This discussion did get me thinking about which type of debt is a bigger problem for the economy. Here are the outstanding debt levels for both student loans and credit card debt:

bigger-problem-student-loans-or-credit-card-debt

The possible arrival of a coronavirus vaccine in the coming weeks means the Federal Reserve may soon have to lay out its plans for helping the economy navigate the potentially choppy transition to a post-pandemic world.

analysis-with-end-of-crisis-programs-fed-faces-tricky-post-pandemic-transition

Just something for those of us who do year-end portfolio reviews to consider.....

...rich valuations alone are no reason to avoid or dump stocks. And they’ve historically revealed almost nothing about what stocks do in the next 12 months.
Indeed, much of the gains you see in the stock market have been achieved while valuations appeared expensive.

https://finance.yahoo.com/news/stock-market-valuations-not-mean-reverting-morning-brief-110134302.html

About these bond funds' portfolio contents: It made me go back to look again at what my favorite, PTIAX, is holding. Turns out it's:
0.22 gov't
41.64 munis, and probably a slice of the same munis that its sister-fund, PTIMX, is holding.
...Then there's 6.2% in corporates
48.87 securitized
and finally, 3.07% in cash and equiv.
(per Morningstar.)
Our national and worldwide situation is dire, re: Covid. Let's hope the upcoming vaccines work as well as advertised. In the meantime, regarding Covid--- after watching the news, I almost don't know how things can get any worse. And yet the monthly dividends continue to keep coming into my account.....
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unrelated: I'd been looking for a way to equalize the weighting in my portfolio between RPSIX and PRSNX. After a really good year, my PRIDX continues to shine. I got a wild hair up my ass the other night and moved a tiny bit from RPSIX to PRIDX. They are definitely not the same sort of animal. ....... One consideration is the fact that uncle Stevie Mnuchin decided to curtail some of the "juice" which the Treasury had been pouring into the economy. Uncle Jerome Powell didn't like that much. ..... But I've seen nothing like that sort of news out of Europe, Japan or the rest of Asia....
PRIDX portfolio:
48% Europe/UK.
21 Japan.
17 Asia
4 Australasia
3.72 Latin America.
Did I effectively buy the dividend, so late in the year? I suppose so. But with just 8% of my portfolio (stocks) outside the USA, I chose to add a small chunk in international stuff. Well within my comfort zone. (Now let's watch PRIDX sink like a stone in 2021. Always the way, eh?)
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Looks like JASSX is available at FIDO with $2500 min, but a $49.95 fee. JASVX is available NTF at ETRADE, $250 min.
The time to pick the low hanging fruit was 8 months ago (says Captain Hindsight). So do you still buy/add to these higher risk funds now, after the big bounce?

Will any of this matter 10 years from now? Probably not. In the short term, anyone who's been paying attention already bought in March. You want more? Sure, buy more.

Trading at a discount of 12.5%. And has sold at a discount since 8/2013. Lewis, does that explain most of it, or is there more?
Looking at: https://www.cefconnect.com/fund/GIM they have 33% in cash and a large stake in US Treasuries.

Hmm.
What do you really own there...some paper that makes claims on folks paying back loans in a pandemic and rated by companies that see an increase in business when they are more lenient in their ratings to their customers?
CMBS? what are they, to whom, where, how can you yourself evaluate...ABS...have to go by a leap of faith, what do you own?!
Downtown CHI is a ghost town, no corp workers, likely less than 10% going into the city daily to work...Metra train stations in burbs are empty, seriously, less than 10-20 cars in the lots...God help us we get past this virus sooner than later, many companies have work remote policies permanently in place and actually are closing their office for full time work remote on a go forward basis... I can't see how folks are still collecting 100% rent on commercial property etc...CLO...low credit ratings..oy vey!
Too much debt, who knows what Biden et al is really gonna do, at least with the other guy you kinda knew what you were dealing with...what happens in GA in several weeks...more debt issuance....
Call me chicken little but I sold out entirely of my holdings in FPFIX FPA Flex Income fund...me too Chix Little, I don't want to be a lender to ANYBODY in this environment.
It all seems to be the ultimate in black box investing to me...
As Pres Bush said...Fool Me...You can't get fooled again...
Good Luck to all, Good Health to all, enjoy the Holiday
Baseball_Fan

Both funds are in mostly securitized.
IOFIX(link): concenrated mostly (over 78%) in legacy RMBS.
JASVX(link): 2 of the managers came from Semper (SEMMX) but as you stated JASVX held pretty well while IOFIX+SEMMX lost a lot more in 03/2020. This fund is more diversified with RMBS,CMBS,ABS.CLO but also 14.8% in corp + cash and Gov.
I have been using both. See my thread(link)

Also, JASVX $100 minimum investment ntf at Schwab .

JSVIX Min. Initial Investment
1,000,000
That's all Folks, Derf

Quite an interesting chart.
CHART

Reasoning by appeal to authority. The inference being that if a stock is in VUG it is a growth stock, whatever that means. As I explain below, the inference is flawed.
Some index methodologies, CRSP among them, partition the equity universe - a stock is either a growth stock or a value stock, never a blend.
CRSP Methodology Guide, Aug 2020
The reality is that all stocks have both growth and value attributes in varying degrees. Rather than use a binary classification system (value/growth), M* offers a ternary (value/blend/growth) system. In this system, M* classifies both APPL and BRK.A as blend companies.
Suppose that instead of partitioning stocks into exactly two (or three) non-intersecting categories, a methodology put stocks into both categories, weighted by how well they fit each. So a particular blend stock might wind up being weighted 46% in growth and 54% in value. This is what MSCI does with its value-weighted index.
Because AAPL is the elephant in the room, even with a smaller value percentage weighting than, say JPM, it still winds up being "number one" in the MSCI USA value-weighted index. (Just in case one wants to appeal to authority.)
MSCI USA Value-Weighted Index (Oct 30, 2020)
MSCI Value Weighted Indexes Methodology
That's not the end of the story. People think that indexes classify companies according to whether they are growth or value companies. Actually, indexes that are designed to be used by mutual funds classify companies according to whether they were growth or value companies.
They build buffer zones, so that when a growth company evolves into a value company it isn't automatically moved from growth to value. There's a lag. This is to help fund avoid churning with companies that oscillate between growth and value. Which is okay, but it means that one can't rely on these indexes to say that a particular stock is now a growth company.

M* article on distributions:
https://www.morningstar.com/articles/1009922/will-your-funds-sock-you-with-capital-gains-payouts-this-year
2019 M* article on CGs naming locations including MFO.
https://www.morningstar.com/articles/904867/how-to-help-clients-avoid-capital-gains-distributions

These are click baits to get reader's attention. I have a decent allocation of gold going into this year and it has performed well throughout the year. Sold a bit when it reached over $2,000 an ounce and now is back in mid $1800. I will buy more when the price is right. I agree that new investors got in late before the election and now bail to stocks as they are rising. Now is not a bad time to rebalance a bit and wait for better buying opportunities.
History will repeat itself as we are entering the second and potentially worse phase of the pandemic. Now is just a pause and it is likely to rise again as panic sets in just like in March this year. When grocery stores are emptying out toilet paper, flour and can goods, you know what is coming. Some states have imposed curfew hours and closing bars and restaurants. Our state tried to reopen our schools but reclosed them as too many kids are infected.
My take is that countries that have their COVID pandemic well in control will move forward with their economies in 2021. And US and Europe will lag behind Asia by 6 months to a year. Guess where the more compelling investing opportunities are?

Warren has been selling his Apple stock lately and is Apple still a growth company?
https://markets.businessinsider.com/news/stocks/warren-buffett-berkshire-hathaway-potentially-sold-5-billion-apple-stock-2020-11-1029788091
https://macrotrends.net/stocks/charts/AAPL/apple/revenue
Apple revenue for the quarter ending September 30, 2020 was $64.698B, a 1.03% increase year-over-year.
Apple revenue for the twelve months ending September 30, 2020 was $274.515B, a 5.51% increase year-over-year.
Apple annual revenue for 2020 was $274.515B, a 5.51% increase from 2019.
Apple annual revenue for 2019 was $260.174B, a 2.04% decline from 2018.
Apple annual revenue for 2018 was $265.595B, a 15.86% increase from 2017.

Yes, I understand how it works, just doesn't seem worth it to get another credit card if the city or county charges 1.7ish% and Fidelity pays 2% cash back. Or else my property taxes are low

Warren is smart because
1) He finally invested in a growth, "over valued" for his style high tech company, Apple, after he said for years he woudn't and now it is his biggest holding.
2) SPY/VOO is an easy, dirt cheap index

@FD1000 Which cash back credit card allows you pay property taxes with no fee?

Fidelity 2% cash back. The fee is decided by the county/city not the credit card. This year was the first time I was able to pay the county by credit card with zero fees.
The city one is years already.
From memory, in previous years the county was charging more than 2% and why I didn't do it.

So long as you get more back on your CC than you pay in service fees, you come out ahead by charging taxes. (This ignores any impact on your credit score of a possibly large charge.)
For example, Pay1040.com charges 1.87% for IRS payments. Fidelity's Reward Visa and Citibank's Double Cash MC each return 2%.
Fees on property tax charges vary by locality. If you live in, say, suburban Atlanta specifically Gwinett County, all the fees are waived right now. There, the answer to the question of which cards allow residents to pay their property taxes with no fee would be: all of them.
https://www.ajc.com/news/atlanta-news/credit-debit-card-fees-eliminated-for-gwinnett-property-tax-payments/RDALEKRJG5DHVMOKGLIHOWSQZY/

Thanks @Sven for the story. I always enjoy these hyperbolic headlines. Crash is too strong a word if you compare the price of spot gold now with one year ago. But it is such a volatile market you probably can argue in either direction based on the dates chosen. As for the recent sell-off? It could be a lot of newbies added gold to portfolios prior to the election and than sold all or some of it sometime after.
As the chart shows, gold near $1900 today is still about $400 higher than a year ago when it traded under $1500. That’s a 20+% gain over the past year. Yes, it topped $2,000 - but only briefly. I think a lot of investors got in before the election and perhaps sold after.
I have a small toe-hold in OPGSX, which invests in miners. It’s gained 46% over the past one year - again making it difficult to apply the word crash. Bottom line: Gold and / or miners are crazy volatile investments and largely unpredictable.