https://www.cnbc.com/2021/08/05/bitcoin-jpmorgan-led-by-jamie-dimon-quietly-unveils-access-to-a-half-dozen-crypto-funds.html
JPMorgan, led by bitcoin skeptic Jamie Dimon, quietly unveils access to a half-dozen crypto funds
KEY POINTS
On Thursday, financial advisors were allowed to begin placing private bank clients into a new bitcoin fund created with crypto firm NYDIG, according to people with knowledge of the move.Late last month, JPMorgan rolled out access to four funds from Grayscale Investments and one from Osprey Funds, according to the people.The sources declined to be identified speaking about the offerings, each citing an awkward fact: JPMorgan CEO Jamie Dimon has been one of Wall Street’s most outspoken skeptics of bitcoin and related digital assets.
Manager seen bitcoin is fraud, now open a half dozen cripto bicoin fund
If cannot beat them...join them

Brandywine Global is an investment management company. It provides management services to institutions and high net worth individuals. Its website speaks of investment strategies, not of funds. Looking for funds there would be like going to the Wellington Management site looking information on the Wellington fund (VWELX). It isn't there.
Brandywine Global has been owned by Legg Mason for decades. BrandywineGLOBAL (sic) Funds is a brand name created by Legg Mason for funds it launched and were subadvised by Brandywine Global. It is only a brand name; the funds were always part of Legg Mason.
When Franklin Templeton acquired Legg Mason last year, it acquired all the variously branded funds and management company subsidiaries including Royce, Clearbridge, Western Asset, etc.
I posted more complete information on the Brandywine brand, the BrandywineGlobal brand, and the Friess Brandywine brand here. They're all completely different families.
What is hard, is logging in to a legacy fund account that was acquired by Smith Barney (then a Travelers subsidiary), saw management firm changed to Salomon Smith Barney, became a Citicorp subsidiary when Travelers and Citicorp merged (and rebranded the investment management company Smith Barney), was acquired by Legg Mason, was rebranded Legg Mason Partners with management by Clearbridge, was subsequently rebranded Legg Mason Clearbridge, then had the fund renamed (still branded Legg Mason Clearbridge), and then was rebranded Clearbridge (dropping the Legg Mason moniker).
Then Franklin acquired Legg Mason and the old website login redirected you to an transitional login page (branded Franklin Templeton); one still cannot log in directly at F-T.
And you think you've got it hard :-)

Hi Team ..agree w Lewis and then some .. isn't it all a black box now? Chinese stocks? Black box, Ponzi, CCP Farce? US stonks, Financial engineering, central bank largesse...farce, greater fool...?
Like gramps said to charlie in Willie Wonka...sign away Charlie... what have we got to lose?
Baseball Fan

Hi Guys,
Doing nothing and just holding our current portfolio is often a winning strategy that is NOT implemented. We tend to overreact to developing info and events, We react too quickly: we overreact. I do. It’s a common characteristic we should fight against. Here’s a Link to an article that provides some doable tactiics:
https://www.cnbc.com/2018/11/09/take-these-steps-to-control-your-overreaction-to-market-volatility.html
Good luck on winning this financial battle!

Short summary of research note...

Bank of America (BofA) called central bank digital currencies “a much more effective payment system than cash,” in a research paper published Wednesday.
...CBDCs could “replace cash completely in the (distant) future.”
CBDCs qualified as money “by allowing store of value and being a unit of account and means of exchange,” differentiating them from cryptocurrencies that “do not meet these criteria. “Since they are traded, they could be seen as an asset class,”
CBDCs could lessen the need for stablecoins, noting that the latter could “present a material financial stability risk during times of market stress when there may be a crypto to fiat currency run.”

Bank of America Calls CBDCs ‘More Effective’ Than Cash in Research Note

https://www.sec.gov/Archives/edgar/data/105563/000168386321004334/f9360d1.htm
497 1 f9360d1.htm VANGUARD WELLINGTON FUND 497 PS 21J 072021
 
Vanguard Wellington™ Fund
Supplement Dated July 29, 2021, to the Prospectus and Summary Prospectus Dated March 29, 2021
Effective immediately, Vanguard Wellington Fund is re-opened to all prospective financial advisory, institutional, and intermediary clients without limitation. The Fund remains open to all other clients without limitation.
© 2021 The Vanguard Group, Inc. All rights reserved.
Vanguard Marketing Corporation, Distributor.PS 21J 072021

https://www.sec.gov/Archives/edgar/data/1318342/000139834421014946/fp0067545_497.htm
WCM International Small Cap Growth Fund
(Institutional Class Shares - Ticker Symbol: WCMSX)
A series of Investment Managers Series Trust
Supplement dated July 28, 2021 to the
Prospectus, Statement of Additional Information and
Summary Prospectus, each dated September 1, 2020, as amended.
As previously communicated in a Supplement dated May 20, 2021, effective as of the close of business on June 18, 2021, the Fund is publicly offered on a limited basis to only certain investors. Effective as of the close of business on September 1, 2021, existing registered investment advisors, bank trust firms and broker dealers or other financial intermediaries that have an investment allocation to the Fund in a fee-based, wrap or advisory account will no longer be permitted to invest in the Fund on behalf of new clients. Accordingly, effective as of the close of business on September 1, 2021, this Supplement will replace the Supplement dated May 20, 2021 to the Fund’s Prospectus, Statement of Additional Information and Summary Prospectus.
IMPORTANT NOTICE REGARDING PURCHASE OF FUND SHARES
Effective as of the close of business on June 18, 2021 (the “Closing Date”), the WCM International Small Cap Growth Fund (the “Fund”) is publicly offered on a limited basis.
Only certain investors are eligible to purchase shares of the Fund, as described below (the “closure policy”). In addition, the Fund may from time to time, in its sole discretion based on the Fund’s net asset levels and other factors, limit the types of investors permitted to open new accounts, limit new purchases into the Fund or otherwise modify the closure policy on a case-by-case basis.
The following groups are permitted to continue to purchase Fund shares:
1.Shareholders of record of the Fund as of the Closing Date may continue to purchase additional shares in their existing Fund accounts either directly from the Fund or through a financial intermediary, and they may continue to reinvest dividends or capital gains distributions from Fund shares.
2.New shareholders may open Fund accounts and purchase shares directly from the Fund (i.e., not through a financial intermediary).
3.Group employer benefit plans, including 401(k), 403(b), 457 plans, and health savings account programs (and their successor, related and affiliated plans) (collectively, “Employer Benefit Plans”), which made the Fund available to participants on or before the Closing Date, may continue to open accounts for new participants with the Fund and purchase additional shares in existing participant accounts. New Employer Benefit Plans may also establish new accounts with the Fund, provided the new Employer Benefit Plan approved and selected the Fund as an investment option by the Closing Date and the Employer Benefit Plan was accepted for investment by the Fund by the Closing Date.
4.Members of the Fund’s Board of Trustees, persons affiliated with WCM Investment Management, LLC, the Fund’s advisor, and their immediate families may continue to purchase shares of the Fund and establish new accounts.
In general, the Fund will rely on a financial intermediary to prevent a new account from being opened within an omnibus account established at that financial intermediary if the account would not otherwise satisfy the conditions outlined above. The Fund’s ability to monitor new accounts that are opened through omnibus accounts or other nominee accounts is limited, and the ability to limit a new account to those that meet the above criteria with respect to financial intermediaries may vary, depending upon the capabilities of those financial intermediaries. Investors may be asked to verify that they meet one of the exceptions above prior to opening a new account with the Fund. The Fund may permit you to open a new account if the Fund reasonably believes that you are eligible. The Fund also may decline to permit you to open a new account if the Fund believes that doing so would be in the best interests of the Fund and its shareholders, even if you would be eligible to open a new account under these exceptions. If all shares of the Fund in an existing account are redeemed, the shareholder’s account will be closed. Such former shareholders will not be able to buy additional shares of the Fund or reopen their account.
Please file this Supplement with your records.

all they need to do is ensure that debt grows more slowly than their tax base.
If we use GDP as a proxy for the tax base (I'm open to better suggestions), then the US is not growing its debt more slowly than its tax base. Quite the opposite. Debt has outstripped tax base (GDP), growing from 40% of GDP in 1966, and from a post-war low of 30.6% in Q3 1981 to 129% in Q4 2020 and 127.5% in Q1 2021 (most recent data). That's significantly higher than even the WW2 peak of 112.7%.

https://fred.stlouisfed.org/series/GFDEGDQ188S

https://www.theatlantic.com/business/archive/2012/11/the-long-story-of-us-debt-from-1790-to-2011-in-1-little-chart/265185/
If you want to ensure that debt grows more slowly than the tax base, you have to either reduce the rate of growth of debt (slow or reverse increases in spending), make the GDP grow faster (either expand the economy faster or inflate your way out since we're looking at nominal dollars), or expand the tax base, i.e. broaden what is subject to taxes. Hence the wealth tax that Lewis mentioned.
Here's the most current Fed chart for household net worth. The dip at the end of Lewis' chart is Q1 2020, when the figure was $111K. Since then it has soared, as seen in the tail of the current chart. In Q1 2021, household net worth is $137K, as he noted.
A rise of over 23% in a year, "despite the devastating economic effects of the coronavirus ... driven in large part by surging stock and home prices after interest rates were lowered to combat the financial fallout of the pandemic."
https://thehill.com/policy/finance/542791-us-household-wealth-hits-record-130-trillion-despite-pandemic

https://fred.stlouisfed.org/series/TNWBSHNO

There are a lot of financial advisors and investment professionals ( other than those that run active non Large Cap funds) who have been riding this wave claiming that they are geniuses at investment. Wonder what will happen when the music stops

I actually think the author of the article’s advice is sensible on the whole, but I also think talking about funds and ETFs is very different from analyzing an individual family’s financial goals and figuring out what their specific financial plan or strategy should be. Pensions for instance can be structured very differently depending on the company/government plan and the employees’ election. Some pension payouts for instance continue after the death of the employee. Some don’t. Some plans are healthier financially as well. Also, it isn’t just the financial situation of the couple involved that is a concern often but of their children. This is why financial planning makes sense in the first place. The best plans are as customized to an individual’s specific situation as possible. That level of specificity is difficult if not impossible to address in an article or on this board.

Block Tower Newsletters:

Originally known as “open finance”, the advent of DeFi represents yet another innovation on the rapidly evolving world of cryptoassets and blockchain technology. As with most new innovations, there is the growing litany of new announcements, innovative solutions and industry mania as these offerings progress throughout the landscape. For many, it seems a chance for new business models and rapid wealth creation. For the more sober minded, it is yet another step in the swift transformation happening across financial markets, and indeed across all industries in the global economy. As always, change and disruption require us to revert back to first principles. And these first principles demand that we ask the question: why? Why decentralized finance? What problems does it solve? And what, in truth, do we actually mean by “decentralized finance”?
These inquiries bring us to the motivation for this publication. It is our hope that this primer can offer a proposed definition for DeFi, in all of its forms, as well as share with the reader current and future DeFi use cases. It also touches on the challenges of DeFi, not least of these being the uncertain and evolving regulatory and legislative challenges coming to the fore. As a product of the WSBA Accounting Working Group, this work also delves into the
very complex accounting considerations that DeFi poses, both now and in the future. Finally, we conclude with some thoughts on what the future holds and offer some resources to keep pace with this future.
It is our goal that this be the first in a series of thought leadership publications that continue to aid the advancement of the cryptoassets and blockchain ecosystems, the accounting profession and global markets around the world. We welcome your thoughts and feedback and hope that you find this document informative as well as useful.

https://blocktower.substack.com/
Decentralized Finance: A Primer
whitepapers/WSBA-Accounting-DeFi-Primer-May-2021.pdf

Setting aside the question of whether the OP is asking a question worthy of our consideration, I get the sense that the person is tired of making decisions about his family’s finances. If so, I think the whole enchilada ought to be turned over to a financial advisor who could propose a hands-off portfolio, akin to a blind trust, taking the worry and decision making out of the hands of a person who wants to relax in the twilight years. I would not want to do that myself, but I have thought it would be the best arrangement for my wife if I go first, and I have told our advisor that.

"Goldman Sachs Research’s David Mericle, chief US economist, discusses why central banks are considering digital currencies and the potential implications for the financial system and monetary and fiscal policy."
Video (14 minutes): https://www.goldmansachs.com/insights/pages/whats-next-for-central-bank-digital-currencies.html
Transcript (7 pages): https://www.goldmansachs.com/insights/pages/the-daily-check-in/whats-next-for-central-bank-digital-currencies/transcript.pdf
I'm still left wondering, WHY?
Some relevant excerpts:

[T]here are two reasons to be a little bit skeptical about some of these [CBDC benefit] claims. The first reason is we could achieve the same benefits with a more traditional approach. For example, you could also offer people bank accounts simply by subsidizing them. And the Fed is already planning to speed up payments by introducing a new, real time payment system called Fed Now that will come online by 2023.
The second reason to be a little bit skeptical is that some of these benefits require a more radical version of a CBDC than any central bank is actually planning to introduce for now. For example, no central bank is planning to completely phase out cash, so you can't really claim that as a benefit.
...
[A]dvanced economy central banks are more focused on improving the safety and robustness of the payment system, although most consider it an open technological question whether or not a CBDC would really achieve this. I think this is basically how the Fed is thinking about it.

About Fed Now (Federal Reserve website)
https://www.frbservices.org/financial-services/fednow/about.html

Before reading @bee 's comments, I had the same question: are these expenses for a household or for an individual? Bee observes that some categories don't add up, e.g. housing. (In housing, I'm not sure that they're supposed to - one either owns or rents a home, not both)
This dubious arithmetic extends to the bottom lines - they are much greater than the sum of the bolded components. I think that addresses @Derf 's observation that transportation isn't included. Apparently, transportation (including travel?) is not considered a "key category" (see text at top of chart).
Note that these are means, not medians. So while the text suggests that these figures illustrate how your spending might change in retirement, I'm not so sure.
Here's actual data from the 2018 BLS Consumer Expenditure Survey, by age. The numbers don't exactly match the table above, but they're close enough. The difference could be due to the fact that I'm looking at a column labeled "65 years and older", which is not the same as "retired".
https://www.bls.gov/cex/tables/calendar-year/mean-item-share-average-standard-error/reference-person-age-ranges-2018.pdf
FWIW, the mean transportation spending by a "consumer unit" with age 65+ is $7,270, while the national mean for consumer units is $9,761.
The BLS defines a "consumer unit" as:

either: (1) all members of a particular household who are related by blood, marriage, adoption, or other legal arrangements; (2) a person living alone or sharing a household with others or living as a roomer in a private home or lodging house or in permanent living quarters in a hotel or motel, but who is financially independent; or (3) two or more persons living together who use their income to make joint expenditure decisions. Financial independence is determined by the three major expense categories: Housing, food, and other living expenses. To be considered financially independent, at least two of the three major expense categories have to be provided entirely, or in part, by the respondent.

https://www.bls.gov/cex/csxgloss.htm#cu
Of course, since we're classifying by age, and a "consumer unit" consists of more than one person, we need to be clear on what "age" means for that unit. It's the age of the "reference person".

Reference person - The first member mentioned by the respondent when asked to "Start with the name of the person or one of the persons who owns or rents the home." It is with respect to this person that the relationship of the other consumer unit members is determined.

https://www.bls.gov/cex/csxgloss.htm#refper

The U.S. Congress will learn on Wednesday when the federal government will likely run out of money to pay its bills, setting the stage for the latest in a long series of fights over what is known as the debt ceiling.
A failure by Democrats and Republicans to work out differences over whether government spending cuts should accompany an increase in the statutory debt limit, currently set at $28.5 trillion, could lead to a shutdown of the federal government -- something that has happened three times in the past decade.
On July 31, the Treasury Department technically bumps up against its statutory debt limit. Much like a personal credit card maximum, the debt ceiling is the amount of money the federal government is allowed to borrow to meet its obligations. These range from paying military salaries and IRS tax refunds to Social Security benefits and even interest payments on the debt.
Remeber that in 2011, Republicans launched a battle over the debt limit and federal spending, which led to the first-ever Standard & Poor's downgrade of the U.S. credit rating -- a move that reverberated through global financial markets.

https://reuters.com/world/us/every-time-its-messy-us-again-approaching-debt-ceiling-2021-07-21/

Three-quarters of Americans agree the country is facing a retirement crisis, making research around the topic more relevant than ever. We dug into the data on every angle of retirement and compiled the most important statistics below. Read on to learn about what today’s retirees face, from financial challenges to lifestyle decisions and more.

https://annuity.org/retirement/retirement-statistics/
Does the chart below appear to be for a couple or an individual? If single, $100K / yr (for a couple) in retirement spending seems like a high hurdle to achieve. But wait... housing costs wouldn't double, would they for a couple? Are these studies forgetting that, in reality, many retirees have a wife, life partner, or family member that share many of these expenses. Also, some of these numbers are additive (take a look at telephones services...the subgroup costs add up to the bold number. The housing numbers don't add up...what gives?

And remember this from the article: "Above all, remember the three key principles when thinking or writing about financial markets: 1) The stock market is not the economy. 2) The stock market is not the economy. 3) The stock market is not the economy."

Hi Derf. Thank you. We're about to go live with Rolling Batting Averages, which I mentioned during the last webinar. It's something inspired by Brian Reamer, a Wisconsin-based financial adviser. After thinking about your post, it seems to me we should be able to generate a history of GOs by expanding the routine that does the rolling batting averages. Will get on it and keep you posted. If too much time goes by, please pester me. Love this kind of request! Charles

From further reading:

-A quickening recovery is reshaping the demand in ways that could create both short‑term and long‑term potential opportunities for investors, Sharps says. Areas that could potentially benefit include the travel and hospitality industries, airlines, restaurants, and medical services.

-The economic recovery largely has been priced into U.S. equities. But earnings per share (EPS) for companies in many other markets have yet to rebound as quickly or strongly as they have for the S&P 500 Index. This creates the potential for non‑U.S. equities to outperform as the recovery broadens, he argues. “The reflation theme plays well in cyclicals, and [non‑U.S.] markets tend to be more cyclical.”
-Floating rate bank loans, Vaselkiv adds, currently offer a particularly attractive combination of relatively high yields and very short duration (an average of 90 days). This could provide benefits all the way through the next Fed tightening cycle, he argues.
-International investors still tend to focus on a handful of well‑known stocks in China’s e‑commerce and technology industries, Thomson says. He thinks more attractive potential opportunities may be available in areas such as biotech, health care, and financial technology. (in China) “China is innovating in these areas, and overall spending on research and development has accelerated.”
-Valuations. Price/earnings multiples in some sectors and stocks imply demanding profit growth expectations, Sharps reiterates. Even relatively strong second‑half results might fail to meet those expectations, generating market volatility.

https://www.sec.gov/Archives/edgar/data/935015/000119312521215975/d150082d497.htm
Filed pursuant to Rule 497(e)
File Nos. 033-88316 and 811-08932
ARTISAN PARTNERS FUNDS, INC.
Artisan International Small-Mid Fund (the “Fund”)
SUPPLEMENT DATED 15 JULY 2021 TO THE
FUND’S PROSPECTUS
CURRENT AS OF THE DATE HEREOF
Effective after the close of business on 30 July 2021, the Fund is closed to most new investors. The Fund will accept new accounts from certain investors who satisfy new account eligibility requirements. Eligibility requirements are described in Artisan Partners Funds’ prospectus under the heading “Investing with Artisan Partners Funds – Who is Eligible to Invest in a Closed Fund?”
Accordingly, effective 30 July 2021, the following changes will take effect:
1.The following paragraph is added under the heading “Purchase and Sale of Fund Shares” on page 42 of Artisan Partners Funds’ prospectus:
The Fund is closed to most new investors. See “Investing with Artisan Partners Funds — Who is Eligible to Invest in a Closed Fund?” in the Fund’s statutory prospectus for new account eligibility criteria.
2.The following replaces the text under the heading “Who is Eligible to Invest in a Closed Fund?” on pages 101-102 of Artisan Partners Funds’ prospectus in its entirety:
Artisan High Income Fund, Artisan International Small-Mid Fund and Artisan International Value Fund are each closed to most new investors. From time to time, other Funds may also be closed to most new investors. The Funds do not permit investors to pool their investments in order to meet the eligibility requirements, except as otherwise noted below.
If you have been a shareholder in a Fund continuously since it closed, you may make additional investments in that Fund and reinvest your dividends and capital gain distributions in that Fund, even though the Fund has closed, unless Artisan Partners considers such additional purchases to not be in the best interests of the Fund and its other shareholders. An employee benefit plan that is a Fund shareholder may continue to buy shares in the ordinary course of the plan’s operations, even for new plan participants.
You may open a new account in a closed Fund only if that account meets the Fund’s other criteria (for example, minimum initial investment) and:
∎ you beneficially own shares of the closed Fund at the time of your application;
∎ you beneficially own shares in the Funds with combined balances of $250,000;
∎ you receive shares of the closed Fund as a gift from an existing shareholder of the Fund (additional investments generally are not permitted unless you are otherwise eligible to open an account under one of the other criteria listed);
∎ you are transferring or “rolling over” into a Fund IRA account from an employee benefit plan through which you held shares of the Fund (if your plan doesn’t qualify for rollovers you may still open a new account with all or part of the proceeds of a distribution from the plan);
∎ you are purchasing Fund shares through a sponsored fee-based program and shares of the Fund are made available to that program pursuant to an agreement with the Funds or Artisan Partners Distributors LLC and the Funds or Artisan Partners Distributors LLC has notified the sponsor of that program in writing that shares may be offered through such program and has not withdrawn that notification;
∎ you are an employee benefit plan and the Funds or Artisan Partners Distributors LLC has notified the plan in writing that the plan may invest in the Fund and has not withdrawn that notification;
∎ you are an employee benefit plan or other type of corporate, charitable or governmental account sponsored by or affiliated with an organization that also sponsors or is affiliated with (or is related to an organization that sponsors or is affiliated with) another employee benefit plan or corporate, charitable or governmental account that is a shareholder of the Fund at the time of application;
∎ you are a client, employee or associate of an institutional consultant or financial intermediary and the Funds or Artisan Partners Distributors LLC has notified that consultant or financial intermediary in writing that you may invest in the Fund and has not withdrawn that notification;
∎ you are a client of a financial advisor or a financial planner, or an affiliate of a financial advisor or financial planner, who has at least:
○ $2,500,000 of client assets invested with the closed Fund at the time of your application; or
○ $5,000,000 of client assets invested with the Funds or under Artisan Partners’ management at the time of your application and, with respect to Artisan International Value Fund only, the Funds or Artisan Partners Distributors LLC has notified such financial advisor or financial planner, or affiliate of such financial advisor or financial planner, in writing, that you may invest in the Fund and has not withdrawn that notification;
∎ you are an institutional investor that is investing at least $5,000,000 in the Fund and the Fund or Artisan Partners Distributors LLC has notified you in writing that you may invest in the Fund and has not withdrawn that notification (available for investments in Artisan International Small-Mid Fund and Artisan International Value Fund only);
∎ you are a client of Artisan Partners or are an investor in a product managed by Artisan Partners, or you have an existing business relationship with Artisan Partners, and in the judgment of Artisan Partners, your investment in a closed Fund would not adversely affect Artisan Partners’ ability to manage the Fund effectively; or
∎ you are a director or officer of the Funds, or a partner or employee of Artisan Partners or its affiliates, or a member of the immediate family of any of those persons.
A Fund may ask you to verify that you meet one of the guidelines above prior to permitting you to open a new account in a closed Fund. A Fund may permit you to open a new account if the Fund reasonably believes that you are eligible. A Fund also may decline to permit you to open a new account if the Fund believes that doing so would be in the best interests of the Fund and its shareholders, even if you would be eligible to open a new account under these guidelines.
The Funds’ ability to impose the guidelines above with respect to accounts held by financial intermediaries may vary depending on the systems capabilities of those intermediaries, applicable contractual and legal restrictions and cooperation of those intermediaries.
Call us at 800.344.1770 if you have questions about your ability to invest in a closed Fund.