Value funds tend to have higher % of financial than that of S&P500. Even VG Wellington has moved to more tech than the past allocation.

"The sentiment started to take hold in financial circles after the shock of sky-high tariffs sent stocks and bonds into a tailspin last April, but it has taken off recently as the Trump administration has pursued policies like attacks on the Federal Reserve’s independence and threats of a new trade war with Europe that are worrying investors anew."

WAY overdue.

"Investors are increasingly souring on the United States, as illustrated by the declining dollar, the stalled stock market and rising government borrowing costs."
Shareable NYT article

Including this investor....

"Investors are increasingly souring on the United States, as illustrated by the declining dollar, the stalled stock market and rising government borrowing costs."
Shareable NYT article

Extensive treatment of this in this morning's WSJ. Won't post the whole thing here, but it's essentially in agreement with above observations. Basically, some dislocation of software, yes, but nothing very dramatic, especially for existing large database applications with specialized configuration requirements.

Thanks @Old_Joe. I'll attempt to link the article here. Might get lucky.
https://www.wsj.com/finance/stocks/ai-threatens-a-wall-street-cash-cow-financial-and-legal-data-6782657e?st=qkLRc5&reflink=article_copyURL_share

PMAIX. Lots to like here until I noticed the 37% allocation to Financial Services. Not much diversity here. That’s fine until it’s not. My PRPFX seemed to be well diversified until the PM sector quickly cooled off and then 25% seemed too much.

@hank- I ain't no "metal guy". As I've mentioned a few times, having everything in supposedly safe MMKT funds, CDs and Treasury may (or these days, may not) be safe, but it's surely totally boring.
Most of the posters here certainly don't come across as being bored. Why can't I have a little fun?
And as long as I'm here, the $7171 down payment is now (supposedly) worth $9281, for a 29% gain in less than two months. This is undoubtedly due to the amazingly accurate system which I have personally developed and used with tremendous success for at least once now, and which beats ANYTHING that FD guy ever did.You doubters are obviously just jealous of my MAGNIFICENT success, easily the BIGGEST and BEST and MOST SHINY SUCCESS EVER RECORDED since the beginning of FINANCIAL HISTORY.
So there. And, Thpppt! to you! I am going to build a HUGE MAGNIFICENT BALLROOM in the backyard up at the Russian River and YOU WON'T BE INVITED.
Be warned! If you ever try to sell me anything I will charge you a 76% TARIFF, which I will have to pay but that's OK because it will be WORTH EVERY NICKEL of it.

"We believe we’re entering a new era of dispersion in the performance of financial assets. Behind buoyant index averages are sharply bifurcated cohorts of winners and losers. Equities are flying high but remain mostly propelled by a handful of AI superstars. Credit appears healthy in aggregate, but there’s a notable tail of unloved names. Economic growth looks robust but masks clear divergence in the experience of high- and low-income consumers, a phenomenon now termed the “k-shaped economy.” These dynamics serve as a reminder that averages shouldn’t be relied upon in a sophisticated investment process."
Article

I don't know much about any of the above. I just remember "SPAC's" from various financial articles a year or so ago. The gist from what I remember (downtown Josh Brown etc...) is stay away from SPAC's. I do invest in CBLDX and this post is going to make me do more research on CBLDX holdings. So far from what I can find CBLDX can only allocate 20% of assets to SPAC's, preferred stocks and income equities. Also SPAC's 4.0 (regulations enacted June 2025 ) were enacted to better control SPAC's.
Per AI: "Bottom Line: For institutional players like CBLDX, SPACs are used as "low-risk" cash management tools during the pre-merger phase. For individuals holding through the merger, they remain among the riskiest ways to play the public markets"

Howdy folks,
I've got an article and FB post by a long time friend of mine, Pat Heller. He founded Liberty Coin here in Lansing and I've been dealing with him for over 30 years. In all honesty, I would classify him as a coin dealer, gold bug, civil libertarian. Here is the FB post from the Liberty Coin Service page.
"Today we have seen the greatest percentage one-day decline in silver's price and among the largest percentage one-day declines in gold, platinum, and palladium prices.
At the low points today, gold dropped to $4,690.25, silver fell to $75.14, platinum to $2,011.00, and palladium to $1,600.00
If this truly represented a genuine financial market shift, you would be seeing confirmations of similar declines in other commodities, stocks, and the like. As of a couple minutes ago copper was only down -3.9% from yesterday while Brent crude oil and natural gas prices were actually higher. Major US stock indices are down, but less than 2%.
By the way, the Shanghai Gold Exchange weighted average silver price today as $129.35 on a volume of 17.1 million ounces. This was a decline of about $4 from yesterday. On the Shanghai Futures Exchange the closing price for the February 2026 silver contract was at $126.16 per ounce. Obviously there are major buyers for physical silver for immediate delivery at prices much higher than they are at the moment.
What can be surmised from today's changes only in precious metals is that this was not a standard correction move, since it wasn't confirmed in other financial markets. Instead, it is a pretty blatant coordinated action to manipulate downward only precious metals prices.
Naturally, none of the COMEX precious metals prices are reporting closing markets yet today, just as they were extremely delayed yesterday. This by itself is suspicious about market manipulation going on behind the scenes.
As of a few minutes ago, here were the ask spot prices at which Liberty Coin Service was calculating its selling prices for physical precious metals products:
Gold: $4,930.00
Silver: $87.16
Platinum: $2,193.00
Palladium: $1,741.00
Already today Liberty Coin Service has experienced our highest daily retail sales in more than a decade. Expect precious metals prices to recover even more, though it may take a few days or a week or two for gold to again top $5,000 and silver to reach $100.
One question to ask is why engage in such aggressive price suppression tactics today. Today is the final trading day of the month, which is used by technical chart traders in making investment decisions.
Today's price declines were magnified as falling prices heavily impacted recent buyers who made leveraged investments. The declines were so great that probably a high percentage of the were forced to liquidate positions, which added to downward prices. Now that these "weak hands" buyers are out of the market, it is almost certain that continuing downward pressure is pretty much over. When there's no one left to sell other than a handful of panicking small-time investors, prices are almost certain to go back up from now going forward."
Here is Pat's article for Numismatic News, which along with Coin World is one of the leading papers on coin collecting. Pat's a regular contributor.
https://www.numismaticnews.net/increasing-capacity-problems-in-the-physical-silver-market?fbclid=IwY2xjawPrI7VleHRuA2FlbQIxMABicmlkETFJNW5ybWt3YzY5ZENuWHJlc3J0YwZhcHBfaWQQMjIyMDM5MTc4ODIwMDg5MgABHii_13KIqUewP3aStgMm7xIh0HMD8PEQJsDbjmm-UbsA6V64_Ev3TCP08c07_aem_e3tGkTxbUzgMTBucc2BXZg
Right now are starting to remind me of Nixon's gas price controls. All of a sudden, all the stations were out of gas.
The current spot [read: paper] price is $85.91. An American Silver Eagle at Apmex is $106.87 with a credit card. Now, that is a serious premium. Overseas, silver for delivery is going for upwards of $120.
Here's a nice article from Kitco.
and so it goes,
peace,
rono

The fund has already been around since Oct 10, 2022. While the investment adviser is changing from Tidal Investments LLC to Yorkville America Equities LLC, the main task of the investment adviser is to select and oversee the day-to-day subadviser. That was, and remains, Curran Financial Partners. Likewise, the actual managers (Messrs. Curran, Venuto, and Ragauss) survive the reorganization.
As the predecessor fund (i.e. the fund being reorganized) has been around for over three years, I don't see much reason why the fund should not continue to exist for at least another three. Well, there is the fact that while it got off to a good start (1st percentile in 2023, 3rd percentile in 2024), it has floundered a bit in the current administration (68th percentile in 2025 and 79th percentile YTD). But in terms of raw numbers, it hasn't underperformed by much in those years.

"In late January, BlackRock TCP Capital—a business-development company somewhat akin
to a closed-end fund—reported that it would be slashing the net asset value of its shares
by 19% for the fourth quarter of 2025."
"The size of the write-down and the ensuing selloff of the BDC’s publicly traded shares
captured some private credit burning trees but missed the forest fire: financial leverage."
"BlackRock TCP Capital’s fourth quarter is a reminder that when leverage, borrower fragility,
and equity exposure intersect, the downside can be steep—well before presentations about
'defensive positioning' and 'asset‑backed resilience' have time to age."
https://www.morningstar.com/bonds/blackrock-tcp-capitals-tumble-was-more-than-just-private-credit-risk

From Gemini (nor clear with Morningstar legal definitions)
The load-adjusted returns are not the default display on the main Morningstar site. Morningstar publishes load-adjusted returns in specific premium data points and reports, which are often utilized by financial professionals and integrated into third-party brokerage platforms like Charles Schwab and Fidelity.
However, Morningstar Rating
Morningstar rates mutual funds from one to five stars based on how well they've performed (after adjusting for risk and accounting for sales charges) in comparison to similar funds.
https://advisor.morningstar.com/Enterprise/VTC/MutualFundComprehensiveDisclosures.docx#:~:text=Most Morningstar rankings do not,calculation to reflect those loads.

... or the WSJ expects to expire in a decade,
... or they are predicting the end of the financial world order as we know (knew?) it.
It's not always about you :-)

AI says:
Tether purchases physical gold, totaling around 140 tons valued at roughly $24 billion, primarily using massive profits generated from its USDT stablecoin reserves, which are invested in U.S. Treasury bills. The company has been accumulating gold since 2020 to diversify its portfolio, buying directly from refiners and financial institutions.
Key sources of funds for Tether's gold acquisition include:
USDT Reserve Profits: As Tether's USDT stablecoin generates billions in interest from holding U.S. Treasuries, the company reinvests these profits into gold to diversify away from dollar-denominated assets.
Operating Revenue: With profits exceeding $10 billion annually, Tether uses its substantial cash flow to purchase gold, sometimes at a rate of 1 to 2 tons per week.
Tether Gold (XAUT) Backing: Some gold is acquired to back its own tokenized gold product, XAUT, which has a market capitalization over $2.6 billion.
Gold Mining Investments: Tether has also acquired stakes in gold royalty companies to generate cash flows that are converted into physical gold.
Tether, aiming to act as a "gold central bank," stores its gold in a high-security vault in Switzerland. "

Europe? What a joke. It’s been in decline for the past two decades.
The real beneficiary here is India.
Only a small fraction of Indians will ever buy high-end European goods. Europe’s main exports, vehicles and pharmaceuticals, are nonstarters. India already produces cheaper pharmaceuticals domestically, and only about 4% of its vehicles come from Europe.
The balance of advantage is clearly one-sided.
Read https://philipskogsberg.substack.com/p/why-europe-doesnt-innovate
Lack of capital for startups and scaleups. The US and East Asia have more robust private investment ecosystems, and startups have access to more capital. In particular, a late-stage funding gap for scaleups makes it harder for them to grow as fast as their US peers.
Employee protections. In European countries, it’s generally harder for employers to fire employees, which is good for individuals but often bad for companies’ (especially startups) competitiveness and financial agility.
Employee compensation. In the EU, a startup employee's ability to easily get compensated with stock options is more complicated and highly taxed than in the US.
Regulatory barriers and higher taxes. The EU has a higher regulatory density, tax rates, and a more heavy-handed government policy than the US.
Lack of a large, unified market. Despite the EU's single market and geographic proximity, the European market is fragmented with many different national bureaucratic processes and legal frameworks.
Lower R&D spend and innovation. While there are national and EU-wide innovation initiatives like Horizon Europe, the EU spends considerably less on R&D as a share of GDP compared to the US.
Risk-averse and “lazy” working culture. The perception is that Europeans are generally more risk-averse or less entrepreneurial and prefer more leisure time to making money.

https://www.sec.gov/Archives/edgar/data/1016073/000139834426001154/fp0097301-2_497.htm
497 1 fp0097301-2_497.htm
25 East Erie Street
Chicago, Illinois 60611
1-800-560-6111
Driehaus Event Driven Fund *DEVDX
SUPPLEMENT DATED JANUARY 26, 2026
TO PROSPECTUS, SUMMARY PROSPECTUS AND
STATEMENT OF ADDITIONAL INFORMATION DATED APRIL 30, 2025
IMPORTANT NOTICE
The Board of Trustees of the Trust has determined to terminate and liquidate the Driehaus Event Driven Fund (the “Fund”). Shareholders who do not sell their shares of the Fund before the effective date under the Plan of Termination and Liquidation, currently expected to be March 27, 2026, will receive a liquidating distribution in cash equal to the amount of the net asset value of their shares. Thereafter, the Fund will be liquidated and dissolved, and all references to the Fund herein shall be removed.
Effective as of the close of business on February 2, 2026, the Fund is closed and will not accept any purchase orders. In connection with the termination of the Fund and as the Fund’s investment adviser deems appropriate, the Fund will begin the process of liquidating its portfolio securities and shareholders should be aware that the Fund will not be pursuing its stated investment objective or engaging in any business activities except for the purpose of winding up its affairs.
If you hold your shares in an IRA or other tax-advantaged retirement account, you should consult your tax advisor regarding the rules for reinvesting your liquidation proceeds. You generally have 60 days from the date you receive your proceeds to reinvest your proceeds into another IRA or other qualified retirement account to avoid treatment of the redemption proceeds as taxable income for the current year. You or your financial advisor must notify the Fund prior to March 27, 2026 of your intent to reinvest your IRA or other tax-advantaged retirement account to avoid withholding deductions from your proceeds.
For taxable shareholders, the liquidating distribution will generally be treated as a redemption of shares and such shareholders may recognize a gain or loss for federal income tax purposes. Shareholders should consult with their tax advisors for information regarding all tax consequences applicable to investments in the Fund.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
For more information, please call the Driehaus Mutual Funds at 1-800-560-6111.

@crash, i made a mistake on my statement above (correction made). Capital preservation is #1 objective. BTW, i invest with D. Sherman funds as they have done well and minimize the risk. At Fidelity, they charge $49.95 for initial purchase. Additional purchases can be done for $5. Schwab has similar fee schedule. I use this approach to build a large position over.a year or so. Institutional shares of OEFs have lower expense ratio that pay for the transaction fee itself. I hold RSIIX for over 5 years.
Single country ETFs are inherently volatile due to the lack of sector and company diversification. If the top 10 holdings are over 50%, the fund is very concentrated. Panama is in frontier market i believe. The other thing to watch out for is the small daily trading volume (getting narrow spread between bid and ask prices). I prefer broadly diversified OEFs and ETFs (typical daily trading volume at 100K to several millions shares).
@Derf, we don’t own any PRCFX since we have PRWCX. For last several years, we have been reducing PRWCX as part of our risk reduction. US and foreign bonds are more attractive at this point.
Quite honestly i am not qualified to advise you on the amount of risk you should assume. Think a financial advisor may serve you better.

Read a book titled “American Kompromat” by Craig Unger which details Trump’s long history with the KGB. He was turned in 1987 after he went bust (again), but he had been doing business with the Russians long before that. This book details how the KGB first spotted Trump as a potential asset, how it cultivated him, arranged his first trip to Moscow (1987 with pictures to prove it) and pumped him full of KGB talking points. Well worth the read!
Much of what Trump has been doing is exactly what Putin would like to see.

Yes, I'/ve been saying that. Even back 10 or 11 years ago, during the 2015-16 campaign, Orange Don, Jr. volunteered to tell an interviewer they had no problem getting money for this or that--- from Russia.
*******************************
In another direction:
Trump's Venezuela oil money is being held in bank accounts controlled by the U.S. government, with the largest account located in Qatar, according to multiple reports. The funds come from the sale of Venezuelan oil following the U.S. seizure of control over Venezuela’s oil assets after the capture of President Nicolás Maduro in January 2026.
Qatar’s role is described as a neutral and secure location to hold the proceeds—initially $500 million from the first sale—helping to prevent seizure by creditors or legal claims from foreign companies with past grievances. The Trump administration argues this setup ensures the money can be used to benefit Venezuela directly, funding government operations, food, medicine, and small businesses through auctions managed by Qatari banks and overseen by the Central Bank of Venezuela under U.S. conditions.
However, transparency concerns have emerged. Critics, including Sen. Elizabeth Warren, argue that placing the funds offshore in Qatar lacks legal precedent and resembles a “slush fund” with insufficient oversight. They question the lack of congressional input and warn of potential misuse by Venezuelan interim leaders like Delcy Rodríguez to consolidate power.
While the administration claims the move stabilizes Venezuela and bypasses years of financial isolation, the decision has sparked debate over accountability, presidential authority, and the precedent of holding seized foreign assets in offshore accounts.
(Nothing to see here, move along.............)

Found this also interesting:

Eversource Energy sold its 50% ownership stake in the Revolution Wind project (and South Fork Wind) to Global Infrastructure Partners (GIP) in late 2024, exiting the offshore wind business after facing rising costs, with GIP taking over as partner with Ørsted and Eversource retaining some cost-sharing obligations for the massive project.
Key Details of the Sale:
Buyer: Global Infrastructure Partners (GIP).
Date: The transaction closed in late 2024, with the agreement announced in February 2024.
Projects Sold: Eversource sold its share in Revolution Wind (704 MW) and South Fork Wind.
Financial Impact: Eversource received around $745 million (less than expected) and recorded significant losses, also taking on increased liabilities for construction cost overruns.
New Partnership: GIP now partners with Ørsted (who retains its 50% share) to manage the projects, now under GIP's Skyborn Renewables portfolio.
Why Eversource Sold:
Increased costs, construction delays, and economic uncertainties in the offshore wind sector.
A strategic decision to focus on its core business as a regulated transmission builder.
Current Status:
Revolution Wind is expected to become fully operational around 2026.
Eversource still shares in some cost increases for the project's completion, leading to further liabilities and charges reported in 2025.

eversource-offshore-wind-exit-loss-orsted-gip