Interesting:

If all this works, we may see the end of the investment management business as we know it. Instead, each person could have a personal AI that combined personal information — tax situation, financial goals, income prospects — with superior market knowledge, and that never slept or had its attention wander. These AIs could trade with each other with no need for human intervention.

asness-ai-end-human-fund-managers

What is that?

Never lose money.
https://www.investopedia.com/financial-edge/0210/rules-that-warren-buffett-lives-by.aspx

Thank you again, @Observant1.
Everyone here should be watching these presentations; and saving them for further/future reference.
Especially important for this #39 report, IMHO; is Lesson #2 starting at the 5 minute mark, titled 'Price Targets'. A lot of time over the years and currently is spent regarding who/what to follow and/or read regarding financial thinking. The point of Lesson #2 is that those (the large, old money centers), those that one should expect to understand markets well, have problems like other 'humans', in spite of overwhelming data and 'schooling'. Somewhere here (MFO) is a write (2010 - 2012?) about about Morgan Stanley or Goldman fully getting things wrong about interest rates directions. A serious mistake.
One must be their own best student and attempt to blend whatever/whomever you choose to follow to help form one's thinking. No easy task.
A suitable topic area, for a future post.

NYSE just had a moment of silence for Art. He was my financial hero and will be sorely missed by so many.
RIP Art. This Dewar's is for you!

@dtconroe- good to hear from you again. We are in exactly the same situation as you describe. I recently bought a long-term Deutsche Bank bond at 5.75%, callable in two years (that MikeM found) from Schwab. However as msf mentions hoping for a call in two years may have been a bad move, since it seems likely that inflation may increase substantially under the new, improved political franchise. If that happens, we may be stuck with that bond for much longer than desirable.

I am not good at trying to predict the market, even for the near future. I expect some political turmoil in the near future, but I am not good at predicting politics either. CDs have been good for both my financial objectives, as well as my mental health, for a few years now. At my age, winning investing trophies is not important to me. My financial objectives are much more "modest"--just make enough TR to preserve principal, with as little stress as possible. I am not opposed to callable CDs, or even very low risk bond oefs like RPHIX, but not really interested in more risky investments than that. Other investors can chart the path that fits their financial objectives, and I realize that I am probably too conservative/risk averse, for most other investors/posters on this forum.

- Best All Around News + Financial Information - The Wall Street Journal
- Best for Investment Ideas / Insights - Barrons
- Best Deal Right Now - Reuters @$45 annually (monthly rate available). I found the internet site loaded with distracting story-related animations my Ad blocker couldn’t halt. But when I downloaded their free App they disappeared. Very readable.
- Best for Developing Stories - Bloomberg. Stories aren’t always the deepest dives, but they update 24 hours a day. When financial news breaks, you’ll see it here first. You also get the Bloomberg TV channel which is nice if your regular TV plan doesn’t carry it. I’m at (an introductory) $249 per year. But set to renew @ $100 more in 5 months.
- Best for A Long Term Perspective - InvesTech from James Stack. Monthly newsletter assessing market valuations and comparing current dynamics to historical cycles. Stack also provides an ever-changing etf investment model for his readers depending on his outlook. I don’t follow it. Can’t say it’s been the ideal allocation for the current bull market. But his gig is “preservation first.” Price is around $200 yearly. Less with multi-year packages.
- Best for Staying Sober (not succumbing to herd psychology) - “The Daily Rap” / Veteran investor Bill Fleckenstein writes a daily column looking at the day’s action. Once or twice a week there’s some deeper insights to be had. More often just a quick summary you can find anywhere. If it it was a Dull (“nothing happened”) Day Bill will tell you that. There’s a Q&A section I sometimes enjoy more than Bill’s opines. If having pro-Trump / anti-liberal messaging occasionally inserted into the discussions bothers you, you won’t like the site. If you can read thru that stuff, there’s a lot to be learned. Price is something north of $100 yearly.
- Most Enjoyable & Insightful Listening - “The Meb Faber Show” - I have access to over 50 45-minute long interviews dating back a couple years. Delightful conversations with many financial participants including fund managers. You can dig up a few on UTube. But to get the entire pack you might need to use a podcast service.
d

...yes sir, and that was also a major factor in the creation of the Off-Topic section- to move at least some of those debates out of the financial sections.

@Old_Joe, I've decided not to go to the Off-Topic section anymore due to 1 person who, for some pathetic reason, gets his pleasure in antagonizing others. Not sure why he came to this site, but to me he is a cancer.

@BaluBalu- yes sir, and that was also a major factor in the creation of the Off-Topic section- to move at least some of those debates out of the financial sections. With respect to the choice of sections when posting I do notice a deterioration in discipline as of late.

https://www.sec.gov/Archives/edgar/data/1281790/000116204424001335/frankfundswesthillsliqsupple.htm
497 1 frankfundswesthillsliqsupple.htm
West Hills Core Fund
LEBOX
a series of the Frank Funds)
Supplement dated December 3, 2024 to the Prospectus,
Statement of Additional Information ("SAI") and Summary Prospectus dated November 1, 2024.
On November 26, 2024 the Board of Trustees (the "Board") of Frank Funds (the "Trust") determined that it is in the best interests of shareholders to liquidate the West Hills Core Fund (the "Fund"), a series of the Trust, following a recommendation by the Fund's investment adviser, Frank Capital Partners, LLC. The Board has determined to liquidate the Fund with the liquidation payment to shareholders expected to take place on or about January 3, 2025 (the "Liquidation Date").
Effective at the close of business on December 30, 2024, the Fund will not accept any purchases and will no longer pursue its stated investment objective. 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 the Liquidation Date, you may redeem your shares, including reinvested distributions, in accordance with the “Redeeming Fund 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 “Dividends, Distributions and Taxes” 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 the Liquidation Date 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 1-866-706-9790.
This Supplement and the Prospectus, SAI and Summary Prospectus dated November 1, 2024 provide relevant information for all shareholders and should be retained for future reference. The Prospectus, SAI and Summary Prospectus have been filed with the Securities and Exchange Commission and are incorporated by reference. Copies of each can be obtained without charge by calling the Fund at 1-866-706-9790.

There is only BlackRock nontraded BDEBT. Blackstone has nontraded BCREDIT. Next may be an interval-fund (before an etf).
https://www.blackrock.com/us/financial-professionals/literature/fact-sheet/bdc-fact-sheet.pdf

@FD1000, Do you use those Pixels to access financial accounts , banks, brokerages, etc? Do you use any anti virus? Do you some how wipe those Pixels of all potential malware/ viruses before using?
I know you are an IT specialist. So, your practices with these purchases are good enough for me.
I was planning to buy an iPad from this site to gift to someone else and so I want to make sure I inadvertently do not harm them.
Thanks

I’ve done a full circle since moving from TRP’s in-house funds to a Fido brokerage. The freedom to own etfs, CEFs & stocks felt great for 2 or 3 years. But the gyrations during the day drove me crazy - though I realize you’re not supposed to look. So, except for one etf at Cambrea where they don’t offer OEFs and a small temporary slice of JAAA (mentioned in another thread) I’ve reverted back to all OEFs.
- You probably pay more for an OEF (a negative).
- There should be less money flowing in and out over shorter periods (a positive unless you like trading).
- Your manager has some discretion when to buy and sell during times of turmoil (a positive)
- Generally, I’d expect an OEF to have a more stable investor base (a positive).
- You’re probably less likely to get jerked around by emotions in an OEF - though it depends on its focus.
Not sure why firms are moving aggressively to etfs. I’d think it’s better for their bottom lines. Or, perhaps a way to attract more AUM in the race for assets? If held outside a tax deferred account they appear to have some tax benefits. The change doesn’t particularly sit well with myself and some older investors … It will be interesting to watch this development when the next 2000 “Tech Wreck” or 2008 “Financial Crisis” comes along. Possibly the rush for the exits and ease of so doing may exacerbate whatever crisis exists.
Did the SEC crackdown on frequent trading in the years following the Tech Wreck of 2000 contribute to the rise / popularity of etfs? Older ones here will recall that trading in OEFs had become excessive - often by organized participants in high quantity. The SEC determined this “skimming” of excess return by such parties by well timed frequent trading was harming smaller more stolid investors who hung on for the longer term. Ironically, one fund firm CEO (Richard Strong) became the center of attention, found to be gaming his own funds - though not the sole perpetrator. Strong was banned for life from the business. Afterward, fund management became much stricter in passing new regulations to prevent frequent trading, enforcing existing rules and blocking trades. Did this all serve to propel etfs to popularity which, of course, can be traded at any time?
A second contributing factor may have been the fhe slow and steady decline of the front-end load structure associated with many OEFs. In the early 70s that load was still very common across the OEF universe, adding to a firm’s bottom line. But investors wised up. With loss of this OEF profit motive, possibly the etf structure became easier or cheaper to operate.

"Vanguard Ultra-Short Treasury ETf (VGUS) and Vanguard 0-3 Month Treasury Bill ETf (VBIL)
are index ETFs that will offer low-cost Treasury exposure for individual investors and financial advisors."
"VGUS will hold Treasuries with maturities less than 12 months,
while VBIL will focus on Treasury bills maturing in three months or less."
The Ultra-Short Treasury ETf won't have the shortest maturity within Vanguard's Treasury ETf offerings.
In my opinion, Vanguard could have created a better fund name to prevent potential customer confusion!

"I do not currently have a single Agency bond as every one of them I bought got called."
"[A]gree, agency bonds never seem to get past the first call date for me . . ."
While that has been our collective experience, there is a non-zero probability that Agencies may not be called sometime in the future. I say this because some investors outside this forum have bet $Bs against long term bonds (or they are long interest rates).
I am asking myself, "if I would be OK if the bonds I am buying never get called?"
A corollary thought is, "Am I better off with an Agency that presumably gives me only a six month call protection than a corporate bond that might give me a longer period of call protection but of lower credit quality?"
Many factors go into answering these questions and every investor's situation is different from the next one.
In the few times I looked in the past couple of years, I have not seen a new issue Agency with a year or more call date. What is your experience? May be share when you see one.
Edit: Currently, there is a new issue single "A" corporate (Prudential Financial), non-callable, 5Yr, yielding 10 bps more than Treasuries. That is a scary spread.

JAAA - JanusHenderson / Investment grade rated collateralized debt etf. M* includes under Ultra-Short Bond. My reading has verifies that the underlying holdings are not 100 investment grade. Sounds like smoke & mirrors to an extent. Do not confuse with CMO (collateralized mortgage obligations) which was implicated in the 07-09 Financial crisis. CLOs invest in corporate debt.
I wouldn’t have considered it initially as a suitable cash substitute. Yet, having owned a small bit of JAAA for 6-8 weeks I’ve found it to be incredibly stable. Just a short term phenomenon? Or, a reasonably safe place to park cash? Appreciate thoughts. The unknown here is how this debt would react in a deep financial crisis. It’s not old enough to really know. If@Junkster is viewing please share your deep knowledge. Thanks.

More on traveler credit cards (NYTimes, Nov 15th) along with the comments I posted
https://www.nytimes.com/2024/11/15/travel/choosing-the-best-travel-credit-card.html:
https://www.nytimes.com/shared/comment/439grp?rsrc=cshare&smid=url-share
Some places may not accept both Visa and MC. Costco is well known for taking only Visa, but this is also important when traveling. My tour company writes of Argentina:

Visa is commonly accepted, but MasterCard and American Express are not. In November 2022, the government of Argentina added a new financial exchange rate (known as “Dólar MEP” or “Mercado Electronico de Pagos”) for all travelers paying with credit cards issued outside of Argentina. This new exchange rate is higher than the official dollar, but is more convenient for travelers. It is essentially a tax on credit card use for travelers. We recommend that instead, you visit an exchange house with your Trip Experience Leader as dollars are appreciated and you will likely get a better exchange rate than paying with card

(I'm still trying to figure out Argentina pesos exchanges and rates:
https://solsalute.com/blog/money-in-argentina-currency-exchange/)

https://www.sec.gov/Archives/edgar/data/889284/000139834424021347/fp0091223-1_497.htm
497 1 fp0091223-1_497.htm
Filed pursuant to Rule 497(e)
File Nos. 033-49098 and 811-06719
STERLING CAPITAL FUNDS
SUPPLEMENT DATED NOVEMBER 22, 2024
TO THE STERLING CAPITAL BEHAVIORAL INTERNATIONAL EQUITY FUND SUMMARY PROSPECTUSES,
CLASS A AND CLASS C SHARES PROSPECTUS,
INSTITUTIONAL AND CLASS R6 SHARES PROSPECTUS,
AND STATEMENT OF ADDITIONAL INFORMATION,
EACH DATED FEBRUARY 1, 2024, AS SUPPLEMENTED
This Supplement provides the following amended and supplemental information and supersedes any information to the contrary with respect to the Sterling Capital Behavioral International Equity Fund in the Class A, Class C, Institutional and Class R6 Shares Summary Prospectuses, the Class A and Class C Shares Prospectus, the Institutional and Class R6 Shares Prospectus, and the Statement of Additional Information, each dated February 1, 2024, as supplemented:
The Board of Trustees of Sterling Capital Funds has approved the liquidation of the Sterling Capital Behavioral International Equity Fund (the “Fund”). The liquidation is expected to occur on or about January 24, 2025 (the “Liquidation Date”). As of the date hereof, shares of the Fund are no longer being offered for sale.
Prior to the Liquidation Date, you may sell your Fund shares, including reinvested distributions, in accordance with the “Selling Your Shares” section of the Fund’s prospectus. Unless your investment in the Fund is through a tax-deferred retirement account, a redemption is subject to tax on any taxable gains. You may wish to consult your tax advisor about your particular situation.
Prior to the Liquidation Date, the Fund will no longer pursue its stated investment objective. The Fund will begin liquidating its portfolio and may invest in cash, or cash equivalents such as money market funds, until all Fund shares have been redeemed and liquidation proceeds distributed to Fund shareholders.
ANY SHAREHOLDERS WHO HAVE NOT SOLD THEIR SHARES OF THE FUND PRIOR TO THE LIQUIDATION DATE WILL HAVE THEIR SHARES AUTOMATICALLY REDEEMED AS OF THAT DATE, AND PROCEEDS WILL BE SENT TO THE ADDRESS OF RECORD
Please contact your financial advisor or Sterling Capital Funds at 1-800-228-1872 if you have any questions about the liquidation.
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 and any distributions from your retirement account. 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. For additional information regarding the liquidation, shareholders of the Fund may call 1-800-228-1872.
SHAREHOLDERS SHOULD RETAIN THIS SUPPLEMENT WITH THE PROSPECTUSES AND THE STATEMENT OF ADDITIONAL INFORMATION FOR FUTURE REFERENCE
SUPP-11222024

Maybe all good card companies are like this, but I just had a huge plumbing emergency (over $35k of work, gah) and the company doing it takes cred cards ...
so while they were jackhammering in the basement and replacing legacy cast iron drainpiping I called Fido for an increase to $50k
They took some financial info (we ain't rich) and said We'll let you know by morning.
At 7a I got text saying yes, increase has been implemented.
Good service.

https://www.sec.gov/Archives/edgar/data/1016073/000139834424021060/fp0091087-1_497.htm
497 1 fp0091087-1_497.htm
25 East Erie Street
Chicago, Illinois 60611
1-800-560-6111
DRIEHAUS SMALL CAP GROWTH FUND
Investor Shares: *DVSMX
Institutional Shares: *DNSMX
(the “Fund”)
SUPPLEMENT DATED NOVEMBER 21, 2024
TO THE PROSPECTUS AND SUMMARY PROSPECTUS FOR THE FUND DATED APRIL 30, 2024
(the “Prospectus” and “Summary Prospectus,” respectively)
On September 17, 2024, the Board of Trustees of the Driehaus Mutual Funds approved the closure of the Driehaus Small Cap Growth Fund (the “Fund”) to certain investors, as further described below. This change, referred to as a “soft-close,” will be effective immediately after 4:00 pm Eastern Time on December 2, 2024.
You may purchase Fund shares and reinvest dividends and capital gains you receive on your holdings of Fund shares in additional shares of the Fund if you are:
·A current Fund shareholder;
·A participant in a qualified retirement plan that offers the Fund as an investment option or that has the same or a related plan sponsor as another qualified retirement plan that offers the Fund as an investment option; or
·A financial advisor or registered investment adviser whose clients have Fund accounts.
You may open a new account in the Fund if you:
·Are an employee of Driehaus Capital Management LLC (the “Adviser”) or its affiliates or a Trustee of Driehaus Mutual Funds;
·Exchange your shares of another Driehaus Mutual Fund for shares of the Fund;
·Hold shares of the Fund in another account, provided your new account and your existing account are registered under the same address of record, the same primary Social Security Number or Taxpayer Identification Number, the same name(s), and the same beneficial owner(s); or
·Are a financial advisor or registered investment adviser whose clients have Fund accounts.
These restrictions apply to investments made directly through Foreside Financial Services LLC, the Fund’s distributor, as well as investments made through intermediaries. Intermediaries that maintain omnibus accounts are not allowed to open new sub-accounts for new investors, unless the investor meets the criteria listed above. Once an account is closed, additional investments will not be accepted unless you meet the criteria listed above. Investors may be required to demonstrate eligibility to purchase shares of the Fund before an investment is accepted. The Fund reserves the right to (i) eliminate any of the exceptions listed above and impose additional restrictions on purchases of Fund shares; and (ii) make additional exceptions that, in the Adviser’s judgment, do not adversely affect its ability to manage the Fund.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
For more information, please call the Driehaus Mutual Funds at 1-800-560-6111