Regarding Puts & Calls, there is the Put/Call Ratio commented on by McClellan Financial:

When the market changes its mood, indicators can sometimes change theirs to match. That is the message of this week’s chart.
Traders and analysts have been watching the Put/Call Ratio ever since the late Martin Zweig first called attention to it decades ago. In his 1986 book Winning On Wall Street, Zweig described his research in the 1960s, digging through figures from the Securities and Exchange Commission going back as far as WWII, and noticing that “…when options investors got too optimistic - - buying lots of calls and shunning puts - - the stock market was generally heading for trouble. The reverse was also true.”
The persistent problem over the years has been in determining what constitutes “high” and “low” readings for the Put/Call Ratio. This task is best done in retrospect, but we have to analyze and trade in realtime. And that can be hard.

learning_center/weekly_chart/put_call_ratio_range_shift/

https://www.sec.gov/Archives/edgar/data/1587551/000158064222001627/fullerthalersmcap497.htm
497 1 fullerthalersmcap497.htm 497
March 22, 2022
Fuller & Thaler Behavioral Small-Cap Equity Fund
A Shares – FTHAX
C Shares – FTYCX
Investor Shares – FTHNX
Institutional Shares – FTHSX
R6 Shares – FTHFX
A series of the Capitol Series Trust (the “Trust”)
Supplement to the Summary Prospectuses, Prospectus and Statement of Additional Information,
Each Dated January 28, 2022
Fuller & Thaler Behavioral Small-Cap Equity Fund – Limited Offering
Effective as of the close of business on May 23, 2022 (the “Closing Date”), the Fuller & Thaler Behavioral Small-Cap Equity Fund (the “Fund”) will become offered on a limited basis and investors will be eligible to purchase shares of the Fund only as described below. Certain types of investors will be allowed to invest in the Fund after the Closing Date without any additional authorization. Other types of investors may invest in the Fund after the Closing Date only if approved to do to so by Fuller & Thaler Asset Management, Inc. (the “Adviser”) and the Fund. Investors who fall in neither of these categories will not be allowed to invest in the Fund after the Closing Date:
Investors Who Will Be Permitted To Purchase Fund Shares After The Closing Date Without Additional Authorization
The following types of investors may invest in the Fund after Closing Date as specified without additional authorization:
Shareholders of record of the Fund as of the Closing Date may continue to purchase additional shares in their existing Fund accounts and may continue to reinvest dividends or capital gains distributions from shares owned in the Fund, and may add to their existing Fund accounts through exchanges from other Fuller & Thaler Funds;
If the shareholder of record is an omnibus account, beneficial owners in that account as of the Closing Date may also continue to purchase additional shares in their existing Fund accounts, may reinvest dividends or capital gain distributions from shares owned in the Fund, and may add to their existing Fund accounts through exchanges from other Fuller & Thaler Funds;
Group Retirement Plans (and their successor, related and affiliated plans) which have the Fund available to participants prior to the Closing Date may continue to open accounts for new participants and may purchase additional shares in existing participant accounts. In addition, new Group Retirement Plans (and their successor, related and affiliated plans) may invest in the Fund after the Closing Date, may open accounts for new participants, and may purchase shares in such participant accounts. The term “Group Retirement Plans” refers to employer-sponsored retirement, deferred compensation and employee benefit plans, and includes without limitation: (a) group employer-sponsored 401(k) plans, (b) 457 plans; (c) employer-sponsored 403(b) plans; (d) profit-sharing and money purchase pension plans; (e) defined benefit plans; (f) retiree health benefit plans; (g) group annuity separate accounts offered to retirement plans; (g) non-qualified deferred compensation plans; (h) health savings plans; and (i) trusts used to fund any of the foregoing plans.
To establish eligibility as a Group Retirement Plan, the plan must satisfy the following requirements:
The plan must be a group plan (more than one participant);
The shares cannot be held in a commission-based brokerage account; and
Shares must be either held at a plan level or at the Fund level through an omnibus account of a retirement plan recordkeeper
Consequently, the term “Group Retirement Plans” does not include traditional IRAs, Roth IRAs, Coverdell Education Savings Accounts, SEPs, SARSEPs, SIMPLE IRAs, KEOGHs, individual 401(k) or individual 403(b) plans.
Existing fully discretionary fee-based advisory programs, where investment discretion (fund and investment allocations) solely resides with the Financial Intermediary’s home office and where the Financial Intermediary’s home office has full authority to make investment changes without approval from the shareholder, may continue to utilize the Fund for new and existing program accounts;
Registered Investment Advisory firms that have included the Fund in their discretionary models by the Closing Date and utilize an approved clearing platform may continue to make Fund shares available to new and existing accounts;
Principals and employees of Fuller & Thaler Asset Management, Inc. and their immediate family members, may utilize the Fund for both new accounts and existing Fund accounts; and
Fuller & Thaler Asset Management, Inc. may utilize the Fund in new and existing fund accounts.
Investors Who Will Be Permitted To Purchase Fund Shares After The Closing Date Only With the Approval of the Adviser and the Fund
The following types of investors may invest in the Fund after Closing Date only with the prior approval of the Fund’s Adviser and the Fund:
Institutional Investors (including successor, related, or affiliated accounts) may establish a new account with the Fund only if the account has been accepted for investment by the Fund’s Adviser and the Fund. The term “Institutional Investors” includes, but is not limited to, corporations, qualified non-profit organizations, charitable trusts, foundations and endowments, governmental entities (including states, counties and other municipalities, or any instrumentality, department, authority or agency thereof), and banks, trust companies or other depository institutions investing for their own account or on behalf of their clients. The term “Institutional Investors” also includes fee-based “wrap” account sponsors that offer discretionary and non-discretionary arrangements (provided they have an agreement covering the arrangement with the Fund) where the financial advisor or client, as applicable, has investment discretion;
After the Closing Date, new fully discretionary (including rep as portfolio manager) and non-discretionary (including rep as advisor) fee-based advisory programs may utilize the Fund for program accounts only with the approval by the Fund’s Adviser and the Fund;
Third party investment manager model portfolios will be able to open new program accounts after the Closing Date only if approved by the Fund’s Adviser and the Fund.
Except as permitted above, investors will not be permitted to invest in the Fund after the Closing Date. If the Fund receives a purchase order directly from an investor who is not eligible to purchase shares of the Fund after the Closing Date, the Fund will attempt to contact the investor to determine whether he or she would like to purchase shares of another Fund advised by Fuller & Thaler Asset Management, Inc. or would prefer that the investment be refunded. If the Fund cannot contact the investor within 30 days, the entire investment will be refunded.
* * *
2
The Fund in its sole discretion reserves the right at any time to change these policies, including limiting new purchases into the Fund or otherwise modifying the closure policy based on the Fund’s net asset levels and other factors.
Please refer to the Prospectus of the Fuller & Thaler Behavioral Small-Cap Equity Fund for additional information regarding buying and selling shares.
Further Information
For further information, please contact the Fund toll-free at 1-888-912-4562. You may also obtain additional copies of the Fund’s Summary Prospectuses, Prospectus and Statement of Additional Information, free of charge, by writing to the Fund c/o Ultimus Fund Solutions, LLC at P.O. Box 46707, Cincinnati, Ohio 45246-0707, by calling the Fund toll-free at the number above or by visiting the Fund’s website at www.fullerthalerfunds.com.
3

Currency War - from Wikipedia
Thought I remembered something about this from history class. ISTM the financial plight of some European nations (Germany in particular) led, albeit indirectly, to the outbreak of WW II. Some of this financial weakness stemmed from the harsh terms imposed on Germany at the conclusion of WW I. Generally, what goes around comes around.
“Historically, competitive devaluations have been rare as countries have generally preferred to maintain a high value for their currency. Countries have generally allowed market forces to work, or have participated in systems of managed exchanges rates. An exception occurred when a currency war broke out in the 1930s when countries abandoned the gold standard during the Great Depression and used currency devaluations in an attempt to stimulate their economies. Since this effectively pushes unemployment overseas, trading partners quickly retaliated with their own devaluations. The period is considered to have been an adverse situation for all concerned, as unpredictable changes in exchange rates reduced overall international trade.” (Wikipedia Excerpt)

https://www.sec.gov/Archives/edgar/data/1342947/000089109222001046/bbh497ssta-rf.htm
497 1 bbh497ssta-rf.htm PROSPECTUS AND SAI SUPPLEMENT
BBH TRUST
BBH PARTNER FUND – SELECT SHORT TERM ASSETS
(BBSTX)
SUPPLEMENT DATED MARCH 28, 2022 TO THE
PROSPECTUS
AND STATEMENT OF ADDITIONAL INFORMATION
DATED MARCH 1, 2022
The following information supplements, and, to the extent inconsistent therewith, supersedes, certain information in the Prospectus and Statement of Additional Information. Unless otherwise noted, capitalized terms used in this supplement have the same meaning as defined in the Prospectus and Statement of Additional Information.
I. FUND LIQUIDATION
On March 28, 2022, the Board of Trustees of BBH Trust (the “Trust”) approved a Plan of Liquidation for the BBH Partner Fund – Select Short Term Assets (the “Fund”) pursuant to which the Fund will be liquidated (the “Liquidation”) on or about the earlier of (i) April 13, 2022 and (ii) the date on which all shareholders that are not affiliated with the Adviser have redeemed their respective shares of the Fund (the “Liquidation Date”). Shareholder approval of the Liquidation is not required.
Beginning on March 28, 2022 through the Liquidation Date, the Fund may depart from its stated investment objective and policies as it liquidates holdings in preparation for the distribution of assets to investors. During this time, the Fund may hold more cash or cash equivalents than normal, which may prevent the Fund from meeting its stated investment objective. Shareholders of record as of the close of business on the Liquidation Date will receive their proportionate interest in all of the net assets of the Fund in complete cancellation and redemption of all the outstanding shares of the Fund. Payment will be made in accordance with instructions from each shareholder. If a shareholder has not provided instructions by the time proceeds are distributed, that shareholder’s liquidation proceeds shall be distributed based on the payment instructions on file for such shareholder with the Fund’s Transfer Agent. For those accounts with no bank instructions on file with the Fund’s Transfer Agent, the Transfer Agent shall issue a check. If required by the Internal Revenue Code of 1986, the Fund will make an income distribution prior to the Liquidation Date.
Shareholders of the Fund may redeem their investments as described in the Fund’s Prospectus prior to the Liquidation Date. If the Fund has not received your redemption request or other instruction by the Liquidation Date, your shares will be redeemed on the Liquidation Date, and you will receive your proceeds from the Fund, subject to any required withholding.
The Adviser will bear all expenses of the Liquidation to the extent such expenses are not part of the Fund’s normal and customary fees and operating expenses. However, the Fund and its shareholders will bear transaction costs and any potential tax consequences associated with turnover of the Fund’s portfolio.
The liquidation of the Fund, like any redemption of Fund shares, will constitute an event upon which a gain or loss may be recognized for state and federal income tax purposes, depending on the type of account and the adjusted cost basis of the investor’s shares. The tax year for the Fund will end on the Liquidation Date. Please contact your tax advisor to discuss the tax consequences to you of the liquidation.
II. CLOSURE OF THE FUND TO PURCHASES
Effective as of the close of business on March 28, 2022, the Fund will be closed to purchases of Fund shares; however, the closure to purchases of Fund shares does not restrict any shareholders from redeeming shares of the Fund.
The Fund’s ability to enforce the closure of the Fund to purchases with respect to certain retirement plan accounts and accounts held by financial intermediaries may vary depending on systems capabilities, applicable contractual and legal restrictions, and cooperation of those retirement plans and intermediaries.
Please contact the Fund at 1-800-575-1265 if you have any questions.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.

You make a good point @hank that bond funds have fallen harder and sooner than the FED's 0.25% increase would indicate. I guess that is because like the equity markets, the bond market is also forward looking. I think many pundits believe the goal is to get to 3% by year end. Not sure where they believe the sweet spot is, but I wouldn't be surprised if they "ideally" target 4-6% over a few years if it correlates to full employment and inflation back to a normal 2-4%.
Forward looking, within a year of reaching the sweet spot goal may be good times in bond-land again. Of course throw in another financial disaster and we're back at square one.

"....."He was a visionary, an innovator, and a philanthropist who had tremendous curiosity about the world around him and who lived his life to the fullest each and every day," the Johnson family said in a statement. "To the end, he never lost his enthusiasm, his sense of humor, or his energetic spirit.".....Johnson served as chairman and CEO of Fidelity Investments, the company his father started, for over 40 years, and transformed the Boston-area mutual fund manager into the second-largest investment management company in the US and one of the most successful diversified financial services firms in the world.....The firm, now led by his daughter Abigail Johnson....."
https://www.cnn.com/2022/03/24/investing/edward-ned-johnson-iii-fidelity-death/index.html
More https://en.wikipedia.org/wiki/Edward_Johnson_III

Not to state what many other much smarter people than I have said: the cash is trash argument should be placed in the context of financial assets, not the cost of living. Even if inflation is running at 7% cash is not trash if stocks and bonds, or a mix, are in negative territory. Cash is not trash in 2022 as it has outperformed both stocks and bonds, generally speaking. As for bonds, I follow the advice that the best time to buy any asset is when there is blood in the streets. We are going through a 2008 moment for bonds. Of course there are sound arguments for why bonds are a terrible investment; that is what makes the moment. Just saw that there were net INFLOWS to fixed income ETFs last week. At some point fixed income will recover and those who bailed will wish they bought more instead. Will that happen next week, next year or even further down the road? I don't know, but at some point there will be a chart like those on PV that show a draw down and recovery, as it (almost) always has been.

@BaseballFan - I consider you a great asset to the board based on your investment related contributions over the years. As long as everyone is civil no harm in voicing dissenting views. I actually pay $$ to subscribe to Bill Fleckenstein’s “Daily Rap.” His political opinions run similar to yours - and distinctly contrary to my own. But I’m willing to overlook that right wing dogma because it’s all about investing. And I think he, like you, has some interesting thoughts on investing.
It’s not for me to decide, but I would hope everyone tries their best to talk about “best ideas” for preserving and growing our capital and less about politics or which party is best for growing wealth. I do believe there are investments for every “season”. So let’s size up the current macro financial environment as it exists today and work to come up with investments that work.

+1 @Junkster
You are correct re my status. Pension and SS cover basic needs. I had a better than average retirement package I guess. So the IRAs allow for travel, etc. and serve as reserves in case a large unexpected outlay comes along.
Still, I keep an open mind on the subject. Good to hear the higher interest rates have led to better annuity payouts.. In the past, I couldn’t see any financial advantage - albeit one might increase their living standard a bit on the payments.
Good thread.

Some dumb questions / considerations
- In converting your pent-up investments (which are currently earning a return) into a stream of steady cash payouts in excess of what you have an immediate need for you are than faced with either (1) having to spend (or donate) that excess income or (2) having to reinvest it somewhere else. If you do reinvest it, it is no longer a tax exempt / tax deferred investment.
- There may be rare periods in the future where a very large sum is required. Things like needing a new roof or well for your home, or having to buy a new motor vehicle or unexpected legal expenses. Aren’t you better off having a large pool of money invested somewhere for such occurrences than having to borrow the money if / when a need arises?
- You would appear to be trading away your inflation protection (from staying invested) for that steady income stream. Most likely that isn’t too significant a consideration at an elderly age - but it might be.
- Are you not somewhat at the mercy of the insurer? What if they become insolvent?

Hank, correct me if I am wrong. But aren’t all your income needs provided by a pension and social security? If so I would see little reason to annuitize. Again, annuitization is very much based on individualistic financial situations/mindsets. Many as they age want nothing to do with investing/risk. Just a secure income stream till death do they part.

Here's the page from which @bee's except was taken:
https://www.deepcapture.com/the-story-of-deep-capture-by-mark-mitchell/
naked shorters ... (it's flatly illegal goes the argument
Is naked shorting flatly illegal, or is that just one side's argument?
Naked shorting is not unconditionally illegal, just as going long without having the money to cover it on the trade date is not unconditionally illegal.
Is it illegal to buy a security and then talk it up? It depends.
"[A]busive 'naked' short selling as part of a manipulative scheme is always illegal under the general antifraud provisions of the federal securities laws, including Rule 10b-5".
SEC Rule 10b-21 https://www.sec.gov/rules/final/2008/34-58774.pdf
Absent fraud, naked shorts can be legal, so long as they comply with other SEC regs. "'Naked' short selling is not necessarily a violation of the federal securities laws or the [Security and Exchange] Commission’s rules. Indeed, in certain circumstances, 'naked' short selling contributes to market liquidity."
https://www.sec.gov/investor/pubs/regsho.htm
Apparently naked shorting is not flatly illegal, goes the official argument. The DTCC agrees, saying that "there is some legal naked short selling.
With respect to Overstock, "In 2004, Cohodes, a partner at a hedge fund called Rocker Partners, and David Rocker, the fund’s founder, shorted Overstock after concluding that Byrne was making untenable promises about its financial performance. "
https://www.newyorker.com/magazine/2020/12/14/a-tycoons-deep-state-conspiracy-dive
That's 18, not 15 years ago. This matters because Regulation SHO became effective January 2005, and Rule 10b-21 became effective Oct 2008.
For a very different, expansive perspective of the alleged conspiracies, here's Joe Nocera's business column from Feb 2006:
https://www.nytimes.com/2006/02/25/business/overstocks-campaign-of-menace.html
To bring this back to the Reuters piece - put options were purchased. That's a way to gain the same exposure as with a short, but there's no failure to deliver; no security lending is involved. As the CEO of Farmland stated, ""This is not about shorting. This is about securities fraud."

Deep Capture is an interesting read:

The crimes are the work of Wall Street hedge fund managers and brokers who engage in a common trading strategy known as short-selling. A short sale is a way of making money when the price of a stock goes down. You borrow shares from someone else and immediately sell them off. If the price drops, you buy the shares back and return them to the original owner, pocketing the difference. If a company goes out of business, short-sellers hit the jackpot.
This is perfectly legal and unobjectionable. But some short-sellers do not play by the rules. A small group of powerful hedge fund managers stop at nothing to annihilate the companies they sell short. Their tactics include: blackmail, smear campaigns, espionage, fraud, harassment, extortion, bribery, rumor-mongering, sabotage, off-shore money laundering, political cronyism, frivolous lawsuits, witness tampering, biased financial research, false identities, bogus credit ratings, bribery, libelous blogs, bad science, forgery, wiretapping, counterfeiting, collusion, lying, cheating, threats and theft.
Their most egregious trick is to sell “phantom stock.” By exploiting a glitch in Wall Street’s computerized trading system, and a loophole in federal regulations, some hedge funds sell virtually unlimited amounts of stock that they have not yet borrowed or purchased. This is often referred to as “naked short selling.” Hedge funds use this tactic to flood the market with supply and drive down prices – which is blatantly illegal.

an-overview-of-deep-capture

Rather than talking up a stock and then selling it at an inflated price, hedge funds and others may be buying puts, talking down a stock, and then exercising the put at a deflated price. That is, selling a stock at a locked-in (option) price and covering at a manipulated low price.

Activist short sellers like Muddy Waters' Carson Block bet against public companies they deem over-valued and then publish their investment thesis. They say their work aids market efficiency and dispute Mitts' analysis as flawed. ...
[Regarding Farmland Partners, Inc. FPLN] he ... published his analysis of 1,720 pseudonymous posts attacking publicly listed stocks on financial website Seeking Alpha between 2010 and 2017. His study found such posts were preceded by unusual and suspicious trading through stock options, in a process he called "short and distort".

https://www.reuters.com/business/how-columbia-professor-became-scourge-activist-short-sellers-2022-03-18/

Giant fish eat big fish, big fish eat small fish, small fish eat tiny fish,....and so it goes.
So Eaton Vance was a acquisitive company that acquired ESG firm Calvert, etc.
Then the big gobbler Morgan Stanley gobbled Eaton Vance (but the name lives in funds), and before that it gobbled E*Trade, Smith Barney, Dean Witter, Discover, etc.
Morgan Stanley itself needed rescue during the financial crisis.

+1. @davfor
I was sticking to my knitting, following my pre-planned Order of Battle, shifting into bonds, earlier, and reached my 60% bonds goal in the portfolio. Ballast, reduce volatility..... Along came changing realities: rising rates, war, inflation, supply issues..... I still own a big hunk of bonds. But I just exchanged a mouthful of them for TRP Financial Services, PRISX.
After cashing-out PTIAX, that $$$ will go to the sweep account until I decide on a fitting destination for the money. My ENIC has been a true dawg--- until 3 days ago. I'm liking the action there. Limit order is in for $1.60.
Something else I've uncovered: ATGFF. AltaGas. Lots of US customers, but HQ in Calgary. Nice dividend. Would love to get it a bit below Fair Value.

Quite a reach I’d think.
CNBC

@hank, hope all is well with you. Situation is quite different today than that of the 70’s. Today, the Fed is part of the market instead being the last resort of lending during the period of financial crisis. By keeping the interest rate low since 2008’s Great Recession is beyond unnecessary while distorting the market and its valuation. Now we are facing high inflation and there are few option except to raise rate for the next few years.
By the way, I come to this board to learn from others experience. Also MFO helped me to pick few great funds that I wouldn’t know about. As always the monthly commentary is first class.
A recent post from LizAnn Sounders (Schwab) may shed more insight on the current situation.
https://schwab.com/resource-center/insights/content/market-snapshot
Also there is transcript posted below the video. Enjoy.

I just enjoy Forsyth. Didn’t mean to cite him as a predictive model. I suspect he is of a bearish inclination (as am I) and his articles often reference bearish views of various market observers.
If folks don’t want Forsyth’s columns referenced any more, let me know and I’ll cease.
One nice thing about the internet and financial commentary in general - You can find just about any point of view you want out there,

This may not be as huge a problem that the media is making it out to be.
Insurance companies and funds sell CDSs (i.e. insurance on underlying bonds) in normal times and pocket the premium MOST of the time. But they have to pay up SOMETIMES. The CDS sellers pay only when the swap association declares a default event and that hasn't happened yet. A poster at Fido Inv Community (a closed group, so links not possible) estimated max exposure of Pimco Income/PIMIX at 12c, so not a huge deal when the NAV is $11.22. An open thread is at M*, see below.
On the other hand, many Pimco CEFs have sold off on such news even when no Russian CDS exposure is seen there (I got a very low-ball limit-buy fill on PDO yesterday and was puzzled at first). Moreover, Blackrock may have much higher exposure to Russian CDS than Pimco. Industry is better prepared now after the AIG fiasco before/during the financial crisis (AIG had an enormous CDS exposure and had to be bailed out).
https://community.morningstar.com/s/question/0D53o00005wYHyiCAG/pimco-amassed-billions-of-exposure-to-russia-debt-facing-default

The Newport Beach, California-based asset manager had at least $1.5 billion of sovereign debt, according to the latest fund filings compiled by Bloomberg. It had also placed about $1 billion of bets on Russia via the credit-default swap market as of Dec. 31, according to fund documents on its website. The Financial Times reported the holdings earlier on Thursday and said Pimco faces billions of dollars of losses should Russia default on its debt.
The majority of Pimco’s swaps sit in its $140 billion Income fund, run by Chief Investment Officer Dan Ivascyn, alongside Alfred Murata and Joshua Anderson. The fund disclosed that it had written almost $942 million of protection on Russia by the end of 2021. The other funds holding positions include Pimco’s Total Return bond fund, its Emerging Markets bond fund, and Low Duration income funds.

https://investmentnews.com/pimco-amassed-billions-of-exposure-to-russia-debt-facing-default-218403
I invested a small % of Pimco Income fund. Several weeks I found the fund has about 1.3% exposure of Russian debt, I sold the entire position.
Also read elsewhere that many emerging bond funds, especially those invested in local currency, have sizable Russia exposure, are having issues. Will the Russian bonds default?
Banks also have billions in to Russia exposure and the fallout is uncertain.
https://axios.com/western-banks-russia-chart-58735fa9-1ddd-428b-99c9-dfa1e6781452.html