I’m also thankful to have the write-up on REMIX. Last year I committed a hefty sum to TMSRX, thinking I’d be satisfied if it out-performed cash. What I discovered was that I was less than thrilled with performance of 0.94% YTD, given that the fund had done much better than that in 2019 and 2020. I sold at a modest profit and redeployed elsewhere. While REMIX is not completely comparable, it represents an alternative to the vast majority of my portfolio holdings which are traditional OEFs, most of which are not defensive. I’m dipping a toe in the water.

A hint for what millennials are into -

Interesting to see how times have changed. I wonder if people had boundless optimism about these companies back then too:

Also, here are the companies in the Dow in September of 1929:
September 14, 1929
Allied Chemical and Dye Corporation
General Foods Corporation †
Paramount Publix Corporation
American Can Company
General Motors Corporation
Radio Corporation of America
American Smelting & Refining Company
General Railway Signal Company
Sears Roebuck & Company
The American Sugar Refining Company
B.F. Goodrich Corporation
Standard Oil Co. of New Jersey
American Tobacco Company (B shares)
International Harvester Company
The Texas Company
Atlantic Refining Company
International Nickel Company, Ltd.
Texas Gulf Sulphur Company
Bethlehem Steel Corporation
Mack Trucks, Inc.
Union Carbide Corporation
Chrysler Corporation
Nash Motors Company
United States Steel Corporation
Curtiss-Wright Corporation †
National Cash Register Company
Westinghouse Electric Corporation
General Electric Company
North American Company
F. W. Woolworth Company

@hank,
+1
Best,
Baseball Fan

@hank said,

But I’d have more money if I’d sunk 100% in PRWCX 25 years ago and followed with a “RipVanWinkle” act!

I stand at the launch pad of retirement (age 62) thinking that PRWCX, VWINX and a little Cash will provide a safe withdrawal (different than a safe withdrawal rate) in the first ten years of retirement. I am positioning about 1/3 of my portfolio in these two funds (plus 1 year of cash equivalent withdrawals). My hope is to derive both growth and income from these positions.
The remaining 2/3 will hopefully not be needed for 10 years and will be invested for growth (to help fund year 72 - year 92 ). Along the way, I hope to reallocate gains from this long term bucket back into these 2 funds (and replenish cash). I will deal with down markets by withdrawing a little less since I have other reliable monthly income. I am a fan of withdrawing fixed percentages rather than fix dollar amounts and letting the market dictate the ups and downs of the actual dollar amount (withdrawal).
A 4% withdrawal (based on the entire portfolio) from a fund like VWINX which has a MAXXDD of about 10% would mean a withdrawal haircut in a very bad year that equates to 3.6% (10% off of 4%). I can live with that as a number to plan around. I feel VWINX will work well in conjunction with cash (as an alternative withdrawal source) giving VWINX a 1 year recovery time if we have a MAXDD event. PRWCX will remain a 5 - 10 year position that will be milked or kept out to pasture depending on what the market offers. PRWCX's milk will be refrigerated into VWINX and Cash as needed.
Long time (2/3 of my portfolio) I want to invest in trends....healthcare, tech, and consumerism...trying to own the very best funds and the very best fund managers.

David, thanks for posting your research on REMIX. I compared REMIX to FMSDX, looks good...see https://stockcharts.com/freecharts/perf.php?REMIX,FMSDX&n=455&O=011000
Would love to hear Lynn Bolin's take on this fund as well. I am continuing to look for "defensive" funds that can offer decent returns, and was happy to discover REMIX here.
TIA,
Rick

I’ve never seen such heightened speculation across the wide investment spectrum. There’s been spec before - but I fear the new crop of retail investors is unprepared for what may happen. Should we worry? Not a lot. But a good analogy might be driving 70-80 mph on a crowed interstate surrounded by other nearby vehicles operated by drunks or folks who aren’t watching the road. All can seem perfectly “normal” until someone begins swerving out of control and brake lights begin flashing in every direction. In the end, everyone pays for the excesses of a few.
Noteworthy among small retail investors, there’s significant leverage being employed. And there has arisen a plethora self-made internet gurus who amass large followings ready to pounce on their next recommendation - or perhaps sell some hapless stock all on the same day. As the M* piece notes, markets can remain in a state of elevated exuberance for years or even decades. But, if history is a guide, the eventual declines can last for years at a time and be brutally painful.
I can’t recall such wild swings in the value of some assets. Energy stands out to me, with crude oil futures going negative in early 2020 and than rapidly gaining about $140 per barrel to $86 about 15 months later. This leads me to believe there’s a lot of hot money chasing assets. If it’s happening to oil, it’s likely happening to other assets. Can’t even get my head around crypto. But it makes the above mentioned swings in oil meager by comparison. Jamie Dimon, head of J.P. Morgan, is no idiot. His assessment is that Bitcoin is worthless.
There’s notably less public concern today than in the late 90s before the “tech-wreck” which saw the NASDAQ drop about 50% in a matter of days, while dragging down other markets along with it. It was more than a decade before the NASDAQ got back to its 2000:high. Where is Alan Greenspan with his “irrational exuberance” warnings of the late 90s? Or Vanguard with its “Trees don’t grow to the sky” cautionary statement to its investors around than?
What to do? Anybody’s guess. None of us can predict the future. Saying that many assets are in speculative territory does not lead to any particular solution. Some of the answer resides in age, risk tolerance and individual skill-set. Some in ancillary issues like pension, home ownership, dependents, life style. A good portion of the answer, however, resides in one’s macro view of how things will evolve going forward. For example, one view is that asset prices will eventually deflate. Another view says paper currencies will be devalued (thru price inflation) making today’s asset prices reasonable. Politics (often heated) here and abroad, has also become an ingredient to be reckoned with when trying to assess the macro view. And there exists, too, a middle road on which there may be winners and losers. We tend to segregate “investments” into domestic stocks and bonds. Simplistic of course. That overlooks potentially attractive foreign markets. And there are assets like real estate, commodities, infrastructure, floating rate loans, gold and silver; as well as derivatives like puts, calls, options, futures that a skilled professional can use to advantage or to reduce overall risk in heated markets. Funds that lean on such approaches have been highlighted recently in the MFO commentary. While I own some such funds, I don’t find them particularly worthy of note.

https://www.morningstar.com/articles/1065850/investing-when-everything-is-expensive
Borrowed from the Armchair.

NVDA is this mutual funds top holding:
FDGRX
https://morningstar.com/funds/xnas/fdgrx/portfolio
Not a bad short and long term holding:

Nov 6th Episode:

The contribution limit for 401k/403b/457 plans will increase from $19,500 in 2021 to $20,500 in 2022.
The catch-up contribution limit remains $6,500.
Contribution limits and catch-up contribution limits for Traditional/Roth IRAs are unchanged at $6,000 and $1,000 respectively.
HSA contribution limits for single coverage will increase from $3,600 in 2021 to $3,650 in 2022.
HSA contribution limits for family coverage will increase from $7,200 in 2021 to $7,300 in 2022.
The catch-up contribution limit is unchanged at $1,000.
Refer to the article for additional contribution/income limits.
Link

https://www.barrons.com/articles/nvidia-nvda-stock-record-high-metaverse-51636044280
Nvidia Stock Tops $750 Billion Market Cap. This Analyst Sees Giant Metaverse Opportunities.
Updated Nov. 4, 2021 4:12 pm ET / Original Nov. 4, 2021 2:47 pm ET
Nvidia stock surged to a record in Thursday trading after analysts at Wells Fargo raised their price target by about 30%, saying the videogame- chip powerhouse was well positioned to help build the metaverse.
Meta
Nvda
One Trillion dollars industry soon!!??
? Next Apple Google 15 20 yrs ago??
Can read whole article incognito

@hank
Better keep and buy more bonds. They do have positive returns, even into the negative yield zone; as with German Bunds.
Would be nice to be so prescient and and confident as the folks who are able to see into the future of 10 years, or whatever.

I didn't interpret your comment that way.
Speaking from experience, sometimes doing nothing is the best option but it may be difficuilt not to tinker.
I believe Jack Bogle said: ""

Re; “Don‘t Do Something - Just Stand There!”
David has used the expression with effect in one or more of his Commentaries.
Bogle was a class act. Would like to have heard his take on today’s markets. While I tinker a lot, fortunately it’s with only 2-3% of assets - just around the edges. Enjoy it. But I’d have more money if I’d sunk 100% in PRWCX 25 years ago and followed with a “RipVanWinkle” act!

To help with forward planning for you and yours: ARTICLE

And this,

The SP500 keeps on making higher highs, as the effects of QE4 are still being felt in the banking system, and in the stock market. But there is a troubling divergence among some of the most liquidity sensitive investment vehicles, the high yield corporate bonds. Their A-D Line was leading the way higher ever since the December 2018 bottom, but not any more.
It is a “condition”, not a “signal”. The wise traders will accept this warning, and use it to help them look for the final moment when the uptrend in prices is at its end. And those same wise traders will also remember that divergences can sometimes rehabilitate themselves.

troubling_divergence_in_hy_bond

I've heard of the Fidelity "dead investor" study but it appears this study never actually occurred.

I can confirm that a dead man would have done somewhat better than me on my last couple trades. :)

All ratings have been updated on MFO Premium site through October 2021, including MultiSearch, Great Owls, Fund Alarm (Three Alarm and Honor Roll), Averages, Dashboard of Profiled Funds, Dashboard of Launch Alerts, Portfolios, Quick Search, and Fund Family Scorecard. The site now includes several analysis tools, including Correlation, Rolling Averages, Trend, Ferguson Metrics, Calendar Year and Period Performance.
Going forward, we should now be able to post month ending ratings within 2-3 days of month close, thanks to Refinitiv including latest month ending data in their daily drop.

They started in December 2019 and were fulled deployed, ETFs and futures contracts being really liquid things.