Saw a quip today, don't rightly remember where but possibly SA which stated that institutional investors are selling in the afternoon what the retail investors are buying in the morning. Anyone else noticing this?

Interesting observation @Mark. Don’t know. Whacky markets for sure. GDL which I sold this morning seemed to fit that pattern recently. Steady or rising most of the day than sharp pull-backs at day’s end. But my more diversified CEF collection has been flat-lining recently. Not much excitement no matter time of day.
I follow Fleckenstein - have for years. He’s of the “bubble” school of thought, but thinks the insanity could go on for years before a break. Market’s too dangerous in his view to short. Still likes the miners even at these levels as they lagged the metal on the way up. In general, I want nothing to do with either. A couple of my funds, however, hold 5-10% of the glittery stuff.

Saw a quip today, don't rightly remember where but possibly SA which stated that institutional investors are selling in the afternoon what the retail investors are buying in the morning. Anyone else noticing this?

Back when I was daytrading futures that was often the case and commonly accepted knowledge. Retail folks usually bought @ the open either b/c they heard something on the radio/news or they had put an order in the night before when markets were closed, so they fired right at 0930.
I rarely buy at the open, but will often sell then ... if I haven't done so in the premarket.
Depending what I'm doing, sometimes I get better prices buying/selling during the 7-9AM or 5-8PM windows which not many retail folks tend to use. (It does feel odd to hear the 'ding' of an occasional transaction come from the other room at say, 708AM or 724PM lol)

News is that the Executive Order allowing private-equity, real estate and cryptos in 401k is coming today. I don't see anything on Whitehouse.gov yet.
https://www.ainvest.com/news/bitcoin-news-today-trump-executive-order-crypto-private-equity-401-plans-2508/
Edit/Add https://www.whitehouse.gov/fact-sheets/2025/08/fact-sheet-president-donald-j-trump-democratizes-access-to-alternative-assets-for-401k-investors/

Took a flyer on 500s of GXPS, the highly-focused Consumer Staples ETF in the ProCap line that yogi posted about yesterday. Trying to shift more defensively in one of my accounts but don't want to hog-wild on my usual sectors-of-interest these days (energy/electric/utes)

Took a flyer on 500s this morning

Welcome to the August post-Nordic adventures, pre-the summer winds down issue of the Mutual Fund Observer. https://www.mutualfundobserver.com/issue/august-2025/
Highlights of this issue include:
When Reality Bites: Preparing for Market Turbulence Ahead - David Snowball examines why experts agree on a dramatic 15% market move but split on direction, arguing that multiple warning signals point toward reducing US market exposure in favor of globally diversified, defensively positioned portfolios.
Trending Funds at Mid-2025 - Lynn Bolin's systematic approach to identifying promising funds emphasizes equity value and bond quality, with international funds outperforming due to lower valuations compared to the overvalued domestic market.
Portfolio Risk Assessment - Lynn advocates shifting from 65% to 50% stock allocations due to market overvaluation, tariff impacts, and rising debt, drawing parallels to pre-1982 economic volatility patterns.
MFO Premium Updates - Charles Boccadoro announces navigation improvements to our screening site, offering access to thousands of datapoints on nearly 10,000 investments for a tax-deductible $120 donation.
Akre Focus ETF Conversion - John Neff discusses what's changing and what isn't as this iconic $12 billion fund becomes the largest mutual fund to convert to ETF status.
Volatile Markets Revisited - Our traditional summer look-back reviews six funds we recommended in August 2022, with five delivering good-to-excellent performance plus new research on investor delusions.
Rainwater Equity Launch Alert - A new fund from manager Joe Shaposhnik builds on TCW New America Premier Equities' record as the decade's top category performer before its ETF merger.
Briefly Noted – The Shadow's monthly roundup of industry developments and machinations.
And, of course, a photo-essay on the adventures available to those who sojourn to Scandinavia!

AAII Sentiment Survey, 8/6/25
BEARISH became the top sentiment (43.2%, high) & neutral remained the bottom sentiment (21.9%, low); bullish became the middle sentiment (34.9%, below average); Bull-Bear Spread became negative, -8.3% (below average). Investor concerns: TARIFFs, budget, jobs, inflation, recession, Fed, debt, dollar, geopolitical, Russia-Ukraine (180+ weeks), Israel-Hamas (67+19 weeks). For the Survey week (Th-Wed), stocks mixed, bonds up, oil DOWN, gold up, dollar down. NYSE %Above 50-dMA 59.03% (positive). Tariff tsunami came, the global market reaction was mute. Trump may meet Putin (re Ukraine) & Xi (re tariffs) in the near future. #AAII #Sentiment #Markets
Sentiments are CONTRARIAN indicators.
https://ybbpersonalfinance.proboards.com/post/2136/thread

Marcus has had the worst customer support of any bank or brokerage I've ever dealt with (at least a couple of dozen).
While not trying to minimize your personal travails with Marcus, they beg the question: are your experiences typical or are you an outlier? YMMV.
My experiences are just the opposite - everything handled efficiently electronically or by phone, immediate credit for deposits even before the transfers are received, clean minimalistic website designed for savings and little else.
Other sources suggest good customer service from Marcus:
BBB rates Marcus A+ (top rating) for customer interactions. While BBB does not use the content of complaints in establishing its ratings, it does use the number of complaints received and how the business has resolved those complaints.
J.D. Power rates Schwab, American Express, and Marcus, in that order, highest in savings account overall satisfaction. Customer service is one of six factors considered in generating the ratings.
Sites that rate businesses by averaging user ratings are IMHO not that helpful. That's primarily because people who post there tend to want to complain. Fewer people post to praise a business. So one gets ratings like those on TrustPilot, where T. Rowe Price gets rated 1.9 out of 5. Sounds pretty accurate, until one sees that places rated even worse include Schwab (1.6) and Fidelity (1.3). That's just above Marcus' 1.2.
As a side note, Marcus was named after Goldman Sach's founder, Marcus Goldman.
https://www.goldmansachs.com/our-firm/history/moments/2016-marcus

And if you want something liquid and FDIC insured, Marcus is offering 7 and 13 month no penalty CDs with APY of 4.15%.
I would go with the longer term. If rates go up one can cash out and reinvest at a higher rate. Or if the Fed pushes rates down because of a softening economy, one has a rate lock for over a year.

Marcus offer looks good, but then I’d be Goldman man and have to get my Grey Poupon!

Marcus has had the worst customer support of any bank or brokerage I've ever dealt with (at least a couple of dozen). In my experience, they've been so cartoonishly awful that I can probably write a short book trying to describe all my travails with them.
The book would probably start with this classic: they've once held up a transaction for over two weeks because "their fax machine was broken" and they refused to accept a document by any other means (overnight/regular mail or email).
First, in the typically officious manner, they said that my fax must not have gone out and that I needed to re-fax. When I'd emailed them 3 different successful fax-out reports from 3 different sources - email was apparently acceptable for that - they told me that it must be someone in the office systematically misplacing faxes (a nefarious saboteur in their midst planted, no doubt, by Messrs. Merrill and Morgan!) and that they would search for them.
After days pass w/o any follow-up, I call them to find that no faxes have been discovered. Fax it over again - nothing. At this point, I politely ask whether they've gotten any faxes from anyone during this time. The rep is incredulous but, after I push, puts me on hold then comes back and more sheepishly tells me that it does not look like they have. (Mind you, fax is the only way they get documents in, at least in that department.) So, he promises to check if the machine is broken. When I call back the next day, they confirm that it is and would be fixed asap, of which they would let me know at once.
Hooray, Marcus is finally getting ready to get down to actual business! (After all, we are by then over a week into the process.) Not so fast, Goldman Sachs is a respectable financial institution and everyone needs to follow proper protocols - even the fax machine! (I did not think of it at the time, but perhaps the latter got too much Grey Poupon?? Not sure...) Anyway, several days go by when I do not hear from them. When I finally run out of patience and call thinking that the fax machine is surely fixed by now and they have just forgotten to let me know, I discover that no, their fax is still offline because this needs to be rectified "properly" as it is a "question of security" (i.e., the fact that we are closing in on two weeks in just getting started on my transaction is all for my benefit).
Finally, I began losing it a bit and went up the chain. I ended up with a senior supervisor who intimated that they are still trying to figure out whose budget, account, or grandmother is supposed to pay for the case-appropriate fax machine replacement / repair. I, only half-joking, offered to send them a new one. Alas, the rep very courteously pointed out that this would be futile as they indeed could not receive any physical mail at that office - not to mention the field day those aforementioned saboteurs would have violating security policies and bringing the good name of Marcus and Goldman Sachs to disrepute...
The story ended mere 2+ weeks thence it began when the fax demon was at last successfully subdued, probably by the spirit of Mr. Marcus himself, bringing to a close one of several wonderous tales I can relate about this remarkable institution.
Too bad, I no longer have any accounts with them to collect more.

Initiated a position in SOR, a moderately conservative global allocation CEF managed by the same team as FPACX. At a 5% discount and 5.7% distribution, the quarterly discussions reflect a bit more aggressive posturing than FPACX, particularly with a FI position in private credit.
We shall see.

Using up some of the dry powder you mentioned yesterday? :)
Well. My IRA still has toe in equity in case I'm wrong.

Initiated a position in SOR, a moderately conservative global allocation CEF managed by the same team as FPACX. At a 5% discount and 5.7% distribution, the quarterly discussions reflect a bit more aggressive posturing than FPACX, particularly with a FI position in private credit.
We shall see.

I feel confident in saying that car payments might be the #1 wealth killer for middle class americans. and I made that declaration 7-8 years ago!

A very close friend of our family back when I was still in high school (60s) held a pretty good job at Ford in Dearborn. A service rep who handled in field problems for the corp. Smart cookie. I’ll never forget his telling us one day that buying a new car was “the worst investment you can ever make.”
We all have our indulgences I suppose. If I had to finance or lease (I don’t) my autos would be bare bones basic. Good used ones are an alternative, but I’ve been burned enough times with “crème-puffs” that I stick with new.
https://www.wsj.com/business/autos/ford-courts-riskier-borrowers-with-lower-rates-for-f-150-pickups-5fb81965?st=jKSLfa&reflink=article_copyURL_share

https://www.sec.gov/Archives/edgar/data/1548609/000089418925005486/baf-497e.htm
97 1 baf-497e.htm SUPPLEMENTARY MATERIALS
BROWN ADVISORY FUNDS
Brown Advisory – WMC Strategic European Equity Fund
(the “Fund”)
Supplement dated August 6, 2025
to the Statutory Prospectus, the Summary Prospectus and the Statement of Additional Information dated October 31, 2024
Capitalized terms and certain other terms used in this Supplement, unless otherwise defined in this Supplement, have the meanings assigned to them in the Statutory Prospectus, the Summary Prospectus and the Statement of Additional Information.
1.Restriction on the Sale of Shares of the Fund to Certain Investors
Effective as of the close of business on August 8, 2025 (the “Closing Date”), the Fund will stop accepting new purchases other than those purchases as described below which will continue to be permitted. Notwithstanding the foregoing, the Fund may, in its sole discretion, accept new purchases after the Closing Date from certain financial intermediaries that have entered into agreements with the Fund’s Distributor or with the Fund’s Investment Adviser, Brown Advisory LLC (the “Adviser”). Following the Closing Date, the Fund will continue to permit the following types of investments in the Fund:
•Additional share purchases made in connection with the reinvestment of dividends or capital gains by existing Fund shareholders;
•Investments made by institutional and separately managed account investors that are clients of the Adviser; and
•Investments made through the Adviser’s 401(k) retirement plan that is maintained for use by employees of the Adviser.
The Fund reserves the right, at any time, in its sole discretion, to further modify or amend the investment limitations described above. You may be required to demonstrate your eligibility to purchase shares of the Fund before your investment is accepted.
For additional information regarding the restrictions on new purchases of shares of the Fund, please contact the Fund at 1-800-540-6807 (toll free) or 414-203-9064.
Investors should retain this supplement for future reference.

Thanks @rforno for the heads-up. The transcript surfaced for me, but not the audio. However, I used my Audible account to listen to the podcast (free).
What a gifted / smooth speaker Page is! I think he could sell ice to the proverbial Eskimo. Great analogy about driving home after too many drinks. Similar to one I’ve used before about crossing a deep lake on half-an-inch of ice. In both cases, you’ll probably make it safely 90+% of the time. But it doesn’t necessarily mean you made a “smart” decision. Page ties all this back to risk-taking in your investments.
Sebastian Page: Head of Global Multi-Asset and Chief Investment Officer at T. Rowe Price. Also an accomplished author.
Link to some bio. Would like to learn more about Page - especially his educational background if anyone has it.
Brief excerpt (Linkedin): ”Outside of the office, you’ll find me consuming books, podcasts, studies, and more—anything I can get my hands on that will inform not only my perspective on investing and leadership, but a wide range of interests from philosophy, science, writing, work-life balance, and more. I’m an avid runner and my morning usually consists of a good run while listening to a book or podcast.”
Is the stock market in a speculative bubble? I don’t know. Certainly possible. In keeping with Page’s drinking / driving analogy, it’s ”sobering” for many of us to reflect on some of the tough times we’ve lived through like the dot-com mania & crash, ‘87’s one day “flash-crash”, the ‘07-‘09 downdraft - and even 2022. Things happen.

Indeed. I've turned to ETFs for all new investments for the past few years. My basis in these "surprise" mutual funds goes back decades. RYPNX has alway been right on the edge of my personal "efficient frontier" (return vs volatility) map, so I've always considered the tax inefficiency to be a sign that the fund managers are doing their job :-)
Morningstar published a "Potential Capital Gains Exposure" figure but it ranges from zero to low 70 percent even for SP500 index funds (and minus 3% for SPY??). It's 26% for RYPNX, but much higher for funds with lower turnovers, which is sort of consistent, but my guess is that these stats are all over the map since the market's been seeing record highs since the start of the year.
It will be fun to see if Copilot or ChatGPT have any insights. They aren't afraid to tell you your numbers are meaningless. But they are very good at making plots, you just paste in some CSV-format data and boom you get a PNG image of your graph. Copilot even posts a code fragment so I can regenerate the graph myself with Matlib.

A firm I read believes that if DJT fires Powell, and forces the fed rate down to 1.5, ALL deficit funding will be short term with disastrous consequences for LT debt. While there will be a surge in economic activity, inflation will soon blow up, stocks crater and only Gold and hard assets will out preform
" The Bond Market will Riot"

That's ok, Donnie will just declare the US is bankrupt and reset his ledger to zero. You know, like he did in most of his (failed) business ventures over the years. He 'loves' bankruptcy, remember.

Like others here, we hold and drive our vehicles for many years. Generally, proper maintenance keeps trouble away, barring manufacturer problems; of which, there have been many in recent years.
Current monthly auto payment and lease
For an auto loan, the average monthly payment in the U.S. during the first quarter of 2025 was $745 for new cars and $521 for used cars. For a new lease, the average monthly payment was $595. These figures can vary significantly depending on several factors, including your credit score, the loan amount, interest rate, and the loan or lease term.
Here's a breakdown of average auto payments and leases by credit score range (Q1 2025 data from Experian):
Superprime (781-850):
New car payment: $727
New lease payment: $595
Prime (661-780):
New car payment: $753
New lease payment: $590
Nonprime (601-660):
New car payment: $784
New lease payment: $610
Subprime (501-600):
New car payment: $762
New lease payment: (Data unavailable for this specific range and category)
Deep Subprime (300-500):
New car payment: $736
New lease payment: (Data unavailable for this specific range and category)

A firm I read believes that if DJT fires Powell, and forces the fed rate down to 1.5, ALL deficit funding will be short term with disastrous consequences for LT debt. While there will be a surge in economic activity, inflation will soon blow up, stocks crater and only Gold and hard assets will out preform
" The Bond Market will Riot"

Trumps raises India tariff to 50% total for Russian oil purchases.
Article details

Glad my 403b is not under the influence of such people sitting on our state investment committee!

You might want to look under the hood of your State Pension Plan...here's CT Teacher's Pension Plan...both Private Investment and Private Credit are part of their portfolio...17.8% in fact.
pension-fund-reports