According to the most recent findings of AAII the best 3, 5, and 10 year annual return's lies with IYG - iShares US Financial Services and IYF - iShares US Financials.

T. Rowe Price presented opportunities for 2021 on equities and bonds:

The financials and energy sectors could offer particularly attractive shorter‑term value opportunities in 2021, according to Giroux:
Financials: Steepening yield curves have improved net lending margins, and the reserves set aside to cover expected pandemic loan losses appear to be larger than needed, Giroux says. European banks appear especially cheap based on price/book value multiples, Thomson adds.
Energy: A broad collapse in capital spending should reduce excess oil and gas supplies, potentially supporting prices, Giroux predicts. An easing of the pandemic could boost travel in 2021, reviving demand. However, the longer‑term outlook for traditional fossil fuel producers remains challenged by renewables and regulatory pressures.

https://www.troweprice.com/financial-intermediary/be/en/thinking/articles/2020/q4/global-market-outlook-managing-other-side.html

Hi @stillers

My standard retort is, " I believe that people tend to create their own 'luck'."

Yes. Your statement is a worthy reflection and result of one's efforts. At times there is a lot of work and effort placed towards being "lucky". Our "lucky" has kept us invested in U.S. equity and bonds since the financial melt of 2008. We've avoided, by choice; other global equity/bond markets. We have no complaints. But, things/trends change for a variety of reasons; not unlike the close watch now of the recent deterioration of favorable bond pricing. Is the current trend of rising yields a blip or what?
---Malcolm Gladwell
As Gladwell tells it, the rule goes like this: it takes 10,000 hours of intensive practice to achieve mastery of complex skills and materials, like playing the violin or getting as good as Bill Gates at computer programming.
Obviously, the desire in a subject matter must exist, too; as well as a teacher(s), if needed. At some point, one may become intuitive to a challenge. But, much may be learned to turn luck in one's favor, eh? All is not or forever perfect; but may be shaped more properly.
This is a very loose overview, and yes; circumstances beyond one's control do happen, as in, where and when one was born. Many variables exist.
Regards,
Catch

Paul Massaro Article on Fixed Income:
uncovering-opportunities-noninvestment-grade-credit
On Duration Risk:

... if you're going to take duration risk, take duration risk in your equity sleeve, not in your fixed-income sleeve. Duration risk in equities is really cheap, given how attractive utilities are priced today relative to investment-grade or Treasuries

On Holdings:

But you can't outperform by 400 basis points a year or 300 basis points per year if you have 100 stocks. It's very, very hard to do that. You really need to be a little more concentrated.

TRP's Floating Rate Fund = PRFRX
Market inefficiencies...
GARP-y Stocks = Growth At Reasonable Price
-13% of the S&P 500 (according to Giroux)
https://investopedia.com/terms/g/garp.asp

I think what drives in many respects the multiple companies is a little bit supply and demand. So, the reason why this 13% of the S&P 500 that I call GARP, trades where it does, and it should trade higher, is that a value manager will often look and say, Well, these companies, they trade for 10% or 20% premium to the market, that’s too expensive, so I can't invest in those stocks. Growth manager says, you know what, these companies, they're only growing organically like 4% or 5% organically. I want to own companies that are growing 10% organically.
So, in many cases, there's no natural buyer for these companies. So, that depresses their valuation to a level where, again, if you think about the market, the market, typically, in non-recession years, grows earnings at 6% to 7% kind of clip, gives you a 2% dividend yield. So, for a small premium to that, which you'd able to generate, is find the companies that are growing earnings at 10% plus, maybe a little bit more dividend yield, and have much less downside risk, because there's an inefficiency. The two big market participants kind of shunned these companies a little bit. So, what happens is, over time, they just compound wealth, and in many cases, the market becomes a little bit smarter over time and says, Oh, it used to trade for 18 times earnings, but it's actually a really good company, and you should trade for 20 or 21 times or 22 times. So, you get the compounding of the earnings and the dividend and usually, like the multiple expands.

This guy was once the primo financial sector mutual fund manager at FBR. I'm not sure if he's in the business still but I did find this.
David Ellison

@Mark and @sma3. Thanks for thoughts. Im very familiar with ARKF and its had great performance. But its more like a tech fund than a financial fund. Im looking at this as more a value driven investment vs growth. Admittedly financials havent done great over last several years but I think the dynamics are changing. This includes rising interest rates and banks being able to increase their dividends over next few years. Very curious how anyone on the board is investing in banks? Thru bank etfs, value etfs, or mutual funds?

Seriously? ARKF but I'm well aware that it's not for everyone (or maybe anyone but me).
I've tried investing in the financial sector from time to time and my experience has been that it most often ends up as a dead or losing proposition. I've taken to pretty much ignoring the sector and letting my broader based mutual funds or ETF's handle it for me. I should've bought BAC back when it was selling for $2 something though. I just couldn't. Do try to find out what Ms. Wood's and her team has to say about financial innovation though.

The truth is, I'd rather fiscal stimulus than monetary stimulus any day of the week, and targeted fiscal stimulus to the areas of the economy and society that need it is superior to just cutting checks for everyone. Monetary stimulus is the bluntest of instruments and seems to help the rich most of all by driving up financial asset prices. Trickle-y down economics is nonsense, the result of a drunken Laffer's cocktail napkin theories discredited now for decades. In other words, a Green New Deal, food stamps, pandemic response and a transportation/communications infrastructure bill seem far more valuable than the Fed buying junk bond ETFs. But Davidrmoran and Krugman are right that the sudden concerns about the deficit, after billions of tax cuts and Fed stimulus by a previously approving GOP are pure political hokum. The GOP doesn't mind spending government money. They just want it spent on their wealthy constituency. Whether monetary plus fiscal results in inflation or not is debatable, and should be debated, but the concerns from newfound GOP austerity mongers have little to do with inflation, and everything to do with ginning up political support.

I have been looking at Highland Capital Management with respect to their NexPoint Merger Arbitrage fund (HMEZX). In the process, I came across an article in the Wall Street Journal from October 16, 2019 that indicated that the firm filed for bankruptcy.
HMEZX has a very good record, but I was curious why the fund had only attracted $68 million in assets since it opened in September 2016. The answer may be found in this article:
"Highland Capital Management LP, once a giant in high-yield debt markets, filed for bankruptcy protection Wednesday as investors and former employees seek more than $200 million from the firm for alleged improprieties.
The Dallas-based firm founded by Jim Dondero helped pioneer trading of corporate loans rated below investment-grade and managed about $39 billion in 2007, but it took heavy losses during the financial crisis and has been embroiled in lawsuits ever since. The company had been trying in recent weeks to settle some of the litigation it faces, warning its adversaries that it would seek bankruptcy protection if they didn’t compromise, people familiar with the matter said.
Highland entered chapter 11 in U.S. Bankruptcy Court in Wilmington, Del., listing as its largest debt a disputed $189 million claim from investors in Highland Crusader Fund, a hedge fund that has been in liquidation since the financial crisis. The second-largest creditor is Patrick Daugherty, a former Highland portfolio-manager who has been in personal and legal conflict with Mr. Dondero since 2012 and has an $11.7 million claim against Highland, according to its bankruptcy filing.
A group of investors in Crusader sued Highland in 2016 in Delaware Chancery Court, demanding Highland be fired as manager for delaying the fund’s liquidation and claiming that Highland wrongfully paid itself $30 million. The group subsequently won an arbitration award that Highland has yet to pay, court documents show.
In a statement, Highland said the bankruptcy filing was made “in consideration of its liquidity profile” and stems from a potential judgment in favor of a committee of Crusader Fund investors."

I don't know the current status of of the bankruptcy filing, but, needless to say, I am no longer interested in HMEZX as a potential investment opportunity.
If anybody has more up to date information on the fund advisor's bankruptcy status, I would appreciate hearing from you.
But, buyer beware.
Fred

I have been looking at Highland Capital Management with respect to their NexPoint Merger Arbitrage fund (HMEZX). In the process, I came across an article in the Wall Street Journal from October 16, 2019 that indicated that the firm filed for bankruptcy.
HMEZX has a very good record, but I was curious why the fund had only attracted $68 million in assets since it opened in September 2016. The answer may be found in this article:
"Highland Capital Management LP, once a giant in high-yield debt markets, filed for bankruptcy protection Wednesday as investors and former employees seek more than $200 million from the firm for alleged improprieties.
The Dallas-based firm founded by Jim Dondero helped pioneer trading of corporate loans rated below investment-grade and managed about $39 billion in 2007, but it took heavy losses during the financial crisis and has been embroiled in lawsuits ever since. The company had been trying in recent weeks to settle some of the litigation it faces, warning its adversaries that it would seek bankruptcy protection if they didn’t compromise, people familiar with the matter said.
Highland entered chapter 11 in U.S. Bankruptcy Court in Wilmington, Del., listing as its largest debt a disputed $189 million claim from investors in Highland Crusader Fund, a hedge fund that has been in liquidation since the financial crisis. The second-largest creditor is Patrick Daugherty, a former Highland portfolio-manager who has been in personal and legal conflict with Mr. Dondero since 2012 and has an $11.7 million claim against Highland, according to its bankruptcy filing.
A group of investors in Crusader sued Highland in 2016 in Delaware Chancery Court, demanding Highland be fired as manager for delaying the fund’s liquidation and claiming that Highland wrongfully paid itself $30 million. The group subsequently won an arbitration award that Highland has yet to pay, court documents show.
In a statement, Highland said the bankruptcy filing was made “in consideration of its liquidity profile” and stems from a potential judgment in favor of a committee of Crusader Fund investors."
I don't know the current status of of the bankruptcy filing, but, needless to say, I am no longer interested in HMEZX as a potential investment opportunity.
If anybody has more up to date information on the fund advisor's bankruptcy status, I would appreciate hearing from you.
But, buyer beware.
Fred

I'll try to make this one of the last regular posts on this but there seems to be some interest...
MSSMX, DOWN fractionally today, appears to have been adversely affected, perhaps by one of the squeezed stocks. In a rush right now but will look at it later. Its 12/31/20 holdings are here under "Composition" tab:
https://www.morganstanley.com/im/en-us/financial-advisor/product-and-performance/mutual-funds/us-equity/inception-portfolio.shareClass.A.html

No surprise but the graphs are revealing.
"Although the distribution of income is unequal in the United States, ownership of financial assets in general and stocks in particular is even more so."
NY Times Article
By Robert Gebeloff
Jan. 26, 2021

https://www.sec.gov/Archives/edgar/data/915802/000139834421001942/fp0061786_497.htm
497 1 fp0061786_497.htm
FINANCIAL INVESTORS TRUST: GRANDEUR PEAK FUNDS
Grandeur Peak Global Contrarian Fund
Grandeur Peak Global Reach Fund
(the “Funds”)
SUPPLEMENT DATED FEBRUARY 1, 2021 TO THE SUMMARY PROSPECTUSES, PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION FOR THE FUNDS DATED AUGUST 31, 2020
Effective January 22, 2021, Keefer Babbitt is no longer serving as a co-portfolio manager of the Funds. Therefore, all references to Mr. Babbitt in the Summary Prospectus, Prospectus and Statement of Additional Information are hereby deleted as of that date.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.

Interesting observations:

The Securities and Exchange Commission said Friday it is reviewing the recent volatility in GameStop and other stocks. Good. Not nearly enough is known about the perverse incentives and feedback loops driving these market movements. For example, who is in this “crowd”?....In the GameStop run-up, have there been crowd instigators on Reddit with undisclosed ties to institutions that have a financial stake in the outcome? The SEC might like to know.
And what role has been played by hedge funds standing to profit from the dizzying price increase?...BlackRock, owning 9 million shares of GameStop — likely made more than $1 billion on the madness.

Link: destabilizing collision between social media and the real world

I was particularly impressed by the financial instinct and discipline of Jaydyn’s mother, Nina Carr. Maybe there's some hope after all.

update:
https://www.sec.gov/Archives/edgar/data/915802/000139834421001868/fp0061770_497.htm
497 1 fp0061770_497.htm
FINANCIAL INVESTORS TRUST
Emerald Small Cap Value Fund
(the “Fund”)
Supplement dated January 29, 2021
to the Fund’s
Prospectus and Statement of Additional Information
dated August 31, 2020, as supplemented
As previously disclosed, on December 8, 2020, the Board of Trustees (the “Board”) of Financial Investors Trust (the “Trust”), based upon the recommendation of Emerald Mutual Fund Advisers Trust (the “Adviser”), the investment adviser to the Fund, a series of the Trust, determined to close and liquidate the Fund on or about January 11, 2021. The date for such liquidation is now expected to be on or about February 12, 2021 (the “Liquidation Date”).
If the Fund has not received your redemption request or other instruction prior to the close of business on the Liquidation Date, your shares will be redeemed, and you will receive proceeds representing your proportionate interest in the net assets of the Fund as of the Liquidation Date, subject to any required withholdings. As is the case with any redemption of fund shares, these liquidation proceeds will generally be subject to federal and, as applicable, state and local income taxes if the redeemed shares are held in a taxable account and the liquidation proceeds exceed your adjusted basis in the shares redeemed. If the redeemed shares are held in a qualified retirement account such as an IRA, the liquidation proceeds may not be subject to current income taxation under certain conditions. You should consult with your tax adviser for further information regarding the federal, state and/or local income tax consequences of this liquidation that are relevant to your specific situation.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

I rarely have to call financial institutions or service providers that I have a relationship with.
Whenever I do, I almost always receive the dreaded "Your call is very important to us..." recording.
I'm with Crash - hire some more folks!

https://www.sec.gov/Archives/edgar/data/1217286/000119312521020134/d53492d497.htm
497 1 d53492d497.htm JPMORGAN TRUST I
J.P. MORGAN INTERNATIONAL EQUITY FUNDS
(JFTAX)
JPMorgan International Advantage Fund
(the “Fund”)
(All Share Classes)
(a series of JPMorgan Trust I)
Supplement dated January 28, 2021
to the Summary Prospectuses, Prospectuses and Statement of Additional Information
dated March 1, 2020, as supplemented
NOTICE OF LIQUIDATION OF THE JPMORGAN INTERNATIONAL ADVANTAGE FUND. The Board of Trustees (the “Board”) of JPMorgan Trust I has approved the liquidation and dissolution of the Fund on or about February 26, 2021 (the “Liquidation Date”). Effective immediately, the Fund may depart from its stated investment objective and strategies as it increases its cash holdings in preparation for its liquidation. On the Liquidation Date (for settlement the date after the Liquidation Date), the Fund shall distribute pro rata to its shareholders of record all of the assets of the Fund in complete cancellation and redemption of all of the outstanding shares of beneficial interest, except for any proceeds from any securities that cannot be liquidated on the Liquidation Date, cash, bank deposits or cash equivalents in an estimated amount necessary to (i) discharge any unpaid liabilities and obligations of the Fund on the Fund’s books on the Liquidation Date, including, but not limited to, income dividends and capital gains distributions, if any, payable through the Liquidation Date, and (ii) pay such contingent liabilities as the officers of the Fund deem appropriate subject to ratification by the Board. Income dividends and capital gain distributions, if any, may be paid on or prior to the Liquidation Date. If you have a Fund direct IRA account, your shares will be exchanged for Morgan Shares of the JPMorgan U.S. Government Money Market Fund unless you provide alternative direction prior to the Liquidation Date. For all other IRA accounts, the proceeds will be invested based upon guidelines of the applicable Plan administrator.
Upon liquidation, shareholders may purchase any class of another J.P. Morgan Fund for which they are eligible with the proceeds of the liquidating distribution. At the time of the purchase you must inform your Financial Intermediary or the J.P. Morgan Funds that the proceeds are from the Fund.
PURCHASES OF FUND SHARES FROM NEW SHAREHOLDERS WILL NO LONGER BE ACCEPTED ON OR AFTER FEBRUARY 1, 2021.
PURCHASES OF ADDITIONAL SHARES FROM EXISTING SHAREHOLDERS WILL NO LONGER BE ACCEPTED ON OR AFTER FEBRUARY 24, 2021.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE SUMMARY
PROSPECTUSES, PROSPECTUSES AND STATEMENT OF ADDITIONAL INFORMATION
FOR FUTURE REFERENCE
SUP-IA-LIQ

@BenWP
I don't believe ARTTX and VLSAX have similar strat's. I like ARTTX as it is a "risk-aware, not specifically L/S" fund and the way I understand it is there is an associate on board whose role in managing the portfolio is focused on risk management thru use of options or other, etc. The fund is run using a very process oriented approach and has out performed the SP500 by a substantial margin since inception. I like his pedigree from where he used to work at a couple hedge funds, likely learned quite a bit and took away "best practices" experience.
VLSAX, run by KAR investments out of LA focuses long high quality, high ROIC, history of resilient earnings growth, minimal debt stock, short, low quality, high leverage, poor cash flow, declining financial metrics stocks
per July 2020 Value Investor (apologies to you and the board as I can't seem to get the linking thing down, argh, I kept looking for a post on how to do that from the past, can't find it). Another good article about ARTTX if you Google, morningstar, an up and comer from top notch fund group, July 2019
Lineage
While each successive manager typically customizes along the way, it’s not
uncommon in the investment business
for strategies to be passed from generation to generation. Christopher Smith of
Artisan Partners provides a representative case in point. The founding portfolio manager of the firm’s Focus Fund –
which was launched in 2017 and now
manages $1.3 billion in assets – Smith
takes an “industry-first” approach to
identifying attractive equity opportunities, looking initially for industries with
what he believes are accelerating profit
cycles and then for the companies that
are priced right and best positioned to
profit from them. He learned the basics
of the approach from Karsch Capital's
Michael Karsch [VII, March 31, 2010],
who learned it from Duquense Capital’s
Stanley Druckenmiller.
With three years under his belt at Artisan, Smith's rendition of a thematic
approach since its April 2017 launch
has earned a net annualized 23.8%, vs.
10.9% for the S&P 500
Good Luck to All,
Baseball Fan

Better off going to cash than investing with Hussman.

This is very good financial advice!
"Obviously, Hussman turned into a 'perma-bear,' calling for disaster constantly (and wrongly). Hussman still insists that he will be vindicated, and criticizes those who would 'declare victory at halftime.' He criticized 'declaring victory at halftime' previously six full years ago (that’s one long halftime). Hussman wants us to believe that he’s not wrong, merely right but early. However, if you keep making the same wrong call over and over, you don’t get any credit for it when you’re (eventually) right."
"Through 2019, Hussman’s Strategic Growth fund has suffered a 10-year average annual 'return' of -7.54 percent, compared to a 13.24 percent average annual gain by its benchmark, the S&P 500. Despite exceptional early returns, the fund not only badly trails the S&P since inception, it is now a money loser since inception. Notwithstanding this terrible performance, Hussman keeps charging investors 1.25 percent annually to lose their money."
Link