Schwab relies very heavily on uninvested cash from customers -- don't know why there is confusion around this. Not offering auto sweeps into a MM fund like Fidelity and Vanguard is not due to Schwab being lazy, it is central to Schwab's strategy. Also Schwab MMF settles T+1 unlike Fidelity MMF which settles same day so another opportunity for Schwab to extract rent. Schwab strategy succeeds for the exact same reason that the large banks can get away with offering laughably low rates on savings account -- sloth behavior from customers.
I find Schwab customer reps generally more friendly than Fidelity but Schwab sucks in efficiency compared to Fidelity. I'd happily move to Fidelity if my RIA supported them. I did 4 account transfers into Schwab and they found a way to screw up/significantly delay all 4. That takes a special talent. Today I called Schwab to check on the status of an IRA transfer for which I submitted the paperwork more than 2 weeks back. Radio silence from Schwab even after a Message Center follow up. Not even a simple "Yea we got it, give us X days". Funny thing is that Fidelity as the releasing institution sent me an automated mail (very unusual) acknowledging the request.

As I explained before, T+1, isn't a problem. I hardly ever have cash, unless risk is very high. I always sell a fund and buy another, no MM. Even if I sell a fund into cash, I buy into MM fund immediately = same day settlement.
"I did 4 account transfers into Schwab and they found a way to screw up"
I transfer probably at least 20 times, never screw up. Several friends and relatives I sent to Schwab have done transfers; all had zero problems.
I have done transfers online (no paperwork) for years now.
Customer service at Fidelity is far better than Schwab. Fidelity reps used to be good, but in the last 3–5 years, the service has deteriorated.
MSF post several things that take more time or don't exist.
Well, I'm a trader for about 25 years. No single bond, stocks. No CD or treasuries. No sophisticated pro trade software. It's all mutual funds/ETF and rarely trading CEFs very short time.
Schwab site is better and easier. If I need to trade and look at other things which is rare, I open another session, as I do with other sites. That's why I have a 24" screen. I also trade on my cell if I need to, but usually I don't.
I like speedy update, Fidelity updates are behind. The most irritating is end of month distributions. I see them at Schwab already at 8-9 PM on the same day, it takes Fidelity another day, sometimes 2 days.
For me, as a fund trader, Fidelity is the worst, and I have been in several shops, they will not wave the commissions on Inst shares, all the others did many of them.

This week is why I always maintain small cap exposure in my portfolio. My small cap fund (FDSCX) has made huge gains this week, over 3% today alone. Big gains (and losses) tend to happen very quickly with small cap funds.

It's "only" 290% behind QQQ in the last 10 years.
https://schrts.co/QCSnsXdn

”There is speculative excess today relative to recent years.” - David Giroux, T. Rowe Price …
Giroux’s Picks: Aurora Innovation / AUR, Danaher / DHR, Revvity / RVTY
And he still likes utilities.

AUR up 38% since this was posted by @hank

I’ll believe anything @Mark. The 2 mid-caps I sold Friday, locking in a couple 8-10% short-term gains, have both advanced another 7-10% apiece in the 2 days since I sold. Silly me!

Here's hoping you waited for my reply?
Ah, so finally some real, however badly dated (June 2020) and at first swipe, marginally useful support. If you were an auditee of mine, I'd just STOP my review here and kindly ask you to, you know, try again.
But given you ain't, I trudged on, and glad I did because it's an eye-opener...
"Marshfield Equity Composite Positions" (MECP) does not appear to be defined. Maybe I missed it but I looked pretty hard. Without that, as reader of this data, I STOP right there and find out WTH is included in that word salad and its data. I then massage that data and carve out whatever data might be relevant.
Scary footnote at t/m "*" on the bottom of Pages 6-10 about MECP Gross data that above is compared to the S&P data: (paraphrasing) "MECP Gross does not reflect the payment of advisory fees and other expenses. Go to Appendix B."
Say what?
Lost further interest in this dated data there and almost skipped looking at Appendix B. But alas, at Appendix B, TR is shown net of fees. So, why then...Ugh!
(NOTE: IF on this thread you have been unknowingly quoting Gross MECP performance data, you will find significantly LOWER MECP TRs Net of Fees on Page 19, Top Left, Col 3.)
So I looked at Page 10. It shows splits for periods that a prospective investor really doesn't care about in relation to the notions purported on this thread and does nothing to answer the salient question of MECP performance being predictive of MRFOX performance given those splits.
What you need to show to support your notion that MECP (again, whatever that is) performance (paraphrasing) "will probably predict" (and more importantly, DID predict, since we have 8 1/2+ years of MRFOX performance data) is the respective performance data NET OF ALL FEES for (and again, ALL of the MECP data could be irrelevant until it is known what is actually in MECP data) :
MECP: Inception (?) to 12/27/15 (date before MRFOX inception)
I have no data available to calculate that
S&P: MECP Inception to 12/27/15
I would need to know the exact MECP inception data
MRFOX: 12/28/15-Current +277%
S&P (using eg FXAIX): 12/28/15-Current +221%
And let's see what you get, eh?
Good luck carving that out!
Bottom Line: This (to me at least) is an unnecessary exercise for any prospective MRFOX investor as we already have 8 1/2+ YEARS of MRFOX performance, we have no idea WTH is in MECP, and the data this entity provides APPEARS TO SHOW all comparisons to the S&P at Gross (until you get to Appendix B and do your own math). IF that truly is the case, they got no shot at any of my investment dollars.
Disclaimer: Sorry, if I was still back in the mode of running audit departments, I would have been far more thorough with my review! But it's a start, eh?
I'll wait for your reply!

@stillers I think you might have gotten some faulty info. This is from the basic info tab on a manager database I have access to. It has returns going back over 20 years for this strategy, with said returns being provided by the manager on a quarterly basis.
STRATEGY OVERVIEW
Manager: Marshfield Associates
Strategy name: Marshfield Core Value Equity
Year of inception: 1989
Benchmark: S&P 500 Composite
Product Group/Category: US Equity, Large Cap Value
Status: Open to All Investors
Strategy Assets: $US6.0 billion as at 31 Mar 2024
Number of clients: 4659
Outperformance target: Not Provided
Expected tracking error: We are a concentrated manager of about 20 names - don't manage tracking error
Number of stocks: 17.00
Portfolio manager: Christopher M. Niemczewski
Marketing contact(s)
Kim Vinick
Richard Seaton

”There is speculative excess today relative to recent years.” - David Giroux, T. Rowe Price
(From Barron’s “Mid-Year Roundtable” July 15 issue)
Brilliant deduction, Watson!
Giroux’s Picks: Aurora Innovation / AUR, Danaher / DHR, Revvity / RVTY
And he still likes utilities.

AUR up 38% since this was posted by @hank

So to try to get some, you know, FACTS, about what one poster is incessantly claiming about prior performance on this thread,
I phoned Marshfield today.
Here's what a, LT, experienced Marshfield representative told me TODAY, quoting her pretty much verbatim in BOLD:
She has NEVER in her life heard the words "Marshfield Equity Composite" (that another poster is repetitively using on this thread and citing TRs for vs S&P) strung together in that sequence.
She has NO IDEA what that is, what it might reference, or how it might be calculated. It is not anything Marshfield calculates. (Note that the poster has NEVER posted any support or links for it and I guess I now know why.)
MRFOX incepted on 12/28/15 (as I previously posted). It was a NEW fund and NOT the second coming of ANY previous advisor/private/public fund that those PM's managed.
ANY prior performance of ANY other Marshfield funds, advisor, private or public, is irrelevant to the performance of MRFOX.
==============================
So, there's that.
And based on that he's my Conclusions pending any other FACTS:
(1) MRFOX has ~8 1/2 years of performance data. That's the data I will use to review it, and the data that I suggest any reasonably intelligent investor should use as well.
(2) It's the internet folks. Be careful out here!

My auto/home insurance is up for renewal in a few days/weeks respectively.
Premiums increased significantly over the past two years.
I decided to obtain insurance quotes since I haven't shopped for coverage in several years.
I discovered several highly-rated firms don't sell insurance in my state of residence (Washington):
1) NJM
2) Erie
3) Auto-Owners
4) Farm Bureau Property & Casualty
I can not obtain auto insurance from the following carriers since two claims were filed to repair
windshield "rock chips." The windshield was not replaced and this cost only $50 - $100 per occurrence.
1) American Family
2) Pemco
State Farm is my current insurance carrier.
I contacted Amica and received a bundled quote which was ~$115 more.
Home insurance only from American Family was ~$60 more with slightly decreased coverage.
An independent insurance agent was also engaged.
The agent provided a bundled quote from Travelers which was ~$465 more.
Their quote for home insurance only (from Allstate) was ~$975 more!
Auto insurance combined with umbrella insurance from Progressive was ~$50 less.
Although my premiums increased significantly over the past two years,
I didn't find any highly-rated insurers with lower total costs in the current marketplace.
I may engage another independent insurance agent to seek better deals.

Thanks BaluBalu.
I extracted the paragraphs below from our 2021 MICUS report. A bit dated, but I believe M* has continued to grow its business even higher in the 3 years since.
The Business
If attendance at Morningstar The Conference was down this year, it does not reflect the success of Morningstar The Business, in spite of COVID or perhaps helped by it. Since Kapoor took over CEO in 2017, employees have doubled, as have MORN’s valuations. The company’s market cap has nearly quadrupled.
Adding to its acquisition of private equity tracker Pitchbook, the company acquired credit rating firm DBRS in 2019 and ESG rating firm Sustainalytics in 2020.
Since most people probably think of Morningstar as just the “Good Housekeeping” of the fund industry, it’s probably worth listing all their current products:
• DBRS Morningstar – Independent rating services and …
• Morningstar Advisor Workstation – Investment research, financial planning, client reporting …
• Morningstar Data – Global equity, managed investments, and market data …
• Morningstar Direct – Advanced portfolio analytics and performance reporting …
• PitchBook – Data, analysis, industry news, and in-depth reports on the private and public markets …
• ESG Investing Solutions – Assessments of ESG risks and opportunities across asset classes …
• Financial Planning Solutions – Web-based financial planning tools for advisors
• Sustainalytics – Sustainable investment strategies and security-level ESG research and ratings …
• Morningstar Office – Web-based portfolio and practice management …
• Morningstar Research – Independent, comprehensive evaluations on equities, funds …
• Morningstar Annuity Intelligence – Annuity research for professional investors
• Morningstar ByAllAccounts – Account-aggregation and financial-management tools…
• Morningstar Commodities & Energy – Research and data in the commodities and energy sectors …
• Morningstar Credit Information and Analytics – Credit tools and research …
• Morningstar Enterprise Components – Configurable, ready-to-integrate enterprise software …
• Morningstar Essentials – Investment statistics and ratings for institutional marketing professionals
• Goal Bridge – Goal-setting and investment planning for financial advisors
• Morningstar Investment Research Center – Comprehensive investment resources for library patrons
• Morningstar Reporting Solutions – Marketing materials, regulatory documents, and other custom …
• Manager Selection Services – Manager selection and investment analysis for financial advisors
• Morningstar Total Rebalance Expert – Tax-aware rebalancing for financial advisors
• Morningstar Indexes – Product benchmarking & creation for financial institutions and asset managers
• Managed Portfolios – Mutual fund, stock, and exchange-traded fund portfolios …
• Morningstar Retirement Manager – Workplace retirement account service for plan sponsors
• Advisor Managed Accounts – Managed accounts for registered investment advisors
• Morningstar Fiduciary Services – Investment selection, portfolio monitoring, and portfolio reporting …
• Morningstar Plan Advantage – Comprehensive retirement-plan management …
• Target-Date Solutions – Target-date funds for plan sponsors
• Morningstar Premium – Analysis of stocks, funds, and markets, plus tools …
• Morningstar Investor Newsletters – Investment strategies and in-depth analysis …
Morningstar’s founder and chairman, Joe Mansueto, retains about 45% of outstanding shares, representing a current value of about $5 billion. If there is someone vested in Chicago’s recovery, it would be him. He purchased the historic Wrigley Building in 2018 and most recently the Waldorf Astoria Chicago. He owns Major League Soccer’s Chicago Fire. He remains a large donor to the University of Chicago, his alma mater.

One of the businesses Morningstar entered just under three years ago was their own brand of mutual funds, which replaced other funds in its Managed Portfolios business. The nine funds have accumulated $5.3B in AUM, or about $44M in additional fees for Morningstar.
At the time, it seemed awkward to us [here’s David’s Take] and it remains awkward for Morningstar to offer its own competing funds. What’s worse is that so far they have performed unremarkably, as can be seen in the table below. As a fiduciary, I would be hard-pressed to defend why these funds were chosen over others recommended by Morningstar’s own research teams. None of the funds will qualify for Morningstar’s “5 Star” rating when they soon reach the 3-year mark. Morningstar is also a sub-advisor of five other funds for ALPS. These five ETF asset-allocation portfolios suffer even worse performance; in fact, Morningstar itself ranks the ALPS family “Below Average.”

@BaluBalu. Morningstar's shareholders certainly don't think so! I remain a fan.

Charles,
A few years ago we asked the same question if it is headed in the wrong direction and our answer was what you said. From my vantage, M* had gotten worse since then.
I have not delved into the space in which M* operates. Does M* have a wide moat? Why do its shareholders think M* revenue and profits are secure?
P.s.: I know of a company which is by far the worse American company I deal with but it consistently trades at nosebleed valuations. I even thought of shorting it, which I normally do not. Then it occurred to me that its customers are captive and it has a business model to capture new customers too - a true hotel CA.

I think it has lagged due to eschewing tech, which is unusual for a LCG, or just growth, fund. This has also led it to underperform over the last 3-6 months as tech has really pulled away from the rest of the stock market. I feel like AKREX similarly was a tech-light growth fund, but I owned it only briefly and sold it multiple years ago, so my memory may be failing me.
Just a WAG, so take it with a grain of salt. I think they pick good compounding businesses that aren’t really tech companies (and V and MA used to be tech companies until the rejiggering a few years back, so maybe the tech-avoidance wasn’t intentional).
@BaluBalu, I appreciate your diplomacy in your posts (as well as your knowledge sharing, obviously). And agree with a lot of what you post.

American Funds issues of the last 15-20 years was largely due to fund size making them giant closet indexes. These ETF's have a ton of room to run and I've always been a big fan of their management process. I likely will forgo investing in them but will continue to pay attention.

I personally do not put much weight on more than the past 3 years of a manager's performance, except when I want to include unusual periods like Covid. I am not the same person I was three years ago and I would assume the same for a manager and his circumstances. Even if everything stays the same, it is unlikely AUM does if the manager is performing well. Some people just do not scale well and do not succeed at higher scale (AUM), and so I do not glean much skill related useful information by going back more than three years.

@FD1000. Great portfolio for that decade. Ex post anyway. I too held FAIRX during those years. Unfortunately, I held FAAFX through the next!
@Shoatakovich. Yep. That excludes a lot of funds. But having a big team doesn't always help either ... D&C, Grandeur, BG, MS Counterpoint, Primecap? They've all had their time in the barrel. But, I agree that if you are looking for funds for a lifetime, they need to have staying power ... the enterprise needs to be substantial. I never got the feeling Buffett had a big staff, but his enterprise is certainly substantial.

I have not delved into the links @baseball_fan provided. I would cut him or anyone slack if they did not use words precisely to match facts about investments, as long as their posts are in the right spirit. He did disclose that he exited the fund, though may or may not be contemporaneously. Once someone discloses exiting a fund, i would consider the statute on any prior +ve comments on the fund expired.
On a separate but related note, with active funds I am more focused on good management than short term or even a couple of years’ performance. Good management takes care of performance. I am always looking for signs of mismanagement of fund companies or misalignment of management goals with mine. I will not name names but I had pointed out those issues with other fund companies before and got chewed up by forum members for it. I would always appreciate if others look out for signs of mismanagement.

Recently @yogibearbull linked in 'off topic', an estate planning article he wrote for a news publication.
Considering the vast knowledge and experience here, this topic deserves a full overview here; for the benefit of all involved in our lives.
I'll place next, the text of a Word document we produced about 25 years ago. This document has had many adds over the years.
-----
PERSONAL INFO FOR (NAMES)
UPDATED/EFFECTIVE DATE = XXXXXXXXXX
NOTE !!!!!   The below listings would be used in conjunction with any of the following legal forms that should be established for and by you for yourself and family members:
WILL, TRUST (there are many trust styles; i.e., revocable living trust, irrevocable, etc.) https://store.kiplinger.com/family_records_organizer_download.html GENERAL POWER OF ATTORNEY, DURABLE POWER OF ATTORNEY FOR PROPERTY AND MONIES, LIVING WILL AND/OR DURABLE POWER OF ATTORNEY FOR HEALTH CARE and HIPAA authorization and release form (allowing release of pertinent private medical information to authorized persons)
SOCIAL SECURITY NUMBERS:
*** full legal name, ssn#
DRIVER LICENSE #’S:
*** full legal name
HEALTH/DENTAL INSURANCE; names, policy type & numbers, contact phone #’s
MEDICARE, MEDICAID OR OTHER FEDERAL OR STATE RELATED
***relative information for any of these or related documents/forms
CREDIT CARDS:
*** issuers, card numbers, their phone #’s, etc.
      
INSURANCE POLICIES:
-home 
-auto
-life
-other
ELECTRONIC DEVICES UNLOCKS:   passwords, keypad method, thumb, facial or voice
RECIPIENT/BENEFICIARY MONIES FROM OTHERS OR A BUSINESS:
-are you listed in someone’s will/trust/business agreement that should be documented here? Is someone your beneficiary and needs to made aware of this?
PERSONAL AND REAL PROPERTY:
-real estate, cars, and personal property (collections, artwork, boats, jet skis and anything else one considers that others need to be aware of.
ALSO indicate as to what property is PAID IN FULL and OWNED
LIABILITIES:
-home mortgage
-home equity loans
-auto loans
-all other monies owed to a third party
* provide all pertinent information regarding these liabilities: what, where, who, etc.
PERSONAL RETIREMENT ACCOUNTS:
401K, 403B, 457, IRA’S, COMPANY PENSION PLAN:    
*vested company pension plans may be set with a spousal/beneficiary statement
CHILD/CHILDREN ACCTS (EDUCATIONAL, 529, SAVINGS, ETC.):
ANNUITIES:
BROKERAGE/STOCK/MUTUAL FUND ACCTS:
Note: contact info…phone numbers, acct numbers, login info, etc.
CHECKING/SAVING ACCOUNTS: organization, acct. #’s, contact names/phone #’s
Note: whose names are on the accounts???
SAFE DEPOSIT BOX: location & box number
NOTE…..who has a signed contract for access and who has a key
PASSWORDS:  home pc, pc documents, all online accounts; which may require security questions ansers and/or two factor verify with the code being sent via email or a cell phone number
DOCUMENTS LOCATION (physical  papers, etc.):
NOTE……indicate where these “original” documents are located
-check book, payment books (house payment, home equity, etc.)
-will, trust, power of attorney, living/medical will, guardianship (child)
-house deed/title
-auto titles
-cemetery plot/ownership documents
-IRS/State, previous tax years filings
-passports
-birth, marriage & related documents
-business/work required license
PHYSICIAN/DENTIST & related:
-preferred medical doctors and facility, all phone numbers and related
-daily medications list
-drug allergies
-allergies
-blood type
-immunizations
-brief medical history
EMPLOYER CONTACT INFO:
-this would include pension plan contact information
-local contact info, names and phone numbers
-human resources
-coworkers
CHILD’S SCHOOL & RELATED CONTACT INFO:
FAMILY/FRIEND CONTACT INFO (email, phone/mailing address):
CPA, ATTORNEY & related:
MEMBERSHIPS, SUBSCRIPTIONS (publications, societies, etc.):
LIST OF USUAL MONTHLY BILLS  (phone, utilities, cable tv, etc.)
-WHEN and how are recurring payments made? Electronic or paper check
PETS (local vet contact info):
-deposition of  pet(s), upon owner impairment or death
GENERAL COMMENTS & INSTRUCTIONS related to this info listing:
******** As to the list above, one may copy and paste into a Word document as a starting document to build upon.
As expected, some areas will need to updated as needed. ALSO, the CAPS in the document I've set in BOLD, and some line items are in RED. An example(s) would be Medicare numbers changed several years ago. Most VISA and DEBIT card numbers expire every 4 years. We've had to add doctors info and medications taken (it's an age thing). We have a separate list for common recurring payments. Some are with VISA, ACH via the checking acct. and few random payments; one being a once a year payment for an inflation protected insurance policy for a high end musical instrument. This payment request arrives, in the mail, every May. We decide how to pay at that time. Also, our local real estate taxes and water/sewers bills are always sent in the mail. There isn't a payment plan that may be set.
Our Word document is password protected in a laptop, has thumb drive backup and paper copies. Your storage methods may vary; but those who need to be aware of this information need to know this, too.
An example of what may help you with gaining more knowledge are YouTube finds. This will provide an example for TOD/POD set ups.
Ok for now. I'm ready for a nap on this hot and humid day in Michigan. I plan to add more at a later time.
Share your experiences and suggestions with all things for 'estate planning'.
Thank you.
Remain curious,
Catch

@stillers
The following was found by a quick Google search, and is a direct copy-paste. The statistics from prior to MRFOX’s existence are reflective of the Marshfield Equity Composite, which is a non-publicly available portfolio run by these same people. This is what is done by MANY funds, portfolio advisors, etc., especially of new funds (PRCFX is an example, I believe, as Giroux ran a portfolio for SMAs in a manner similar to this new fund); they quote returns of their portfolios prior to the existence of said mutual fund(s).
“Marshfield Associates is a concentrated, long-only value investment adviser established in 1989. Located on Washington, DC’s Dupont Circle, the firm offers separately managed accounts and a mutual fund, the Marshfield Concentrated Opportunity Fund. It serves both institutional and private investors.
Marshfield is owned by its seven principals who have an average tenure of 23 years. Each principal must invest in the same stocks that Marshfield buys for its clients and may own no other publicly traded equities.”
https://www.marshfieldinc.com/about-us/

Positive vibes on this fund is for a couple reasons. Long term record going back 30 years with same strat is outstanding vs sp500. Up/ downside not even close. Very experienced fund MGMT, not just one star manager. Doesn't hold any of the glamour tech stocks
...
Baseball fan

What do you mean by "Positive vibes on this fund is for a couple reasons. Long term record going back 30 years..."
This fund's Inception Date is 12/28/15.
https://marshfieldfunds.com/fund-facts/
Excerpt:
1 Year 3 Year* 5 Year* Since Inception (12/28/15)*
https://www.morningstar.com/funds/xnas/mrfox/people
Excerpt:
Management Team
Elise J. Hoffmann
Dec 29, 2015–Present
Christopher M. Niemczewski
Dec 29, 2015–Present
Chad Goldberg
Dec 29, 2022–Present

Sorry about that. The main item I wanted to share was the quote at the bottom of the page of this link. I've copied and pasted the quote here as well.
"Marshfield is owned by its eight principals who have an average tenure of 23 years. Each principal must invest in the same stocks that Marshfield buys for its clients and may own no other publicly traded equities."
https://www.marshfieldinc.com/about-us/

I held 3 funds most of the years between 2000-10...FAIRX,SGIIX,OAKBX because the SP500 was not good (it lost money for 10 years). In 2010, I replaced the above funds with US LC tilting growth. So, I want to thank Bruce.
I don't care how good any manager is, when their funds don't work, and I don't care why, I switch.