Recently we received a T. Rowe Price newsletter about their uses of AI in their investment process. Article below indicated they have been using AI for the last 6 years on several levels of their investment process.
https://troweprice.com/personal-investing/resources/insights/using-artificial-intelligence-to-enhance-our-investment-processes.html#:~:text=Through%20our%20New%20York%20Technology,insights%20of%20our%20investment%20professionals.

Before-hours limit order in for a handful more of TS Tenaris ADR.
Buy-Sell-WHY:
I recently posted about the newly authorized and opened Rosebank oilfield in the North of Scotland. A "Talking Head" on Bloomberg asserted only a few days ago that it's not so very big, and it will hardly move the needle to alleviate fuel costs for Britain--- once it starts to produce in a few YEARS from now... In fact, maybe that oil will get exported?
Nevertheless, oil tubing will still be needed all over the world. In all sorts of places. And TS is the world's LARGEST provider of OCTG. The share price is down by a couple of dollars. As ever, I'm dollar-cost-averaging into it, like everything else in my stable.

Make Me Smart did a good show today, Tuesday, 10/3, centered entirely on cryptocurrency and the SBF trial. They had a long interview with Zeke Faux, a Bloomberg reporter who's spent two years trying to track crypto and author of the new book, Number Go Up: Inside Crypto’s Wild Rise and Staggering Fall (Sept 2023).
The short version: cryptocurrency is speculation, pure and simple. It's a form of gambling, and the casinos are almost all crooked or scammy. They have no demonstrated utility beyond what your Visa card provides.
As of this evening, 110 cryptocurrencies (of 230 tracked by CoinDesk) are underwater of the trailing 12 months. Six coins are down by more than 75%, one year after "the great housecleaning." In 2022, the crypto market went from $3 trillion to $800 billion, representing the disappearance of 74% of its investors' gains. Dozens of exchanges collapsed. (The founder of one failed Turkish exchange, Faruk Fatih Özer, was just sentenced to 11,196 years in jail for his activities.)
One side note was that the African-American community has been especially victimized by crypto marketers promising them the ability to build "generational wealth" that will bequeath a better life to their kids and grandkids.
The second side note is that most of the crypto bros are praying that SBF receives a sentence of at least 11,197 years since that allows them to dismiss him as "the one bad apple" and relaunch their hype-train.
- - - - -
All of which becomes pressing because fund advisers are piled like the bulls of Pamplona, ready for a wild charge. Starting in August I saw new crypto fund and ETF filings almost daily, with as many at a half dozen new funds filed in a single day. Hedged, leveraged, unhedged, inverse, one currency, multi-currency ... it's all in the queue and the marketing push is going to be deafening.
If they get by the SEC.
The show is, I think, worth the listen for folks trying to keep up. It's non-technical and smart, with two hosts who are just slightly appalled.

Devesh and I, separately, chose to think through the implications of "higher for longer" as a Fed mantra.
Lynn began poking at the new TRP Capital Appreciation ETF and wrote a really nice reflection on Retirement: Year One.
I made some portfolio shifts, which is rare for me. I cut Matthews Asian Growth & Income (MACSX) after a long time. I booked a substantial gain, but mostly in the early years of the holding. What ultimately got me to act was reading the fund's own webpage (their pretty straightforward in reporting performance) and the apparent turmoil / turnover at Matthews. It strikes me as hard to do your job when other people are losing theirs. I added Leuthold Core (LCORX), because I don't have the energy just now to worry about how to reallocate assets when the picture (goodbye, Speaker McCarthy) changes daily. And I had already added RiverPark Strategic Income, which I'd written about this summer in tandem with Osterweis Strategic Income. OSTIX is leading in absolute returns but has more short-term volatility, and I'm just not into that. It's up 5.9% YTD / 5.8% APR over three years.
All of which moves me back closer to my "neutral" position of 50/50 stocks/bonds-cash-alts.

The 20y is a pretty interesting outlier at 5%. Bought at that rate, could be a future cap gain opportunity.

I doubt if I will live 20 more years, but it’s good to be optimistic.

20y is almost for sure past my expiry date, but I wouldn't be buying it to hold to maturity. That's what I meant by a capital gain opp. I doubt I'll buy in, tho, unless it moves even higher.

focus only on bonds that are very close to maturity
That seems a bit excessive. Even MMFs can have debt that doesn't mature for 397 days. One only needs enough liquidity to meet redemptions. The SEC is increasing liquidity requirements for MMFs from 10% to 25% for daily liquidity and from 30% to 50% for weekly liquidity. MMFs are not entirely liquid; they don't have to be.
https://www.federalregister.gov/d/2023-15124/p-453
Average effective maturity of RPHYX is around 5 months. This is significantly longer than MMFs. I'm not suggesting otherwise, just that the portfolio has adequate assets close enough to maturity to address concerns. Probably :-)
FWIW, ZEOIX has an "average life" of 2.34 years. Quite a difference.
https://riverparkfunds.com/assets/pdfs/rpsthyf/RiverPark_Short_Term_High_Yield_Fund_Fact_Sheet.pdf
https://www.osterweis.com/mutual_funds/short_duration_credit/portfolio
RPHIX has an additional out - it can reopen the fund. Currently it is soft closed - a new investor can open an account only directly with the fund.

“@carew388 also had it right back in March ”
Thanks @MikeM
Was just responding to the last poster on the thread who happened to be Sven. Probably several got it right. I didn’t. Never saw 10-year rates reaching near 5% in less than 3 years.
To @Seven’s above point … The Fed was keeping rates artificially low by its massive bond buying - a form of manipulation to use @Sven’s words. And, @Sven saw inflation back than. I’m not sure the Fed had figured that part out yet.

The 20y is a pretty interesting outlier at 5%. Bought at that rate, could be a future cap gain opportunity.

I doubt if I will live 20 more years, but it’s good to be optimistic.

Accounts at financial institutions are considered to be inactive if there has been no activity (aside from automatic divs/interest/CD renewals) for some period of time, often 12 months.
The institution continues to hold your assets, though it may "close" the account, or it may prohibit all transactions (including cashing checks), or it may simply start charging inactivity fees. (Vanguard does not charge inactivity fees.)
There is some confusion about the term "dormancy". Some institutions say that an inactive account is "dormant". That is how Vanguard is using the term according to your post. Others wait until the next phase (below) before calling the account dormant.
A financial institution is required to turn over ("escheat") account assets to your state after some longer period of time. Depending on the state, this is three years or longer. Some institutions say that this is when an account becomes "dormant". Vanguard uses "dormancy" this way in its prospectuses, e.g. for VMFXX:

Dormant Accounts
If your account has no activity in it for a period of time, Vanguard may be
required to transfer [escheat] it to a state under the state’s abandoned property law,
subject to potential federal or state withholding taxes.

https://personal.vanguard.com/pub/Pdf/p030.pdf?2210171184
Until the assets escheat, you can recover inactive account assets by notifying the institution (Vanguard) that you are still alive, still interested in the assets, and go about reactivating the account (or possibly opening a new account).
Note that the rules are more forgiving for retirement accounts. It's a mess that I'm not going to sift through now.
https://news.bloombergtax.com/daily-tax-report/faqs-on-unclaimed-property-aspects-of-retirement-assets
Once burned, twice shy. Wells Fargo did this to me several years ago. Ever since then I've kept a log of the last time I contacted the institution (and what constitutes "contact") or conducted a transaction. When it gets close to a year (even if the institution says it doesn't care about inactivity, just escheatment), I will contact the institution. Or make a $5 deposit, or something.

As much as I delight in old historical information, [Anyone want a copy of the 1979 S&P Stock Market Encyclopedia ? (Yes, '79, not '97)] for Mutual Fund performance anything older than 5 or 6 years is obsolete. Unless of course you are looking for something other than performance, e.g. holdings, management, auditors, transfer agents, repositories, etc...
Good Luck on your quests.

The Week in Charts (10/01/23)
The most important charts and themes in markets, including...
00:00 Intro
00:16 Frozen Housing Market
06:41 7 Years Gone (Bonds)
09:14 Fed on Hold (Fed Policy)
12:27 Unaffordable Healthcare
16:18 King Dollar (Currencies)
19:24 Know What You Own (TIPS)
22:12 Indices Masking Weakness (Equity Markets)
23:43 The Freedom Premium
28:15 The 6% CD is Here
Video
Blog

After all, JHEQX has quarterly index-option rolls (options are NOT on individual stock holdings). Fund is huge at $16+ billion (AUM peak was in 2021; [...] See this brochure for explanation of index-options overlay to achieve 60-40 effect from all stock portfolio. IMO, why not just go for a real/genuine 60-40 fund?
https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/literature/brochure/BRO-HE.pdf

Good question, yogi.
Quickly checking out a few well established moderate allocation (60/40) funds like VWELX, JABAX and FBALX, for example, shows that JHEQX has a better risk/reward profile.
JHEQX has not only a better performance record over the past 1, 3 and 5 years than VWELX and JABAX, but also a significantly lower standard deviation, 8.7 vs. 12.3, respectively.
While FBALX has a slightly better performance, its standard deviation is significantly higher at 13.8.
As a retired investor, I prefer to invest in funds with lower standard deviations if the total returns of similar funds are more or less the same, never mind if they are less.
Good luck,
Fred

+1 Yogi / I guess I’m even more confused than @Old_Joe claims to be. I saw it first in Bloomberg. Appears the same story makes the circuit every few years. I’d swear I’ve seen a Reuters piece dated 2023 - but can’t find it this morning.

It's a known fact for years that the high tech leads the market and why QQQ made so much more than SPY. See the last 13 years.
https://schrts.co/CJwZWTcf
The above stocks are all high tech, except BRK.B but this one has so much of Apple anyway.

The fund is JHEQX.
Bloomberg published a longer, more detailed article today: “JP Morgan Options Wale Worries Resurface as Stocks Extend Drop”. (unable to link)
From Reuters: “How A Massive Options Trade by a JP Morgan Fund Can Move Markets”
https://www.yahoo.com/video/explainer-massive-options-trade-jp-100000001.html
Excerpt: ”A nearly $16 billion JP Morgan fund is expected to reset its options positions on Friday, potentially adding to equity volatility at the end of a gloomy quarter for stocks. Analysts have in the past pointed to the JPMorgan Hedged Equity Fund’s quarterly reset roiling markets, and see it as a source of potential volatility during Friday's session.
“The (fund) holds a basket of S&P 500 stocks along with options on the benchmark index and resets hedges once a quarter. The fund, which had about $15.59 billion in assets as of September 28, aims to let investors benefit from equity market gains while limiting their exposure to declines. … Assets ballooned in recent years, as investors sought protection from the sort of wild swings that rocked markets in the wake of the COVID-19 outbreak in March 2020.”

dtconroe: "Yep, I am also weighing my options of at least devoting part of my portfolio for longer CDs--maybe 2 or 3 year CDs. 2 year CDs have been the longest I have previously invested in, but with 3 year CDs over 5% now, it at least deserves some consideration. With my taxable account, I prefer limiting my CD terms to shorter options of 6 months to a yearfor liquidity purposes, but with my traditional IRA CDs, I am looking closely at longer terms. A 3 year laddering approach looks interesting to me in my IRA account.
For most of my retirement years, I had a target objective of 4 to 6% TR, using low risk bond oefs. It is a little strange to be able to get that so easily with CDs these days."
There is a line of thinking that 10-year treasuries are starting to look good at 4.5%. Unlike CDs they will have a nice CG once 4.5% become history.

Yes, I recall Matthews funds sent us an IRS form re: the amount of foreign tax paid. Years ago, when I owned Matthews. But if your IRS tax due is 0 anyhow, there's nothing to deduct that foreign tax "against." It's just a sunk cost.

Yes, actually we did something like that back in the 70s. Inflation was roaring, and I bought a couple of callable municipal bonds out of Salt Lake, to build an electric power generating facility, paying around 14%. (Figured that I could trust the Mormons.) Did very, very well on those for a number of years until they were called.
Only a couple of years ago did I discover that I had made that money by helping to enable climate change. Those generating plants at Four Corners were coal-fired, belching contaminates into the Southwest atmosphere. Talk about dirty money.
(The Four Corners is a region of the Southwestern United States consisting of the southwestern corner of Colorado, southeastern corner of Utah, northeastern corner of Arizona, and northwestern corner of New Mexico.)

Hi, I have question on tax information of USFR. WisdomTree website has a spreadsheet file with tax information(https://www.wisdomtree.com/investments/resource-library/fact-sheets-reports#tab-EFFF2124-78F5-46F4-B816-6D4252E4BC97). The data shows monthly dividend including small capital distribution in early December in recent years. If you hold this fund, will the corresponding 1099 Form indicate how much dividend is from treasury(for state tax exempt purpose) among all dividends? Many other treasury ETFs (TBIL, TFLO) publishes how much percentage of earnings are from the treasury, thus not difficult to figure out yourself if not on 1099 form. Thanks.

U.K. gov't just approved development. The Rosebank field is off the northwest coast of the Shetlands, way the hell up North.
Equinor stock is way up. Ithaca is soaring. (20% stake. Equinor = 80%.)
Because I own some, I note that Tenaris (TS) is up +0.91%, pre-Market here in the States. (Maker of oil/gas pipes, particularly for offshore production. HQ in Luxembourg.)
https://www.cnbc.com/2023/09/27/worlds-fastest-growing-economy-guyana-could-grow-100percent-in-5-years.html
OOPS. Wrong link. Here it is.
https://www.cnbc.com/2023/09/27/uk-gives-approval-for-controversial-rosebank-oil-and-gas-field-development.html