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@sma3: you probably are aware of Matthews’ MEMX, which excludes China. How to screen for such a portfolio, I dunno. Maybe Premium guru Charles can help.

These workers are part of a new economy of exploitation: Migrant children, who have been coming into the United States without their parents in record numbers, are ending up in some of the most punishing jobs in the country, a New York Times investigation found. This shadow work force extends across industries in every state, flouting child labor laws that have been in place for nearly a century. Twelve-year-old roofers in Florida and Tennessee. Underage slaughterhouse workers in Delaware, Mississippi and North Carolina. Children sawing planks of wood on overnight shifts in South Dakota..,.
…In town after town, children scrub dishes late at night. They run milking machines in Vermont and deliver meals in New York City. They harvest coffee and build lava rock walls around vacation homes in Hawaii. Girls as young as 13 wash hotel sheets in Virginia….
….Migrant child labor benefits both under-the-table operations and global corporations, The Times found. In Los Angeles, children stitch “Made in America” tags into J. Crew shirts. They bake dinner rolls sold at Walmart and Target, process milk used in Ben & Jerry’s ice cream and help debone chicken sold at Whole Foods. As recently as the fall, middle-schoolers made Fruit of the Loom socks in Alabama. In Michigan, children make auto parts used by Ford and General Motors.
The number of unaccompanied minors entering the United States climbed to a high of 130,000 last year — three times what it was five years earlier — and this summer is expected to bring another wave….
…One of the nation’s largest contract manufacturers, Hearthside [Food Solutions] makes and packages food for companies like Frito-Lay, General Mills and Quaker Oats. “It would be hard to find a cookie or cracker aisle in any leading grocer that does not contain multiple products from Hearthside production facilities,” a Grand Rapids-area plant manager told a trade magazine in 2019.
General Mills, whose brands include Cheerios, Lucky Charms and Nature Valley, said it recognized “the seriousness of this situation” and was reviewing The Times’s findings. PepsiCo, which owns Frito-Lay and Quaker Oats, declined to comment.
Three people who until last year worked at one of the biggest employment agencies in Grand Rapids, Forge Industrial Staffing, said Hearthside supervisors were sometimes made aware that they were getting young-looking workers whose identities had been flagged as false.
“Hearthside didn’t care,” said Nubia Malacara, a former Forge employee who said she had also worked at Hearthside as a minor….
…While many migrant children are sent to the United States by their parents, others are persuaded to come by adults who plan to profit from their labor.
Nery Cutzal was 13 when he met his sponsor over Facebook Messenger. Once Nery arrived in Florida, he discovered that he owed more than $4,000 and had to find his own place to live. His sponsor sent him threatening text messages and kept a running list of new debts: $140 for filling out H.H.S. paperwork; $240 for clothes from Walmart; $45 for a taco dinner.
“Don’t mess with me,” the sponsor wrote. “You don’t mean anything to me.”
Nery began working until 3 a.m. most nights at a trendy Mexican restaurant near Palm Beach to make the payments. “He said I would be able to go to school and he would take care of me, but it was all lies,” Nery said.
His father, Leonel Cutzal, said the family had become destitute after a series of bad harvests and had no choice but to send their oldest son north from Guatemala….
…Teachers at the school estimated that 200 of their immigrant students were working full time while trying to keep up with their classes. The greatest share of Mr. Angstman’s students worked at one of the four Hearthside plants in the city.
The company, which has 39 factories in the United States, has been cited by the Occupational Safety and Health Administration for 34 violations since 2019, including for unsafe conveyor belts at the plant where Carolina found her job. At least 11 workers suffered amputations in that time. In 2015, a machine caught the hairnet of an Ohio worker and ripped off part of her scalp.
The history of accidents “shows a corporate culture that lacks urgency to keep workers safe,” an OSHA official wrote after the most recent violation for an amputation.
Underage workers in Grand Rapids said that spicy dust from immense batches of Flamin’ Hot Cheetos made their lungs sting, and that moving heavy pallets of cereal all night made their backs ache. They worried about their hands getting caught in conveyor belts, which federal law classifies as so hazardous that no child Carolina’s age is permitted to work with them….
…But these jobs — which are grueling and poorly paid, and thus chronically short-staffed — are exactly where many migrant children are ending up. Adolescents are twice as likely as adults to be seriously injured at work, yet recently arrived preteens and teenagers are running industrial dough mixers, driving massive earthmovers and burning their hands on hot tar as they lay down roofing shingles, The Times found.
Unaccompanied minors have had their legs torn off in factories and their spines shattered on construction sites, but most of these injuries go uncounted. The Labor Department tracks the deaths of foreign-born child workers but no longer makes them public. Reviewing state and federal safety records and public reports, The Times found a dozen cases of young migrant workers killed since 2017, the last year the Labor Department reported any.
The deaths include a 14-year-old food delivery worker who was hit by a car while on his bike at a Brooklyn intersection; a 16-year-old who was crushed under a 35-ton tractor-scraper outside Atlanta; and a 15-year-old who fell 50 feet from a roof in Alabama where he was laying down shingles.

This week’s guest has experienced multiple economic and market cycles during his more than 50 years of managing money and thinks the current one is particularly perilous for investors. In an exclusive WEALTHTRACK appearance, he felt it was important to tell us why and what steps we should consider taking to mitigate its effects.

Gundlach’s status on Wall Street these days is undeniable, and he went on to dish out some advice for investors on Wednesday, arguing U.S. Treasuries may be the safe haven of choice amid a “protracted bear market” in stocks. He said that DoubleLine has incrementally increased Treasury exposure, decreased credit exposure, and upgraded the quality of its bond portfolio over the past year.
“I always say, ‘Don’t listen to what I say, look at what I do.’ And we started de-risking, if you will, in the fourth quarter of 2021,” he told Yahoo Finance, adding that he has “been preparing for a hard landing” for some time.

msf : You mentioned VUSXX in above post. What % is tax exempt from state taxation ?
Another question while I have your ear. Tax info from Van Guard shows % of treasury dividend from a fund. If I take qualified & non qualified dividends & add them together times percentage, would that be the correct state exemption ?
Thank you for your time, Derf

Support of Environmental and Public Health Nonprofits: One hundred percent (100%) of the profits earned managing the Green Century Funds belong to our non-profit owners who run critical environmental and public health campaigns.
The organizations which founded and own Green Century Capital Management Inc are: California Public Interest Research Group (CALPIRG), Citizen Lobby of New Jersey (NJPIRG), Colorado Public Interest Research Group (COPIRG), ConnPIRG Citizen Lobby, Fund for the Public Interest, Massachusetts Public Interest Research Group (MASSPIRG), MOPIRG Citizen Organization, PIRGIM Public Interest Lobby, and Washington State Public Interest Research Group (WASHPIRG).
We are one of the first fossil fuel free, diversified and environmentally responsible mutual funds.

Apple* announced in November 2021 that it would provide individual consumersaccess to replacement parts, tools and repair manuals needed to perform common repairs to its products, marking a notable reversal for the company. Apple had vigorously lobbied against legislation that would require them to allow others to fix their products. The announcement came after discussions with Apple and on the same day that Green Century had to decide whether to press forward on a right-to-repair shareholder proposal. Apple launched the program in April.
McDonald’s* has been a target of Green Century’s shareholder advocacy in recent
years because of the fast-food giant’s reliance on unsustainable factory farming
practices. In 2022, Green Century’s President Leslie Samuelrich was nominated
to McDonald’s board of directors, and the U.S. Humane Society has credited the
McDonald’s board fight with helping pressure CVS* and Walgreens* to accelerate
their transitions to cage-free eggs and pushing General Mills* and Denny’s* to
move towards elimination of gestation crates in their pork supply chains.
Nearly 70% of Costco shareholders in January voted in favor of a Green Century
proposal requesting that the company set greenhouse gas emission targets.
Green Century’s proposal prompted Costco to announce an expedited timeline for
disclosing supply chain emissions, to commit to developing a Scope 3 action plan
and reduction targets, and to announce its first reduction targets for its operational
and purchased energy (Scope 1 and 2) emissions.

Still, I’d rather be in intermediate duration AAA fixed income than cash because (1) I don’t believe these high rates can persist and (2) high quality bonds should provide better protection in the event of a stock crash.