"And one could argue the planet’s environment itself though without human agency is a stakeholder. "
One has ...
Stone, Christopher D., Should Trees Have Standing - Towards Legal Rights for Natural Objects, Southern California Law Review 45 (1972): 450-501.
https://iseethics.files.wordpress.com/2013/02/stone-christopher-d-should-trees-have-standing.pdf
4 page book review (Fla. St. Law Review article):
https://ir.law.fsu.edu/cgi/viewcontent.cgi?article=1753&context=lr

RE(real estate) is crazy right now but just like any other ones will get back to earth in 1 (maybe 2 years). Rates may go higher, RE prices already moved a lot, many people have saved more during 2020, the pandemic will be over and most things will get more normal. It will definitely not last 10 years.

All true, but I think it misses at least two points:

Yet in recent decades, Boeing — like so many American corporations — began shoveling money to investors and executives, while shortchanging its employees and cutting costs.

Schools teach, or at least they used to, that there are three sets of stakeholders in a company. The two mentioned here - the owners and the employees - and a third, the customers. Boeing shortchanged its customers by compromising safety, by hiding information, by marketing the MAX as something it was not.
The other missing point is that what Boeing and nearly all other companies have been doing is not maximizing shareholder value, but maximizing short term profits and share price at the expense of long term growth. The piece talks of being profit obsessed, but doesn't delve into how focusing on stock price often leads to lower profits in the long term.

Almost 80 percent of chief financial officers at 400 of America’s largest public companies say they would sacrifice a firm’s economic value to meet the quarter’s earnings expectations. ... (This dynamic backfired at Wells Fargo, where employees pressured to meet quarterly targets opened accounts without customers’ permission.)

https://www.theatlantic.com/business/archive/2016/12/short-term-thinking/511874/
https://hbr.org/2015/10/yes-short-termism-really-is-a-problem

the current administration had no transition plan and was not ready to take power in January, 2017. Grifters and inhabitants of the swamp saw the opportunity and cashed in.

So true and it gets worse towards the end. In addition, the incompetence from top down in so many aspects is unreal. So much for a successful businessman trying to run a country.

Dow 30K in the face of the worst worldwide natural disaster of our lifetime. Yeah, thank god this is coming to an end. Biden and his Merrymen of hacks will do so much better. As a commentator so perfectly put it yesterday....Kerry finally got his dream job, hanging out in fancy central European hotels making deals that are terrible for America. IMHO nothing about this administration is likely to make day-to-day living better for anyone posting here...or for most of America for that matter. Peace to all, and happy T-Day!

the current administration had no transition plan and was not ready to take power in January, 2017. Grifters and inhabitants of the swamp saw the opportunity and cashed in.

So true and it gets worse towards the end. In addition, the incompetence from top down in so many aspects is unreal. So much for a successful businessman trying to run a country.

this is remarkable even though we all know the story
https://www.nytimes.com/2020/11/24/sunday-review/boeing-737-max.html

@msf
>> "the market" (well, 90% of it) had an average TTM P/E of 34.2 at the end of October.
Wonder what it is at the close today. The much critiqued Shiller is above 33 again.
@LewisBraham
>> ... think of Apple as a high quality company with a lot of cash and a moderate to slow growth rate in 2020. It is arguably as MSF describes it—blend—a blue chip stock with its heady growth days in the past.
Maybe, but experts have been saying this for decades, peculiarly. If you compare Apple w/ say SP500, or w/ IVW, or indeed w/ QQQ, whether from two summers ago, from spring '17, from fall '16, from last Thanksgiving, or ytd, you see no such thing. It still looks like all rock 'n' roll all the time.

Mr. Hasenstab was a star bond fund manager several years ago.
The long-term returns for TPINX and GIM were exceptional.
Here are some quotes extracted from Karin Anderson's GIM analysis for Morningstar:
12-18-2014
"From Michael Hasenstab's start in December 2001 through Nov. 30, 2014, the fund's 11% annualized gain ranked ahead of all world-bond options."
11-16-2015
"Over the past decade through October 2015, the fund's 9% annualized gain bested all world-bond and emerging-markets bond closed-end funds and beat out all world-bond open-end funds as well."
I purchased GIM during December 2013 when it was selling at an attractive discount to NAV.
Unfortunately, the discount widened during my holding period of almost 5 years!
Mr. Hasenstab is a contrarian investor and the fund's holdings were distinctive.
He had long-standing short positions against the euro and the yen.
At the same time, exposure to emerging market currencies was significant.
Although GIM was categorized as a world bond fund, Mr. Hasenstab emphasized emerging market bonds instead of bonds from developed markets.
He purchased debt from Ukraine, Hungary, Ireland, and Argentina which other investors shunned.
GIM maintained a short duration since Mr. Hasenstab was concerned about inflation.
I haven't paid close attention to GIM/TPINX for over two years.

One jarring difference between the Obama and Trump administrations was the lack of scandals, firings, resignations, etc. during the former. (See @hank's link, above.) The Obama people, and Biden was one and is hiring some of them, carried out meticulous background checks and delved into possible conflicts of interest. According to many accounts, and especially the ones of Michael Lewis, the current administration had no transition plan and was not ready to take power in January, 2017. Grifters and inhabitants of the swamp saw the opportunity and cashed in.

Here is a link that provides a quick visual overview of relative and absolute performance of the 11 Sector SPDRs over various time periods....
https://sectorspdr.com/sectorspdr/tools/sector-tracker

Seems these 11 sector etfs are each representative of a subset of only Large Cap companies in the Large cap Asset class.
Very interesting data. Thanks.

No spin - you chose to use CRSP indexes as your authority, I just looked at what those classifications represented.
Would you say that BRK.A is, or has been a growth stock over the past several years? I ask because based on the metrics you gave it looks like it's been a much more growthy stock than AAPL. It had a higher P/E ratio over that time frame (21.17 average vs. 17.58 average) and a lower yield (it doesn't pay any divs). (Data from key statistics page for each security at Fidelity's site.)
"Higher growth" of what? Here's what Fidelity gives as growth metrics:
EPS growth:
- Last quarter EPS vs. corresponding 2019 quarter: 87.56% vs. -3.63% (BRK.A vs AAPL)
- TTM vs prior TTM: 36.85% vs. 10.04%
- Last 5 years: 32.74% vs. 7.31%
- Projected EPS growth (next year vs. this year): 16.86% vs. 9.37%
Revenue growth (Lewis also gave some of these figures):
- Last quarter vs. corresponding 2019 quarter: 24.65% vs. 1.03%
- TTM vs. prior TTM: 7.90% vs. 5.51%
- Last five years: 10.94% vs. 3.27%
Book value per share growth (last five years): 12.08% vs. -11.35%
Cash flow growth rate (last five years): 27.41% vs. 1.39%
Am I suggesting that BRK.A has been a growth stock over the past five years? Hardly. Despite the fact that based on the metrics above it "looks like a duck, swims like a duck, and quacks like a duck." Rather I'm suggesting that identifying ducks isn't duck soup.
According to S&P, "the market" (well, 90% of it) had an average TTM P/E of 34.2 at the end of October.
One can calculate AAPL's TTM P/E on Oct 30th by dividing its price/share on that date by its TTM earnings/share, as is done here. Per Yahoo, the closing price was $108.86. Per Fidelity's earnings page for AAPL, the TTM adjusted actual EPS (as of Sept 30th) was $3.28. That makes the Oct 30th P/E ratio 33.19 or just about one less than "the market" average. A value stock?

Here is a link that provides a quick visual overview of relative and absolute performance of the 11 Sector SPDRs over various time periods....
https://sectorspdr.com/sectorspdr/tools/sector-tracker

According to Jon Krinsky at Baycrest, 83% of the Russell 3k names got back above their 200-day moving averages last week, a record going back seven years to 2013. It wasn’t bearish then and it’s not likely to be bearish now.

small-caps-break-out-of-two-year-consolidation

I'm thinking urban dwellers have moved to the suburbs:

new-home-sales-up-a-cartoonish-48-year-over-year-lol

It’s time to shift our attention to the next generation, Gen Z. These are the 2.5 billion people born between 1996 and 2016.
Gen Z is the single largest age cohort, representing 32% of the global population (2.5 Billion), Nine in 10 of these young people live in emerging markets……half a billion of them are in India, more than the combined population of Gen Zers in China and the United States.

move-over-millennials

Demographics have big implications for everyone. It shapes societies. It transforms political systems. It makes economies run.
Check out the whole report if you want to learn more about where we’re going.

Thematic Investing - OK Zoomer: Gen Z Primer

"“This is a great example of how aggregate numbers can hide important facts,” Colas writes."
Nope, we have seen it several times before. Stock short term moves (months and sometimes even years) don't have a high correlation to..............PE, PE10, valuation, inverted yield, inflation, recession, the economy, all sort of Predictions and even earnings.
But the 24/7 media will keep churning it in hope you click and read and how they get paid ;-)

NYT article:
janet-yellen-treasury-secretary

I would use VT in taxable account so not having to pay large capital gain. Sometime having a market return is good enough. YTD return of VT is about 10.2%.
One can have both in their tax deferred accounts if they wish.

somewhat OT, but can anyone find a link for closing a vanguard 403B and rolling the money out in-kin to another firm? I am having trouble assisting one of my kids in this ...

The firms where I've had employer-sponsored plans have generally performed distributions in kind only to IRAs held at the same firm. Note that unlike IRA transfers, rollovers from employer-sponsored plans must be initiated on the sending side, not on the receiving end.
You can do an in-kind distribution from a Vanguard 403(b) to a Vanguard IRA, followed by an in-kind trustee-to-trustee IRA transfer to the other firm. See the Vanguard 403(b)(7) Single Distribution Kit:
http://www.bsgi401k.com/wp-content/uploads/2015/02/V-Minimum-Distribution.pdf
At the top of p. 3 (pdf p. 5):
"If you selected A, B, or C [direct rollovers to Vanguard IRAs], your assets will be invested in the same funds and proportions as in your existing Vanguard 403(b)(7) account, unless you indicate otherwise below ...
"D. [rollover to a] Retirement account held at another institution ... Rollover check will be made payable to the custodian/plan"