Use Friday Wisely to Position Portfolios

Very early (4 a.m.) in the day it looks like we will have a strong opening to equity markets–too strong as far as I am concerned. But we can use Friday to continue to do work on our portfolios.

I did do a bit a nibbling yesterday on investment grade issues–but I did no selling and I still have a few perpetuals that I would like to sell–so I will consider doing it today.

Using the S&P500 as a reference I have to believe that we are a long way from the bottom of the market. If one was to assume that we had down GDP in the 1st quarter of say a few percent, but then a fairly massive drop in the 2nd quarter of 10% or even more–is there anyone out there that truly believes that we will have anything short of a substantial recession?

Why are airlines still priced high–relative to the situation? Delta is $24/share this early a.m.–shouldn’t it go to $5 or $10? I think the only reason is because of government bailouts–not sure that should hold shares prices up–these bailouts are going to come with many strings attached. As a side note Compass Airlines, who is a regional air carrier for Delta and American Airlines announced yesterday that they are closing down.

Why are all the indexes off just 30%? Is there really going to be a V bottom? Not sure that is possible–it makes no sense. I know in my small town I expect maybe 25% of the small businesses to fold–they were mostly making it just day to day prior to Covid 19.

Anyway there are no answers to my questions–but it would seem that equity markets will take a turn lower soon because economic slowdowns of the magnitude I think are coming are not baked into these markets.

I will continue to position and nibble as opportunities present themselves–but I will keep plenty of powder available.

96 thoughts on “Use Friday Wisely to Position Portfolios”

  1. Not to be captain obvious, but if the Unemployment rate gets above the 12 month moving average now at 3.6% , we have a 95% chance we are in a recession. This has called every recession in the past. We are surely in a recession with the global lockdown, hopefully it will be brief. ATB.

  2. Just sitting here on sunday morning and watching a variety of all the news shows. If our government and for that matter us as well don’t learn a valuable lesson from what this shitstorm has caused for us then I guess we get what we deserve as americans. We need to stop getting 90% of our medicines (from anti-biotics to aspirin and everything in between) from F—ing China. When and Iam extremely serious about his are we going to learn that China is NOT our friend??? I live in Omaha and the Mayor has already shut the entire city down. Only can you go out for groceries, gas, pharmacy, or medical care. NOTHING ELSE. When I look down the road in 12 or 18 months Iam going to do things a whole lot different as most of you will as well. When and if things return to some semblance of normalcy I will be selling anything that is not “Financially Strong”. I have read that as a country we have lost over $12 TRILLION in WEALTH. Just “STOP & THINK” as to how this will affect people age 60 and over who “Thought” they had a pretty conservative portfolio from their advisor with a 65/35, 60/40, 55/45, or even a 40/60 portfolio of stock and bond funds. They are now sitting at their computers and saying something like: “Oh my GOD, we are down 20, 30, 40, or even 50% depending upon what they owned. I have talked to some of those folks and they are extremely depressed. Not to get political but if Burr, Loeffler, Feinstein, or “Others” had given us a warning I think it would be safe to say that most of us would have atleast at a minimum gone to a 40 to 50% cash position. And lastly, let me just say this will affect all of us in one form or another for many many years to come. If you are staying home today and find that you have little to do I welcome your comments and opinions. It is just so hard to understand how people actually eat bats, monkeys, snakes, and even DOGS. Yes, dogs.

      1. Marin; Here’s why you are wrong atleast somewhat. I owned my own business for 39 years and worked with many many people over those decades. There is always a large segment of the population that are “Procrastinators”. They are the ones who always give the pat answer of “I’ll possibly look at that next week”. They almost always end up doing nothing because you can give them the best advice in the world but they just won’t act upon it. Then their are the “analyzers” who get what I call “Analysis Paralysis”. That group (like me) has to study it deeply and would take a few weeks to “Think and Research it Over”. After careful analysis they might act and go 15 to 30% cash. Then there is the last group who are willing to act but even then they would most likely only go somewhere between 30 to 50% cash. Almost no one except the true scientists and the Mensa club guys would have actually gone 100% cash because they would want to see “More Proof” which of course they would have never gotten. So you are wrong when you say “same net result”. Completely wrong.

    1. Hello Chuck. The cost of living in the US would be very much higher if everything we buy is made in the labor-expensive US. Corporate greed adds to that. Both corporate and consumer debt are at all time highs making the current economic mess much worse. As for eating bats, monkeys, snakes, and dogs, I have eaten all of them and other critters. Stand a horse next to a cow, pig, or sheep and what is the difference? whats your point?

        1. Nothing filthy about any of those meats or any of the many other meats people eat. Its all personal perspective.

      1. You forgot the Squirrel we went hunting for in Indiana ( tastes just like chicken ) or my favorite, ground hog in my home state of PA.

  3. I am hoping we are getting a step closer to a bottom. Who knows if it will be another 10% down or … Many investors are dumping at 30% + losses and going to cash. Many people are sitting at home with nothing to do. Sitting at their computer screens hitting refresh, listening to the panic on the tv, and wondering if they or their love ones are going to live or die. To gain power back into your hands, and gain control… the only thing you can do is just sell everything so that at least you can sleep at night. You have to do what it takes to feel better.

  4. The other thing that is happening its very difficult to get a decent bid on your bonds. Just for example I was wanting to sell my ONEOK bonds today. On my Schwab website they were showing them at 81 (6 weeks ago they were priced at 117) anyway so I get my bid back from the bond dept and the best offer was 59. I just kept them. Its really getting way beyond UGLY out there.

    1. Chuck it was other way for me yesterday. I saw a delisted baby bond Baa2 ute dumped onto bond market with $25 par, 6% F/F trading on Finra for $11-$12…Sign me up for that…Called Vanguard bond desk and they called vendors but they had no inventory. Very frustrating to want to buy and they were trading some shares, but couldnt round me up any.

    2. It is unbelievable for what some A rated utility bonds have been sold for in the last couple days (check out FINRA’s site). Only the desperate for cash must be doing the selling. However, the last trade prices are often deceptive aberrations. Good luck actually getting the 7-8% yields on these 1st Mortgage bonds.

    3. I was also having problems with liquidity on issues that should be liquid. Nobody on the bid, but even Ask low liquidity, but huge spreads. So it was difficult to sell or buy.

  5. Well that was one ugly close. The morning bounce was just an opportunity for people to bail. I closed several positions this week at a loss and didn’t buy anything despite what looks like good deals (They aren’t). I’m at 90% cash and will stand aside till I get a good sense of how this virus situation is progressing. Unfortunately, things are going to get a lot worse (healthwise and financially) and we are no longer talking about a recession but more like depression level drops in GDP. Several brokerages came out with estimates of negative 13% to negative 24% drops in GDP to be followed by an immediate sharp increase in the 3rd and 4th quarter. Way too optimisic and doesn’t reflect the reality of a complete economic stop.
    S&P support levels are meaningless in this environment because we have no clue what GDP and corporate earnings will be like. Never happened before so take any projected estimates you hear with a huge grain of salt. Stay safe.

  6. Sold some stuff today including USB-O, some EQH-A, and CORR-A

    Didn’t like selling corr-a for a bit of a loss, but….oil is now sub $20

    1. WTI is down but I haven’t seen it below 20 yet today:

      WTI:

      Prev. Close: 25.91 Open: 25.62 Day’s Range: 22.41 – 28.48

      Small comfort, though. 🙂

        1. Frustrating thing is gas stations are getting deliveries at 1.15 per gallon and selling for 1.99

          I hate going to the pump and getting ripped off like this.

          1. Dude that’s a decades old trend. On way up it’s LIFO on way down its FIFO.

            No gas station is raking in profits.

            1. Obviously it’s a decade old trend, but 70% margin is extreme. Only other time I’ve seen this is when they price gouge in FL before a hurricane.

  7. Just spoke moments ago to a buddy in Chicago. They are now talking about shutting the city down. This shitstorm is just getting started and I fear it has a long long ways to go. I pray that these companies can hang on and not have to file bankruptcy. I’ve never seen things so dire as now.

    1. MGM Casino Stock up 39 percent this morning. The Venetian Casinos up 14 percent this morning. Macau casinos open since mid February. Cruise lines up 15%. this morning. A new way to raise your stock price: furlough your American employees, get in line for bailout. I guess I missed that course in my Financial accounting classes back in college.

      I Lots of casino debt selling at much higher yields than a month ago.

      1. Marriott was 45 Wednesday 83 today.

        Most preferreds up 25-40% in two days…. BUT down 50% in a week.

      2. Well, that might not work out too well since all casinos in Nevada are closed. Don’t casinos have any ‘savings’ or access to loans? Why go crying to Uncle Sam?

  8. Buying opportunities abound. Pick that quality company you were following but which was wildly overvalued. Ain’t so today, even with the (very) modest gaina yesterday.

  9. Sorry if this is a ridiculous question but why would perpetuals be more of a risk if they were investment grade? Bank issues specifically.

    1. If interest rates go up, your 5.5% perpetual looks less attractive, because a better return can be found elsewhere. If interest rates go up a lot, that 5.5% perpetual looks very unattractive. That makes the value go down, or way down.

      1. Thank you for taking the time on a day when everyone is so busy.
        So this is why the cef and the bond issues are relatively more attractive than bank preferreds even though the initial interest payouts are the same? Sorry again if this is such a stupid question.

    2. Darlene – what Dave in Texas said is normally the case–high quality low coupon issues trade poorly with any rising rates–folks will move to mid quality unrated issues with say a 6.5% coupon. On the other hand WE ARE NOT IN A NORMAL MARKET–investment grade has been doing well relative to the junky issues–folks want SAFETY now. The need for safety will overwhelm somewhat higher interest rates–IN THIS MARKET until such time as the Covid issue is resolved somewhat. Folks are scared—they want safety period.

  10. I do not want to fear monger. I brought a tiny slice of XLU at $50.50 because utility companies will not go out of business. I sold at $51.25 within 30 minutes. Why?

    What is being reported is that utility companies will not be forcing people to pay their utility bills. Do not know if it is in the senate bill. However, it should be because it makes perfect sense. Utility companies may have to cut their dividends for cash flow.

    How politically acceptable will it be for these utility companies to continue to pay dividends on their preferred shares? If they had to default they clearly would continue to pay dividends on preferred shares.

    But just as a reminder, utility companies as a general rule, have the right to defer dividend payments for a period of up to 5 years.

    Will they get forced into invoking this provision?

    I have no idea but the clause exists if extreme conditions occur.

    Just one more risk factor among the dozen’s that have come up this week.

    1. I put this is in the wrong place. So, it on here twice.

      My purpose in posting this is for people to remember this provision before they buy preferred utility bargain shares.

      It’s a risk factor that has gone from purely theoretical to one that has some higher probability of being used.

      How much higher?

      Not sure. It may depend on political or public image considerations.

      1. Steve,
        I heard of this last night after I saw that ute DUK had hit multiple credit/borrowing facilities to get cash in front of this. Common side of ute’s have been getting slapped in recent days while the ‘fixed’ side has risen unproportionately.

        Like the REIT’s who won’t be allowed to foreclose or evict, the ute’s won’t be allowed to shutter services and so on and so forth. While I am a yuuuge ute investor, this does worry me for sure and I’ve halted buying more of anything ute related until we get more clarity on where this broken bus is heading.

        1. Yes I was listening to that last night. Just got home from golf course shooting a 72 today very pleased. But I was on my phone closing all sorts of positions. Not directly for that reason. I dont like what is going on and Lord knows what info comes out over the weekend. I got a lot of my losses back and now am sitting in a lot of cash. I didnt do it for ute bill payment issues as they will get theirs eventually or slap a rate increase on next cycle as recovery for their “good will”. I just dont like what is going on now in general.

          1. Grid, I am not selling at a loss, as I want the divy’s . Give it 2 weeks a lot of my preferred are supposed to pay end of month and first of April. If not, then we are up the crick without a paddle.
            On a side note, my niece is a radiological tech. Said last week at her hospital in Santa Clara had 10 “possible ” cases of Covid 19 as of today, a whole floor. Only medical personnel being given test. Shortage of tests. I don’t need to repeat here what our outstanding leader has tweated

            1. Charles, solid issues will pay. And I still am holding 2/3. I was actually selling winners, many up 15-20% in two days. But I was able to sell winners because I sold losers to round up cash to buy issues of similar quality that dropped harder.
              I just want to have some liquidity to take advantage as I think it will come again. Some have already started dropping since I sold this morning. But, I dont need the income as I reinvest everything anyways, so there isnt that concern for me. i just saw a line a mile long for people in line to get to Costco out in LA area…That is crazy! A lot of what I am holding is term dated like KTN and KTH now. Mental comfort food knowing if they go to $5 I still get my $25 and $27.10 come 2028 or so… Of course that means nothing if PECO or AON goes belly up…But it helps me cope, lol.

              1. Thanks grid, !
                My problem is I sat in cash for so long I finally invested it in what I thought was good solid Preferred and some higher risk, just before someone turned on the fan and blew the paperwork off my desk. I really didn’t have dry powder in that one account. Now trying to reload with cash I have in a mm account and move over to Schwab but difficult and I missed the first dip and bounce. I think there is more to come though. Some I follow are off their lows even though we broke 20,000 dow. Lets see what happens when we get to 18,000. Still jokers on SA pushing back up the truck and gadfly comments saying buy bio firms that have next miracle cure. Bet the commentators with the 3K of comments don’t even own stock.

                1. Charles – I’m getting up there in cash, too, which I don’t particularly like, but I’m fearful there is a mountain of downside left in this market. The FIDO mm fund my money gets swept to pays about 0.6% So I looked around and moved it to Vanguard Short-Term Treasury (VGSH).

                  I picked this based on some stuff written by David Jackson (SA founder). He has called out Pendragon on some of his (P’s) recommendations about where to park cash (he points out folks have lost money who followed P’s advice).

                  VGSH pays around 2.1% – over three times what FIDO paid. I got in first thing this morning, and toward the end of the day, I sold for a gain of .11 – good for just over a $1,900 profit. It goes ex around the 1st of the month. I don’t know whether to try to get back in next week to collect the divi. Anyway, at least temporarily, it was nice not to have money getting moldy in a near-zero fund. If anyone has any experience with VGSH, I would love to hear about it.

                  1. Rick, P is a total nutbag wrapped up in a clowns outfit. Arrogant unlikeable and a financial mental midget. His portfolio has been destroyed. I have fought with him for two years about his mischaracterization and stupidity. He made mistake of a few weeks ago writing about his portfolio and its returns. Some are down over 90%. I wouldnt be surprised if his 600k portfolio was under $200k in a months time. Look at his list of what he owned.
                    https://seekingalpha.com/article/4330639-2019-end-of-year-portfolio-roundup
                    Sometimes some people get what they deserve. And he is one of those few that do.

                2. Charles, this is unnerving no question. And few of us (certainly me anyways) do not have the ability to fine tooth comb analyze companies balance sheets to determine long and short term viability. That being said there are utility preferreds still outstanding that went through WW2 and everything else and have never missed a quarterly payment. Heck DMRRP hasnt missed a payment since it was issued when Abe Lincoln was president. Daily pricing isnt always a direct reflection of risk or ability to pay.
                  Everything I sold today I have no concerns of getting paid. Im just betting I can get them or something of its ilk cheaper. If Im wrong, well it wont be the first time, and it wasnt like a liquidated everything either.

  11. Let me just say this morning that I need a new set of friends. After reading the story about how Senator Richard Burr sold $1.7 Million in stock right before the warning came on the outbreak of Covid-19 and also Dianne Feinstein, Kelly Loeffler and James Inhofe it is quite clear to me that they all got “TIPPED OFF” as to the shitstorm that was headed our way. I wish old Rich buddy would have called me as it could have saved me $1.1 MILLION F—-ING DOLLARS. By the way Iam a conservative (GOP) but shit like this should piss all of us off. Don’t know about you folks but Iam sick of the people in D.C. getting one set of rules and then the rest of us having to abide by some shit they throw our way because we are not smart enough to control our own lives.

        1. TEF
          They were not tipped off by other people, but they were in Congressional meetings that
          discussed the upcoming virus storm. THEY KNEW IN ADVANCE and traded on that information. They also tipped off their ‘friends’. Read the news !

            1. Burr is a proven liar. When you tell the electorate one thing and you tell your political donors the opposite – you are a liar. That’s established by the tapes and audio.

              The question is whether the man is a thief. If you want to take the word of a proven liar that is he not a thief – you are welcome to.

              Martha Stewart went to jail for things like this.

              1. Steve, I believe Martha went to jail for lying. Not the underlying securities transactions. Similar to Clinton situation.
                Several Senators traded stocks and all that should be done at present (to my limited thinking abilities) is to have their declarations made to the Feds. If they are lying, prosecution down the road.
                At present, we as a nation need to focus on our health and well-being.

                1. I am tired on both sides of the aisle with politicians that lie. We already have the audio clips of him telling wealthy donors one thing and the electorate another thing. He acted exactly as he was warning his wealthy donors.

                  I don’t need the Feds to think for me and tell me whether in their judgment he is a liar. I know a liar when I hear one. I know abuse of power when I see it. I am sick and tired of people in both parties deflecting and saying, what about so and so? Every single politician Republican or Democrat involved in lying and abuse of power needs to be driven from office and never defended.

                  I will post no more on this subject.

                2. I’ve never seen so much anger and accusations on all forums as we’re seeing now, and although its understandable it would be great if everyone could redirect that energy towards something constructive. There will be plenty of time for holding people accountable later.
                  Pitchforks and torches seem to be in as much demand as TP!

                  1. Don’t give up hope, 2Chi. Good people are stepping up. For example, in my small town, our only supermarket has been reduced to mostly empty shelves, but at 6 this morning a little bakery started selling staples–flour, butter, eggs, etc.–out of their pantry at cost. They were supposed to stop at 8, but kept on, still at it when I got my eggs at noon.

                    And here’s a post from a large private FB group for our town:

                    “We have 11 more bags of groceries on our porch at xxx N Xxxxx St. If you need it or if you know of someone who can use it please pick up off the porch. Please take only what you need. Soap, drinks with electrolytes, soup, beans, canned fruit and Mac/cheese. Not much but hoping to help. Praying everyone stays healthy.”

                    So, keep the faith, everybody. We’ll get through this. There are people of goodwill all around us.

                    JMO

                    1. Thank you for sharing that great story Camroc. We live in an area under lockdown. It was instantly oppressive. However, a few days in now we’ve noticed that we’ve never seen so many families together, walking, biking or at the park playing catch, swinging on the swings or shooting baskets. It’s been remarkable.

                      Working in the front yard today, many neighbors we’ve never seen before stopped to say hello – from a safe distance of course. Universally, everyone had a smile, a laugh and a positive attitude.

                      Adversity has led to a heightened sense of community and exposed a lot of great folks out there.

    1. I checked the filings.
      Feinstein looks completely innocent. she sold one stock of a Cancer drug company for a small loss, but the stock is now higher than it was when she sold it. (she also lost close to 10 million on the positions she held in other investments)
      Loeffler actions are explainable but one of them looks slightly suspicious. Also, it was .06% (yes, .006 of her net worth, she is that rich) and she also lost 10-20X the amount of avoided losses in the securities she kept.

      Inhofe and especially Burr, however are likely on the phone right now with their lawyers….
      Also, it is likely that this is only a civil prosecution, not a criminal one because the knowledge impacted the market as a whole, not information about an individual stock.

      1. Yeah, maybe we should pull back on the scalpings before the facts come out – but I tend to err on the side that you raise an eyebrow first and ask questions later. However, for example: In a statement posted on social media overnight, Sen. Loeffler said: “This is a ridiculous and baseless attack. I do not make investment decisions for my portfolio. Investment decisions are made by multiple third-party advisors without my or my husband’s knowledge or involvement.”

        Calls for resignations w/o many or any facts by the likes of ‘the squad’, are 100% political and they never let a crisis get in the way of their true business at hand.

        Surely, the Feds will be looking into this. Hell, maybe me too… I sold SOHON just days before it went from my 25.30 to someone else’s 4 bucks. Just saying….

    2. That is just business as usual. I bet if you looked at their portfolios nearly all of them made moves to prepare.

      They don’t come out richer than they went in be chance.

      As far as Burr goes, I am willing to go to bat for him about as much as he went to bat for the administration — which is not at all. Even his own side has wanted him out for quite a while now.

    3. They have Burr on audio tape on Feb 20th telling political donors that schools would close and it would be like the 1918 flu pandemic. In public he stated nothing of the sort. I believe it was 500k-1.7 million in stock, not sure the exact figure.

  12. Can anyone explain why short maturity bond ETF NEAR dropped whopping 6% while JPST dropped less than 1% yesterday?

    1. In the same group is flot. here I think the drop was the longer duration as opposed to Mint. But would value any insights???tia SC

    2. NAV for NEAR was down less than 2% yesterday (which is still too much). Very strange it continues to trade well below NAV.

      They do have a couple holdings (energy, aircraft lease) that have taken some hits and almost seems like someone is shorting it

      1. It trades below NAV because the participants don’t think NAV is an accurate measure of where the underlying can be liquidated.

        1. Obviously that would be true of any fixed income ETF, but NEAR is the most out of whack. Almost seemed like someone was trying to create a run on the bank scare, but it’s headed back up to NAV today.

  13. I can’t believe we’ve come to this, a forced recession. I saw a correction coming and warned everyone here, but I did not see this coming. Shutting the world down is crazy. I think we can bounce because funds need to rebalance out of bonds into stocks through 4-1. Any rallies should be sold. Spx levels I’m looking at are between 2266 -1708. There is support and Fibonnaci targets in there. Stay safe, ATB

      1. Tim, Am I reading this correctly ? the preferred is listed at 25.00 per share and they are offering to buy all back at 17.00 ?!

        1. Why not? Its good for them, they’re buying it back at a discount. Its up to the holder to tender or not (voluntary offer, not a call)

          1. I think it was somewhere near 19 earlier. They may have just wasted a bunch of money of generating that offer.

    1. Guys, They want the tender by 3-26-20
      Ex-div of .39 may be 3-27-20 record date.
      So, they are being wiseguys in my opinion.
      Their common may be the buy in all this.

      Fabrib, good catch , you beat me on this.

      1. Newman – Where do you get that ex-div date? Assuming quantum is right, PBB just paid its div on 3/15 with record date of 3/1. That means with 3/31 settlement and payments calculated to 3/30, you’d get $17 plus about 2 weeks of accrued.

    2. Why would they not step into the marketplace and simply buy shares rather than issue a tender offer at $17 and make themselves look like schmucks?

      1. I don’t believe they can.
        There are rules around what a company can buy in the open market versus what they can buy through tender offers.
        It is to prevent insiders from cashing out via a redemption which is the functional equivalent of a dividend.
        since this is a debt issue, they are prevented from open market purchases because that would be the company trading on non-public information.
        extinguishing debt for way less than its carrying cost is something corporations would love to do, and this removes the incentive to talk down their debt so they could buy it on the cheap.
        I’ll try to find the rule that covers this.
        Whereas a tender is voluntary with full disclosures.

    3. Interesting. Offering $17 for a $25 note.

      I have no position, but think it is smart (for the company).

    4. Knowing that worst case would be $17 + accrued interest, I bought 550 shares after seeing this. Filled at $17.7072 and PBB top quotes now sit at 17.99/18.85. Already owned 300 shares from a long time ago, will probably sit on all until maturity.

      1. If there are other debt holders who are senior in ranking to this issue they could sue to stop the tender offer, if they wanted to.

  14. Municipal Bonds have finally gotten reasonable again so I am hoping to buy a few individual issues for my state. I see I can buy a 3% AA at rated slightly below par which is fine by me.

    Also looking at TBB and perhaps some PFE or PPL for income.

    1. Also look at Muni CEFs for your state. For New Jersey, I see MYJ & NXJ that were trading 25%+ discount.

      Sure more risk than individual bond you research to be good, but this may be the time to buy some of these discounted CEFs as a trade…I did ‘trade’ some for nice 5%+ profit by simply placing bid below the low around mid-day and selling next day

  15. Am I going to nibble today? No, I doubt I will be a buyer. But who knows?

    As a reminder today is option expiration later in the day. Add that increased volatility to the mix and today could be very good but could be also be horrible.

    So I will primarily be watching and we shall see what happens.

    In the last two weeks, the PFF preferred stock ETF fell more than the SP500 index. The muni bond mutual funds I previously owned dropped -12.7%. All while the treasury yields dropped to historic lows.

    This kind of action in these markets are the opposite of why people invest in them. Common stocks expected to have the most reactive, highest volatility.

    1. Desperation time for many investors. You can definitely see a lot of babies being tossed out with the bath water.

      1. Yes, my purpose in posting this is for people to remember this provision before they buy preferred utility bargain shares.

        It’s a risk factor that has gone from purely theoretical to one that has some higher probability of being used. How much higher? Not sure. It may depend on political or public image considerations.

        1. I am posting a link received from one of my former colleagues on COVID 19.
          It is a rather long 38 minute video. Not political IMHO. It seems worthwhile watching. I did not sell more trashy positions at severe loss to buy the good babies tossed with the bath water as I did last Thursday.
          Take the time to watch this lecture by Patrick Shiong, an MD and
          the owner of the LA Times. This is a clear and concise presentation
          giving information about the CoVID 19.

          The presentation is about 30 minutes long, but well worth your while.
          Take care and stay healthy.
          https://www.youtube.com/watch?v=ddlRvqhGdPk&feature=youtu.be

          1. johnkcal, Thank you for this. Did watch and it was informative. Nothing like getting the straight scoop.

            Thought you might be interested in the link below. It was shared by a friend and is related. The content was surprising as the main theme pertains to the current pandemic – and particularly interesting; the documentary was produced seven years ago. I saw it was 58 minutes and almost shut it off for that reason alone, but after a few minutes was hooked. Plenty of eye-opening historical revelations through the entire piece.

            https://www.youtube.com/watch?v=G20cooZOiYE

Leave a Reply

Your email address will not be published. Required fields are marked *