Oct 12 Episode:

Morningstar’s retirement guru Christine Benz discusses the often overlooked non-financial aspects of retirement planning during this conversation about her new book, How to Retire: 20 Lessons for a Happy, Successful, and Wealthy Retirement.

Link to "Fee Only" List of Personal Financial Advisors:
https://napfa.org/

It’s complicated. Older citizens spend more for health care. That’s been rising faster than the average rate of inflation ISTM. Is this offset by the fact many own their own homes? Or that they don’t have work related expenses (like driving to work)? Like I said - It’s complicated. But I’m afraid for many in the “Over 65” camp, 2.5% isn’t going to help them much, and won’t keep them even with cost of living.
Not worried about those who frequent the board. We are atypical. It’s the ones who haven’t planned well in advance and have little grasp of financial issues I worry about.

It's OLD news.
The insurance industry uses 3rd party services from Infosys/McCamish and it had a breach. But companies have been tight lipped about it and the news is coming out like cockroaches. Those that have admitted so far are T Rowe Price/TROW, NY Life, Principal Life Insurance Co., Prudential Insurance Co. of America, Oceanview Life and Annuity Co., TIAA, Fidelity, etc.

On the health side of breaches, you can add Change Healthcare. I'd never heard of them, but I received a long notice in the mail a week ago (dated Sept 23). Like McCamish, they seem to be tight lipped about their industry customers.
In a sense this is old news as well. While Change Healthcare is just now getting around to obliquely notifying end users, it was forced to notify HHS months ago about its HIPAA breaches. HHS put out this lengthy notice in July.
https://www.hhs.gov/hipaa/for-professionals/special-topics/change-healthcare-cybersecurity-incident-frequently-asked-questions/index.html
Change Healthcare is a subsidiary of Optum, which is the administrative/technology services arm of UnitedHealthcare Group (UNH). The other arm is the more familiar health insurer United Healthcare. Optum's reach goes way beyond United Healthcare.

Notice of Data Breach
We are sorry to tell you about a privacy event. This letter is from Change Healthcare ("CHC"). We work with many doctors, health insurance plans, and other health companies to help provide health services or benefits. This event may have involved your data.
What happened?
On February 21, 2024, CHC found activity in our computer systems that happened without our permission. We quickly took steps to stop that activity. We [did x, y, and z after the horse had left the barn].
On March 7, 2024, we learned a cybercriminal was able to see and take copies of some data in our computer system. This happened between February 17, 2024 and February 20, 2024. ...
What information was involved?
We have told our business customers about this event. Starting on June 20, 2024 we began notifying our business customers ... We encourage you to remain vigilant ... The data that may have been seen and taken includes contact information (such as name, address, DOB, phone #, and email) plus one or more of the following:

• Health insurance data (such as ... ID numbers ...)
  
• Health data (such as medical record numbers, doctors, diagnoses, medicines, test results, images, care, and treatment)
  
• Billing, insurance claims and payment data (such as ... account numbers, billing codes, payment cards, financial and banking ...)
  
• Other personal data (such as SSN, driver's license ...)

...
Why did this happen?
A cybercriminal accessed our computer system without our permission.

No, that's only what happened. Why it happened is, as others have said, that this company did a cost benefit analysis. It decided that it was cheaper not to put in dollars to train people on best practices (I agree with @rforno that this is the biggest hole) and tighter security and instead pay the petty fines (if any) assessed for this negligence.

Why is the response to customers to offer credit monitoring after the breach?
How about offering it prior, as part of the customer relationship?
One of my CU banks does just that.

Identity theft is a billion dollar business for thieves and a billion dollar loss for the rest of us. In fact, it is the most common type of consumer fraud complaint made by Americans. According to the FTC, cleaning up the mess after an identity theft has occurred costs the average consumer approximately $1,000.
To provide our Members with additional account safeguards, iTHINK Financial includes a comprehensive Identity Theft Protection Program and Credit Monitoring Service with our myChoice Checking account at no additional cost.*

IBM SECU became IThink Financial
https://ithinkfi.org/personal/services/credit-monitoring-and-identity-theft-protection

Thank you @davidsherman. For me, it's the association that took me aback.
Catalyst, Rational, AlphaCentric all seem like asset gathers. Really high er. Front loads. 12b-1 fees. Multiple share classes.
I came across Szilagyi back in 2017 profiling AlphaCentric Income fund. I absolutely loved Tom Miner and the folks at subadvisor Garrison Point, but I was skeptical of their association with Szilagyi's organization.
An excerpt:
Focusing on IOFIX, the adviser pays 0.33% “other” (mostly administrative and servicing). The remaining 1.16% “management fee” (after a 0.01% acquired fund fee) is then split between AlphaCentric and Garrison Point, or 0.58% each. Since another Jerry Szilagyi company “MFund Services LLC,” also gets paid to manage the overall trust, Szilagyi’s firms appear to receive more fee from the fund than GPC does.
Interestingly, AlphaCentric is listed along with Eventide, Pinnacle and Advisory Research as a strategic partner in a firm called Multi-Funds, which describes itself as “A Premier Marketing, Consulting and Distribution Firm.” While this channel may indeed have helped bring attention to IOFIX, allowing the sub-adviser to focus on its strategy and portfolio management … what it loves to do, Multi-Funds hasn’t helped other funds in the AlphaCentric family achieve anywhere near the assets attracted by IOFIX.
Jerry Szilagyi also runs Catalyst Funds, a collection of “Intelligent Alternatives … We understood that the market did not need another traditional family of mutual funds … we endeavor to offer unique investment products to meet the needs of discerning financial advisers and their clients … specialized strategies seeking to produce income and equity-oriented returns while attempting to limit risk and volatility.” There are 28 Catalyst Funds comprising $6.2B in AUM. Average age just under 5 years. Most come in three classes, including those imposing 4.75% front-loads and 12b-1 fees. Average fees: 1.76% (oldest share class, 2.01% all share classes).
When you stood-up CrossingBridge, it just seemed like a horse of a different color.
You're always 10 steps ahead of everybody else in the room, which puts me 20 steps back and surely missing something.
Or, simply being a Pollyanna.
But Szilagyi's brand also ran into regulatory issues, granted he's in good company, but still:
SEC Charges Portfolio Manager and Advisory Firm with Misrepresenting Risk in Mutual Fund
The Securities and Exchange Commission today announced charges against a New York-based investment adviser for misleading investors about the management of risk in a mutual fund. Catalyst Capital Advisors LLC (CCA) and its President and Chief Executive Officer, Jerry Szilagyi, agreed to pay a combined $10.5 million to settle the charges. The SEC also filed a complaint in federal district court in Madison, Wisconsin, against Senior Portfolio Manager, Edward Walczak, for fraudulently misrepresenting how he would manage risk for the fund.
https://www.sec.gov/newsroom/press-releases/2020-21
Fund That Lost $700 Million on Bearish Bets Fined for Misleading Investors
Catalyst Capital Advisors and CEO Jerry Szilagyi settled regulatory probes, will pay $10.5 million
A mutual-fund manager that lost 20% with wrong-way bets against the stock market agreed to pay $10.5 million to settle regulatory claims that it misled investors about its procedures for limiting losses.
Catalyst Capital Advisors LLC and its chief executive, Jerry Szilagyi, settled the regulatory probes Monday without admitting or denying wrongdoing. The Securities and Exchange Commission and the Commodity Futures Trading Commission also both filed civil fraud lawsuits against Edward Walczak, the portfolio manager who ran the Catalyst Hedged Futures Strategy Fund.
https://www.wsj.com/articles/fund-that-lost-700-million-on-bearish-bets-fined-for-misleading-investors-11580167076
I'll post more later on the Catalyst, Rational, and AlphaCentric families.

https://www.sec.gov/Archives/edgar/data/1103243/000141304224000794/enscls497.htm
497 1 enscls497.htm
A series of PFS Funds
Supplement dated October 8, 2024
to the Prospectus and Statement of Additional Information
dated February 28, 2024
This supplement updates information currently in the Prospectus and Statement of Additional Information. Please retain this supplement for future reference.
The Board of Trustees (the “Board”) of the PFS Funds (the “Trust”) has approved a Plan of Liquidation (the “Plan”) relating to the Ensemble Fund (the “Fund”), effective October 3, 2024. Ensemble Capital Management, LLC, the Fund’s investment adviser (the “Adviser”), has recommended to the Board to approve the Plan due to the pending acquisition of the Adviser and the acquiring entity’s desire not to continue the mutual fund business. As a result, the Board has concluded that it is in the best interest of the shareholders to liquidate the Fund.
In connection with the proposed liquidation and dissolution of the Fund called for by the Plan, the Board has directed the Trust’s principal underwriter to cease offering shares of the Fund immediately as of the date of this Supplement. Shareholders may continue to reinvest dividends and distributions in the Fund or redeem their shares until liquidation. While undergoing an orderly liquidation, the Fund will invest in cash equivalents and will not be pursuing its investment objective.
It is anticipated that the Fund will liquidate on or about October 24, 2024. Any remaining shareholders on the date of liquidation will receive a distribution of their remaining investment value in full liquidation of the Fund. If you have questions or need assistance, please contact your financial advisor directly or the Fund toll-free at 1-800-785-8165.
IMPORTANT INFORMATION FOR RETIREMENT PLAN INVESTORS
If you are a retirement plan investor, you should consult your tax advisor regarding the consequences of any redemption of Fund shares. If you receive a distribution from an Individual Retirement Account or a Simplified Employee Pension (SEP) IRA, you must roll the proceeds into another Individual Retirement Account within sixty (60) days of the date of the distribution in order to avoid having to include the distribution in your taxable income for the year. If you receive a distribution from a 403(b)(7) Custodian Account (Tax-Sheltered account) or a Keogh Account, you must roll the distribution into a similar type of retirement plan within sixty (60) days in order to avoid disqualification of your plan and the severe tax consequences that it can bring. If you are the trustee of a Qualified Retirement Plan, you may reinvest the money in any way permitted by the plan and trust agreement.
This Supplement, and the existing Prospectus dated February 28, 2024, provide relevant information for all shareholders and should be retained for future reference. Both the Prospectus and the Statement of Additional Information dated February 28, 2024, have been filed with the Securities and Exchange Commission, are incorporated by reference, and can be obtained without charge by calling the Fund toll-free at 1-800-785-8165.

I have a family member in securities compliance business.
Licensed financial professionals are restricted from posting a lot on social-media. In fact, whatever they post may become part of the records they must keep for the SEC and FINRA. For any business related information, they have to operate with KYC rules - and anonymous discussion boards are sort of nonstarters.
So, DS' hesitation to post at MFO and Big Bang may not be related at all to this new Alphacentric and CrossingBridge fund management deal. BTW, it must be a very fresh news as a web search on "Alphacentric CrossingBridge" only produces a link for this MFO OP by @TheShadow.

Let say I buy a annuity, own rental property, apply for Social Security, and receive a pension along with any other income producing asset. I have often wondered how these income producing (in periodic payments) assets are calculated into my net worth and my overall portfolio asset allocation.
Annuity:
The annuity pays individuals differently, but for the sake of the discussion let's say you buy a 5% fix annuity. You won't actually know what you lifetime payout will be (until you die), but you would expect ($300K*5%) periodically ($15K/yr for example). Eventually, a annuity dies with you. Does annuity income add to your net worth while alive? Is it subtracted when you die (not that you care, but your heirs might).
Social Security:
Social Security seems to be set up in a similar manner (plus a COLA rider), but your payout is determined instead your work income history. SS goes away upon death and so does its net worth value. Does it have a net worth value while alive.
Rental Property:
If you bought a $300K home and rented it for income, you might hope to net 10% ROI or $30K/yr. The property has to be managed and maintained. Upon death, the property has value. While living, a rental asset provides rental income. Both seem to be additive to one's net worth in life and death.
Pension Income:
From the linked article:

For example, if your pension pays out $40,000 a year, you expect to live 30 years, and your discount rate is 4%, then your pension would be worth around $692,000 today. You can get this value by plugging all of these values into a financial calculator [Payment = $40,000, Future Value = $0, Interest/Year = 4%, Periods = 30, Periods/Year = 1] and then solving for the Present Value. In other words, if you had $692,000 today (Present Value) that was earning 4% per year, you would be able to withdraw $40,000 per year for 30 years before running out of money.

This article might lend itself to help determine how these income producing assets impact net worth.
how-much-is-my-pension-worth/

https://www.sec.gov/Archives/edgar/data/1359057/000089418924006071/hoodriversmall-capgrowthfu.htm
Filed pursuant to Rule 497(e)
Registration Nos. 333-133691; 811-21897
MANAGER DIRECTED PORTFOLIOS TRUST
(the “Trust”)
Hood River Small-Cap Growth Fund
(the “Fund”)
Supplement dated October 2, 2024
to the Prospectus, the Summary Prospectus and the Statement of Additional Information
dated October 31, 2023, as previously supplemented
Effective as of the close of business on October 4, 2024 (the “Closing Date”), the Fund will be closed to most new investors. Hood River Capital Management LLC, the investment adviser to the Fund (the “Adviser”), believes that limiting investments in the Fund will help ensure that the Fund can be effectively managed in accordance with its investment objective and strategy. The closing is intended to promote long-term investments in the Fund, thereby contributing to a more stable asset base and the continued efficient management of the Fund. This decision was made after considering the current size of the Fund (approximately $3.21 billion as of August 31, 2024) and the availability of common stocks of small cap companies that meet the Fund’s investment criteria.
Only investors of the Fund as of the Closing Date, whether owning shares directly through the Fund’s transfer agent or through a bank, broker-dealer, financial adviser or recordkeeper (“Financial Intermediary”), are eligible to purchase shares of the Fund. The Fund will continue to permit the following types of investments in the Fund:
•Additional share purchases or reinvestment of dividends or capital gains by existing Fund shareholders;
•Investments made through qualified retirement plans (such as 401(a), 401(k) and other defined contribution plans and defined benefit plans) for which the Fund is an eligible investment alternative and whose records are maintained by a Financial Intermediary having an agreement with the Fund in effect on or before the Closing Date;
•Investments by new or existing clients of an individual financial adviser representative who already had client assets invested in the Fund on the Closing Date;
•Investments by clients of registered investment adviser firms and other Financial Intermediaries who have an existing business relationship with the Adviser that, in the judgment of the Adviser, would not adversely affect the Adviser’s ability to manage the Fund effectively;
•Investments by a Trustee or officer of the Trust, an officer, director or employee of the Adviser, a member of the immediate family of any of those persons, or clients of the Adviser; and
•An investment that officers of the Adviser determine, in their sole discretion, would not adversely affect the Adviser’s ability to manage the Fund effectively.
The Fund may ask you to verify that you meet one of the guidelines above prior to permitting you to open a new account in the Fund. The Fund reserves the right to prohibit a transaction otherwise permitted if the Fund believes doing so to be in the Fund’s best interest. In addition, the Fund reserves the right, at any time, in its sole discretion, to further modify or amend the extent to which the future sales of shares are limited.
For additional information regarding restrictions on new purchases of shares of the Fund, please contact the Fund at 1-800-497-2960 (toll free).
Investors should retain this supplement for future reference.

https://www.sec.gov/Archives/edgar/data/811030/000089418924006027/villere497elowerexpensecap.htm
97 1 villere497elowerexpensecap.htm 497
Filed pursuant to Rule 497(e)
File Nos. 033-12213; 811-05037
Villere Balanced Fund
TICKER: VILLX
Villere Equity Fund
TICKER: VLEQX
(together, the “Funds”)
each a series of Professionally Managed Portfolios (the “Trust”)
Supplement dated October 1, 2024 to the
Statutory Prospectus dated December 29, 2023
On August 14-15, 2024, the Board of Trustees (the “Board”) of the Trust approved an amendment to the operating expense limitation agreement between the Trust, on behalf of the Villere Balanced Fund (“Balanced Fund”), Villere Equity Fund (“Equity Fund”) and St. Denis J. Villere & Company, LLC (the “Adviser”), pursuant to which the Adviser has agreed to reduce the Balanced Fund’s operating expense limit from 0.99% to 0.89%, and reduce the Equity Fund’s operating expense limit from 1.25% to 1.15%, both effective October 1, 2024.
The following disclosures are hereby revised to reflect the changes to the fees and expenses of the Funds:
Page 3 - “Summary Section - Villere Balanced Fund”
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Balanced Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and expense example below.

https://www.sec.gov/Archives/edgar/data/1314414/000158064224005882/altegriscrabel497.htm
97 1 altegriscrabel497.htm 497
Altegris/Crabel Multi-Strategy Fund
Class A Shares CMSAX
Class I Shares CMSIX
(a series of Northern Lights Fund Trust)
Supplement dated September 27, 2024 to
the Prospectus and Statement of Information dated April 29, 2024
The Board of Trustees of Northern Lights Fund Trust (the “Board”) has determined based on the recommendation of the investment adviser of the Altegris/Crabel Multi-Strategy Fund (the “Fund”), that it is in the best interests of the Fund and its shareholders that the Fund cease operations. The Board has determined to close the Fund and redeem all outstanding shares on October 28, 2024.
Effective at the close of business September 27, 2024, the Fund will not accept any purchases and will no longer pursue its stated investment objectives. The Fund may begin liquidating its portfolio and may invest in cash equivalents such as money market funds until all shares have been redeemed. Any capital gains will be distributed as soon as practicable to shareholders. Shares of the Fund are otherwise not available for purchase.
Prior to October 28, 2024, you may redeem your shares, including reinvested distributions, in accordance with the “How to Redeem Shares” section in the Prospectus. Unless your investment in the Fund is through a tax-deferred retirement account, a redemption is subject to tax on any taxable gains. Please refer to the “Tax Status, Dividends and Distributions” section in the Prospectus for general information. You may wish to consult your tax advisor about your particular situation.
ANY SHAREHOLDERS WHO HAVE NOT REDEEMED THEIR SHARES OF THE FUND PRIOR TO OCTOBER 28, 2024 WILL HAVE THEIR SHARES AUTOMATICALLY REDEEMED AS OF THAT DATE, AND PROCEEDS WILL BE SENT TO THE ADDRESS OF RECORD. IF YOU HAVE QUESTIONS OR NEED ASSISTANCE, PLEASE CONTACT YOUR FINANCIAL ADVISOR DIRECTLY OR THE FUND AT 1-877-772-5838.
IMPORTANT INFORMATION FOR RETIREMENT PLAN INVESTORS
If you are a retirement plan investor, you should consult your tax advisor regarding the consequences of a redemption of Fund shares. If you receive a distribution from an Individual Retirement Account or a Simplified Employee Pension (SEP) IRA, you must roll the proceeds into another Individual Retirement Account within sixty (60) days of the date of the distribution in order to avoid having to include the distribution in your taxable income for the year. If you receive a distribution from a 403(b)(7) Custodian Account (Tax-Sheltered account) or a Keogh Account, you must roll the distribution into a similar type of retirement plan within sixty (60) days in order to avoid disqualification of your plan and the severe tax consequences that it can bring. If you are the trustee of a Qualified Retirement Plan, you may reinvest the money in any way permitted by the plan and trust agreement.
This Supplement and the existing Prospectus dated April 29, 2024, provide relevant information for all shareholders and should be retained for future reference. Both the Prospectus and the Statement of Additional Information dated April 29, 2024, have been filed with the Securities and Exchange Commission, are incorporated by reference and can be obtained without charge by calling the Fund at 1-877-772-5838.

Most of what Marks said recently is old news. The massive peacetime budget deficits really started under Reagan when they admitted they wand "to starve the beast".
His famous quote about the 12 most dangerous words in the English language " I am here from the government and I am here to help", probably would not be very popular in Florida today.
GOP in particular is always fighting against government spending, and supporting tax cuts until they want disaster assistance or bailout or money for their personal investments ( look at Devoes supporting her investments in charter schools). Dems do it too but at least they admit government is not the problem.
Marks also does not discuss the way the financial industry ( him included) has taken over control of the government for their own benefit. Repeal of Glass-Stengel, legalization of stock buybacks to support option based compensation, total lack of legal consequences for 2008 bailouts , allowing private equity to buy, control and bankrupt hospitals ambulances and health care, and CEO pay hundreds or thousands of times the average worker and people who actually help people ( with no consequences for bad or even criminal performance) all are consequences of a government run for the financial industry.
Our politics are in the mess we are in today because all of these actions and NAFTA (a Democratic achievement) have destroyed the working class, made homes unaffordable and eliminated the chance for a decent life and retirement unless you work on Wall Street.
What does it say about a nation when over 30% of the brightest University students major in finance, not engineering, medicine, biomedical research?
The NYT just had a long analysis of NAFTA. I would also recommend "Democracy's Discontents " by Michael Sandel

What are these foolish customers thinking? A one-time fraudulent deposit followed by a large withdrawal is not only traceable, but may block the account.
But 16-day business hold? Fido CMA isn't a bank a/c, but can banks do that?
This is a copycat of JPM ATM withdrawals and that is being investigated by the law enforcement.
People have reported that Fido has been crediting ACH transfers quicker than the normal 2-3 days*. People don't realize that Fido is extending credit to its good customers, but when they deliberately or unwittingly start abusing it, that may stop too.
Of course, the Fed rolled out instant transfer facility FedNow last year that is being adopted gradually.
https://www.frbservices.org/financial-services/fednow
*Order entry on Day1. Institution-to-institution electronic transfer on Day 1-2. Wait for error reports on Day 2-3. Account credit on Day 2-3.

A few minutes ago I pointed out that Howard Marks fails to contemplate or incorporate any modifications to reflect the necessity of ... attempting to control the inevitable manipulations of large financial interests. Coincidentally I just happened across this from NPR:

The Justice Department sued Visa on Tuesday, accusing the company of illegally monopolizing the debit card market and therefore driving up prices for businesses and consumers.
The lawsuit, filed in the Southern District of New York, says Visa handles more than 60% of debit card transactions in the U.S. and collects more than $7 billion in annual processing fees. The company allegedly used its market power to stifle competition and keep fees artificially high, according to the suit.
"We allege that Visa has unlawfully amassed the power to extract fees that far exceed what it could charge in a competitive market," Attorney General Merrick Garland said in a statement. "Merchants and banks pass along those costs to consumers, either by raising prices or reducing quality or service. As a result, Visa's unlawful conduct affects not just the price of one thing — but the price of nearly everything."

Q.E.D.

Happy to see equanimity restored. All of the commotion did cause me to revisit the Howard Marks post, which is of course the essential standard defense of an unregulated capitalist economy.
That doesn't mean that it's wrong, or outdated. The knotty problem, in fact, is that technically it is accurate and correct, but fails to contemplate or incorporate any modifications to reflect the necessity of providing at least a minimal safety net for the least fortunate of us, or of attempting to control the inevitable manipulations of large financial interests.
I just said that Howard Marks "fails" to consider major social realities. Actually, that's incorrect- it's not that he "fails"... it's that he makes no attempt to even consider that aspect. So coldly, clinically, he's correct. But realistically, there's a lot lacking there.

Howard Marks credits his initial understanding of different economic systems to a book he read in junior high school!
Lengthy excerpt from near the conclusion:
“My first step toward understanding the workings of the various economic systems came in junior high school in the late 1950s, when I read George Orwell’s Animal Farm. Orwell wrote it in 1945 as a thinly veiled critique of Russia and communism/socialism. That book taught me most of what I needed to know about free markets versus command economies. If you haven’t read it, or if you read it so long ago that you can’t remember what it says, I suggest you pick it up.
“In the allegory of Animal Farm, the animals took over the running of the farm. For me, the key lesson emanates from the motto they painted on the barn wall, borrowed from Karl Marx: “From each according to his ability; to each according to his needs.”
“What an idealistic statement! It would be great if everyone produced all they could, with the more able members of society producing more. And it would be great if everyone got what they need, with needier individuals getting more. But, as the animals on the farm soon learned, if workers only get to keep what they need, there’s no incentive for the more able among them to put in the additional effort required to produce a surplus from which to fill the needs of the less able. The great challenge, of course, is to strike the proper balance: to take enough from the successful in the form of taxes to fund services, government programs, and wealth transfers without eroding their incentive to work or encouraging them to seek out low-tax jurisdictions.”

” … I did not read the rest of the thread, except the last two posts.”

Well, I surely would encourage you to read the entire thread. Howard Marks is one of @Mark’s and my favorite financial writers. Admittedly, he can be a tough read. But he provides a valuable, somewhat unique perspective on valuations and investor attitude. ISTM he goes “off the rails” a bit here. I’ve not known him to wade into politics before. But none of us is exempt from all the shouting / loud political posturing and promises being made in the run up to Nov. 5.
I also thought @Crash made some salient points and his comparison to Denmark adds to Howard Marks’ analysis of the U.S. at this juncture.
Don’t get caught up in the sparring with OJ. Been going on for about 15 years. Never ends. But truth be told - I like him. And he adds immensely to the board.

"Some bond NAV's had positive moves after NOON, on Friday." Do you mean price? If not, which bond [fund?] NAVs do you follow?
I think a deeper dive into PFF would be good for us to understand its TR behavior YTD and its prospects going forward (on any time scale you prefer). As I look at TLT or IEF, PFF did very well. Was the difference driven by getting to par ($25, $1000, whatever it holds) because equities (credit?) have done well or something else? So, is a higher duration BBB- / BB+ fund a good approximation for PFF, except prefered's tilt to financial sector?
I plan to look into later -
https://www.ishares.com/us/products/239826/PFF?cid=ppc:ishares_us:google:fund-names&gad_source=1&gclsrc=ds

Yup. And is financial literacy even YET taught at all in schools? I see the logic of Tarwheel's comparison of pensions with annuities. But annuities come with hefty fees. Pensions are just simply provided each month, eh? I looked into a deferred charitable annuity, but the outfit I was in contact with was just making it too hard, offering info on some specifics which were incorrect. She was answering the wrong questions. So, I'll just do the charitable thing on my own. Lastly, am I among the super-lucky? My pension grows a bit each year; not matched to inflation, but to the former employer's portfolio performance. It's very well balanced with stocks, bonds, alternatives. Even in bad Market years, we get at least a minimal bump-up.

"But it seems idiotic to expect every Tom, Dick & Harry to possess the foresight and financial discipline to save for something that may well be 30+ years away and to have enough stashed at that point to make it last another 30 years if necessary. Maybe the guy’s a great construction worker, or reliable mechanic or metal worker or whatever. That doesn’t endow him with the financial know how or discipline to make the 401K viable."
+1

I don’t have the answer. But it seems idiotic to expect every Tom, Dick & Harry to possess the foresight and financial discipline to save for something that may well be 30+ years away and to have enough stashed at that point to make it last another 30 years if necessary. Maybe the guy’s a great construction worker, or reliable mechanic or metal worker or whatever. That doesn’t endow him with the financial know how or discipline to make the 401K viable. Many don’t save enough, raid the money when younger or in their first few years of retirement or make bad investment decisions. Now, if they did all of the preceding correctly, they still wouldn’t know when they would die and how to make their assets last precisely the right length of time. Albeit - buying an annuity would partially solve the latter issue,