---

---

STOCKS/ACCIONES & ETFS (Note: Text in brown below are clickable links.   (D) means the stock/ETF has daily options with high liquidity. (W) means the stock/ETF has weekly options with high liquidity. (F) means that there is a corresponding futures contract. --- (D) significa que la acción/ETF tiene opciones diarias con alta liquidez. (W) significa que la acción/ETF tiene opciones semanales con alta liquidez. (F) significa que existe un contrato de futuros correspondiente. The numbers in brackets, '[]', are the dividend (if any), the rough cost of a one-week/one-month option.
[trend up / trend down: tendencia al alza / tendencia a la baja] )

---

STUPIDITY THAT CAN'T BEAT GOLD
ESTUPIDEZ QUE NO PUEDE VENCER AL ORO

Find something whose economics is incompetently managed (such as most countries' currencies - from 2000 to 2022, gold beat the nine biggest currencies in the world). Short that incompetence, and use the proceeds to buy gold. This is the gold as "anti-stupidity insurance". Similarly, if a company can't beat gold in the long, it should be put out of its (and our) misery. This has mostly worked for the last 20 years, except when the Fed's MMT policies pushed interest rates to to less than 1% (2009-2020). Click here for: lengthy table of stocks whose price rose less than gold in the last 20 years. Note: gold doesn't pay dividends. This can be compensated for by including some options in the long-gold-short stupid strategy, for those who whine about the importance of dividends. Though gold has outperformed inflation in the USA since 1970.

And if a company underperforms gold/GLD, it will more underperform the SPY ETF. Which is why Warren Buffett argues that the SPY ETF (or equivalent SP500 stock/ETF) is the best option for most investors. In almost every year since 2001, the SPY/SP500 has outperformed most stocks and investment funds. If the pros can't beat the SPY/SP500 with their picks, individual investors will have less success. And the SPY/VOO have very low annual fees, as opposed to investment funds.

• GLD - SPDR Gold Shares [0.0%] (NYSE) (trend up)
Gold has been the champion asset for the 21st century. From 2000 to the end of 2024, the S&P500 recorded an annualized return of 7.7%, while GLD/GSCIGold recorded an annualized return of 8.5% annually.

---

• AA - Alcoa [0.91%] (NYSE) (trend down since March 2022)
       The price of Alcoa is mostly where it was 20 years ago - zero growth, while the price of aluminum is up 50%, and gold is up over 600%. The measily 0.9% dividend is not worth the investment.
• AAL.L - Anglo-American [2.7%] (LSE) (trend up since 2015)
       The price of Anglo American is pretty much where it was 19 years ago, while the price of its main processed metals - copper, iton, steel, nickel - have increased significantly. It has mostly underperformed GLD and SPY in the last 20 years. In October 2024, it announced that it will be focusing on its copper mining activities, divesting away from iron and the slowly collapsing diamond mining (synthetics becoming cheaper and more popular). If you want to invest in copper, invest in SCCO.
• ABNB - Airbnb [0.0%] (Nasdaq) (trend flat)
       IPOed at $146 and peaked at $219, but slowly declined and is around $146 - nowhere in four years with no dividend.
• ADM - Archer-Daniels-Midlands [4.2%] (NYSE) (trend flat since 2015)
       Huge agriculture conglomerate. Small margins, though lower debt levels. Still, in the last 20 years, it has been mostly outperformed by SPY and GLD, except for bump in 2022 ($50 to $90 to $50 now) Dividend is nice, but there are better underperforming stocks with higher dividends (similar so-so performance to NTR below).
• AWK - American Water Works [2.5%] (NYSE) WTRG - and - Essential Utilities [3.4%] (NYSE) (trend flat since 2020)
       A water and wastewater utility. From 2011 to 2020, it outpeformed the SPY. Since 2020, it has been flat, and the 2.5% dividend is not sufficient compensation. Debt/equity of 140%. In 2025, it merged with Essential Utilities, which has a similar perfomance from 2011, flat since 2019, a higher dividend of 3.4%, and debt/equity of 115%.
• BA - Boeing [0.0%] (NYSE) (trend down since February 2020)
       Of course, some companies are so poorly managed that despite trillions in socialist subsidies, they can't beat gold and the SP500. Since 2000, gold has mostly beaten Boeing. And will probably do so going forward (duck!). Even worse performance than Boeing is one of its biggest customers, American Airlines (AAL), down over 50% since September 2013. Schiff Gold: Boeing's commercial jets struggle, but its military machines thrive, all fueled by endless amounts of taxpayers' dollars. As of October 2024, Boeing has $45 billion in net debt and has not had a profitable year since 2018. From 2010 to 2019, Boeing spent estimated $68 billion on executive-enriching share repurchases and dividends, instead of improving quality and innovation at the company. Five years later, in 2024, Boeing announces that it is going to fire 17,000 people because it does not have enough money. There are companies more ethically managed, and offer better returns, than Boeing - invest in them (such as COMAC in the long-term). But at least Boeing won't drop much, because it has a backlog of $500 billion in orders.
• BIIB - Biogen [0.0%] (Nasdaq) (trend down since December 2015)
       From January 2014, while the SP500 was up over 200%, and GLD up over 100%, Biogen has been down 50%, with no dividend.
• BOOZ - Booz Allen Hamilton [2.6%] (NYSE) (flat since 2020)
       For many years, consultancy Booz outperformed SPY, peaking at $162 in June 2024. But since then, it has plummeted 50% to $83, suffering from a loss in government contracts, and going forward, from a loss of corporate consulting work to companies using AI tools to prepare similar analyses at a fraction of the cost. Even when the AI bubble pops, the AI tools will still be there.
• BMY - Bristol-Myers Squibb [5.75%] (NYSE) (trend down since December 2022)
       Since 2000, gold has mostly beaten Bristol-Myers Squibb.
• CDE - Coeur Mining [0.0%] (NYSE) (trend down)
       Mines copper and gold. Generally has underpeformed SPY and GLD of the last 20 years. $70 in 2006, $35 in 2011, now around $7.
• CSCO - Cisco [3.43%] (Nasdaq) (trend down since December 2021)
       Other than the 2000 dot.com boom/crash, and the 2014-2018 time period, Cisco has never outperformed gold. In November 2024, Cisco reports fourth straight quarter of declining revenue.
• CVS - CVS Health [4.12%] (Nasdaq) (trend down since March 2021)
       Other than during Covid, CVS Health has mostly underperformed SPY and GLD. Since 2014, the stock price has basically been flat. There are better flat-performing stocks with higher dividends. Barron's in October 2024 had a nice review of the many business and economic problems at CVS.
• DBX - Dropbox [0.0%] (Nasdaq) (trend down 2021)
       Since it IPOed in 2017, and peaked at 43, it has been a rollercoaster, up and down, now at 27, well beaten by GLD and SPY. An online storage prodiver, never could compete well with the big cloud storage providers.
• DENN - Denny's [0.0%] (Nasdaq) (trend down 2019)
       From 2009 to 2019, Denny's nicely outpeformed the SPY. But from June 2019 onward, it significantly underperformed the SPY and GLD, worse without offering a dividend, and with a debt/equity ratio of over 100%. So poorly run, in November 2025, it was was taken private in a $620 buyout deal
• DIS (W) - Disney [0.73%] (NYSE) (trend down since March 2021)
       Since 2000, gold has always beaten Disney, except when the Fed's MTRR policies pushed interest rates under 1% or so.
• DJT (W) - Trump Media [Nasdaq] (trend down since March 2024 IPO)
       This is Trump's social media company, which has a horribly unprofitable business model, with the stock steadily declining since its IPO in March 2024. In September 2024, Trump could start selling and by September 23rd, shares of DJT are at 14-month lows, down more than 80% since March. However, near the November 2024 elections, with greater odds of Trump winning, shares of DJT have spiked.
• EB - Eventbrite [0.0%] (NYSE) (trend down)
       Ticketing technology company. IPOed at $40 in 2018, and steadily declined to $4 by October 2024. No dividend. Loses money, debt/equity ration is about 2 - not worth $340 million.
• EXPE - Expedia [0.0%] (Nasdaq) (trend up)
       Online travel company. From its IPO in 2015 to 2013, it ourperformed SPY.From 2014 to 2024, it has underperformed SPY. Debt/equity ratio is over 7. No dividend, versus about 1% with the SPY.
• ENPH - Enphase Energy [0.0%] (Nasdaq) (trend down)
       Produces equipment for solar energy and electric vehicle chargers. Should be booming. But after an IPO in 2015, and peaking at $270 in June 2022, it crashed to $60 in November 2024 (down 80%). In November 2024, Enphase Energy fires hundreds of people as the solar and battery industries suffer bleak trends.
• EWT - iShares MSCI Taiwan ETF [3.3%] (NYSE) (trend slightly up)
       Since 2014, mostly outperformed by gold, and outperformed by the SPY. Its 3.3% dividend isn't attractive enough to make it a buy. Its poor performance is similar to that of EWY, the South Korea ETF.
• EWY - iShares MSCI South Korea ETF [3.0%] (NYSE) (trend flat since 2007)
       Since 2000, mostly outperformed by gold, and outperformed by the SPY. Its 3.0% dividend isn't attractive enough to make it a buy. Its poor performance is similar to that of EWT, the Taiwan ETF.
• FDX - FedEx [2.03%] (NYSE) (trend down since May 2021)
       Since 2000, mostly outperformed by gold. Fedex's 2% dividend evens things out. Still is lackluster performance.
• FI - Fiserv [0.0%] (NYSE) (trend down since December 2024)
       A payments technology company. From 2005 to 2024, it outpeformed the SPY. Though a crash from $238 in December 2024 to $70 in October 2025, a 70% drop, means that it has underperformed the SPY since 2015 and effectivey flat since 2018. In December 2025, it will be demoted from the NYSE to NASDAQ (new symbol FISV). A Simply Wall Street article argued on October 9, 2025, that there could be a 'buy the dip' opportunity for Fiserv: Does Fiserv's recent 39% drop signal a rebound opportunity for 2025 investors? Not good advice. On October 29th, Fiserv stock craters 40%, on pace for worst day ever after company slashes guidance. It could be that Fiserv is not innovative enough, and too small, to compete with the big AI/tech companies taking total control of payments technology.
• GLW - Corning [3.0%] (NYSE) (trend down since April 2021, though about to break above)
       Since 2000, except for dot-com boom/crash, gold has always beaten Corning.
• GOLD - Barrick Gold [2.1%] (NYSE) (trend flat since 2004)
       From 1994 to 2024, 30 years, Barrick has basically been flat at around $20, though having a brief peak in 2010/11 at $50. For a gold company to underperform GLD (as well as underperforming SPY) is reflective of poor management. From 2004 to 2024, GOLD is flat while GLD is up 600%.
• HBAN - Huntington Bancshares [3.9%] (NASDAQ) (trend flat)
       An asset regional bank holding company. It crash 80%, from $25 to $5, during the 2008 real-estate related market crash, but since then has tripled to $15. Still, in the last 16 years it has much underperformed the SPY, and the higher dividend isn't enough compensation. From October 2025 to 2025, the SPY was up 20%, while Huntington was flat, nullifying the dividend.
• Honda Motors - 7267.T - Honda Motors [4.9%] (Tokyo) (trend flat)
       Since 2000, gold and the SPY have beaten Honda Motors. Since 2006, the stock has mostly been flat. A 4.9% dividend is not enough compensation for a lousy stock price (stocks with better appreciation and dividends are available).
• IBM - IBM [4.04%] (NYSE) (trend up)
       Since 2000, gold has always beaten IBM. A good example of why the vast majority of the computing patents in the world are for worthless non-innovations, since IBM has more such patents than everyone else.
• IFF - International Flavors & Fragrance [2.04%] (NYSE) (trend down)
       Since 2000, the SPY and GLD have outperformed IFF. 2% dividend doesn't compensate for lack of performance. Peaked at $150 in 2017 and 2021, now at $75 in May 2025.
• INTC - Intel [1.65%] (NYSE) (trend down since April 2021)
       Since 2000, gold has always beaten Intel, except when the Fed's MTRR policies pushed interest rates to under 1% or so. Interestingly, Intel in the 2010's owned 15% of ASML, one of the best performing tech stocks, and while selling the 15% for a good profit, Intel has been hugely beat by ASML. Receipt of billions in subsidies probably won't help much.
• JWN - Nordstrom [3.6%] (NYSE) (trend down)
       For over 20 years, Nordstrom has underperform SPY and GLD, peaking in 2014 and declining since then. Much like Toshiba, which greatly underpeform GLD and SPY, in December 2024, Nordstrom agreed to be bought out and turned into a private company, the shareholders bought out by a partnership between the Nordstrom familiy and Mexican department store El Puerto de Liverpool.
• IVZ - Invesco [3.5%] (Nasdaq) (trend flat)
       For the last 30 years, Invesco has grossly undeperformed the SPY, and GLD, and sadly, the QQQ - which Invesco sponsors. The dividend is inadequate compensation. Debt to equity is 68%.
• KER - Kering SA [2.7%] (Paris) (trend down)
       Horrible stock. Since 2020, it has underperformed SPY and GLD. From a high of 790 in August 2021, it is down to 220 in March 2025, a plummeting of 70%.
• KMB - Kimberly-Clark [4.9%] (Nasdaq) (trend flat)
       Has underperformed the SPY and GLD for over 20 years, enough that the dividend doesn't compensate for the poor performance. A huge debt/equity ratio of 550%. In October 2025, it suffered its biggest decline in over 30 years, when it announced that it would buy Tylenol-maker Kenvue for $48 billion. A mismanaged company.
• LHX - L3Harris Technologies [2.2%] (NYSE) (trend flat)
       Most flat since 2021, underperforming SPY and GLD. Strange for a defense company.
• LULU - Lululemon Athletica [0.0%] (Nasdaq) (trend down)
       Before Covid pandemic, Lululemon outperformed GLD and SPY. Since 2020, Lululemon has underperformed both, and the stock price, ups and downs, is essentially flat since then.
• LUV - Southwest Airlines [2.5%] (NYSE) (trend down)
       In the last 20 years, Southwest Airlines has mostly been outperformed by the SPY and GLD. With a 2.45% dividend, it all reflects a poorly managed company. Only price pop could be a buyout in the future.
• LW - Lamb Watson Holdings [2.0%] (NYSE) (trend down)
       They make frozen-potato products for restaurants and retailers - french-fry suppliers. Since 2017, the stock has mostly been flat, underperforming SPY and GLD. Volatile, good for trading ups and downs, not a long-term hold. Lamb Watson's sales and stock price are down in 2024 as high prices at restaurants decreases sales of french fries, which people consume less of at their homes. Shares of Lamb-Watson, a major supplier of french fries to McDonald's, decline 17% in pre-market trading, after the company missed its second-quarter earnings and slashed full-year guidance for the second consecutive time this year as demand for frozen potato products sputtered.
• LYB - LyondellBasell [6.5%] (NYSE) (trend flat)
       A huge plastics producing company. The stock has pretty much been flat since 2014, averaging about $88. Dividend is nice, but not nice enough for underperforming both SPY and GLD. One problem for the company is that it is tied to the (lack of) plastics recycling confronting the plastic industy.
• MGM - MGM Resorts International [0.02%] (NYSE) (trend up)
       From 2000 to October 2007, MGM outperformed gold riding the real estate bubble. But with the real estate bubble crash of 2008, MGM went from a high of $100 to a low of $3 one year later. Since 2014, MGM and gold have mostly tracked each other, with MGM offering a measily 0.03% dividend. Not to be confused, MGM Studios is owned by Amazon.
• MRNA - Moderna [0.0%] (Nasdaq) (trend down since 2021)
       Moderna is a one-hit wonder, spiking from $25 to nearly $500 in 2021 before declining back to $25 by the end of 2025, the spike due to its mRNA Covid vaccine during the Covid pandemic. Since then, nothing. Flat compared to the huge rises in SPY and GLD, down 40% in 2025.
• MRVL - Marvell Technology [0.2%] (Nasdaq) (trend up)
       Integrated circuit supplier. From 2002 to 2023, it mostly underperformed SPY with a puny dividend of 0.20%, and currently with negative earnings. But it 2024, it started outperforming the SPY, riding the AI bubble. When the AI bubble bursts, so too will Marvell's stock price.
• NME - Newmont Corporation [2.0%] (NYSE) (trend jump)
       Has underperformed SPY and GLD since 2000, not good for a gold mining company.
• NKE - Nike [2.6%] (NYSE) (trend down)
       Flat since 2015, and thus has performed lousy against SPY and GLD in the last 10 years. Downtrend since 2021. 2%+ dividend no relief. After 53 years, Nike had the single worst day in stock price history. Here is how it happened., INC, 03 July 2024.
• NOK - Nokia [2.1%] (NYSE) (trend flat)
       A horribly managed telecom company in Europe, the spike has been steadily down since the DotCom bubble (though a brief spike during the 2007/2007 real estate bubble, and has been pretty much flat since 2011 while the Big Tech stocks bubbly-exploded. In October 2025, Nvidia bought $1 billion of new Nokia shares. Why?
• NTR - Nutrien LTD [3.9%] (NYSE) (trend down since 2022)
       Canada-based provider of crop inputs and services. Has underperformed SPY and GLD since its IPO in 2018, except for bump in 2022 ($50 to $100 to $50 now). Dividend is nice, but there are better underperforming stocks with higher dividends (similar so-so performance to ADM above). a
• ONB - Old National Bancorp [2.4%] (Nasdaq) (trend up since 2009)
       In 2008, it peaked around 20. Financial crisis of 2008 sent it down to 10. Now it is at 23. Overall, it has underperformed SPY and mostly underperformed GLD.
• OPEN - Opendoor Technologies [0.0%] (Nasdaq) (trend down)
       From a high of $32 shortly after its IPO, it has plummeted to less than $2 in 2024. Negative net margin, debt/equity ratio near 3, not a very well run company making software for residential real estate transactions.
• PPLT - abrdn Physical Platinum Shares ETF [0.0%] (NYSE) (trend down)
       ETF that tracks the price of platinum. It has been flat for over 10 years, and down from a peak of $175 in 2010, to $100 in May 2025.
• PYPL - PayPal [0.0%] (Nasdaq)) (trend down since July 2021)
       Since its IPO in 2015, other than during the Covid lockdown (when people where buying a lot from their homes), PayPal has not beaten gold, and pays no dividend. Its last high was in July 2021 around $300, with a low of around $50 in November 2023 - down over 80%. Sine then, it is up to about $80: PayPal CEO's first year was praised by Wall Street, but hard part starts now for struggling payments company. The Nasdaq story - made its founders richer than the investors. February 2025: PayPal needs help from its oldest friends - consumers.
• PFE - Pfizer [5.73%] (NYSE) (trend down since December 2021)
       Since 2000, gold has always beaten Pfizer. This, even after it sold $12 billion of its Covid treatment, nirmatrelvir, to the US government and its own study later showed that the treatment is worthless - "the efficacy .... has not been established". The stock price has also underperformed despite Pfizer earning $75 billion in two years from vaccine sales. A worthlessness now attracing lawsuits: The state of Kansas sues Pfizer over 'misrepresentations' and 'adverse events' of Covid-19 vaccines
• QRVO - Qorvo [0.0%] (NASDAQ) (trend down since March 2021)
       Since 2015, it has been outperformed by SPY and GLD, except for a post-Covid spike, otherwise it has been mostly flat. A telecom (analog circuits and sensors) and defense company.
• 9984.T - SoftBank Group [0.48%] (Tokyo) (trend up)
       A filthy-rich big investor in technology that really doesn't understand technology. After its IPO high in 2000 at 11,000 yen, it crashed 96% to about 400 yen by 2002. From 2002 to early 2013, it tracked the price of gold - not impressive. From 2013 to 2014, it outperformed gold. Since then, it repeated its 2002-2013 lack of peformance, from 2014 to today again mostly tracking the performance of gold. Its current 0.52% dividend is cute. Doesn't understand technology. If Cathie Wood is Kramer in a dress, Masayoshi Son is Kramer in a happi, which doesn't make SoftBank investors happy. (Yes, I include SoftBank here just to write that sarcastic joke).
• SAVE - Spirit Airlines [0%] (NYSE) (trend down)
       Since 2014, it has lost 93% of its value, grossly underperforming SPY and GLD. Only hope for the price to go up is if it another airline takes it over. No dividend. In November 2024, Spirit's stock plunged 60% as Spirit Airlines reportedly preps for a bankruptcy filing.
• SHOO - Steve Madden [1.8%] (Nasdaq) (trend flat since 2019)
       From 1994 to 2004, shoemaker SHOO tracked the SPY. From 2004 to 2014, it outperformed the SPY. But since 2014, SHOO has been mostly outperformed by SPY and GLD. Sony has had the year from hell, with high profile flops on every screen imaginable - the past year at Sony has been what can only be described as a roller coaster designed to nauseate both PlayStation fans and investors. It is down 5% in 2024, while indexes are up nearly 40%.
• SLB - Schlumberger [2.45%, $0.50/$1.25] (NYSE) (trend flat)
       A long-term lousy stock. In 1997, SLB was around $40. 28 years later, SLB was around $40, i.e., flat flat flat. In that time period, GLD and SPY were up over 600%, while SLB was only up 50% at most. Sell also in Oil/Energy sector to compare to other energy companies.
• SONY - Sony Group [0.6%] (NYSE) (trend up)
       Since 2004, Sony has been mostly outperformed by SPY and GLD, with a lousy dividend. Resonable debt levels, and decent margins. Sony has had the year from hell, with high profile flops on every screen imaginable - the past year at Sony has been what can only be described as a roller coaster designed to nauseate both PlayStation fans and investors. The stock is down 5% so far in 2024, while broader markets have risen nearly 40%. There has been a flood of downright disastrous news and announcements, a dredging of the bottom of the creative barrel for movies and games, and a slew of high-profile layoffs and retirements.
• TKWY - Just Eat Takeaway.com [0.0%] (Amsterdam) (trend down since 2020)
       The largest meal delivery firm in Europe, disastrously managed in recent years, dropping from a high of 104 euros in October 2020, to 14 euros in Ocotber 2024. Part of the problem was that in 2020, it acquired US meal delivery firm for $7.3 billion. In November 2024, TWKY sold GrubHub for $650 million, a loss of $6.6 billion dollars of shareholder value.
• TSLA - Tesla [0.0%] (Nasdaq) (trend down since November 2021)
       Since 2021, shares of Tesla have been flat, with no dividend, underperforming both the SPY and GLD. His endless hyping, less and less, is able to pump up his stock. In October 2024, Elon Musk had a big shindig showcasing his robots and robotaxis. Investors are starting to get so bored with these 'pumping' announcements that they sent the stock down 9%. Suspicions are that Tesla more and more is nothing more than just an automobile company that does not deserve a price that is 100-times forward earnings. Tesla is more and more being outcompeted by electric vehicle companies in China, Tesla is losing its socialist subsidies, Musk is angering large numbers of consumers with his authoritarian political antics. And the only hope for Tesla to regain its trillion-dollar status is for Tesla/Musk to profit with their non-paid robotaxis that will need millions of paid-human taxi drivers to lose their jobs.
• UPS - United Parcel Service [6.3%] (NYSE) (trend down since 2021)
       UPS has been outperformed by SPY, and mostly outperformed by GLD, in the last 20 years. Almost down 50% in the last three years (spiked/peaked in 2021 due to Covid and people buying from home), wiping out its 5% dividend. There are better growth or dividend companies to invest in.
• WU - Western Union [11%] (NYSE) (trend down since 2019)
       Since 2019, Western Union's stock has lost 70% of its value. While the high dividend is nice, it is not nice enough. For example, January to October 2025, WU dropped about 20%, so even with a dividend, you lost money. Reason? Cryptocurrencies and stablecoins allow you to transfer money around the world quickly, cheaply and without lots of paperwork. Why use Western Union with its high fees and idiotic verification questions for $50 transfers?
• VZ - Verizon [6.4%] (NYSE) (trend flat since 2004 with ups/downs)
       Verizon has underperformed SPY and GLD for over 20 years. While it has a nice 6.4% dividend, there are stocks with higher dividends and/or some growth. From a high of $62 in 2019, by December 2024 it was down $42 - a 30% loss that wipes out the dividend gain. Find a better managed dividend company to invest in.
• W - Wayfair [0.0%] (NYSE) (trend flat)
       Other than a brief bubble when everyone was stuck at home during Covid (so needed to shop for home furnishings online), Wayfair's stock has been flat since 2015, with no dividend. Negative net margin, negative earnings per share, not worth $5 billion.
• WBA - Walgreens Boots Alliance [9%] (Nasdaq) (trend down since 2015)
       In the last 25 years, both the SPY and GLD are up over 300%, while Walgreens is down 75%. Discussed in the Dividends section.
• WFC (W) [2.43%] - Wells Fargo [2.36%] (NYSE) (trend up)
       Since 2000, gold has always beaten Wells Fargo, except when the Fed's MMT policies pushed interest rates under 1% or so.
• XYZ (Nasdaq) - Block [0.0%] (NYSE) (trend down)
       Since its IPO in 2016, Block has had about the same return as GLD, and the same return as SPY (though not paying SPY's dividend). Except for the Covid-bubble, Block has underpeformed SPY and GLD since 2019. For an online payments company, these results are incompetent. In May 2025, Shares of Block plummet 20% as its CashApp earnings miss triggers a downgrade by analysts.
• YPF SA (NYSE) - Yacimientos Petroliferos Fiscales [0.4%] (NYSE) (trend flat)
       An oil and natural gas company based in Argentina. For most of its life, it has underperformed SPY and GLD, with a measily dividend. However, after dropping 93% from $45 in 2010 to $3 in 2022, since 2022, it has outperformed GLD and SPY. Maybe do better if President Milei can improve the economy.
• ZION (Nasdaq) - Zion Bancorporation [2.36%] (NYSE) (trend up)
       Since 2000, Zion has pretty much underperformed both SPY and GLD. Not a well-run bank.

---

PATENTING COMPANIES WITH STOCK PRICES -- GROSSLY -- UNDERPERFORMING GOLD FOR DECADES

That the company with the largest number of patents (IBM), a company dedicated to monetizing patents (Acacia Research), a company so troubled that in 2022 it sold off all of its patents (Blackberry) - appear below in a table of companies with lots of patents whose stock prices have grossly underperformed gold for two decades - well, yeah, this does raise questions about the innovation and patenting competence and management of all of these companies.

IOOOO, these following companies subscribe to the law of the passage of quantitative changes into qualitative changes, that quantity begets quality. At least for patents, it doesn't. The large number of 'innovative' patents held by the following companies, and their poor return to shareholders, is one strong reason Why we need to stop relying on patents to measure innovation, at least for these companies. Note: dividends are not factored into returns below. SPY has dividends, and performs similarly to Gold, so dividends aren't that helpful if your stock price is lousy. Tech companies that peaked 2000 were part of the artificial dot-com bubble, which crashed.

COMPANY	STOCK GAIN	GOLD GAIN	DATE RANGE	NUMBER      PATENTS	BOND RATINGS
ABB LTD [ABBN.SW, 2%] (chart)	+28%	+810%	2000-2024
ACACIA RESEARCH [ACTG, 0%] (chart)	0%	+622%	2003-2024
ATT [T, 4%] (chart)	-14%	+810%	2000-2024
BARRICK GOLD [GOLD, 2.2%] (chart)	+8%	+810%	2000-2024
BCE (Bell Canada) [BCE, 13%] (chart)	0%	+746%	2002-2024
BLACKBERRY [BB, 0%] (chart)	0%	+868%	2001-2024
BRISTOL-MYERS SQUIBB [BMY, 5%] (chart)	0%	+810%	2000-2024
CORNING [GLW, 2.5%] (chart)	0%	+810%	2000-2024
ERICSSON [ERIC, 3.3%] (chart)	0%	+541%	2004-2024
EXXON [XOM, %3.7] (chart)	+170%	+810%	2000-2024
FORD [F, 5.9%] (chart)	0%	+622%	2003-2024		BB+, Ba2, BB, BBB+
FOXCONN [2354.TW, 2.5%] (chart)	+210%	+810%	2000-2024
FREQ. ELEC. [FEIM, 0%] (chart)	+100%	+622%	2003-2024
FUJITSU [6702.T, 1.0%] (chart)	-20%	+810%	2000-2024
GENERAL ELECTRIC (chart) (fn. 4)	-69%	+549%	2002-2022		BBB, Baa1, BBB+
HITACHI [6501.T, 1.2%] (chart)	+130%	+810%	2000-2024

IBM (chart) (fn. 2)	+81%	+555%	1999-2022		A2, A
JUNIPER NETWORKS (chart)	-65%	+629%	2001-2022		A2, A
LATTICE SEMICONDUCTOR (chart)	+90%	+643%	2001-2022		A2, A
MICRON (chart)	+64%	+602%	2001-2022
NOKIA (chart) (fn. 3)	-89%	+608%	2001-2022
PANASONIC (chart)	-58%	+602%	2001-2022
PFIZER (chart)	+22%	+626%	2001-2022		A+, A2, A+
K. PHILIPS (chart)	-12%	+608%	2001-2022
RENESAS ELECTRONICS (chart)	-82%	+375%	2004-2022
ROHM (chart)	-52%	+608%	2001-2022
SANOFI (chart)	+108%	+436%	2003-2022
SONY (chart)	+14%	+602%	2001-2022		BBB+, Baa1, A-
TOSHIBA (chart) (fn. 1)	+8%	+591%	2002-2022
WELLS FARGO (chart)	+71%	+609%	2002-2022		A+, A2, BBB+
VERIZON (chart)	+10%	+608%	2002-2022		A-, Baa1, BB+

Note: most of the above companies not only have been unable to beat gold as an investment, but they didn't even beat boring, conservative bonds as an investment. Since 2003, the Ishares 20+ Year Treasury Bond ETF is up 53%, pretty much outperforming all of the above. More evidence of a lack of innovation as reflected in too many low quality patents for these companies?
And these companies are not alone in being minimally innovative. Goldman Sachs maintains an index, the GS Non-Profitable Technology Index, comprised of non-profitable US companies in 'innovative' industries. In recent years, the index has exploded higher - confirming more non-innovation:

---

PATENTING COMPANIES WITH STOCK PRICES UNDERPERFORMING GOLD FOR DECADES

COMPANY	STOCK GAIN	GOLD GAIN	DATE RANGE	NUMBER PATENTS	BOND RATINGS
ADP (chart)	+582%	+321%	2001-2022
AIR PRODUCTS (chart)	+582%	+520%	2001-2022
AMD (chart)	+656%	+609%	2001-2022
AMGEN (chart)	+258%	+626%	2001-2022
AKAMAI TECH (chart)	+464%	+608%	2001-2022
ANALOG DEVICES (chart)	+218%	+608%	2001-2022
APPLIED MATERIALS (chart)	+574%	+609%	2001-2022
ARROW ELECTRONICS (chart)	+262%	+566%	2001-2022
BERKSHIRE HATHAWAY (chart)	+657%	+492%	2001-2022
BOEING (chart)	+242%	+611%	2002-2022
BOSTON SCIENTIFIC (chart)	+549%	+624%	2001-2022
CADENCE (chart)	+490%	+639%	2002-2022		Aa2, AA
CHEVRON (chart)	+293%	+607%	2002-2022		Aa2, AA
CISCO (chart)	+204%	+611%	2002-2022		A1, AA-, A+
COCA-COLA (chart)	+117%	+626%	2002-2022		A, A1, A+
DIAGEO (chart)	+372%	+625%	2001-2022
DISNEY (chart)	+356%	+607%	2001-2022		A-, A2, BBB+
ELECTRONIC ARTS (chart)	+355%	+648%	2001-2022
FEDEX (chart)	+353%	+643%	2001-2022
GENERAL DYNAMICS (chart)	+517%	+607%	2001-2022
GLAXOSMITHKLINE (chart)	-19%	+607%	2002-2022		A-, A2, A
HERSHEY (chart)	+597%	+583%	2001-2022
HONEYWELL (chart)	+332%	+601%	2001-2022
HP (chart)	+148%	+608%	2001-2022
INTEL (chart)	+115%	+556%	2002-2022		A+, A1, A+
JOHNSON JOHNSON (chart)	+278%	+625%	2001-2022		Aaa, AAA
MAGNA INTERNATIONAL (chart)	+523%	+629%	2001-2022
MEDTRONIC (chart)	+106%	+626%	2001-2022
3M (chart)	+145%	+608%	2001-2022
MONDELEZ (chart)	+227%	+587%	06/2001-2022
MOTOROLA (chart)	+215%	+607%	2001-2022
NINTENDO (chart)	+186%	+592%	2001-2022
ORACLE (chart)	+183%	+608%	2001-2022		A-, A3, A
PEPSICO (chart)	+247%	+624%	2001-2022		A-, A3, A
PHILADELPHIA SEMICON INDEX (chart)	+366%	+618%	2002-2022
QUALCOMM (chart)	+225%	+643%	2001-2022		A-, A3, A
RAYTHEON (chart)	+395%	+602%	2001-2022		Baa1, A-
RUSSELL2000 (chart)	+247%	+600%	2001-2022
SAP SE (chart)	+227%	+608%	2001-2022
THOMSON REUTERS (chart)	+226%	+406%	2003-2022
TI (chart)	+283%	+602%	2001-2022
TOKYO ELECTRON (chart)	+651%	+608%	2002-2022

---

---