Long-term investor with Oakmark here (OAKIX, OAKWX, OAKEX, and sometimes OAKBX). I am still with Oakmark, though I don't know why. They really seemed to have lost a lot of their mojo over the past 5+ years. I saw it first with OAKBX; OAKEX has long been a laggard in the space. I think at this point I stay with Oakmark largely for diversification (manager concentration risk) and because they have a wide range of funds I can readily move between.
On manager concentraiton risk -- I don't like having too much money with a single manager, and I don't want to have funds with a ton of different manager; currently I have 15% from an old Roth I started in grad school with Oakmark. I am split across four major fund families currently.

China is a big customer for Boeing, and this will hurt. China aerospace industry is maturing, but they should able to export their own passenger aircrafts in coming years.

Here's the best bond article I read this weekend.
https://www.marketwatch.com/articles/high-yield-junk-bonds-9ed6141e?mod=search_headline
Excerpt:
The higher spreads split investors “into two camps—head for the hills or this is an incredible buying opportunity,” Fridson tells Barron’s. This “could be the most bifurcated decision many investors will ever face.”
As noted on other threads we "headed for the hills" a coupla years ago.

Good article.
It seems to me that caution is warranted and heroics should be avoided in the current environment.
I mostly use bonds to diversify equity risk.
Junk bond exposure is via DOXIX and BBBMX which currently hold ~5% of their assets in high-yield bonds.

Here's the best bond article I read this weekend.
https://www.marketwatch.com/articles/high-yield-junk-bonds-9ed6141e?mod=search_headline
Excerpt:
The higher spreads split investors “into two camps—head for the hills or this is an incredible buying opportunity,” Fridson tells Barron’s. This “could be the most bifurcated decision many investors will ever face.”
As noted on other threads we "headed for the hills" a coupla years ago.

I still don't own E & P. I am in midstream, with 6.44% of portfolio, currently. And ET just lately bought a huge office building in Houston. Are they outgrowing their current Dallas HQ? It certainly must be a BIG slug of money involved. But the price was not published.
https://realtynewsreport.com/starwood-sells-41-story-skyscraper-to-energy-firm/
"...But Energy Transfer is no investor wanting to buy low and sell high in a few years. The Dallas-based energy firm, which operates a 130,000-mile pipeline network crisscrossing the nation, is expected to occupy the 5555 San Felipe building for the long-term..."
I bought a few additional shares at a recent low of $14.99, and it's back up to $17.27 tonight. It is claimed that market oil prices don't matter, but ET owns a stake in Sunoco, which DOES get affected, directly. The divvy is healthy. During covid, it was cut, but I did not own it then. Oil demand may become range-bound or fall with a trade war. But ET is scrambling to keep up with offers to fuel new AI-connected Data Centers, and the Lake Charles facility now has a green light. (LNG.)

"But for bond investors, starting yields matter much more than historical returns—and the higher the yield,
the better. Current yields are higher today than they have been for most of the past 15 years."
"Investors can capture a 6% yield on a mix of taxable bonds, including preferred stock.
That could provide a nice compliment to stocks, particularly in tax-advantaged accounts such as 401(k)s
and individual retirement accounts. ......

When bond share prices fall, yields rise. In the past, I have chosen to ride it down and reinvest the rising yields. But at 70 now, I think my risk tolerance will not permit such a thing anymore. I've created a cash-ballast sleeve, and moved a bunch into higher quality bonds, rather than Junk. "Time to preserve your portfolio," as quoted by someone else in this thread. :)

Gman57. Agree completely about four years.

One difference.... in the past we always knew there would be change in four years. I think there will be again but it's not guaranteed this time.

"The nice thing is there’s a point of view to match every type of investor or political leaning."
This is very true!
"My take - The major indexes are off for the year. But that follows a couple stellar years."
The S&P 500 had two consecutive years with 25% or greater returns in 2023 and 2024.
This has only occurred a few times during the index's history.
Many domestic large-cap stocks were richly valued at the beginning of the year.
We know that stock market corrections can occur at any time.
But the sheer level of uncertainty surrounding tariffs has created significant investor angst.
"Point is there’s always something worth investing in."
Both of my foreign equity funds and all my bond funds have positive returns YTD.
Portfolio diversification has been beneficial thus far in 2025.
I don't try to time markets nor do I make major portfolio changes based on politics.

Junkster. None of our business of course but when you say “my long time lady friend,” does that mean friend or relationship? The way things are going a relationship between a regime supporter and a long time non maga is in trouble. Sorta a microcosm of the nation.

25 year romantic relationship. She is my neighbor. Prettiest blue eyes to such an extent that even at 76 years old strangers stop her on the streets to comment on her eyes. And without one bit of exaggeration have never seen her in a bad mood, always has a smile on her face, and never makes demands upon me. Our only stressor at times is when I ask her to change TV stations from Fox News. But she readily obliges. I can’t give that up!

The Ask the Compound crew received many questions from anxious readers expressing concerns about stocks and the present investing environment. The crew provides some context for the current situation and offers potentially helpful suggestions.

The nice thing is there’s a point of view to match every type of investor or political leaning.
Excerpted from Barron’s (online edition) today:
"Since I started at Loeb, Rhoades as a sell-side analyst in 1967, we've had 11 or 12 recessions," says Mario J. Gabelli, chairman and CEO of Gabelli Funds. "Since I started my own firm (in 1976], we've had seven or eight." - His point? This, too-the political, economic, and market turmoil created by the chaotic rollout land partial rollback] of President Trump's tariff regime —eventually will pass.
My take - The major indexes are off for the year. But that follows a couple stellar years. PRWCX, a long-time board favorite, is down a couple percentage points. (I’d imagine Giroux picked up some bargains a week or so ago.) JHQAX hasn’t fared nearly as well. But gold is way up. Utilities / Infrastructure are having a good year. Some real-asset funds (typically a blend of real estate, commodities, energy) are in the green. Foreign stocks & bonds have done better than domestic. My relatively new CEF collection is at least at break-even, if not up. I’ve added 3 stocks to it in recent weeks. Two “bumped” (sprinted higher) while 1 slumped (lost value).
Point is there’s always something worth investing in. Just takes work, patience and some imagination to know what. No disputing the ongoing chaos. I first began investing under President (“I’m not a crook”) Nixon. Dutifully socked away money every payday. Could I have timed it better and bought / sold according to the continuously varying political chaos level back then? Perhaps.

Hmm, I think we disagree quite a bit on all that.
I think the extreme pessimism is highly warranted and appropriate now and for the next 3 years, 9 months, if he manages to hold the office to term.
We're only three months in and he's already managed to bring markets and economies to the brink of destruction. And he now had Powell in his cross-hairs in an attempt to save his insane fiscal policies.
With all than, AND having endured his 1.0 act, IMO, we are effectively sitting on a ticking time bomb.
capecod, former major league bond trader, CEF savant, and one of the most legendary investment forum posters of all-time, also has a different take. Though he would likely never invest in a CD, he always has regarded (paraphrasing) "meaningful diversification as investment in anything that guarantees a positive total return."
If I scope all taxable bond OEFs available at Fido, I find there are 1802 splattered over 19 pages. If I sort them by "Worst to Best" performance for example 5 years, I find there are 12.5/19 pages that have TRs of LESS than the APY of my 5-yr CD ladder. 3 years, 15.5/19 pages with TRs LESS than.
That ain't "meaningful diversification" to me.
So, to an investor like me, who regards bonds pretty much as a 4-letter word and at one time, a necessary evil, I decided to AVOID dedicated bond funds after their last great crash, except for some small toeholds in 3 low risk finds that I recently bought with stock sale proceeds.
So basically in the past coupla years I exchanged our dedicated bond fund allocation for a 5-yr CD ladder.
I don't have to "hope" (as, IMO, most average bond fund investor do, yourself of course excluded) for annual TRs of 4%-5% from that sleeve. I don't have to "hope' the bond funds I select will be in the minority of dedicated bond funds that outperform my CD ladder. I get 5+% guaranteed, FDIC'd, with Rolex-clocklike interest payments, and full return of my principal at maturity.
And if history at least rhymes, our CD ladder will outperform over time, over 50% of all bond funds available at Fido. Meanwhile, we will, as always, continue to make our real investment money in stocks.
Maybe I misunderstood you, but if not, how is this strategy NOT investing? By definition, we're committing money to earn a financial return.

Observant1, the usual, trash Trump and lots of politics.
The facts: during Trump's first admin: inflation was low, real wages went up.
Biden's admin: highest inflation in 40 years, real suffering among consumers.
The rest is just noise = "It's the economy, stupid"
All politicians lie and exaggerate. Nothing is ever perfect.
The left got extreme and was replaced. Many still can't come to the center.
Biden's admin claimed that the border has been closed for years, and they need more money to handle it. That's a lie you can't ignore.
Trump did it in weeks.
Biden's admin let millions of unvetted illegals come in; thousands were criminals. Trump is cleaning up.
Trump told you what he is going to do: lower taxes, close the border, kick out high-level criminals, and impose tariffs. Eliminating boys playing women's sports. Reducing government/state employees. He is doing it.
Most people understand why Trump is using tariffs and admit the unfair practices. They hate how Trump is doing it. I get it. We tried other tactics, and they didn't work. Give the guy several months, and let's talk. Yes, it is difficult; markets are volatile, and Dems scream murder. What matters is the end result. You start from 30-50-150% tariffs...and you get 10%(and some cases a lot more). That's a win. If you start from 10-15%, you get 2%.
In the past:
Trump asked NATO countries to pay more; they laughed until he told them the US would not support them...and they paid more. That was rude, tough, and unconventional among allies...but it worked.
Putin attacked Ukraine during Obama and Biden, but not Trump.
So, go ahead and scream 3 times daily; the Trump's agenda has been implemented...or...maybe come back to center and join forces with more common sense, as Clinton did.
My main point stands: this thread was a rant about NOTHING.
Lastly, what should you do with your portfolio?
The easy route for most is doing nothing. Invest based on your goals.
I'm a bond trader based on current conditions and did exactly that. No complaints.
BTW, using words like ignorance, pathetic, nazi, crazy tell me a lot about someone.

So far we have proved that the dollar fluctuated over the years. It is still higher than 10 years ago.
I love when people quote economists. These people have been wrong countless times, and most of them are liberal-leaning academics.
You don't need to go far and listen to Nobel Prize, Krugman in 2016 (link).
Quote: "“So we are very probably looking at a global recession, with no end in sight. "
Here is another article from 2016(link)
"Donald Trump is a "dangerous, destructive" choice"..."The letter, first reported by The Wall Street Journal, was signed by 370 economists, including eight Nobel Prize winners."
Reality: the economy was great until covid-19 hit. You can see the real wages at
https://fred.stlouisfed.org/series/LES1252881600Q
BTW, why didn’t these 370 economists criticize Biden for the highest inflation in decades?

Two comments.
Volatility creates opportunities.
Injecting daily politics as a basis for investment analysis isn't a good choice.

Heightened volatility due to massive uncertainty increases the likelihood of a serious

"accident."
It's unwise to ignore the ramifications of executive branch actions which forcefully inject politics
into the business/economic realms.

Excellent post!
Investors who ignore the economic and market impacts of politics for the next 3+ years effectively ignore the extremely heightened risk of their personal financial doom. That is, IF you believe that silly little things like tariffs, Treasurys and Benjamins have any real impact on the economy or markets.
You gotta wonder if certain posters have even heard the term "fiscal policy" let alone know what it means/does.

Old_joe.
Another outrage rant about nothing from someone with TDS.
The Dollar has been fluctuating.
In the last 10 years USD/EUR has been from 0.75 to now 0.88.
Wow, Europe is more expensive for American tourists.
I'm flooded.
You should start at least 3 new threads daily with hate or maybe post on the same one, after all, it's all similar.
On the other hand you were never outraged about the highest inflation which is the most harmful thing that I have seen in decades.
Get used to the fact that Trump will be in the news every day -:)
Or maybe you should be outrage by the fact that Biden wasn't in control in the last years, his aids hide him and ran our Gov instead.

Oh - It involves much more than the relative value of the dollar vs other currencies on the FX. We’ve had a weak dollar at times during the past 75 years while the reserve status remained intact. I can’t ever remember it being seriously questioned in my lifetime.
As the source here cited explains, the reserve currency status has been conferred on the U.S. Dollar since the end of WW II by other nations largely because of the size of its economy, its ability to issue debt, its respected financial regulatory system, its geopolitical power and - yes - by the stability of the currency. If you told me several of those requisites were in decline, I’d not argue with you, but let’s acknowledge that a somewhat diminished value of the dollar (vs other currencies) by itself is not enough to cause a loss of the reserve status.
Thanks for the linked podcast @Observant1 / Listened to it partially. I’m a big fan of Reuters and a subscriber.