KukaXoco Finance: Investment Center
Can't Beat SPY and the Gold
There are a large number of poorly run, and/or with lousy innovation, and/or focused on rewarding executives over shareholders, companies that across 10/20/30 years -- cannot outperform the SP500 Index (tradeable as SPY) and the price of gold (tradeable as GLD). Fun for speculative trading / gambling, the following should not be in most people's portfolios. And many of these companies have a lot of debt, making them 'zombie' companies - the walking-corporate dead. And if a stock can't beat the SPY, it has done worse against the stupidity hedge, gold.
See: Maybe we need out golden fetters
And while the recent stock market bubble portends lower annual returns for the SPY going forward:
[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). From Oct 2022 to Dec 2025, gold, silver and platinum have beaten both the SP500 and Nasdaq. Short that incompetence, and use the proceeds to buy ... gold, silver and/or platinum. 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). 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 since 2023)
IPOed at $146 and peaked at $219 in 2020, but has slowly declined and is around $135 (Dec. 2025) - no growth in four years with no dividend.
ACI -
Albertsons Companies [3.5%] (NYSE) (trend down since 2021)
IPOed at $17 in 2020, peaked at $36 in 2021, back to $17 in January 2026. Dividend doesn't compensate for poor performance. Supermarket chain.
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).
AEG -
Aegon Limited [5.9%] (NYSE) (trend flat since 2008)
A financial service holding company based in the Netherlands. Its stock price has been flat since 2008, so despite a nice dividend, it is a lousy investment compared to SPY and GLD. In December 2025, it relocated to the USA, and rebranded as Transamerica.
AGRO -
Adecoagro SA [4.3%] (NYSE) (trend flat since 2011)
Pretty much flat since 2011. Decent dividend at 4.2%, but doesn't compensate for poor performance against the SP500. Agroindustrial giant focused on food production and renewable energy, based in Luxembourg.
AIG -
American International Group [2.5%] (NYSE) (trend slight up since 2009)
Due to a huge scandal, AIG dropped from a high of $1500 in May 2007 to $100 in November 2008, a decline of over 90%. Since then, from 2009 to January 2026, AIG is up 130%, while the SPY is up 660%. The dividend doesn't compensate.
AMBA -
Ambarella [0.0%] (Nasdaq) (trend flat since 2015)
A poorly run semiconductor equipment market, flat since 2015 and worse with no dividend, despite the AI bubble pushing up many semiconductor companies' stocks. Had a brief spike at the end of 2021, otherwise very flat.
ALGT -
Allegiant Traval [0.0%] (Nasdaq) (trend flat since 2012)
Low-cost airline company based in Las Vegas. Pretty much flat since 2012, steady decline since 2015, except for a brief post-Covid peak at the end of 2020. No dividend.
AMP -
Ameriprise Financial [1.3%] (NYSE) (trend flat since 2024)
A financial services company. From 2006 until 2020, it much tracked the SPY with a similar dividend. From 2020 to 2024, it ourperformed the SPY. But since 2024 it has been flat, with fears that it will lose out in the AI bubble. One to watch to see if it remains a Can't-Beat-SPY or returns to SPY-Equivalent.
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.
BB -
Blackberry [0.0%] (NYSE) (trend flat since 2012)
Once a great power in the cellphone industry, with a high of over $110 in 2008, but 2025 it had plummeted to $4.
BAX -
Baxter International [2.3%] (NYSE) (trend flat since 2020, trend flat since 2000)
Baxter is a medical instruments and supply company. From $18 in 2000 to $18 in February 2026 (except for a peak to $80 during Covid), its performance has been lousy, and its dividend inadequate compensation.
BAYN.DE (BAYRY OTC in the USA) -
Bayer Aktiengesellschaft [0.25%] (Frankfurt) (trend flat since 1998)
Huge ($42 billion) drug manufacturer, healthcare provider and provider of crop science products. Mostly flat since 1998, averaging about $45, except for a run-up from $50 in 2012 to $150 in 2015 back to $50 in 2020.
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.
BILL -
BILL Holdings [0.0%] (NYSE) (trend down since 2021)
Provides billing and accounting software for non-big companies. IPOed at $50 in 2020, peaked at around $300 in 2021, but plummeted back to $45 by February 2026.
BMY -
Bristol-Myers Squibb [5.75%] (NYSE) (trend down since December 2022)
Since 2000, gold has mostly beaten Bristol-Myers Squibb.
BND -
Vanguard Total Bond Market Index [3.5%] (NASDAQ) (trend flat since 2007)
Pretty much flat since 2007. Even if it paid a 3.5% dividend every year sicne 2007, that compounded is a return of about 200%. Meanwhile, the SPY was up 351% in the same time period. Very similar to BND is VGSH (below).
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.
BOSSY -
Hugo Bossy Ag [3.5%) (OTC Pink) (trend down since 2014)
From a peak of $30 in 2014, it has gradually declined 70% to $9 by December 2025, and has been flat since 2016, thus grossly underperforming SPY and GLD, even with a 3.5% dividend compounded. It didn't help that in 2011, Hugo Boss apologized for its maltreatment of forced workers during World War II when it supplied the Nazis with uniforms, after a book was published about its history.
BRBR -
Bellring Brands [0.0%] (NYSE) (trend down signficantly since 2024)
Does nutrition products - ready-to-drink shake and powder protein products. No dividend. Pretty much flat from 2021 to 2026 at about $25. Peaked in early 2025 at $80, but based on what? In December 2025, securities law firms starting investigation BellRing for potential violations of the federal securities laws. The potential violation: that BellRing's ales growth during the relevant period may have been driven by temporary trade inventory loading at several key retailers, not sustainable end-consumer demand. Law firms investigating Bellring Brands.
CAG -
Conagra Brands [8.0%] (NYSE) (trend down since 2017)
From 2002 to 2017 it much tracked the SPY. But since then it has steadily declined, while the SPY has significantly risen such that Conagra's juicy dividend is insufficient to make up for the appreciation of the SPY and other SPY equivalents. Debt/equity ratio of 100%.
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.
CARS -
Cars.com [0.0%] (NYSE) (trend down since 2018)
Online car buying and selling company. The stock has steadily declined since 2018, and averaged about $10 since 2020, at $9 in February 2026.
CE -
Celenese Corporation [0.3%] (NYSE) (trend down since March 2024)
Celanese Corporation is a global chemical and specialty materials company. This is a weird stock. From 2010, it pretty much tracked the SPY (so should be in the SPY Equivalents list), but then starting in March 2024, it plummeted from a high of $172 in March 2024 down to $44 in January 2026, a 75% plummet - due to poor earnings, 325% debt-to-equity, cyclical downturn, dividend cuts, production cuts. Would be nice to see it recover, so it can rejoin the SPY Equivalents list.
CNH -
CNH INdustrial [1.9%] (NYSE) (trend flat since 2018)
CNH is an equipment and services company, for agriculture, construction and financial services. The stock has been pretty much flat since it IPOed at $11 in 2013, now at $13 in February 2026 - a lousy return not compensated for with its dividend.
CLPBY -
Coloplast A/S [4.3%] (OTC Pink) (trend down since 2021)
A healthcare services based in Denmark, engaged in the development, marketing and sale of intimate healthcare products and services, targeting people with diseases of private and personal nature. The stock has been effectively flat since 2015, going from $7.50 to $18 in 2021 to $8.50 in 2025.
CLX -
The Clorox Company [4.5%] (NYSE) (trend down since 2018, flat since 2014)
Famous for cleaning and household products. From 2000 to 2020, CLX much tracked the SPY. But after a spike up in 2020 to $238 due to the Covid epidemic, CLX has plummeted to $100 at the end of 2025, and has been effectively flat since 2014. A decent dividend.
COLD -
Americold Realty Trust [6.9%] (NYSE) (trend down since 2019)
REIT engaged in temperature-controlled logistics real estate and value-added services. IPOed at $19 in 2017, peaked at $38 in 2020, and then back to $14 in early 2026. Current 6.9% dividend is interesting, but not enough to make up for gains in the SPY.
CPB -
Campbell's [5.4%] (Nasdaq) (trend flat)
Mostly flat since 1995, greatly underperforming SPY and GLD. Current 5.4% dividend is interesting, but not enough.
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.
CTO -
CTO Realty Growth [8.5%] (NYSE) (trend flat since 2005)
CTO is a real estate investment trust. While it has a nice dividend, its dividend has only been substantial since 2011. Since 2005, then, it has underperformed SPY and GLD, even after compounding the dividend.
CWK -
Cushman & Wakefield [0.0%] (NYSE) (trend flat since 2018)
Cushman & Wakefield is a real estate services firm. It IPOed at $18 in 2018, peaked at $22 in 2021, dropped to $8 in 2023, and then around $14 in February 2026. With no dividend, a poor performing stock.
DD -
DuPont de Nemours [0.73%] (NYSE) (trend flat since 2018)
From 1997 to 2017, DuPont much tracked the SPY. But since the beginning of 2018, DuPont has pretty much been flat, while the SPY is up 144%. A current 1.8% (2025) dividend is inadequate. A huge player in industrial products and services. Still (WSJ): DuPont's decade of restructuring yields meager returns for those owning its stock.
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
DHC -
Diversified Healthcare Trust [0.71%] (NASDAQ) (trend flat since 2013)
Realestate investment trust for healthcare facilities. From 2005 to 2018, it averaged about $20. From 2020 to Janaury 2026, it has averaged about $6, a 70% plummet. With a lousy dividend.
DINO -
HF Sinclair [4.1%] (NYSE) (choppy flat since 2006)
Fuel producer. Has oscillated around $40 since 2006. Not for long-term buy-and-hold (inadequate dividend versus SPY gains), but good for surfing if you can catch the lows.
DK -
Delek US Holdings [3.7%] (NASDAQ) (trend down since March 2021)
Does petroleum refining, logistics, pipelines, and renewable fuels. Pretty much falt since 2007, oscillating around $25. Not for long-term buy-and-hold (inadequate dividend versus SPY gains), but good for surfing if you can catch the lows.
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 immediately and steadily declining since its IPO in March 2024 from an IPO peak of $62 to $11 by November 2025. 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 spiked, but then continued their gradual decline.
DT -
Dynatrace [0.0%] (NYSE) (trend down since October 2021)
Software applications company. Averages around $40 since 2020, though a spike up to $75 in 2021. Trend down since then. Another victor of the AI bubble.
DUOL -
Duolingo [0.0%] (Nasdaq) (trend down since October 2021)
Software applications company. Averages around $40 since 2020, though a spike up to $75 in 2021. Trend down since then. Another victor of the AI bubble.
EB -
Eventbrite [0.0%] (NYSE) (trend mostly gradually done since 2021)
Develops language learning tools and apps. It IPOed at $140 in June 2021. Other than a spike up in 2025, riding some AI hype, it was at $100 in February 2026, down 28% since the IPO, and down 80% from the peak. It is suffering from the ease of using AI tools (such as ChatGPT) to build your own language learning tools. And the company botched a gimmick, after it generated a social media backlash that month after its CEO [desperately] promised they'd become an "AI-first" company (favoring non-paid AI over paid-human contractors).
EMAYX -
Gabelli Enterprise Mergers and Acquisition Fund [1.8%] (NASDAQ) (trend down)
From 2000 to 2011, it much tracked the SPY. But since then, while EMAYX has risen about 100% as of February 2026, the SPY is up over 500%. Its slightly better dividend yield does nothing to compensate for its low returns compared to 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.
EPAM -
EPAM Systems [0.0%] (NYSE) (trend down since 2021)
EPAM provides software, cloud and AI consulting services. Despite the current AI bubble, its stock performance has been lousy. It is mostly flat since 2018, going from $138 in 2018, to a peak of $670 in 2021 back to $138 in February 2026. An AI company whose stock declined during the AI bubble.
EPC -
Edgewell Personal Care [2.9%] (NYSE) (trend down since 2015)
EPC sells household and personal care products. From $20 in 2003 to a peak of $100 in 2015 (nice rise), it has since plummeted back to $20 in January 2026.
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.
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.
FBPEX -
Cantor Fitzgerald Equity Dividend Plus Interest [3.3%] (NASDAQ) (trend down since May 2021)
From 1995 to 2007, FBPEX much tracked the SPY. Since then it has significantly underperformed the SPY to the extent that its decent dividend is inadequate compensation.
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.
FIS -
Fidelity National Information Services [2.5%] (NYSE) (trend flat since 2015, peak in 2021)
A financial services company. From 2002 to 2021, it had a good record of tracking/outperforming the SPY. But from a peak of $155 in 2021, it has plummeted to $63 by January 2026.
FLG -
Flagstar Bank [0.30%] (NYSE) (trend flat since 1999)
Poor performing bank stock, steady decline from a high of $106 in 2004, to $13 in February 2026. Debt-to-eqity ratio of $150%, and a lousy dividend.
FLR -
Fluor Corporation [1.0%] (NYSE) (trend flat since 2005)
An erratic stock that in the long term underperforms the SPY, with a lower dividend. From around $30 in 2005, peaking at $99 in 2008, dropping to $33 in 2009, peaking again at $80 in 2013, plunging to $7 in 2020, at $41 at the end of 2025. Great for volatility traders, not so much for buy-and-holders.
FMNB -
Farmers National Banc [5.1%] (NASDAQ) (trend flat since 2017)
Has averaged around $14 since 2017. $14 in 2017, to $11 in 2020, to $18 in 2022, down to $13 in January 2026. Decent dividend is inadequate compensation.
FUN -
Six Flags Entertainment [7.9%] (NYSE) (trend down since April 2017
From 1997 to 2017, FUN pretty much tracked the SPY. But since 2017, FUN has grossly underperformed SPY and GLD, dropping from $73 in June 2017 to $15 in December 2025 - an 80% drop (while SPY was up over 200%), and the dividend is high only because the price has dropped so much, and hasn't been high enough - compounded - to make up for the stock plummeting
GDDY -
GoDaddy Inc [0.0%] (Nasdaq) (trend flat since 2018)
Offers Internet domain name services. Since 2018, it has mostly been flat at around $80, with a brief spike starting in early 2024 to $220 in early 2025, but then plummeting back to $80 in early 2026.
GDRX -
GoodRx Holdings [0.0%] (NASDAQ) (trend down since IPO in 2020)
Providers prescription processing services to consumers and healthcare professionals. From an IPO high of $64, it dropped to $3 by the end of 2025.
GERN -
Geron Corporation [0.0%] (NASDAQ) (trend down since IPO in 2000)
Geron is a biopharmaceutical company. Other than a spike up in 2000, Geron has been trending down since 1997. 100% debt-to-equtiy ratio.
GIS -
General Mills [5.5%] (NYSE) (trend flat since 2013)
General Mills is a big cereal and pet food manufacturer. Since 2005, it has underperformed SPY, and the nice dividend doesn't compensate. Pretty much flat since 2013, except a peak in late 2023 (from $43 in 2013 to $86 in 2023 back down to $43 in January 2026).
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%.
HAS -
Hasbro [2.6%] (NASDAQ) (trend flat 2016)
One of the big global toymakers. A formerly SPY-equivalent, much tracking the SPY from 1989 to 2019. But since 2019, it has averaged about $80 (the 2.6% dividend compounded inadqueate compensation), with peaking (to $120 in 2019) and plummeting (to $40 in 2023), returning to $100 in January 2025. One to watch to see if it remains a Can't-Beat-SPY or returns to SPY-Equivalent.
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.
HBI (now private) -
Hanesbrands [0.0%] (NYSE) (flat since 2005)
a clothing/fashion company. Pretty much flat from 2005 to 2025, going from 7 to 35 (in 2015) to 7 in 2025. In December 2025, it was acquired by Gildan Activewear.
HEINY - alcohol/sugar traffickers/trafficantes -
Heineken NV [2.6%] (OTC) (trend flat since 2015)
A big trafficker of beers (alcohol) and soft drinks (sugar). Since 2003, it has been outperformed by SPY and GLD, and has been flat during the last ten years while SPY and GLD have soared. Not a well-run drug-trafficking company.
HLF -
Herbalife [0.0%] (NYSE) (trend down since 2019)
Global nutrition company. Has averaged $20 since 2011. Hit a peak of $60 in 2018, but by January 2026 it was down 66% to $20. With no dividend, a lousy performer.
HOG -
Harley-Davidson [3.0%] (NYSE) (trend down since 2014)
Love their motorcycles, don't love their stock. The stocks has effectively been flat since 2000, going from $25 to $75 to $15 to $75 in 2014 and to $23 in November 2025. 3.0% dividend is inadequate compensation. Debt/equity at 144%.
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).
HUM -
Humana [1.3%] (NYSE) (trend flat since 2015)
Humana provides Humana insurance services and CenterWell health care services. In 2015 it was around $200, peaked at $560 in 2022, then back to $200 in January 2026. From 2000 to 2024, HUM oscillated around SPY.
HYG -
iShares iBoxx High Yield Corporate Bond ETF [5.7%] (NYSEArca) (trend flat since 2010)
iShares junk bond ETF. Has significantly underperformed the SPY and GLD since 2010. While it has a decent dividend, it doesn't compensate for the greater appreciation with the SPY and other SPY-equivalent stocks.
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.
ICLR -
ICON Public Limited [0.0%] (NASDAQ) (trend down since 2024)
Does healthcare diagnostics and research. A suspicious company. From 2000 to 2024, it tracked or outperformed the SPY, peaking at $340 in March 2024. But as of February 2026, it had plunged about 75% to $80, as an accounting investigation threatens 2023 to 2025 earnings, just when it was peaking. Interesting to see if the blow is recoverable or fatal.
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.
INVH -
Invitation Homes [4.5%] (NYSE) (trend flat since 2019)
Real estate investment trust. The stock has gone from $26 in 2020 to $45 in 2021 back to $26 in 2025. Reasonable investment when it was going up, lousy investment now.
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%.
JOE -
St. Joe Company [1.0%] (NYSE) (trend flat)
A real estate development, asset management and operating company. It owns 167,000 acres of land in Northwest Florida. Grossly underperformed the SPY since 2003. From $30 in 2003, to $80 in 2005, to $10 in 2018 to $60 in January 2026. Fun one for speculators.
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.
KBWD -
Invesco KBW High Dividend Financial ETF [12.5%] (Nasdaq) (trend down since 2011)
KBWD has dropped from $25 in 2011 to $13 in February 2026, a horrible performance. But it does have a juice 12% dividend in February 2026. Is that enough to make up for the SPY's 8% average annual gain? For example, from February 2023 to February 2026, KBWD was basically flat while the SPY was up 62% + (4% for dividends = 66%). Compounding a 12% interest for the same years yields a lower 57% return. It could be in the SPY EQUIVALENTS, but I don't like to reward boringness.
KD -
Kyndryl Holdings [0.0%] (NYSE) (trend flat since 2012)
Kyndryl is a spin-off from IBM. It IPOed at $30 in late 2021, plummeted to $10 in 2022, peaked at $42 in 2025, but then plummeted to $10 by January 2026. The 2025 peak is suspect, because in February 2026, shares of Kyndryl collapse 55% on accounting review, CFO exit, as analysts brand IBM-spinoff a "disaster". A huge amount of debt, with a debt-to-equity ratio of 250%.
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%.
KEY -
KeyCorp [3.8%] (NYSE) (trend flat since 2017)
Bank-based financial services company. Has averaged $20 since 1995. Rose to $40 before the bank/real estate market crash of 2008, going from $40 to $4. Rose to $20 just before Covid, and then declined to $10. Averaged around $19 since 2016. Decent dividend doesn't compensate.
KLAR -
Klarna Group [0.0%] (NYSE) (trend down since Oct 2025 IPO)
Klarna is one of big offerers of the controversial "buy now pay later". From an IPO price at around $39, it has dropped to $13 by February 2026.
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.
KNTK -
Kinetik Holdings [8.1%] (NYSE) (trend flat since 2019)
A fossil fuels services company in Houston, Texas. IPOed around $100 in 2017, quickly dropped to its $40 aaverage in 2019. Effectively flat since 2019. 8.5% dividend makes it interesting, but still with the SPY and GLD up more than that in recent years, a sub-optimal investment.
KHC -
Kraft Heinz [6.6%] (Nasdaq) (trend flat since 2019)
Has significantly underperformed the SPY and GLD since 2019. While it has a nice dividend, it doesn't compensate for the greater appreciation with the SPY and other SPY-equivalent stocks. Reasonable debt/equity ratio of 51%. Obviously, Motley Fool disagrees: Why the Kraft Heinz company is one of the best confectionery, cookie, and snacks stocks to buy
KRC -
Kilroy Realty [5.4%] (NYSE) (trend flat since 2010)
West coast REIT. The stock has gone from $40 in 2010 to $80 in 2019 back to $40 in 2025. Reasonable investment when it was going up, lousy investment now.
LCID -
Lucid Group [0.0%] (NASDAQ) (trend down since 2022)
Automobile manufacturer. IPOed around $100 in 2020, shot to $500, now down to $10 in January 2026 (a 90% drop since IPO). No dividend. In January 2026, Jim Cramer said "If you like Lucid, Rivian is better" (year like having heart disease is better than having cancer - see Rivian below).
LEGN -
Legend Biotech [0.0%] (NASDAQ) (trend down since 2020)
Cancer drug biotech company. IPOed at $34 in 2020, peaked at $75 in 2023, down to $17 (50% of IPO) in February 2026.
LEOIX -
Lazard Enhanced Opportunities [0.6%] (NASDAQ) (trend flat since 2015)
LEOIX "utilizes a hedged strategy, investing in convertible securities, as well as preferred securities, equities, fixed income, options, and ETFs, with the objective of current income and long-term capital appreciation. The Portfolio uses selective position-and portfolio-level hedges, seeking to minimize equity, credit, and interest rate risk". Not very well.
LEVI -
Levi Strauss [2.6%] (NYSE) (trend flat since 2019)
Most flat since 2019, plummeting/peaking/plummetin during Covid, and trend down since May 2021. Dividend is inadequate compensation.
LHX -
L3Harris Technologies [2.2%] (NYSE) (trend flat)
Most flat since 2021, underperforming SPY and GLD. Strange for a defense company.
LKQ -
LKQ Corporation [3.6%] (Nasdaq) (trend down since 2021)
LKQ Corporation is a provider of alternative and specialty parts to repair and accessorize automobiles and other vehicles. From 2011 to 2024, LKQ much tracked the SPY, and at times outperformed the SPY, with a nice dividend. But LKQ ahs dropped from a peak of $60 to $30 in February 2026 (where it was in 2014), a 50% drop. Probably peaked due people spending part of their Covid subsidies on repairing the cars.
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.
LUMN -
Lumen Technologies [0.0%] (NYSE) (trend down since 2007)
- provides telecommunications services. From $7 in 1991, to a peak of $50 in 2007, it is back to $7 in January 2026. It has been steadily declining with significant volume since 2010, made worse by no dividend.
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.
MDB -
MongoDB [0.0%] (Nasdaq) (trend down since 2021)
A database products/services company. It has averaged about $250 since 2020, peaking at $530 in 2021, down over 50% by February 2026 to $240.
MGM -
MGM Resorts Intl. [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 since 2021)
Flat since 2015, and thus has performed lousy against SPY and GLD in the last 10 years (outperforming the SPY until it peaked in 2021 during Covid). 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?
NOMD -
Nomad Foods Limited [6.2%] (NYSE) (trend flat 2016, trend down since 2021)
A packaged foods and consumer products company. NOMD has averaged around $16 since 2016, peaking at $32 in 2021 (people spending Covid handouts), and now at $11 in February 2026 (down 66%). The 6.2% dividend is nice, but less than the SPY's average gain, and not enough to compensate for NOMD's decline.
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).
NVTS -
Navitas Semiconductor [0.0%] (Nasdaq) (trend down since 2022)
A power semiconductor company. It has oscillated around $7.50 since 2022 with no dividend. Volatile for gamblers - went from $2.50 in January 2025 to $9.50 in January 2026.
NXDR -
Nextdoor Holdings [0.0%] (NYSE) (trend down since 2021 IPO)
Internet communication services company. IPOed in 2021 around $12, and has steadly declined since then.
O -
Realty Income [5.7%] (NYSE) (mostly flat since 2015)
Realty Income is a real estate investment trust. from 1995 to 2020, it much tracked SPY. But since 2020, it is mostly flat, while the SPY is up over 170%, an underperformance not compensated for by its dividend.
OKTA -
Okta Incorporated [0.0%] (Nasdaq) (flat since 2019)
Sells security software and services. Was around $90 in 2019, rose to $250 in 2021, back to $90 in January 2026, with no dividend. Has always underperformed the SPY.
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.
OZK -
Bank OZK [3.5%] (Nasdaq) (trend flat since 2015)
A regional bank in MidWest USA. Pretty much flat since 2015 (except for a decline centered around Covid - $50 in 2018, $25 in 2020, back to $50 in 2022). Dividend is nice, but inadequate.
PAA -
Plains All American Pipeline [8.6%] (Nasdaq) (trend down since 2014, trend up since 2020)
Oil and natural gas middleman. From $$18 in 2005, to $60 in 2014 to $6 in 2020, back up to $18 in December 2025. A bad investment since 2014, a good investment since 2020 (though due in part to the AI bubble creating huge demand for energy).
PEBO -
Peoples Bancorp [5.2%] (Nasdaq) (trend flat since 2016)
Peoples Bancorp is a diversified financial services holding company. It has grossly underpeformed the SPY since 2005, averaging about $26. Since 2016, it has averaged about $30. Dividend decent is inadequate compensation, still below a 2018 high of $38.
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
PGNY -
Progyny [0.0%] (Nasdaq) (trend flat since 2020)
Progyny is a benefit management company. The Company specializes in fertility and family building benefits solutions in the USA. It has been flat since 2020, averaging about $30, though peaked at $65 in 2021.
PINS -
Pinterest [0.0%] (Nasdaq) (trend flat since 2019)
Pinterest offers visual search and discovery platform. It has averaged about $25 since 2019, except for a spike-up in 2021 to $75 (a Covid side-effect). In 2026, it tried the fire-and-use-AI strategy.
PNDORA.CO -
Pandora A/S [3.9%] (Copenhagen) - (trend flat)
Jewelry company based in Denmark. It has averaged around 550 kroner since 2014, with peaks and valleys. Compounded dividend doesn't compensate.
PPF -
iShares Preferred and Income Securities ETF [4.3%] (Nasdaq) (trend flat)
ETF that invests at least 80% of its assets in USA preferred stocks (which have higher dividends). But it has been pretty much flat since 2010, and a compounded 4% dividend still underperforms the SPY.
PPFA -
Virtus InfraCap USA Preferred Stock ETF [7.5%] (NYSE Arca) (trend flat)
ETF that invests at least 80% of its assets in USA preferred stocks (which have higher dividends). But since its launch in 2018, and active trading starting in 2020, it has been pretty much. While its dividend looks nice, even compounding, the returns are less than that of the SPY.
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.
PSNY -
Polestar Automotive [0.0%] (NASDAQ) (trend flat since 2021)
Electric vehicle company in the UK. IPOed at $292 in 2021, brief peaked at $400 a few months later in 2021, and then steadily down to $17 in February 2026.
PTN -
Peloton Interactive [0.0%] (Nasdaq) (trend flat since 2022)
A global fitness company offering fitness products and services. IPOed at $25 in 2019, spiked to $150 during Covid when everyone was trapped in their homes and couldn't go to gyms, plummeted back to $25 in 2021, and continued to plummet to $4 in January 2026, with no dividend. Not a well run company, probably replace the executives with ChatGPT.
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. The Motley Fool: Wall Street has erased $325 billion from the valuation of PayPal.
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.
RIVN -
Rivian Automotive [0.0%] (NASDAQ) (trend down since IPO in 2022)
Since it IPOed in 2022 at around $100, it has dropped over 80%, down to $18 as of November 2025. It has been less than $25 since April 2022.
RPRX -
Royalty Pharma [3.1%] (Nasdaq) (trend down)
Since its IPO in 2020, it has declined from around 40 to 27. RPRX buys royalty streams on patented biotech profits. Not very well.
RXT -
Rackspace Technology [0.0%] (NASDAQ) (trend down since IPO in 2020)
Provides email, cloud sotrage and AI solutions. It IPOed in 2020 at $20, peaked at $25 and the end of 2020, and since then has plummeted to $1 at the end of 2025. In January, it was strongly criticized by customers for "devastating" email hosting price hikes.
RXO -
RXO Incorporated [0.0%] (NYSE) (trend down since IPO in 2022)
Trucking company. IPOed at $22 in 2022, peaked at $32 in 2024, down to $12 in February 2026.
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.
SG -
Sweetgreen [0%] (NYSE) (trend down)
A restaurant and lifestyle brand that serves healthy food at scale. It has never been profitable, and has continual declines in customers. It IPOed at $32 in 2021, dropped below $10 in 2022, peaked at $35 in 2024, and has now dropped to $5.
SHV -
iShares 0-1 Year Treasury Bond ETF [4.1%] (NASDAQ) (trend flat since 2010)
Pretty much a pretty steady ETF price since 2010 (except a rise, fail and rise) after Covid. Its 4% dividend is nice, but the SPY is up an average of over 7% a year in the same time period.
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%.
SKM -
SK Telecom [5.1%] (NYSE) (trend flat since 2000)
Has oscillated around $35 for 25 years. Higher dividend is inadequate. SK Telecom Co Ltd is a Korea-based company primarily engaged in the provision of wireless communication services.
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.
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.
SRAD -
Sportradar Group [0.0%] (Nasdaq) (trend flat since 2022)
Manufactures technology for sporting events. IPOed at $21 in 2021, plummeted to $8 in the summer of 2022, peaked at $30 in 2025, but declined to $17 in February 2026. Fell off the AI surf board.
SSL -
Sasol Limited [10.0%] (NYSE) (trend down since 2014)
- a global chemical and energy company based in South Africa. From a peack of $60 in 2014, it has dropped 90% to $6 in January 2026 - a horrible performance. While it has a high divdend, that is only because the stock has dropped so much. For example, it has dropped 40% from the beginning of 2024 to the beginning of 2026. Assuming the full dividend 10% was collected each year, you would be up 20% on the dividend, and down 40% on the stock, a net loss of 20%. In the same period, the SPY was up 40%. Even subtracting the effect of the AI bubble, SSL is a stock to avoid.
STFBX -
State Farm Balanced Fund [2.1%] (Nasdaq)
From 1995 to 2008, it much tracked the SPY, with a slightly bbeter dividend. Since then it has underperformed the SPY, even with its higher dividend.
STFGX -
State Farm Growth Fund [1.4%] (Nasdaq)
From 1995 to 2008, it much tracked the SPY, with a boring dividend. Since then it has underperformed the SPY.
STLA -
Stellantis NV [8.0%] (NYSE) (trend down since 2023, flat since 2015)
2021 merger of Fiat Chrysler and Puegot (including Jeep, Dodge, Opel, and others). From 2007 until 2023, it osciallated around the SPY, but after peaking at $29 in December 2023, it has plummeted to $9.6 in January 2026, wiping out any benefits from its high dividend. The merger just doesn't seem to be working.
SSP -
E.W. Scripps [0.0%] (Nasdaq) (trend down since 2015)
Owns many television companies across the USA. One of the many victims of Big Tech sucking up all advertising dollars.
STT -
State Street [3.66%] (NYSE) (trend down since January 2022)
From 2002 to 2008, it much tracked the SPY. But since then, it is up about 150% while the SPY is up over 1500%. A 2.6% dividend (Feb. 2026) doesn't compensate for its poor performance.
SWKS -
Skyworks Solutions [4.8%] (Nasdaq) (trend down since 2021, flat since 2014)
Skyworks provides wireless networking services. It was $60 in 2014, peaked at $190 in 2021, and now back to $60 in January 2025. Since its decline, its nice dividend is not adequate compensation. Not benefitting from the AI bubble.
SYY -
Sysco Corporation [2.2%] (NYSE) (trend down since 2021, flat since 2014)
Sysco is engaged in selling, marketing and distributing food products to restaurants, healthcare and educational facilities, lodging establishments and other customers who prepare meals away from home. From 2001 to 2020, SYY much tracked the SPY. But since then it has been oscillating around $74, while the SPY is up over 100%.
TEAM -
Atlassian Corporation [0.0%] (Nasdaq) (trend down since September 2021)
Sells team collaboration and productivity software. From IPO in 2016 it ourperformed the SPY, reaching a high of $480. Since then it has plummeted to $120 (January 2026), a 75% drop - with no dividend, this during the AI software boom in 2024/2025 during which Atlassian has been adopting AI. One viewpoint: " rapid AI advances are pressuring enterprise software vendors by encouraging companies to build internal tools instead of relying on external collaboration platforms".
TEL-NO -
Telenor ASA [6.6%] (Oslo) (trend down since 2013)
A Norway-based international provider of tele, data and media communication services. The stock has been flat since 2014, while the SP500 is up over 300%. Assuming a 6.6% dividend since 2015, TEL-NO would only be up 200%. Not very innovative nor competitive.
TFC -
Truist Financial Corporation [4.2%] (NYSE) (trend flat since 2006)
Commercial bank and financial services company. Pretty much flat since 2006, while the SPY is up 440%. 4.2% dividend does compensate enough.
TGT -
Target Corporation [5.1%] (NYSE) (trend down since 2021)
A big merchandise retailer that has struggled to compete with Walmart. From 2005 or so, it much tracked the SPY (doing slightly better when people have Covid subsidies to go shopping), but since then has dropped from a high of about $240 to $90 (as of November 2025), making its higher dividend inadequate compensation. Low net margins (about 4%) and a debt/equity of about 100%. While it long enjoyed favored status among Black shoppers because of its practice of helping advance the careers of Black entrepreneurs, has been largely avoided by Black shoppers in 2025, announcing that it was ending its vaunted diversity, equity and inclusion initiatives (to appease Trump and MAGA).
TLK -
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia [5.5%] (NYSE) (trend flat since 2016)
From 2006 to 2025, Thomson Reuters much tracked the SPY (though underperforming somewhat from 2011 to 2021). But from a high of $200 in June 2025, it has plummeted to $90 in January 2026, a huge drop for a content/technology company during the AI bubble (during which the SPY is up huge). A decent dividend (2.6%). The fear is that AI tools will undermine the value of many of TRI's data analysis products, falling 19% on 3 February 2026 due to the release of an new AI tool from [mis]Anthropic.
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).
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.
TU -
TELUS Corporation [] (NYSE) (trend flat since 2012)
Telecom services company. It currently has a high dividend of 8.8%, but probably not enough dividends since 2012 to compensate for the SPY's long-term 10%+ returns.
U -
Unity Software [0.0%] (NYSE) (trend flat since 2022)
A platform for creating and growing games and interactive experiences. IPOed in at $90 in 2020, peaked at $170 in 2021, plummeted to $30 in 2022, and thereafter oscillated around $30, with no dividend. Outlook troubled, as the latest AI tools make it easy for anyone to create games and interactive experiences.
UBI.PA -
Ubisoft Entertainment SA [0.0%] (Paris) (trend down since 2018)
Software game maker based in France. From 2011 to 2018, it had a nice runup from $4 to $100. But since then it has plummeted back to $4.
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 6% dividend. There are better growth or dividend companies to invest in.
VFMV -
Vanguard US Minimum Volatility ETF [2.1%] (CBOE) (trend up since 2018)
Launched in 2018, it has underperformed the SPY (and frankly with similar volatility), with a slightly better dividend that compounded, doesn't compensate for the SPY's higher return.
VGSH -
Vanguard Short-Term Treasury Index Fund ETF [3.6%] (NASDAQ) (trend flat since 2010)
Pretty much flat since 2010. Even if it paid a 3.6% dividend every year since 2010, that compounded is a return less than 200%. Meanwhile, the SPY was up over 300% the same time period. Very similar to BND (above).
VNET -
VNET Group [0.0%] (Nasdaq) (trend down since 2015)
Provides carrier-neutral and cloud-neutral data center services. Averaged around $10 since 2015. Steadily down from 2015, except for a spike in 2021.
VTRS -
Viatris [3.9%] (Nasdaq) (trend down since 2015)
Viatis was formed in 2020, a merger of Mylan and Upjohn (a legacy division of Pfizer). For a long time, from 1995 to 2015, it much tracked the SPY. But after peaking at $76 in March 2015, over the last ten years it has 85% to $12 in December 2025, grossly underperforming the SPY and GLD.
VWOB -
Vanguard Emerging Markets Government Bond Index ETF [5.3%] (Nasdaq) (trend slightly down since 2013)
The nice dividend, even compounded, does not compensate for its poor performance compared to SPY. Some investors like buying VWOB, but we have no idea why.
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 since 2022)
An e-commerce platform for housewares. IPOed at $20 in 2015, peaked at $300 during Covid (people spending their government subsidies), and dropping to $90 by February 2026, being flat for the last four years, and with no dividend, and with a distressful debt/equity ratio of -100%. Wayfair's stock has been flat since 2015. 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.
WDAY -
Workday Incorporated [0.0%] (Nasdaq) (trend down since 2023)
Workday is a provider of an AI platform to help organizations manage their people, money, and agents. From 2013 to 2024, it much tracked the SPY (spiking during Covid), though without a dividend. However, starting in 2024, its business starting getting usurped by AI companies such as OpenAI and Anthropic, whose tools increasingly can do the same cheaper..
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.
WIX -
Wix.com LTD [0.0%] (Nasdaq) (trend down since 2021)
A web site development platform. Effectively flat since 2018, when it was at $100, rising to $320 in 2021 during Covid, and then back down to $100 by November 2025.
WTW -
Willis Towers Watson [1.3%] (NASDAQ) (trend flat since 2024)
A financial services company. From 2006 until 2024, it much tracked the SPY with a similar dividend. But since 2024 it has been flat, with fears that it will lose out in the AI bubble. One to watch to see if it remains a Can't-Beat-SPY or returns to SPY-Equivalent.
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?
WY -
Weyerhaeuser [3.6%] (NYSE) (trend flat since 1996)
Weyerhauser has grossly underperformed GLD and SPY since 1995. Its dividend, compounded, doesn't make up for its poor performance. The Company is a private owner of timberlands and owns or controls approximately 10.4 million acres of timberlands in the USA and manages additional timberlands under long-term licenses in Canada.
XYZ -
Block [0.0%] (Nasdaq) (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 -
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.
Z -
Zillow Group Class C [0.0%] (Nasdaq) (trend slightly up)
The big online realestate database provider. Except for a spike during Covid, it has significantly underperformed both SPY and GLD with no dividend. And likely to get no better, or get worse, Google starts putting real estate listings into Google search results.
ZGN -
Ermenegildo Zegna [1.34%] (NYSE) (trend flat)
Since its IPO in December 2021, the stock has averaged about $10. IPOed at $10, peaked at $15 in 2023, back to $10 in January 2026.
ZION -
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.
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?
COMPANY STOCK GAIN GOLD GAIN DATE RANGE NUMBER
PATENTSBOND 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+
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 AKA 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
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