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You can own Fort Knox. Not the one in Kentucky. |
Dear Reader, |
Washington is circling Fort Knox in Kentucky. |
But there’s another Fort Knox you can actually own. |
It’s the flagship American mine of one of the largest gold producers operating on U.S. soil. |
And today, I’m giving you the name and ticker. |
No subscription. No credit card. Nothing to cancel. |
Gold trades near $4,000 an ounce. |
Yet this company trades at roughly half the earnings multiple of the average big American stock. |
Wall Street’s average target sits about 74% above where it trades today. |
And it reports quarterly earnings in a matter of days. |
That’s the first pick. |
But there’s another American gold company I believe you should see first. |
It’s about 1/50th the size of Newmont—and on May 21, a federal board voted unanimously to lend it nearly $3 billion. |
That single vote effectively doubled the size of the company overnight. |
One profits from the price of gold. |
The other could profit from Washington’s gold policy itself. |
I’ll give you the name and ticker in the next 60 seconds. |
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Four Words in a Dividend Announcement 📄 |
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🔢 TONIGHT'S NUMBERS |
+10% |
The size of the raise EnerSys approved on August 12. |
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$0.2875 |
The new quarterly payment per share, payable October 2. |
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~$900M |
Buyback authorization still unused at the end of the first quarter. |
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"A competitive dividend that grows with earnings, excluding 45X benefits." |
That is Shawn O'Connell, the chief executive of EnerSys, in the announcement his board put out on Wednesday. The headline was the raise. The sentence was the qualifier, and the qualifier is the more useful of the two. |
Start with what 45X is. It is a federal tax credit for manufacturing battery cells and modules inside the United States, created by the 2022 energy law. Companies that qualify book real money from it, and that money lands in reported earnings the same as any other dollar. EnerSys qualifies. |
Now read the sentence again. The board is telling you it sizes the dividend against earnings without counting those credits. |
This matters for one practical reason. A tax credit exists because a law says it does, and laws get amended. A dividend sized on earnings that include a credit is a dividend resting partly on legislation staying put. A dividend sized on earnings that exclude it is resting on the business. Both approaches are legal, both are common, and only one of them tells you which it is doing. This company wrote it down. |
$300 billion into startups in one quarter, and $242 billion of it into AI (Ad) |
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🧾 THE FILINGS |
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Form 8-K, Exhibit 99.2. Board approves a 10% increase to the quarterly cash dividend. |
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Same exhibit. CEO describes the policy as a dividend that "grows with earnings, excluding 45X benefits." |
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Same exhibit. Repurchase authorization remaining as of the end of the first quarter. |
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Sponsored |
This Company Is Booked Solid for a Decade |
More than $23 billion in orders on the books before the year even started. The warehouse automation name in this report is rolling AI-powered systems into all 47 Walmart distribution centers, plus Target, Albertsons, and a global leasing venture with SoftBank. |
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Free report. Not investment advice. All investing involves risk of loss and past performance does not guarantee future results. |
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📅 INCOME CALENDAR |
Sept 4, 2026 — Pinnacle Bankshares pays its raised $0.33 quarterly dividend. |
Sept 18, 2026 — EnerSys record date. This is the day the company checks the register. Holders on that list receive the October payment. |
Oct 2, 2026 — EnerSys pays $0.2875, the first payment at the new rate. |
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The fine print: when you next see a raise announced, look past the percentage and find the sentence that says which earnings number the board used. Most releases do not include one. This one did, in the chief executive's own quote, and it took four words. |
When a company tells you which earnings number sets its dividend, do you go and check it? I would like to know. |
P.S. Every insider filing the second it drops, with who filed and which stock (Ad) |
— Randy Cole, Editor |
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