This fund was launched in Australia. The last 5 years it has averaged 10.40% per year.
BILT will have the same managers and should have a similar portfolio.

@Old_Joe - I don't rightly know exactly what or which situation you are referring to but I found this article "Private Equity and Public Pensions: What’s the Return?" from CEPR Center for Economic and Policy Research. (Apr 15, 2025)
Basically what it says is that private equity does not belong in the retirement savings accounts of workers. They add risk without increasing returns.
Let me know if you were looking for something else.

In your May 2025 commentary you noted that this ETF was in the filing stage.
It is anticipated to start trading July 31. Symbol BILT. Looking forward to
reviewing it's portfolio, expense ratio and frequency of dividends.

LOLs all around!
I am in a holding pattern with 58% equities and more cash than ever. I perceive the recent surge of U.S. market gains as mainly based on retail investors buying into smoke and mirrors. If I am wrong, I am still sitting at what is a good safe allocation for a person very close to retirement. If I am right, I will add 2-7% to equities in a downturn, and add to bond oefs/cefs, as indicated.

If this was a new thread, I'm not sure what the proper subject line would be.
However, the witty minds here can help with that. Thank you in advance for you submissions.
I'm thinking: "Coming to a mailbox near you; a collectable autograph on a U.S. Treasury check."
---
Sen. Josh Hawley (R-MO) has introduced the American Worker Rebate Act, a bill that proposes sending tariff rebate checks to American families.
Here's a breakdown of the key aspects of the bill
Rebate Amount: At least $600 per adult and dependent child, with the possibility of a larger amount if tariff revenue exceeds projections.
Mechanism: The program would be set up as a refundable tax credit.
Eligibility: The rebate would be reduced by 5% for joint filers with an adjusted gross income exceeding $150,000, heads of households earning over $112,500, or individuals earning over $75,000.
Goal: To redistribute revenue from increased tariff collections, which Hawley says have reached record levels, according to KTTN. Hawley stated, "Americans deserve a tax rebate after four years of Biden policies that have devastated families' savings and livelihoods," adding, "Like President Trump proposed, my legislation would allow hard-working Americans to benefit from the wealth that Trump's tariffs are returning to this country".
President Trump's Support: Hawley introduced the bill after President Trump publicly endorsed a similar rebate concept.

I posted this in the other thread, a short read and worth considering. Basically all smoke and no fire.
https://fortune.com/2025/07/29/markets-europe-pulled-wool-over-trump-eyes/

Makes sense to me.....

I posted this in the other thread, a short read and worth considering. Basically all smoke and no fire.
https://fortune.com/2025/07/29/markets-europe-pulled-wool-over-trump-eyes/

https://fortune.com/2025/07/29/markets-europe-pulled-wool-over-trump-eyes/
"Analysts are hinting this morning that E.U. officials appear to have pulled the wool over Trump’s eyes in the negotiations. The deal includes $750 billion in “strategic purchases,” $600 billion of private investment, and “vast quantities” of military equipment purchases. But there is near unanimity on Wall Street that the private investment was going to happen anyway in the normal course of business.
“The $600bn represents existing investment plans, not new investment,” Mark Wall and his team at Deutsche Bank wrote this morning."
And the deals may well be deemed invalid. I wonder if the government will be required to pay back any tariffs collected?
"The high court is packed with Trump’s own picks, of course, so he can expect a sympathetic hearing. It would nonetheless be a huge leap for the justices to agree that routine trade deficits constitute a national emergency."

Q1 Letter:

We anticipate Robert Gardiner, Chairman of Grandeur Peak, and co-founder, will return as Portfolio Manager of the Global Contrarian Fund when he returns to a full-time role in July 2025, following his three-year service sabbatical.

Q2 Letter:

Robert continues his current role as Chairman and is engaging in all phases of our research work. He has given himself the next couple of months to prepare for any pending portfolio manager assignments.

Grandeur lost their best (active) manager, Madsen, over this and now it seems like RG is having second thoughts about taking over GPGCX... Am I reading this right?

Link to 60s classic “Up Up and Away” - by The 5th Dimension for the musically inclined.
Gosh - 2022 feels so far away. It isn’t. Most of us have vivid memories of the near daily pounding - in both equities and bonds. I think there are pockets of value still, but the question is - will they hold their own … possibly rise … or succumb to mass hysteria and fall when all the bubbles pop?

"What is driving this bull?"
Maybe DJT Bull ?

Big globs of fertilizer can makes things grow, I suppose.
This bull market has overcome a lot thus far in 2025. Retail investors have been contributing greatly to the slow march northward, if I can believe what I read online. FOMO has been key. Now valuations are stretched, complacency abounds and the bears have been beaten down.
If there is a cliff out there, we can't see it in all this fog (and manure?).

July 25th Episode
@hank, that $41.32 share price is just about the price for a case of Heineken beer. Maybe this is how I should fund my beer account ... with shares of HEINY!
Part 2:

From WABAC's link:
"The fundamental problem facing individual investors in 1960
was that there were too many mutual-fund companies¹: over 250 of them."
How quaint!
According to the SEC, there were 8.49K mutual funds and 3.75K ETFs available in the U.S. at the end of 2024.
The sheer number of funds available can lead to paralysis analysis!
https://www.sec.gov/data-research/data-visualizations/registered-fund-statistics/registered-funds-number-funds
¹ Mutual funds apparently were also referred to as mutual-fund companies or "investment companies."

Something to watch in coming days. Will European stocks more broadly falter as a consequence?
”The market's reaction to the US-EU trade 'deal' has … been muted at best and negative at worst with European officials trying to sell the 15% one way tax on their imports as the best they could get. Public commentary on the deal by the general population has been scathing, with many seeing it as a complete capitulation, especially as part of the terms involve Europe investing an additional $600 billion in US and $700 billion on US energy products.”
Source
One indicator IEV (European Equities ETF) down 1.93% today at 2 PM (EDT)

If interested in buying Mr. Russo’s #1 stock pick from July 18, Heineken, you can get it for 9% off today. At last look, HEINY Down $4.25 (-9.32%) to $41.32
Gosh, how did that happen?

Here’s where Walmart prices are changing — and staying the same — as Trump’s tariffs hit
https://www.cnbc.com/2025/07/17/trump-tariffs-affect-walmart-prices.html

There are multiple red flags - margin debt, Buffett Indicator (Stock Market-Value/GDP), top 10 as % of SP500, US market-cap as % of global market-cap, etc. But this time maybe different, or many think so.

@Observant1, no doubt. Of the building of AI data centers there is, apparently, no end.
Forbes reports that industry shipments were still down 9.5 for the 1st quarter of 2025.

@Sven,
Thanks for the list of highest-returning stocks YTD.
I wasn't paying close attention to stocks with the highest 2025 returns—the results surprised me.
The two Mag 7 stocks with the highest returns/rankings are:
Nvidia (29.20% - 48th)
Microsoft (21.88% - 86th)
@WABAC,
I haven't done a deep dive on Seagate Technology.
But a quick search indicated there was robust growth for storage in data centers running AI workloads.
Seagate's rival, Western Digital, ranked 13th on the list with a 52.69% return YTD.