@davidrmoran Since I have limited tax deferred space, I hold my PONAX in a taxable. Despite holding it for many years, I am showing a loss due to taxable distributions and recent price declines.
I'm also going to get out (or mostly out) if/when PONAX breaks even. I know that's not necessarily a good investment strategy, so I may act earlier and book a loss.

A few states—significantly, Delaware is one of them—permit dividends to be paid out of the net of current earnings and those of the immediately preceding year, both years taken as a single period, even if the balance sheet shows a negative earned surplus. Such dividends are known as nimble dividends.

Fundamentals are more complex than they seem.
One of the simplest, yet most overlooked, stock market fundamentals is the dividend yield. Dividends are actual cash flows being paid out by corporations into the hands of investors.
You can’t fake, manipulate or fudge a dividend payment by hiring a talented CPA.
Dividends also happen to be one of the most resilient features of the stock market over the long-term.
A little bumpy at times but the real growth rate of 2.1% over the rate of inflation over the last 100 years is impressive.
That doesn’t sound like much but the inflation rate over this time frame was just shy of 3%. So nominal dividends have grown at an annual rate of roughly 5% since 1920.
the-best-source-of-investment-income/

This is a great thread and I hope someone will come forward to keep it going should Pud still be with his posture that this will be his last month to host the thread. He has done this for the past couple of years and pretty much feels, as I felt, it is time to move aside for another to step forward. Best wishes to you Pud ... and, thanks again for hosting the thread. I'm sure it's appreciated by many.
Thanks Pud. I used to run a similar thread over at M* but work got in the way and I began to get late throwing up new threads for each month. When I created the short-lived M* forums alternative site last year after leaving the s--tty new forums at M*, I just established a 'Consolidated Buy/Sell/Why' thread that didn't need a new one to be created each month.....we would just add to it continuously. Maybe do that here?

“The Fed will be accommodative for years,” Wright-Casparius said.

The reason this matters is because chips matter for many use cases outside of PCs and servers — Intel’s focus — which is to say that TSMC matters. Nearly every piece of equipment these days, military or otherwise, has a processor inside. Some of these don’t require particularly high performance, and can be manufactured by fabs built years ago all over the U.S. and across the world; others, though, require the most advanced processes, which means they must be manufactured in Taiwan by TSMC.
This is a big problem if you are a U.S. military planner. Your job is not to figure out if there will ever be a war between the U.S. and China, but to plan for an eventuality you hope never occurs. And in that planning the fact that TSMC’s foundries — and Samsung’s — are within easy reach of Chinese missiles is a major issue.

The biggest positive productivity shock we’ve had over the last 40 years has been globalization together with technology. And I think if you take away the globalization, you probably take away some of the technology.
...you probably need a debt moratorium that’s fairly widespread for emerging markets and developing economies. As an analogy, the IMF or Chapter 11 bankruptcy is very good at dealing with a couple of countries or a couple of firms at a time. But just as the hospitals can’t handle all the Covid-19 patients showing up in the same week, neither can our bankruptcy system and neither can the international financial institutions
I indeed hope it is the G-20 and not just the G-19. China needs to be on board with debt relief. That’s a big issue. The largest official creditor by far is China. If China is not fully on board on granting debt relief, then the initiative is going to offer little or no relief. If the savings are just going to be used to repay debts to China, well, that would be a tragedy.
Do you see an inflationary surge at some point?
KR: We don’t know where we will come out. So the probability is, for the foreseeable future, we’ll have deflation. But at the end of this, I think we’re going to have experienced an extremely negative productivity shock with deglobalization. In terms of growth and productivity, they will be lasting negative shocks, and demand may come back. And then you have the many forces that have led to very low inflation maybe going into reverse, either because of deglobalization or because workers will strengthen their rights. The market sees essentially zero chance of ever having inflation again. And I think that’s very wrong.
BM: And what scars are left on economies once the pandemic passes?
CR: Some of the scars are on supply chains. I don’t think we’ll return to their precrisis normal. We’re going to see a lot of risk aversion. We’ll be more inward-looking, self-sufficient in medical supplies, self-sufficient in food.