It’s official. I was down 4% on my stock portfolio for 2025. Fortunately, my yield investments more than offset my stock losses. Hopefully 2026 will be better.

Crazy valuations still dominate the market. Story stocks are the rage. To me buying these is just gambling, I will stick to value stocks and wait out the return to sanity. Hopefully that will happen sooner rather than later.

Vanda got the FDA approval they expected in late December. The stock jumped, but gave back a lot of the gains over the next two days. Another approval date come maybe next week. I sold a bit for a 110% gain.

OMI completed the sale of their drug distribution business. They are projecting $380 million of EBITDA this year, $1.02 to $1.07 of EPS for 2025 and fell like a stone on Friday. I bought more. I think this is worth $10 or more. They do still have a lot of debt. But no risk, no reward.

SCOR finalized their recapitalization last week. They still have to issue a press release announcing it. They eliminated their preferred dividend but at substantial dilution. But, this gives them the chance to maybe be profitable in 2026. We will see.