymmetric in favor of issuer
Yield at TC = 5.97%
Last $1K Par Value Transactions: Item # 4.A. Sold 1 Entergy Arkansas 3.05% First Mortgage Bond Maturing on 6/1/23 at 102.73 (9/28/19 Post); Stocks, Bonds & Politics: Item # 3.C. Sold 1 Entergy Arkansas 3.05% First Mortgage Bond at 101.527 A(7/9/19 Post)
B. Bought 10 ELC at $20.64:
Quote: ELC | Entergy Louisiana LLC First Mortgage Bonds 4.875% Series due 2066 Overview
Last Closing Price: ELC $25.28 +$0.83 +3.39%
Issuer: Wholly owned subsidiary of Entergy Corp. (ETR)
2019 ETR Annual Report
ELC Chart as of 3/19/20:
Note the similarity with the EAI chart above.
ELC Credit Ratings:
Investment Category: Exchange Traded Baby Bonds, a sub-category of Exchange Traded Bonds
Interest Payments: Quarterly/trades flat
Last Ex Interest Date: 2/27/20
Yield at Total Cost:
Current Position: 10 shares
Perhaps I could have been more enthusiastic.
Security: Prospectus
First Mortgage on substantially all assets
Par Value: $25
Issuer Optional Redemption: on or after 9/1/21
Maturity Date: 9/1/66, unless redeemed early at issuer's option
Interest Rate Risk: Asymmetric in favor of issuer
Last Transactions:
Item # 4.A. Sold Highest Cost ELC lot at $24.58-Used Commission Free Trade(2/27/19 Post)(profit snapshot= $91.58)-Item #3.A. Bought 10 ELC at $21.37-Used Commission Free Trade (12/12/18 Post); Item # 4.A. Added 20 ELC at $22.04-Used Commission Free Trade (12/17/18 Post)
Item # 4.A. Sold 30 ELC at $23.48-Used Commission Free Trade (2/27/19 Post)(profit snapshot = $20.22)
Item # 3.B. Sold 50 ELC at $24.77-Used Commission Free Trade(8/16/17 Post)(profit snapshot = $94.54)
Other Buy Discussions: Item # 2.B. Bought 50 ELC at $22.88 (5/15/17 Post); South Gent's Comment Blog # 6: Bought 30 ELC at $21.12 (11/26/16 Comment)
I also still own the following: Item # 3.B. Bought 1 Entergy Louisiana 3.3% First Mortgage Bond Maturing on 12/1/2022 (4/23/18 Post)
C. Bought 5 TPVY at $21.95:
Quote: TriplePoint Venture Growth BDC Corp. 5.75% Notes due 2022 Overview
Last Closing Price(4/9) : TPVY $23.20 +$1.30 +5.94%
Security: Prospectus
Interest: Quarterly / trades flat
Capital Structure: Senior Unsecured debt
Par Value: $25
Maturity Date: 7/15/22
Callable at Par Value at issuer's option now
Payment Dates: January 15, April 15, July 15 and October 15
Last Ex Interest Date: 3/31/20 (before purchase)
Yield at $21.95 = 6.55%
A rough calculation of yield-to-maturity is about 13%, using this calculator and assigning a 2 year maturity date (only allows for years not months). Bond Yield Calculator The difference in the 6.55% current yield and the 13% YTM is the profit on the bond, which is part of the YTM calculation. The YTM number assumes that all interest payments will be made and the issuer will pay the principal amount on the maturity date.
I view this one as having far more credit risk, but far less potential interest rate risk, than the two potentially long term first mortgage bonds discussed above. I discuss the issuer in Item # 3.B. above.
I would not expect this issuer to redeem this bond early.
Quotes:
USD Priced Shares: Shaw Communications Inc. Cl B NV (SJR)
CAD Priced Shares: Shaw Communications Inc. Cl B NV (Canada: Toronto)
Last Closing Price (9/9): SJR $16.37 +$0.10 +0.61%
Investor Relations
Shaw Companies, Corporate Divisions | About - Shaw - Shaw.ca
Shaw Communications Inc (USA) Profile | Reuters
Shaw Communications Inc Key Developments | Reuters
Only Sell Discussion: Item # 3.B. Sold 50 SJR at $20.85-Highest Cost Lot (11/27/19 Post)
Last Buy Discussion: Item # 1.C. (3/7/20 Post)
Last Substantive Buy Discussion: Item # 2.C. (2/8/20 Post)(discussed earnings report for the fiscal quarter ending 11/30/19 in that post)
Dividend: Monthly at C$.098542 or C$1.18 annually (converted into USDs for owners of NYSE traded SJR)
Dividend yield will depend on the CAD/USD conversion rate at the time of each payment.
Dividends are subject to a 15% Canadian withholding tax when the position is held in a U.S. citizens taxable account. No tax is withheld when a U.S. citizen owns the stock in their retirement account (IRA or Keogh).
Next Ex Dividend: 4/14/20
Dividend Reinvestment: Yes
SJR Chart:
Notwithstanding the uncertainty created by the pandemic, Shaw expects free cash flow this year will be in line with prior estimates.
E.P.S. C$.32, up from C$30 in year ago quarter
Revenue at C$1.36B, up from C$1.32B
Free Cash Flow up 20%
Added 54,000 new monthly wireless subscribers
Average billing per user was $43.84, a 6.4% increase Y-O-Y
Shaw warns that Freedom Mobile isn't adding as many customers as planned due to COVID-19 | CBC News
Prior Earnings Report (Q/E 11/31/19): Shaw Announces First Quarter Fiscal 2020
Current Position: 129+ shares
Maximum Position: 200 Shares
Average Cost per share = $18.52
Highest Cost Lot in Current Chain (excluding shares purchased with dividend): 50 shares at $19.7, which will be sold when and if the price clears $20.
Lowest Cost lot: Bought at $12.45 (3/23/20)
Purchase Restriction: Each subsequent purchase, other than through dividend reinvestment, must reduce my average cost per share.
In a report dated 1/15/20, available for review without a subscription by Schwab brokerage customers, Morningstar assigns a narrow moat and 4 star rating. The analyst has a FV estimate of $22.
E. Added 5 OFS at $9.66; 5 at $9.2; 5 at $8.7; 5 at $6; and 5 at $5.65; 2 at $4.8; 2 at $3.7; 10 at $3.79 :
Quote: OFS Capital Corp. (OFS)-A BDC
Last Closing Price (9/9): OFS $4.86 +$0.3400 +7.52%
Market Capitalization at $4.86: about $65.08M
52 Week Price Range: $3.39-$12.81
Chart: Widow Maker Bear Market
OFS SEC Filings
Management: External
2019 Annual Report (risk summary starts at page 27 and ends at page 55)
List of investments start at page 95.
Industry sector classification starts at page 123.
5 Year Financial Data:
 |
| Page 64 Annual Report |
Net Asset Value Per Share History: As I noted in my last post discussing OFS, the recent decline in net asset value per share was worrisome and that was before the pandemic's onset.
12/31/19: $12.46
9/30/19: $12.74 (14.31% decline from 12/31/16)
6/30/19: $12.95 Page 2 10-Q
3/31/19 $13.04 10-Q
12/31/18 $13.10
6/30/18 $13.70
03/31/18 $13.67
12/31/17 $14.12
12/31/16 $14.82
12/31/15 $14.76
12/31/14 $14.24
12/31/13 $14.54
IPO Offering Price at $15 (November 2012) with proceeds after the underwriters' discount at $13.05 Final Prospectus Supplement
Last Sell Discussions: Item # 3.B. Sold 10 OFS at $12.04(11/30/19 Post); Item # 4.B. Sold 60 shares at $12 (11/13/19 Post)
Last Buy Discussions: Item # 3.A. Bought 10 OFS at $11.06 (12/22/19 Post); Item # 3B. Bought 10 OFS at $9.95 and 20 at $9.61 Using Fidelity Commission Free Trades (1/9/19 Post)
Trading Profits to Date: $137.02
Dividend: Quarterly at $.34 per share ($1.36 annually)
The current share price reflects an opinion that the dividend will be slashed or eliminated altogether. The dividend yield at $4.86, the last closing price, is about 27.98%. At that rate, money will double in about 2.81 years before adjusting for taxes and inflation.
Last Ex Dividend Date: 3/23/20
Last Earnings Report (Q/E 12/31/19):
"90% of our total portfolio consisted of senior secured loans"
Additionally, as of December 31, 2019, we had $69.0 million of borrowings available through our senior secured revolving credit facility with Pacific Western Bank, as well as unused commitments of $93.6 million under the BNP Facility."
OFS Capital Corporation Announces Fourth Quarter and Full Year 2019 Financial Results
Current Position: 105+ shares
Average Cost Per Share: $8.63
Dividend Yield at Average Cost: 15.76% (assumes no dividend cut, which is not the market's assumption)
Dividend Reinvestment: Yes
G. Added 10 GOOD at $16.7; 10 at $16.4; 10 at $16; 10 at $15.7; 5 at $14.2; 5 at $13.6; 5 at $12.8 and 5 at $12.1; 2 at $11.4; 2 at 10.85; 2 at $9.5:
Quote: Gladstone Commercial Corp. (GOOD)
Last Closing Price (9/9): GOOD $14.84 +$1.28 +9.44%
Website: Gladstone Commercial | Monthly Dividend REIT
Commercial Real Estate Map
Company COVID-19 Disclosure: Gladstone Commercial Corporation Provides Corporate (3/24/20)
Chart:
Distribution History | Gladstone Commercial Corporation
Average Cost Per Share: $15.11
Dividend Yield at Average Cost = 9.94%
Last Ex Dividend: 3/19/20
Dividend Reinvestment: Yes
Last Sell Discussions: Item # 1.C. Eliminated GOOD in Schwab Account-Sold 50+ at $20.88 and Item # 1.D. Sold Highest Cost GOOD Share in Fidelity Account at $21.36 (3/3/19 Post)
5 Years of Financial Data:
Other Recent News: Gladstone Commercial Announces $30.3 Million Industrial Acquisition in Crandall, GA ("The initial capitalization rate for the acquisition was 6.3%, with an average capitalization rate of 6.9% . . The property is 100% leased to Haier US Appliance Solutions, Inc. (DBA GE Appliances), a wholly-owned subsidiary of worldwide appliance leader Haier Smart Home (SHSE: 600690). Constructed in 2020 as a build-to-suit with ten and one-half (10.5) years of remaining lease term, the tenant utilizes the property to import and distribute appliance components . .. The facility serves as the Tenant’s core import and distribution facility for its nearby manufacturing facilities across the south.')
H. Added 5 FHN at $8.56; 5 at $7.7; 1 at $7.41 :
Quote: First Horizon National Corp. (FHN)
Last Closing Price: FHN $9.50 +$0.92 +10.72%
First Horizon National Corp. Analyst Estimates | MarketWatch
Investment Category: Regional Bank Basket Strategy (profit snapshots = $51,611.26)
"First Horizon National Corp. provides financial services through First Horizon Bank, First Horizon Advisors, and FHN Financial businesses. The banking subsidiary was founded in 1864 and has the largest deposit market share in Tennessee. The company operates approximately 270 bank locations across the Southeast U.S. and 29 FHN Financial offices across the entire U.S. First Horizon Advisors wealth management group has more than 300 financial professionals and about $4.8 billion in assets under management. FHN Financial is a capital markets industry leader in fixed income sales, trading and strategies for institutional customers in the U.S. and abroad."
10 Year Chart:
Last Buy Discussion: Stocks, Bonds & Politics:Item # 2.B. Bought 5 FHN at $14.77; 10 at $13.70; 5 at $12.73; 5 at $11.46; 5 at $10.8; 5 at $10.3 and 5 at $9.12 (3/14/20 Post)
I discussed the last earnings report in Item # 1.; First Horizon Releases 2019 Fourth Quarter and Full Year Financial Results
Current Position: 124+ shares
Average Cost Per Share: $13.33
Dividend: Quarterly at $.14 ($.56 annually)
Dividend Yield at $13.33:
Last Ex Dividend: 3/12/20
Dividend Reinvestment: Yes
Purchase Restriction: Small Ball Rule (next buy has to be below $7.41)
I discuss an FHN bond purchase below.
I. Restarted NOBL: Bought 1 at $57.82; 1 at $55.56; 1 at 54.9 (a Fidelity Account); and 1 at $55.87; 1 at $57.98 (a Vanguard Account):
Quote: ProShares S&P 500 Dividend Aristocrats ETF Overview
Last Closing Price: NOBL $62.79 +$1.23 +2.01%
Sponsor's Website: ProShares S&P 500 Dividend Aristocrats ETF (NOBL) ("The only ETF that focuses exclusively on companies in the S&P 500 that have grown dividends for at least 25 consecutive years.")
Last Elimination: Item # 2.D. Sold 5 NOBL at $74.28 (12/4/19 Post)- Item # 5.A. Bought 5 NOBL at $66.39 (3/23/19 Post)
I did not get far before deciding to bail last December. I am starting out even slower now, notwithstanding the much lower prices.
Dividends: Quarterly at a variable rate
Current Position: 5 shares
Maximum Position: 200 shares (2 account total)
J. Eliminated Remaining MSPRA-Sold 10 MSPRA at $18.21; 5 at $18.1 and 10 at $19.95 (sold after ex dividend date):
Quote: Morgan Stanley Non-Cumulative Series A Preferred Stock
Profit Snapshots: $49.4 (25 shares)
Last Discussion: Item # 5.A. Bought 100 MSPRA at $16.57 and Sold 90 at $17.5 (3/21/20 Post) The 10 shares sold at $19.94 were the remaining shares left out of that 100 lot purchase. I did not discuss the other purchases.
Category: Advantages and Disadvantages of Equity Preferred Floating Rate Securities
Security: MSPRA is an equity preferred stock that pays non-cumulative and qualified dividends at the greater of 4% or .7% above the 3 month Libor rate on a $25 par value. Prospectus
Stopper Clause: Yes
Maturity: None but issuer may exercise its optional redemption right at anytime.
MSPRA Trading Profits to Date: +$2,311.14 (snapshots at Advantages and Disadvantages of Equity Preferred Floating Rate Securities)
4. Asia Pacific Ex Japan Adds:
A. Restarted MAPTX-Bought $100 at $23.12:
Quote: MAPTX | Matthews Pacific Tiger Fund-Investor Overview
Sponsor's Website: Overview - Matthews Pacific Tiger Fund
Last Elimination: Item # 1 Eliminated MAPTX at $27.9 (6/23/19 Post)(profit snapshot = $665.47)
Distributions: Annually, mostly sourced from long term capital gains
Top Ten Holdings:
Country Allocation:
B. Added $50 MCDFX at $14.14 AND $100 at $14.52:
Quote: MCDFX | Matthews China Dividend Fund Overview
Sponsor's website: Overview-Matthews China Dividend Fund
Morningstar Page
Last Buy Discussions: Item # 6.A. Added $50 to MCDFX at $14.43 (1/2/19 Post); Stocks, (10/28/18 Post)
Last Eliminations: Item # 3 Eliminated MCDFX-Sold 111+ at $17.95 (4/12/18 Post)
Prior Eliminations Profit Snapshots = $1,137.78:
Current Position: 48+ Shares
Average Cost Per Share: $15.17
Top 10 Holdings as of 3/31/20:
Dividend: Semi-Annually at a variable Rate:
C. Restarted CHN-Bought 10 at $19.1:
Quote: China Fund Inc. (CHN)-CEF
Sponsor's Website: The China Fund Inc.
Dividend History:
Top 10 Holdings as of 2/28/20:
Last Discussed Eliminations: Item # 1 Pared 95 of 200+ CHN Owned in a Taxable Account at $21.73 (4/19/15 Post) A 100 share lot was sold the next (Update On Closed End Fund Basket Strategy As Of 7/28/15 - South Gent | Seeking Alpha):
I sold in 2017 my remaining shares at a $62.81 loss, but at a positive total return with the dividends.
Data as of 4/9/2019 Purchase:
Closing Net Asset Value Per Share: $22.47
Closing Market Price: $19.1
Discount: -15%
Sourced: CHN China Fund-CEF Connect
The China Fund (Holdings as of 1/31/20)
China Fund Inc. (annual report for the period ending 10/31/19)
5. Exchange Traded Bonds: Sponsor's Website: Overview - Matthews Pacific Tiger Fund
Last Elimination: Item # 1 Eliminated MAPTX at $27.9 (6/23/19 Post)(profit snapshot = $665.47)
Distributions: Annually, mostly sourced from long term capital gains
Top Ten Holdings:
Country Allocation:
Sponsor's website: Overview-Matthews China Dividend Fund
Morningstar Page
Last Buy Discussions: Item # 6.A. Added $50 to MCDFX at $14.43 (1/2/19 Post); Stocks, (10/28/18 Post)
Last Eliminations: Item # 3 Eliminated MCDFX-Sold 111+ at $17.95 (4/12/18 Post)
Prior Eliminations Profit Snapshots = $1,137.78:
 |
| 2018 MCDFX 111+ Shares +$315.95 |
 |
| 2015 MCDFX 204+ Shares +$821.83 |
Average Cost Per Share: $15.17
Top 10 Holdings as of 3/31/20:
C. Restarted CHN-Bought 10 at $19.1:
Sponsor's Website: The China Fund Inc.
Dividend History:
 |
| Roth IRA +$302.47 |
Data as of 4/9/2019 Purchase:
Closing Net Asset Value Per Share: $22.47
Closing Market Price: $19.1
Discount: -15%
Sourced: CHN China Fund-CEF Connect
The China Fund (Holdings as of 1/31/20)
China Fund Inc. (annual report for the period ending 10/31/19)
A. Bought 10 EAI at $20.43:
Last Closing Price (9/9): EAI $25.03 +$0.28 +1.13%
Category: Exchange Traded Baby Bonds as a sub-category of Exchange Traded Bonds
Issuer: Whole owned subsidiary of Entergy Corp. (ETR)
ETR 2019 Annual Report :
 |
| Page 106 |
Credit Ratings:
Item # 4.B. Sold 30 EAI at $24.7-Used Commission Free Trade (5/18/19 Post)(profit snapshot =$50.21)-Item # 5.A. Bought 10 EAI at $21.73-Used Commission Free Trade (12/16/18 Post), Item # 3 Bought 20 EAI at $23.68 - Used Commission Free Trade (10/7/18 Post)
Item # 4.B. Sold 30 EAI at $24.73-Used Commission Free Trade (3/17/19 Post)-(profit Snapshot= 17.36)-Item # 4.A. Bought 30 EAI at $24.12 (5/24/18 Post)
Item # 3.A. Sold 50 EAI at $24.84 (8/16/17 Post)(profit snapshot = $34.57)
Security: Prospectus
First Mortgage Bond on substantially all assets
Par Value: $25
Optional Redemption Date: or or after 9/1/21
Maturity Date: 9/1/2066 unless redeemed earlier at issuer's option
Interest Rate Risk: Asymmetric in favor of issuer
Yield at TC = 5.97%
Last $1K Par Value Transactions: Item # 4.A. Sold 1 Entergy Arkansas 3.05% First Mortgage Bond Maturing on 6/1/23 at 102.73 (9/28/19 Post); Stocks, Bonds & Politics: Item # 3.C. Sold 1 Entergy Arkansas 3.05% First Mortgage Bond at 101.527 A(7/9/19 Post)
B. Bought 10 ELC at $20.64:
Last Closing Price: ELC $25.28 +$0.83 +3.39%
Issuer: Wholly owned subsidiary of Entergy Corp. (ETR)
2019 ETR Annual Report
|
| Page 106 |
ELC Credit Ratings:
Investment Category: Exchange Traded Baby Bonds, a sub-category of Exchange Traded Bonds
Interest Payments: Quarterly/trades flat
Last Ex Interest Date: 2/27/20
Yield at Total Cost:
Current Position: 10 shares
Perhaps I could have been more enthusiastic.
Security: Prospectus
First Mortgage on substantially all assets
Par Value: $25
Issuer Optional Redemption: on or after 9/1/21
Maturity Date: 9/1/66, unless redeemed early at issuer's option
Interest Rate Risk: Asymmetric in favor of issuer
Last Transactions:
Item # 4.A. Sold Highest Cost ELC lot at $24.58-Used Commission Free Trade(2/27/19 Post)(profit snapshot= $91.58)-Item #3.A. Bought 10 ELC at $21.37-Used Commission Free Trade (12/12/18 Post); Item # 4.A. Added 20 ELC at $22.04-Used Commission Free Trade (12/17/18 Post)
Item # 4.A. Sold 30 ELC at $23.48-Used Commission Free Trade (2/27/19 Post)(profit snapshot = $20.22)
Item # 3.B. Sold 50 ELC at $24.77-Used Commission Free Trade(8/16/17 Post)(profit snapshot = $94.54)
Other Buy Discussions: Item # 2.B. Bought 50 ELC at $22.88 (5/15/17 Post); South Gent's Comment Blog # 6: Bought 30 ELC at $21.12 (11/26/16 Comment)
Last $1K Par Value Transactions: Item # 3.A. Sold 1 Entergy Louisiana 2.4% First Mortgage Bond Maturing on 10/1/26 (7/9/19 Post) I currently own 1 of this issue.
I also still own the following: Item # 3.B. Bought 1 Entergy Louisiana 3.3% First Mortgage Bond Maturing on 12/1/2022 (4/23/18 Post)
C. Bought 5 TPVY at $21.95:
Last Closing Price(4/9) : TPVY $23.20 +$1.30 +5.94%
Security: Prospectus
Interest: Quarterly / trades flat
Capital Structure: Senior Unsecured debt
Par Value: $25
Maturity Date: 7/15/22
Callable at Par Value at issuer's option now
Payment Dates: January 15, April 15, July 15 and October 15
Last Ex Interest Date: 3/31/20 (before purchase)
Yield at $21.95 = 6.55%
A rough calculation of yield-to-maturity is about 13%, using this calculator and assigning a 2 year maturity date (only allows for years not months). Bond Yield Calculator The difference in the 6.55% current yield and the 13% YTM is the profit on the bond, which is part of the YTM calculation. The YTM number assumes that all interest payments will be made and the issuer will pay the principal amount on the maturity date.
I view this one as having far more credit risk, but far less potential interest rate risk, than the two potentially long term first mortgage bonds discussed above. I discuss the issuer in Item # 3.B. above.
I would not expect this issuer to redeem this bond early.
6. Short Term Corporate Bonds as an Alternative to Money Market Funds:
A. Bought 2 First Horizon 3.5% SU Bonds Maturing on 12/15/20:
FINRA PAGE: Bond Detail (Prospectus not linked)
Prospectus
The bond can be redeemed at par value + accrued and unpaid interest on or after 11/15/20.
"Unless previously redeemed, the notes will mature on December 15, 2020. We may redeem the notes, in whole or, in the case of notes in a denomination greater than $250,000, in part, on or after November 15, 2020 (one month prior to maturity) at 100% of the principal amount of the notes, plus accrued and unpaid interest to, but excluding, the date of redemption."
Issuer: I discussed the issuer in Item #3.H. above.
Bought at a Total Cost of 97.1 (includes $1 Per bond commission)
YTM at Total Cost = 7.677%
B. Bought 2 Plum Creek Timber L.P. 4.7% SU Bonds Maturing on 3/15/21:
FINRA Page: Bond Detail (prospectus linked)
The bond is fully and unconditionally guaranteed by the Plum Creek Timber Company. Issuer has the right to redeem at par value on or after 12/15/20. Given the coupon, I would anticipate that Plum Creek will redeem on 12/15/20.
Plum Creek was formerly a S & P 500 company that was acquired by Weyerhaeuser. Weyerhaeuser completes merger with Plum Creek
Weyerhaeuser reports fourth quarter, full year results
Weyerhaeuser (WY) is a REIT.
2019 Annual Report (debt listed starting at page 83)
This bond is now a WY obligation.
This is an actively traded bond.
Bought at a Total Cost of 98.9 (includes $1 per bond commission)
YTM at 98.9 = 5.876%
Bought at 98.8 (before commission)
Credit Ratings:
A. Bought 2 First Horizon 3.5% SU Bonds Maturing on 12/15/20:
FINRA PAGE: Bond Detail (Prospectus not linked)
Prospectus
The bond can be redeemed at par value + accrued and unpaid interest on or after 11/15/20.
"Unless previously redeemed, the notes will mature on December 15, 2020. We may redeem the notes, in whole or, in the case of notes in a denomination greater than $250,000, in part, on or after November 15, 2020 (one month prior to maturity) at 100% of the principal amount of the notes, plus accrued and unpaid interest to, but excluding, the date of redemption."
Issuer: I discussed the issuer in Item #3.H. above.
Bought at a Total Cost of 97.1 (includes $1 Per bond commission)
YTM at Total Cost = 7.677%
B. Bought 2 Plum Creek Timber L.P. 4.7% SU Bonds Maturing on 3/15/21:
FINRA Page: Bond Detail (prospectus linked)
The bond is fully and unconditionally guaranteed by the Plum Creek Timber Company. Issuer has the right to redeem at par value on or after 12/15/20. Given the coupon, I would anticipate that Plum Creek will redeem on 12/15/20.
Plum Creek was formerly a S & P 500 company that was acquired by Weyerhaeuser. Weyerhaeuser completes merger with Plum Creek
Weyerhaeuser reports fourth quarter, full year results
Weyerhaeuser (WY) is a REIT.
2019 Annual Report (debt listed starting at page 83)
This bond is now a WY obligation.
This is an actively traded bond.
Bought at a Total Cost of 98.9 (includes $1 per bond commission)
YTM at 98.9 = 5.876%
Bought at 98.8 (before commission)
Credit Ratings:
C. Bought 2 CVS 2.8% SU Bonds Maturing on 7/20/20:
I now own 4 bonds.
FINRA Page: Bond Detail (prospectus linked)
Issuer: CVS Health Corp. (CVS)
Bought at a Total Cost of 99.1
YTM at 99.1 = 5.64%
6. Intermediate Term Bond Basket Strategy (maturing in 3 to 10 years from date of purchase) :
A. Bought 1 Boston Properties 3.125% SU Maturing on 9/1/23-In A Roth IRA Account:
FIRNA Page: Bond Detail (Prospectus linked)
Bought at a Total Cost of 98.885
YTM at Total Cost = 3.475%
Current Yield at TC = 3.16%
Issuer: Operating entity for Boston Properties Inc. (BXP)
BXP SEC Filings
BXP and Boston Properties Limited Partnership 2019 Annual Report (unsecured senior debt is listed at page 154; property list starts at page 39; cash at $644.95M at page 108)
5 Year Financials (at page 96):
Credit ratings:
I previously sold all my BXP senior unsecured notes. The sells were not motivated by credit risk concerns. Instead, as an active bond trader, I was merely harvesting profits and then waiting for another opportunity to buy.
I last sold 2 of these bond at 100.231 in the same account. Item # 1.B. Sold 2 Boston Properties 3.125% SU Bonds Maturing on 9/1/2023 at 100.231 (5/1/2019) And, I sold 1 bond at 101: Item # 2.A. (1/8/18 Post)
I now own 4 bonds.
FINRA Page: Bond Detail (prospectus linked)
Issuer: CVS Health Corp. (CVS)
Bought at a Total Cost of 99.1
YTM at 99.1 = 5.64%
6. Intermediate Term Bond Basket Strategy (maturing in 3 to 10 years from date of purchase) :
A. Bought 1 Boston Properties 3.125% SU Maturing on 9/1/23-In A Roth IRA Account:
FIRNA Page: Bond Detail (Prospectus linked)
Bought at a Total Cost of 98.885
YTM at Total Cost = 3.475%
Current Yield at TC = 3.16%
Issuer: Operating entity for Boston Properties Inc. (BXP)
BXP SEC Filings
BXP and Boston Properties Limited Partnership 2019 Annual Report (unsecured senior debt is listed at page 154; property list starts at page 39; cash at $644.95M at page 108)
5 Year Financials (at page 96):
I previously sold all my BXP senior unsecured notes. The sells were not motivated by credit risk concerns. Instead, as an active bond trader, I was merely harvesting profits and then waiting for another opportunity to buy.
I last sold 2 of these bond at 100.231 in the same account. Item # 1.B. Sold 2 Boston Properties 3.125% SU Bonds Maturing on 9/1/2023 at 100.231 (5/1/2019) And, I sold 1 bond at 101: Item # 2.A. (1/8/18 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 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.
