Unable Investment
Club
December, 2025 Meeting Minutes
January 4, 2026
The monthly meeting of
Unable Investment Club was held at LogOff Brewing Company in Rancho Cordova on Thursday,
December 4, 2025. The meeting commenced
at 2:34 pm with KS presiding for FN. JL, PR, CX, DK and HT were also in
attendance.
Unable Investment Club has 1 opening.
The Valuation and Member
Status reports were reviewed and the checks were collected.
Late: None.
Old Business:
None.
New Business:
The
Treasurer renewed Club’s Bivio subscription for 2026 in the amount of $349.
Bivio manages the accounting for our investment club, prepares our annual tax
returns and member tax forms.
Stock News:
AMT No news.
AAPL Apple is one of the world's largest and most influential
tech companies, but it's not an "AI company" or an "AI
stock" in the same way as Oracle, Nvidia, Microsoft, or Alphabet is.
That's because Apple's not spending nearly as much on AI as these other
companies, and Apple's business model doesn't depend on the future promise of
AI. In fact, earlier in 2025, Apple was widely criticized for not moving fast
enough on AI and being "behind" on AI strategy. But Apple's patient
approach to AI might turn out to be a good thing for Apple shareholders. Apple
has managed to avoid getting dragged into a costly AI arms race. Instead of
plowing billions of dollars into data centers, Apple has focused on its core business
of selling phones and laptops. If you're worried that valuations of AI stocks
have gone too high, but you don't want to give up on "Magnificent
Seven" tech stocks, Apple could be a good choice. During the past six
months, Apple stock is up roughly 33% while the S&P 500 is up 11%. Apple
also outperformed major AI stocks like Nvidia and Oracle, and other AI-related
tech stocks like Amazon, Meta, and Microsoft. The launch of the iPhone 17 in September
2025 was a huge success, generating blockbuster demand. Apple is expected to
ship 247.4 million iPhones in 2025, a 6.1% year-over-year increase, according
to IDC. On its most recent earnings call, in October, Apple announced
record-breaking numbers. The company earned $416 billion of revenue in its
fiscal year 2025 (an all-time record), and its fourth-quarter revenue of $102.5
billion was an 8% year-over-year increase. iPhone revenue was up 6% year over
year and hit a new September-ended quarter record. Earnings per share (EPS)
were $1.85, another September-ended quarter record, and up 13% year-over-year,
excluding a one-time charge from 2024. Apple's services revenue was up 15% year
over year in the quarter, which is an all-time record. Services have become a
major profit engine for Apple because the margins on digital services are so
high compared to physical products. Apple's gross margin for services was about
75% in its latest earnings report, compared to 36% for Apple products. And the
services segment is becoming a bigger slice of Apple's overall revenue. In its
Q3 earnings for fiscal year 2025, Apple made more sales from services ($28.75
billion) than it made from all of its non-iPhone products combined (Macs, iPads
and Wearables made $24.69 billion of sales). And there are good reasons for
investor optimism about Apple to continue into 2026. The company expects to see
10%-12% revenue growth in the first quarter of 2026, with double-digit iPhone
revenue growth. That quarter is wrapping up now and includes the holiday
selling period. Analysts have raised their estimate for Apple's earnings per
share to $2.67 for the current quarter, up from $1.77 for Q4 of Apple's fiscal
2025. With a price-to-earnings ratio of 34, Apple stock is not cheap compared
to where its P/E ratio has been in the past few years. But if investors
continue to shy away from high-priced AI stocks, and if more signs of
real-world return on investment from AI don't materialize fast enough, Apple
could look like a better deal than tech stocks that have more AI exposure. Unless
some new must-have device gets invented that can replace the iPhone, Apple
seems well-positioned to stay highly profitable for a long time to come. No
matter what happens next with the possible AI bubble, Apple should be a good
stock to buy in 2026.
AMAT No news.
BWXT BWX Technologies stock, which manufactures components for
nuclear power plants, jumped 3.5% through 2:45 p.m. ET Thursday, December 4.
It's not hard to guess why. Yesterday, the U.S. Department of Energy announced
it will award $400 million to the Tennessee Valley Authority to accelerate
deployment of new advanced light-water small modular reactors (SMRs) at the
Clinch River site in East Tennessee. Clinch River will see installation of
America's first-ever "Gen III+ SMR." GE Vernova Hitachi will build
the reactor, a BWRX-300 model, aiming to deploy additional units at a later
date. Multiple other companies and organizations will assist with the effort. These
include electric power utility Duke Energy, Oak Ridge Associated Universities,
the Electric Power Research Institute, metals manufacturers Scot Forge and
North American Forgemasters, Canadian construction company Aecon, and... BWX. Of
particular note, the press release on the project notes Clich River will serve
"as a national model for how to deploy SMRs safely, efficiently, and
affordably". In other words, it's a pilot project -- and if all goes well,
more contracts may follow. That probably relieves investors who've seen BWX's
stock price slump 16% over the past month. But even at today's lower price,
should you buy BWX stock on today's news? Much as I'd like to answer
"yes," I'm honestly uncertain. BWX shares cost more than 52 times
earnings after all, and most analysts who follow the stock don't see BWX
growing earnings much faster than 12% annually over the next five years. That
gives BWX stock a price-to-earnings ratio of more than 4.3 -- very expensive
unless Clinch River generates significantly faster earnings growth than
virtually anyone on Wall Street expects. From where I sit, BWX stock still
looks too expensive to buy.
CNI No news.
COST Costco has been a favorite stock among many investors
for years, but over the past 12 months, the wholesale retailer's shares have
declined 10%. Part of the reason for the drop may be fueled by investors
reallocating their money to more high-growth areas of the market, such as
artificial intelligence stocks, while others are worried about Costco's
slipping renewal rates. What's happening with Costco stock right now, and is
the latest share price pullback a good buying opportunity? Here's what you
should know. Some investors have been concerned lately that Costco's growth
hasn't been as impressive as in the past, and the company's (still fantastic)
renewal rates for some members are slowing down more than they have
traditionally. For example, one analyst at Roth Capital recently stated that
Costco's membership sign-ups in the most recent quarter were only 400,000,
compared to a typical membership sign-up of 1 million. Costco's management said
on the first quarter earnings call that while membership sign-ups were lower,
this was largely due to younger Costco shoppers who sign up for memberships
online and tend to renew at a slower pace. That could persist for a few more
quarters, according to Chief Financial Officer Gary Millerchip: "Our goal
is to continue to improve renewal rates by improving engagement with members
who signed up digitally. Although for the reasons previously shared, we may
still see a slight decline in the overall renewal rate over the next few
quarters." It's worth noting a few key facts from Costco's first quarter
as a reminder of just how strong the company's performance was, despite the
stock's underperformance. Here are some of the highlights: Costco reported
earnings per share of $4.50, outpacing Wall Street's consensus estimate of
$4.27. Revenue increased 8% to $67.3 billion, also beating the analyst's
consensus estimate of $67.1 billion. Costco's Black Friday sales set a record
of over $250 million in non-food orders. Those are all impressive results, and
they indicate that many investors are missing the bigger picture: Costco is
still growing at an impressive rate. In addition to all of the above, the
company also increased its digital sales by 20.5% in the quarter, traffic on
its site rose by 24%, and mobile app traffic jumped 48%. As I mentioned
earlier, the company's membership renewal rates remain very impressive, even if
they are slightly lower than in recent years. Costco has 81.4 million paid
members, an increase of 5.2% from the year-ago quarter, and North American
renewal rates were 92.2% -- down slightly from its average of 93%. It's a
little surprising that some investors latched onto slightly lower renewal rates
while overlooking the fact that renewal rates are still enviable by any measure
and that the quarterly results are great on nearly every metric. While it's not
great to see Costco's share price falling right now, the good news is that it's
creating a new buying opportunity for investors who recognize that Costco is
still successfully expanding its sales and earnings and continues to have
strong customer loyalty. Even if the next few quarters are a bit volatile for
Costco stock, nothing has fundamentally changed for the company over the past
year that should cause serious concern about its continued growth. For
long-term investors, Costco stock looks like a good buy at a discounted price.
EME EMCOR Group has announced a significant increase in
its quarterly dividend, raising it to $0.40 per share from the previous $0.25,
starting in the first quarter of 2026. Additionally, the company's board has
approved an extra $500 million for its stock repurchase program. These moves
come as EMCOR adjusts its 2025 earnings per share guidance to a range of $25 to
$25.75, while also revising its revenue projections due to strong growth in its
RPO and strategic portfolio adjustments. EMCOR Group Inc is a specialty
contractor in the United States and a provider of electrical and mechanical
construction and facilities services, building services, and industrial
services. Its services are provided to a broad range of commercial, technology,
manufacturing, industrial, healthcare, utility, and institutional customers
through approximately 100 operating subsidiaries. The company's operating
subsidiaries are organized into reportable segments: United States mechanical
construction and facilities services, which derives key revenue; United States
electrical construction and facilities services; United States building
services; United States industrial services; and United Kingdom building
services. Geographically, its key revenue is derived from the United States. With
a market capitalization of $26.7 billion, EMCOR Group operates within the
Industrials sector, specifically in the Construction industry. The company is
listed on the NYSE and has a beta of 1.34, indicating a higher volatility
compared to the market. EMCOR Group has demonstrated impressive financial
performance, with a three-year revenue growth rate of 19.5%. The company's
operating margin stands at 9.41%, reflecting efficient cost management and
operational effectiveness. Additionally, the net margin of 6.96% underscores
its profitability. On the balance sheet front, EMCOR exhibits strong financial
health with a debt-to-equity ratio of 0.13, indicating low leverage. The
current ratio of 1.19 and quick ratio of 1.17 suggest adequate liquidity to
meet short-term obligations. The Altman Z-Score of 6.52 further highlights the
company's financial stability. However, insider activity reveals some
cautionary signals, with recent insider selling transactions totaling 1,325
shares over the past three months. EMCOR's valuation metrics indicate a
moderately overvalued position with a P/E ratio of 23.98, compared to its
historical median of 19.36. The P/S ratio of 1.67 and P/B ratio of 8.01 also
suggest a premium valuation relative to historical norms. Analyst sentiment
remains positive, with a recommendation score of 1.9, indicating a
"Buy" consensus. The target price is set at $707.03, suggesting
potential upside from current levels. Technical indicators such as the RSI of
39.51 and moving averages indicate a neutral to slightly bearish sentiment in
the short term. EMCOR Group's financial health is robust, as evidenced by its
strong Altman Z-Score and low debt-to-equity ratio. However, the company's beta
of 1.34 suggests higher volatility, which could pose risks in turbulent market
conditions. Sector-specific risks include potential fluctuations in
construction demand and regulatory changes impacting the industrial services
sector. Additionally, the company's volatility of 36.6% indicates potential
price swings. Overall, EMCOR Group's strategic initiatives, such as the
dividend increase and stock repurchase program, reflect a strong commitment to
shareholder value. However, investors should remain vigilant of market
conditions and insider activity as potential risk factors.
GOOGL Alphabet has made tremendous progress in artificial
intelligence in 2025, and that should show up in continued financial strength
in 2026. Its Google Cloud division saw revenue growth accelerate to 34% last
quarter while its operating margin continued to expand, reaching 24%. Those
trends should continue in 2026, as management reported a backlog of $155
billion at the end of the third quarter, up 46% year over year. Alphabet is
seeing notably strong demand for its custom-built Tensor Processing Units
(TPUs). The AI accelerator chips are a more cost-efficient alternative to
Nvidia GPUs for AI training and inference. Anthropic plans to use TPUs for some
of its workload starting in 2026, and Alphabet is reportedly in discussions
with Meta Platforms to use the chips and port popular AI framework PyTorch to
the hardware. The relative performance of TPUs to Nvidia's GPUs and other
custom AI accelerators should continue to fuel growth for Google Cloud in 2026
with significant margin improvements. Meanwhile, Alphabet also saw strong
relative performance for its large language models. Gemini 3.0, released in
November, scored highly on most benchmark tests, outperforming top models from
both Anthropic and OpenAI at the time. The release spurred OpenAI CEO Sam
Altman to declare "code red," as the model performed better than GPT
5.1 and pushed more consumers to download Google's Gemini app, which had 650
million monthly active users as of November. Alphabet could have a big customer
for its LLM next year as well, as Apple is reportedly going to use Gemini for
some of its new AI-powered Siri features starting next spring. The iPhone maker
will pay $1 billion per year to license the model. Apple will run the model on
its own servers, so it would be practically all profit for Alphabet. Alphabet
isn't just out-innovating the biggest competitors in the field; it's also able
to use those innovations in its own business. As a large language model
developer, it's able to take advantage of its massive cloud computing business
and TPU development. But Alphabet's also using that large language model to
improve its core search engine, which remains a cash cow for the business. It's
also continuing to refine various machine learning algorithms, improving its
advertisement placement and YouTube engagement. In search, features such as AI
Overviews and AI Mode have increased the types and number of search queries
users make. And with Google monetizing those searches at roughly the same rate
as those without AI-powered results, it's been a net positive for revenue. Over
the last two years, the company has drastically cut the cost of generating AI
Overviews, improving profitability. Overall, Google Search revenue accelerated
through the first three quarters of 2025, up 15% in the third quarter. YouTube,
likewise, saw revenue growth accelerate, climbing 15% in the most recent
quarter. AI features, such as tools that help edit videos and create
thumbnails, as well as identify shoppable products in videos, have helped
improve engagement and monetization. Alphabet's also seeing progress with
Waymo, its self-driving car business, which is part of its Other Bets segment.
The robotaxi service completed 14 million trips in 2025, more than triple the
number of trips completed in the previous year. Management says it's on track
to complete 1 million rides per week by the end of 2026 as it expands to 20 new
cities. The business could be a key source of revenue growth as it scales next
year. With growth across hardware, software, and its core businesses, Alphabet
presents a diversified growth stock that trades at a good value. Investors can
currently pick up shares for less than 30 times forward earnings expectations.
By comparison, you'll pay over 40 times earnings for Nvidia shares. Alphabet
should experience strong earnings growth as the cloud computing business scales
and operating margin expands. It already generates tens of billions in cash
every year, providing room to increase its share repurchase program, further
boosting earnings per share. As a result, paying less than 30 times earnings
could prove a bargain. Meanwhile, Nvidia may struggle to build on its gains in
2026, especially as Google's TPUs, competing GPUs, and other companies' custom
AI accelerators make progress in eating into its market share. At its current
price, it'll have to outperform already high expectations to produce returns
like the last few years. It seems more likely that Alphabet will be the
better-performing stock in the coming year.
LIN No news.
MSFT Microsoft may not be the first name that comes to mind
when thinking about cybersecurity since the multitrillion-dollar tech company
is known for so many things. Yet, it is also one of the world's leading
cybersecurity providers. Its Windows and Microsoft 365 are installed on
millions of computers and devices worldwide, and within that is Microsoft
Defender, its cybersecurity software. According to Security.org, Microsoft
Defender is the market's leading antivirus software with an estimated market
share of 23%. Cybersecurity isn't Microsoft's top focus, but its large market
footprint demonstrates the benefits of having such a deeply entrenched and
widespread customer base. The company's market share in this area has declined somewhat
in recent years, but it's likely to remain a key player in cybersecurity for
the foreseeable future. Perhaps the best thing about Microsoft is that it's a
rare tech stock that you can buy and hold without losing sleep at night. It's
as blue chip as a stock as can be. Analysts anticipate that the company's
earnings will grow at an annualized rate of 13% to 14% over the long term, as
AI and cloud computing continue to fuel growth. That makes the stock a steady
producer and a no-brainer for buy-and-hold investors.
NU Nu Holdings is making
waves in the fintech investment sector. Since the start of the year, the Latin
American financial services company has surged 58%. The bank has done a stellar
job of serving regions starved for quality, affordable banking services,
leveraging its digital platform to connect with hundreds of millions of
customers. The company's stock performance reflects investor optimism about
Nu's growth trajectory and future prospects. The bank has a large customer base
to sell to and is targeting other markets ripe for disruption. Here are three
reasons to invest in Nu Holdings today. 1. Nu has seen tremendous growth in
Brazil For many years, Brazilian consumers faced a concentrated and predatory
banking system dominated by just five banks. The situation was so severe that
credit card interest rates reached 160%, and former finance minister Paulo
Guedes described it as a "cartel." Changes paved the way for Nu's
neobank model. By operating a digital-only platform, Nu challenged the
traditional banking model by offering free digital accounts and credit cards
with no annual fees, attracting tens of millions of customers. Today, Nu serves
more than 110 million customers in Brazil, or roughly 60% of the country's
adult population. Nu currently holds multiple regulatory licenses, letting it
offer products and services in payments, credit, financing, investments, and
securities. However, Brazil has made regulatory changes restricting the use of
the term "bank" by those without a banking license, so Nu is aiming
to acquire a small bank in Brazil sometime next year. Being a fully licensed
bank provides legitimacy with consumers, especially in a market where trust in
financial institutions is paramount. This license could also make it easier for
Nu to access markets reserved for banks, thereby lowering its cost of capital. 2.
It has a huge customer base to cross-sell to Nu has a huge customer base of 127
million, and sees this as an opportunity to create value and cross-sell to
those customers. It views this as a means to enhance the profitability and
economics of its overall business. Nu offers a range of financial services,
including lending, investments, and insurance. It also offers travel and
cellular services, along with an integrated marketplace platform. One way to
assess how effective Nu is at cross-selling is to look at its average revenue
per active customer (ARPAC). As customers adopt more of its products, the
revenue per active user climbs. In the third quarter, Nu's ARPAC was $13.40, a
20% year-over-year increase on a foreign-exchange-neutral basis. For Nu's
long-term customers who have been on the platform for eight years or more, the
ARPAC was $27.30 as of the second quarter. Nu's growing ARPAC demonstrates the
long-term monetization potential as its customer base grows, matures, and
adopts more of its products. This is a critical component that helps Nu grow
efficiently and cost-effectively. 3. Positive trends should fuel future growth A
positive trend for Nu is smartphone adoption, which is projected to reach 400
million users across Latin America. This digital-native population increasingly
prefers mobile apps to physical bank branches, a trend Nu leverages through its
low-cost, digital-first model. Nu's growth in Brazil has been excellent, and
the company has begun its expansion into Mexico and Colombia. These are two of
the largest regions in Latin America, with significant numbers of unbanked or
underbanked consumers. In Mexico, Nu has over 13 million customers,
representing about 14% of the country's adult population. It is also
approaching nearly 4 million customers in Colombia. Nu Mexico has been approved
to convert into a bank in Mexico and is currently completing the final steps.
It previously operated as a Popular Financial Society (SOFIPO). Once fully
authorized as a bank, it will be able to offer a broader product portfolio,
including payroll accounts. It will also increase its deposit insurance
coverage by 16-fold, allowing Nu to attract high-net-worth individuals. But
that's not all. In September, Nu Holdings applied to the Office of the
Comptroller of the Currency for a charter to establish a de novo national bank
in the U.S. The charter would let the company offer a range of products,
including deposit accounts, credit cards, loans, and potentially digital asset
custody, under a single federal regulator. Nu has demonstrated excellent growth
across Brazil and is making strides in Mexico and Colombia. The company is
effectively leveraging its scale and cross-selling to drive efficient growth.
If you're looking for an attractively priced growth stock, Nu Holdings, trading
at 20 times next year's earnings, appears to be an excellent buy today.
NVDA Nvidia is best known for its graphics processing units
(GPUs), chips that speed up compute-intensive data center workloads like
analytics and artificial intelligence (AI). But the company is truly formidable
because it complements its GPUs with CPUs, networking platforms, and an
unparalleled ecosystem of software tools that assist developers with building
applications. Consequently, while custom AI accelerators developed by
competitors like Broadcom are generally cheaper, Nvidia systems frequently have
a lower total cost of ownership because the company can optimize performance
across most facets of the data center computing stack. Additionally, custom
chips lack pre-built software tools, which means they must be built from
scratch. Morningstar analyst Brian Colello says Nvidia's vertically integrated
business model that spans data center hardware and software affords the company
a wide economic moat. "In the long run, we expect tech titans to strive to
find second sources or in-house solutions to diversify away from Nvidia in AI,
but these efforts will, at best, only chip away at Nvidia's AI dominance."
Nvidia's adjusted earnings increased 60% in the third quarter, and Wall Street
estimates earnings will increase at 67% annually through the fiscal year ending
in January 2027. That makes the current valuation of 46 times earnings look
cheap. Indeed, among 69 analysts, Nvidia has a median target price of $250 per
share, implying 32% upside from its current share price of $189.
SPGI No news.
TSM Taiwan Semiconductor Manufacturing has been a top
stock to own over the last few years, and 2025 was no exception. Its stock rose
more than 50% in 2025, making it a top performer in its space. But after such a
strong year, is the semiconductor foundry worth owning in 2026? Let's take a
look at Taiwan Semiconductor's prospects and determine if it can continue its
outperformance or if investors should move on from the stock. Taiwan
Semiconductor is well-positioned to take advantage of all of the artificial
intelligence spending that's ongoing. The company is a neutral party in the
chip realm, as it makes chips for companies like Nvidia, Advanced Micro
Devices, and Broadcom. These three are competing for computing market share,
but source most of their chips from Taiwan Semiconductor. So, as long as the AI
hyperscalers continue to spend heavily on data centers, it will be in a good
spot. Fortunately for Taiwan Semiconductor, the AI computing market is massive.
AMD believes that the global computer market will be worth around $1 trillion
by 2030. Nvidia offered a similar projection for 2030, as it believes global
data center capital expenditures (which include compute and other expenses)
will reach $3 trillion to $4 trillion by 2030. Companies with the most
knowledge about what's coming all project huge growth over the next few years,
which bodes well for Taiwan Semiconductor. Wall Street analysts project that
Taiwan Semiconductor's revenue growth in 2026 will be 21% in New Taiwan
dollars. That growth rate could be higher or lower in U.S. dollars based on
currency exchange rates, but projections that Taiwan Semiconductor's revenue
will rise around 20% next year are a safe bet. That's impressive performance
from any company, let alone one that has a market cap of nearly $1.6 trillion. If
we compare Taiwan Semiconductor's stock to some other big tech companies, it's
clear that it trades at a discount. At 24 times next year's earnings, Taiwan
Semiconductor has the lowest valuation of the major tech companies outside of
Meta Platforms. While this doesn't make Taiwan Semiconductor's stock
necessarily cheap, I think it's reasonably valued. Because Taiwan
Semiconductor's stock is at a fair price for its market position and
performance, it looks like a great candidate to buy for 2026. Furthermore,
because it is slated to grow at an above-market-average pace (the S&P 500
usually grows at a 10% rate), Taiwan Semiconductor is expected to outperform
the market once again in 2026. As a result, this a stock that every investor
should consider adding to their portfolio in 2026, as long as you're not
already too exposed to the AI trade. There are multiple companies involved in
this area, and it's easy to get overleveraged to this sector. However, it's
also the primary place where the largest tech companies are spending their
money, so having increased exposure to this sector isn't a bad thing either. I'd
expect Taiwan Semiconductor to be one of the best-performing stocks from the
cohort compared above in 2026. The only thing that may derail its performance
is if the AI hyperscalers start to pull back on spending. I don't see that
happening for many years, so I think Taiwan Semiconductor is both a safe
investment and a strong one for 2026.
TTD The Trade Desk started 2025 strong. The buy-side
platform for digital advertisers became increasingly popular as they turned to
this platform to place and purchase ads across various formats. Unlike Amazon
or Alphabet, The Trade Desk does not operate an ad platform, and that
neutrality makes it easier to find the right audience for a given ad. However,
the company missed its own revenue estimates in the fourth quarter of 2024,
bringing about a huge sell-off in the stock. More recently, The Trade Desk has
dealt with increasing worries about competing with large advertisers, such as
Amazon, which have also weighed on the company. Additionally, with artificial
intelligence (AI) engines bypassing digital ad platforms, the industry faces
additional uncertainty. Nonetheless, for all the concerns, the company has
returned consistent performance financially. Analysts forecast 18% revenue
growth for 2025, and with revenue growing at 20% in the first nine months of
2025, it should not surprise investors if it defies analyst expectations. Investors
should also remember that the stock has fallen by more than two-thirds, taking
the stock price to levels it last saw in 2020. Admittedly,
The Trade Desk stock was likely overvalued a year ago, but that does not seem
to be the case today. Its trailing P/E is 43, down from the 200 level in late
2024. Also, with a forward P/E ratio of 21, the stock appears oversold, which
could mean that any good news in 2026 could help spark a significant rebound.
V No news.
WM No news.
Stock Picks:
CX:
Buy additional Boeing (BA).
KS:
If we aren’t adding to our Palantir (PLTR) position; recommend a sell.
JL:
Sell PLTR and buy additional BA.
HT:
Buy additional BA.
PR:
Buy additional NU, BA and/or BWXT.
On Friday, December 5, 2025
the following order(s) filled:
Sold
24 PLTR @ $179.6301/share; net $4311.12
Buy
50 BA @ $201.439/share; total $10,071.95
Buy
45 BWXT @ $178.373/share; total $8026.79
Buy
284 NU @ $17.6099/share; total $5001.21
Meeting adjourned at 3:05
PM.
Respectfully submitted by
Ken Bauman.
Next Meeting: Thursday,
January 8, 2026 at 2:30 p.m. at:
El Dorado Saloon & Grill
879 Embarcadero Dr
El Dorado Hills, CA 95762
916-941-3600