In the July commentary David S. says ...I far prefer T. Rowe. Fidelity forever seems to be scrambling to expand The Fidelity Empire, T. Rowe seems to be focused on managing my portfolio. So I moved money from Fidelity to T. Rowe....
I was wanting to ask what MFO contributors use for a brokerage house and why. Especially those in or nearing retirement.
Personally I have experience with Fidelity and Vanguard but only in the accumulation phase. As retirement nears I will have 401's to rollover and would like to consolidate both mine and my wife's portfolios. Due to work retirement plans we now have monies in 4 different investment companies. Once retired the 2 main 401's will need to be rolled over.
Vanguard, Fidelity or T. Rowe Price? What are your thoughts.
Art

+1 Good find!

It seems like NextShare ETMFs, the few that there are, are dropping like flies. See, e.g.
https://mutualfundobserver.com/discuss/discussion/49121/causeway-liquidates-two-etmfs-civec-cgvic-link-28-000
Even their creator, Eaton Vance, seems to have given up on them.
https://www.reuters.com/article/us-eaton-vance-fund/eaton-vance-plans-second-attempt-to-reinvent-etfs-idUSKCN1Q92VK
I never could figure out why anyone would want them.
https://mutualfundobserver.com/discuss/discussion/26290/nextshares-new-product-combines-a

Here's a (free) Barron's profile of BIAWX dated April 12, 2019:
http://webreprints.djreprints.com/56146.html

https://www.sec.gov/Archives/edgar/data/319676/000094039419001007/cmssupp.htm
497 1 cmssupp.htm CMS CALVERT ULTRA-SHORT DURATION INCOME NEXTSHARES
CALVERT ULTRA-SHORT DURATION INCOME NEXTSHARES
(a series of Calvert Management Series)
Supplement to the Summary Prospectus, Prospectus and Statement of Additional Information each dated February 1, 2019
The Board of Trustees of Calvert Management Series (the “Trust”) on behalf of its series, Calvert Ultra-Short Duration Income NextShares (Nasdaq: CRUSC) (the “Fund”) has approved the liquidation of the Fund, which is expected to take place on or about August 1, 2019 (“Liquidation Date”). The Liquidation Date may be changed without notice at the discretion of the Trust’s officers. All capitalized terms used but not defined in this Supplement shall have the meanings ascribed to such terms in the prospectus and statement of additional information.
Suspension of Sales. Effective prior to the open of business on July 25, 2019, the Fund will no longer accept Creation Unit purchase orders. The last day of secondary market trading of shares for the Fund on The NASDAQ Stock Market LLC (“Nasdaq”) will be on or about July 25, 2019.
Beginning when the Fund commences liquidation of its portfolio, the Fund may not pursue its investment objective, comply with its investment limitations or engage in normal business activities, except for the purposes of winding up its business and affairs, paying its liabilities, and distributing its remaining assets to shareholders. During the time between market close on July 25, 2019 and the Liquidation Date, the Fund’s shares will not be traded on Nasdaq and there can be no assurance that there will be a market for the purchase or sale of the Fund’s shares.
Mechanics. In connection with the liquidation, any shares of the Fund outstanding on the Liquidation Date will be automatically redeemed as of the close of business on the Liquidation Date without the imposition of any customary redemption transaction fees. The proceeds of any such redemption will be equal to the net asset value of such shares after a Fund has paid or provided for all of its charges, taxes, expenses, and liabilities, including certain operational costs of liquidating the Fund. The distribution to shareholders of these liquidation proceeds will occur as soon as practicable, and will be made to all shareholders of a Fund of record at the time of the liquidation. Additionally, the Fund must declare and distribute to shareholders any realized capital gains and all net investment income no later than the final liquidation distribution. Calvert Research and Management (“CRM”), the Fund’s investment adviser, intends to distribute substantially all of the Fund’s net investment income at the time of, or prior to, the liquidation. CRM will bear all administrative expenses associated with the liquidation, if any.
Shareholders of the Fund may sell their shares of the Fund on Nasdaq until the market close on July 25, 2019 through a broker in the standard manner. Customary brokerage charges may apply to such transactions.
U.S. Federal Income Tax Matters. Although the liquidation is not expected to be a taxable event for the Fund, for taxable shareholders, the automatic redemption of shares of the Fund on the Liquidation Date will generally be treated as a sale that may result in a gain or loss for federal income tax purposes. Instead of waiting until the Liquidation Date, a shareholder may voluntarily sell his or her shares on Nasdaq until the market close on July 25, 2019, and Authorized Participants may voluntarily redeem Creation Units prior to the Liquidation Date, to the extent that a shareholder wishes to realize any such gains or losses prior thereto. Please consult your personal tax advisor about the potential tax consequences of the liquidation.
If you have any questions regarding the liquidation, please contact the Fund at 1-800-368-2745.
Please retain this Supplement for future reference.
July 3, 2019 32463 7.3.19

FYI: Corporate proxy statements can be very rich sources of information, the kind of information that could benefit investors — if they know what to look for.
Since 2002 — the era of Enron — the Sarbanes-Oxley laws have required much more disclosure in U.S. proxies, which are provided to shareholders so they can make informed decisions about matters that will be brought up at the annual meeting. While often regarded by casual observers as monotonous compilations of facts and figures, those willing to dig deeper can instead find excellent sources of information, including executive compensation and perks.
There are four areas where proxy statements can at least suggest, if not fully reveal, actions by management and boards of directors that may not be in the best interests of shareholders. These red flags can be found in companies of all sizes, from small-caps up to the largest of the large-caps.
Regards,
Ted
https://www.marketwatch.com/story/4-red-flags-to-watch-for-in-company-proxy-statements-2019-07-03/print

Morningstar used to say that the fund category was something that they changed very slowly, as opposed to the current style box which changed as new portfolios were published. So that they would wait and see whether a fund were actually changing its stripes or just making some shorter term adjustments. I'm reasonably confident that this is still what they do, I just can't find a quote right now.
The point is that a fund category designation does not change with the direction of the wind. It is supposed to reflect a long term (read three year) broad picture of how a fund invests.
What I can find:

Morningstar engages in a formal category review process twice each year, in May and November [hence the update now] ...
The process begins with a quantitative filter that proposes category recommendations based upon the three-year trailing portfolio statistics, which are calculated from an investment’s reported holdings. ... Our research team uses a mosaic approach when performing our qualitative assignment. Their decision is based on many factors, including, but not limited to: familiarity with the strategy of the portfolio managers and fund family, their understanding of current market forces, an appreciation for alternative strategies which may not be borne out adequately in our statistical calculations, and a desire to portray the most accurate picture of economic exposure possible. ...
Category changes are sent to the fund’s advisor with ample time to challenge our opinion, and provide contravening information in a category appeal.

https://morningstardirect.morningstar.com/clientcomm/Morningstar_Categories_US_April_2016.pdf

Hi, guys.
Well, yes. His strategy is fundamentally different than this peers. That would have been clear to anyone who read either the prospectus or his voluminous writings. He trailed his peers because he had up to 85% cash, which is consistent with his discipline and his long record. Relative value guys adjust, in the sense of buying the best of a bad lot if that's what's available. Absolute value guys are paid to stick to the discipline: buy if and only if there's a sufficient discount. Since every market goes through a period of overvaluation (the current one arguably since 2011), absolute value guys always have a period of radical outperformance and a period of radical underperformance. On the entire cycle, they typically come out ahead on total return and risk-adjusted return.
We're in the longest bull market in history, with the longest period of elevated valuations, and so the longest period of underperformance by value (generally) and absolute value. That's why there are only a handful of absolute value managers left in business.
As to investors losing money, he was in the black every year until 2014. In 2014, he posted a 2% loss while his peers posted a 3% gain. In 2015, he posted a 4% loss while his peers posted a 6.75% loss. In 2016 they liquidated mid-year with a small gain. The record from inception to liquidation was 4% or so.
When the market tanks, he'll do well. 2019? 2020? 2050? I don't know. Sadly, when the market tanks, average investors panic and run away. They don't invest in funds like Cinnamond's until a year too late when he's beaten the market by 2000 - 3000 bps which means they miss the major gains and are closer to the point that he'll begin moving back to cash.
As ever,
David

The reason to write about it now, responding to the OP, is that for almost 6y it has consistently behaved differently from (similar to but better than) SP500 vehicles, ditto for CAPE, and also differently from actively managed (stockpicker) LV funds.
Presumably, weasel word, if past is any guideline. in a bear market it will do similarly.
In other words, when you graph ($10k growth) of it vs CAPE and VFINX for the six months from last Sept 20 to last March 20, it tracks that sharp decline exactly but slightly worse, meaning the Christmas low point is down almost $2k to $8k (20 bucks short), whereas the CAPE loss was slightly less and VFINX went to $8124 only, not quite as bad.
Then for the comeback it lagged slightly until February, and by March 20 both DSEEX and CAPE pull ahead of VFINX, a little, with DSEEX slightly ahead of CAPE.
Breakeven for all back to $10k was around April 4.

updated again 7/2:
https://www.sec.gov/Archives/edgar/data/1486174/000143510919000310/chou497.htm
497 1 chou497.htm
CHOU AMERICA MUTUAL FUNDS
Chou Opportunity Fund (CHOEX)
Chou Income Fund (CHOIX)
Supplement dated July 2, 2019 to the Prospectus dated May 1, 2019, as supplemented
This Supplement supersedes and replaces in its entirety the Supplement dated July 1, 2019 to the Prospectus dated May 1, 2019.
Background: Fund Liquidation, Rescission of In-Kind Redemption to Affiliate, and Continued Ability of Shareholders to Redeem for Cash Prior to the Liquidation Date
On June 28, 2019, the Board of Trustees (“Board”) of Chou America Mutual Funds (the “Trust”):
1) approved an Amended and Restated Plan of Liquidation and Dissolution (the “Amended Plan”) for the Chou Opportunity Fund and the Chou Income Fund (the “Funds”), in order to amend and restate in its entirety the Plan of Liquidation and Dissolution originally adopted by the Board at its June 5, 2019 meeting (the “Original Plan”); and
2) rescinded the proposed redemption-in-kind of the 1.75 Lien Term Loans (the “Exco Loans”) of Exco Resources, Inc. (“Exco”), by a company that owns shares of each Fund and that is owned and controlled by Francis Chou, the Portfolio Manager to the Funds and the chief executive officer of the Adviser (such company, the “Chou Affiliated Shareholder”).
In anticipation of their liquidation, the Funds stopped accepting purchases on June 5, 2019. The Funds are in the process of winding up and are no longer pursuing their respective investment objectives and strategies. Reinvestment of dividends on existing shares in accounts which have selected that option will continue until the liquidation.
Shareholders will be permitted to redeem from the Funds prior to the Liquidation Date (as hereinafter defined), according to the ordinary procedures for redemptions from the Funds described in this Prospectus. Mr. Chou intends for the Chou Affiliated Shareholder to retain its shares in each Fund until the liquidation is completed, so each Fund expects to have sufficient cash to pay any redemptions by the other shareholders.
The Exco Reorganization and Risks to Shareholders
As previously disclosed, Exco is involved in an insolvency proceeding in the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”) and each Fund has determined that the Exco Loans constitute illiquid investments. On June 18, 2019, the Bankruptcy Court approved a Plan of Reorganization of Exco Resources, Inc. that, when implemented, will result in cancellation of the Exco Loans in return for newly-issued common stock of Exco (the “New Exco Shares,” and together with the Exco Loans, the “Exco Investments”). According to the Disclosure Statement for the Plan of Reorganization, New Exco Shares will not be listed on or traded on any nationally recognized market or exchange and there can be no assurance that an active trading market for the New Exco Shares will develop. In the absence of a trading market for the New Exco Shares, the Funds’ expect that they will need to continue to calculate their net asset value per share (“NAV”) based on the Board’s good faith determination of the fair value of the New Exco Shares.
As of July 1, 2019, the Exco Loans represented approximately 23.88% of the net assets of CHOEX with the remaining portfolio assets represented by cash. As such, any changes in the NAV of CHOEX will derive almost entirely from changes in the value of the Exco Investments.
As of July 1, 2019, the Exco Loans represented approximately 11.78% of the net assets of CHOIX. CHOIX expects to complete the liquidation of its other portfolio holdings shortly, after which time any changes in its NAV will derive almost entirely from changes in the value of the Exco Investments.
The Funds anticipate that they may have difficulty reducing their holdings of the Exco Investments prior to the Liquidation Date (a) in the absence of a market for the Exco Investments and (b) due to the rescission of the redemption in kind by the Chou Affiliated Shareholder.
As redemptions from the Funds continue to occur prior to the Liquidation Date, the Exco Investments will represent an increasing proportion of the Funds’ net assets. Consequently, if redemptions continue, any changes in the value of the Exco Investments will have an increasing effect on the Funds’ respective NAVs and total performance.
The Amended and Restated Plan of Liquidation
Under the Amended Plan, the Liquidation Date will be the first day on or after July 31, 2019, on which the Funds can reasonably transfer such shares to any remaining Shareholders following the receipt by the Funds of the New Exco Shares.
Unlike the Original Plan, the Amended Plan will require Shareholders to receive their liquidating distributions in the form of a pro rata interest in (1) the New Exco Shares and (2) the cash remaining in the applicable Fund. However, if there are any restrictions on the transferability or ownership of the New Exco Shares that would prohibit a distribution of those shares to a Shareholder or make it impracticable, the Shareholder will, without election, receive the cash equivalent of the value of such shares.
You should consult with your own adviser or attorney to discuss whether any such restrictions may apply to you, and whether any tax or other considerations may apply to your receipt of the New Exco Shares upon the liquidation of the Funds.
The New Exco Shares could be subject to market and other risks, and Shareholders that receive the New Exco Shares could incur increased transaction fees and other costs, including brokerage costs, upon any eventual sale or other transfer of those shares. As noted above, there can be no assurance that an active trading market for the New Exco Shares will develop. Shareholders can find more information regarding Exco and its plan of reorganization at the following website:
https://dm.epiq11.com/case/EXCO/info
After the Funds receive information regarding the number and form of the New Exco Shares they will receive and have completed arrangements for the distribution of the shares, they will distribute to Shareholders instructions for providing directions for the delivery of their pro rata interest in the New Exco Shares. The instructions will also specify the date by which such directions must be provided and the expected Liquidation Date.
Any Shareholder who does not wish to receive the New Exco Shares must redeem its shares in the Funds prior to the Liquidation Date.
If you own Fund shares in a tax deferred account, such as an individual retirement account, 401(k) or 403(b) account, you should consult your tax adviser to discuss the Fund’s liquidation and determine its tax consequences.
* * * *
For more information, please contact a Fund customer service representative toll free at
(877) 682-6352.
PLEASE RETAIN FOR FUTURE REFERENCE.

Don’t own DSENX. Glad so many folks have made a mint with it. At the risk of being a wet rag - when you see a topic like this with 1.7 K views and 2 weeks running, it might be time to consider moving on. I remember when PRPFX was the rage here back in 2011 - followed by a few losing years after everybody had piled in. No intent to disparage either fund.
(Disclosure: I bought PRPFX about the time others had finished fleeing and still own a decent slice.)

Hi, NumbersGal.
You might look at the Launch Alert for Palm Valley Capital in our July issue.
MikeM's recollection of ARIVX in 2009 is incorrect. Here's a snippet on his asset allocation from our profile of the fund.

He’s at 85% cash currently (late April 2016), but that does not mean he’s some sort of ultra-cautious perma-bear. He has moved decisively to pursue bargains when they arise. "I'm willing to be aggressive in undervalued markets," he says. For example, his fund went from 0% energy and 20% cash in 2008 to 20% energy and no cash at the market trough in March, 2009. Similarly, his small cap composite moved from 40% cash to 5% in the same period. That quick move let the fund follow an excellent 2008 (when defense was the key) with an excellent 2009 (where he was paid for taking risks). The fund's 40% return in 2009 beat his index by 20 percentage points for a second consecutive year. As the market began frothy in 2010 ("names you just can't value are leading the market," he noted), he began to let cash build. While he found a few pockets of value in 2015 (he surprised himself by buying gold miners, something he’d never done), prices rose so quickly that he needed to sell.

There are two things that are true about Mr. Cinnamond: (1) he's a spectacular stock picker and (2) he's incredibly picky. When you adjust his fund's performance for cash level, you find his stock picks - on whole - beating the market by 10:1; that is, a fund that goes up 5% when it's 5% stocks and 95% cash implies the stocks rose by 100% while the cash stayed at zero. In normal markets, Morningstar observed that Mr. Cinnamond's funds "trounced nearly all equity funds."
But markets have ceased being normal. The market's become addicted to the Fed put; that is, to the willingness of the Fed to move heaven and earth to keep things propped up. Here's a thought experiment: unemployment is low, the economy is growing, corporate taxes have been slashed, the market's at record highs, CEO comp is at record highs equity valuations are at their second-highest levels ever. What would happen if Powell announced that the Fed was taking the punch below away and normalized the fed funds rate? That would be rise of about a 1% rate to 3.5%, mid-range in their preferred 2-5% window. My guess is blind panic on Wall Street and Pennsylvania Avenue and a 50% adjustment in equity prices.
Absolute value investors, like gold investors, are horrified and find very few values in such markets. So, they hold cash and get derided as idiots. If you think that the current conditions are permanent, value will continue to lag and absolute value will lag dramatically.
David

Hi, guys.
It was a good trip. If you have the opportunity, it's well worth it. The only downside is the travel: hours in an uncomfortable seat then hours on completely crazy country roads. Everything else is, for us, bliss.
Odds and ends:
The Palm Valley fund might be a sign of the end of times. Mr. Cinnamond returned capital in 2016 but promised, like some Norse myth, to return for Ragnarok. When I talked with them, their view was "not yet but soon enough." If markets ever act normally again, it would be a useful holding. If the market is forever propped up by QEs 1 - 37, all bets are off.
The Harbor ISC fund is interesting, in part because Harbor wouldn't appoint a management team with such a short public record (that is, as Cedar Street) if they didn't have a lot of reason to be confident.
The Matthews Asia Value fund is something I should have written about in 2018, after I met Mr. Zhou for the first time and thought "Jay-sus, he's really sharp." Then I met him again in 2019 and thought, "Jay-sus, I was really stupid to put this off for a year."
I also spent time with Amit Wadhwaney of Moerus, about whom I haven't written. I will say this, he's the most thoughtful and erudite guy in just about any room. We had a lovely talk about a corporate culture that stresses the importance of reading good books, and his desire to hire a philosophy major or grad student for the sharpness they've been trained to and the distinctly different perspective they'd bring to each question.
Hmmm ... there's a scary bunch of funds that will launch in September. Not sure what I think of the new Grandeur Peak fund, since they were also so clear of their "this much and no more" approach to assets. I guess you've got to change with the times, but that really was bedrock for them. I was skeptical of the EM fund, then went back and looked at the manager's record at Eaton Vance. Shortly thereafter I decided to close my mouth and watch quietly.
And, of course, just a small celebration of The Shadow. I'm forever grateful for and slightly stunned by the work he does.
So, on whole, pretty decent stuff for a quiet summer day.
David

Updated again:
https://www.sec.gov/Archives/edgar/data/1486174/000143510919000308/chou_497e.htm
497 1 chou_497e.htm
CHOU AMERICA MUTUAL FUNDS
Chou Opportunity Fund (CHOEX)
Chou Income Fund (CHOIX)
Supplement dated July 1, 2019 to the Prospectus dated May 1, 2019
Background: Fund Liquidation, Rescission of In-Kind Redemption to Affiliate, and Continued Ability of Shareholders to Redeem Prior to the Liquidation Date for Cash
On June 5, 2019, the Board of Trustees (“Board”) of Chou America Mutual Funds (the “Trust”) approved a Plan of Liquidation and Dissolution (the “Plan”) pursuant to which the assets of the Chou Opportunity Fund and the Chou Income Fund (the “Funds”) will be liquidated and the proceeds remaining after payment of or provision for liabilities and obligations of the Funds will be distributed to shareholders.
Each Fund will seek to complete the liquidation on or around the close of business on July 31, 2019 (the “Liquidation Date”). Shareholders will be permitted to redeem from the Funds prior to the Liquidation Date, according to the ordinary procedures for redemptions from the Funds described in this Prospectus. Francis Chou, the Portfolio Manager to the Funds and chief executive officer of the Adviser, owns and controls a company that owns shares of each Fund (the “Chou Affiliated Shareholder”). Mr. Chou intends for the Chou Affiliated Shareholder to retain its shares in each Fund until the liquidation is completed, so each Fund expects to have sufficient cash to pay any redemptions by the other shareholders.
In anticipation of their liquidation, the Funds stopped accepting purchases on June 5, 2019. The Funds are in the process of winding up and are no longer pursuing their respective investment objectives and strategies. Reinvestment of dividends on existing shares in accounts which have selected that option will continue until the liquidation.
On June 28, 2019, the Board of the Trust rescinded the proposed redemption-in-kind of the 1.75 Term Lien Loans (the “Exco Loans”) of Exco Resources, Inc. (“Exco”) by the Chou Affiliated Shareholder.
The Exco Reorganization and Risks to Shareholders
As previously disclosed, Exco is involved in an insolvency proceeding in the United States Bankruptcy Court for the Southern District of Texas United States (the “Bankruptcy Court”) and each Fund has determined that the Exco Loans constitute illiquid investments. On June 18, 2019, the Bankruptcy Court approved a Plan of Reorganization of Exco that, when implemented, will result in cancellation of the Exco Loans in return for newly-issued common stock of Exco (the “New Exco Shares,” and together with the Loans, the “Exco Investments”). Shareholders can find more information regarding Exco and its plan of reorganization at the following website:
https://dm.epiq11.com/case/EXCO/info
According to the Disclosure Statement for the Plan of Reorganization, New Exco Shares will not be listed on or traded on any nationally recognized market or exchange and there can be no assurance that an active trading market for the New Exco Shares will develop. In the absence of a trading market for the New Exco Shares, the Funds’ expect that they will need to continue to calculate their net asset value per share (“NAV”) based on each Fund’s Board’s good faith determination of the fair value of the New Exco Shares.
As of June 28, 2019, the Exco Loans represented approximately 23.85% of the net assets of CHOEX with the remaining portfolio assets represented by cash. As such, any changes in the NAV of CHOEX will derive almost entirely from changes in the value of the Exco Investments.
As of June 28, 2019, the Exco Loans represented approximately 11.57% of the net assets of CHOIX. CHOIX expects to complete the liquidation of its other portfolio holdings shortly, after which time any changes in its NAV will derive almost entirely from changes in the value of the Exco Investments.
The Funds anticipate that they may not be able to reduce their holdings of the Exco Investments prior to the Liquidation Date due to (a) the absence of a market for the Exco Investments and (b) the rescission of the redemption in kind by the Chou Affiliated Shareholder.
As redemptions from the Funds continue to occur prior to the Liquidation Date, the Exco Investments will represent an increasing proportion of the Funds’ net assets. Consequently, if redemptions continue, any changes in the value of the Exco Investments will have an increasing effect on the Funds’ respective NAVs and total performance.
If you own Fund shares in a tax deferred account, such as an individual retirement account, 401(k) or 403(b) account, you should consult your tax adviser to discuss the Fund’s liquidation and determine its tax consequences.
* * * *
For more information, please contact a Fund customer service representative toll free at
(877) 682-6352.
PLEASE RETAIN FOR FUTURE REFERENCE.

Using the Stones to advertise annuities is "a 2019 version of the entertainment and advertising geared toward a geriatric crowd, like the old Lawrence Welk TV show."
As Lawrence Welk might quote, that's just one toke over the line.

oi ---
https://www.nytimes.com/2019/07/01/business/rolling-stones-social-security-retirement.html

FYI: The S&P 500 rose more than 17% in the first half of 2019. That’s not just a good first-half return, it’s a great annual return. The average annual return for the S&P 500 for the last 87 years, excluding dividends, is about 8%.
Going into the second half of the year, investors have a lot to worry about: a slowing global economy, Federal Reserve decisions on interest rates, a still-simmering trade war, and a presidential election that is starting to heat up. With all that happening, and after such strong gains, maybe investors should take their profits and run.
That isn’t the best idea though, historically speaking. History says investors should actually get more greedy and expect positive returns in the second half of 2019.
Regards,
Ted
https://www.marketwatch.com/articles/the-stock-market-has-been-on-a-tear-history-says-its-time-to-get-greedy-51561971600?mod=barrons-on-marketwatch

FYI: Welcome home from Ireland!
Regards,
Ted
https://www.mutualfundobserver.com/2019/07/july-1-2019/

DSEEX up 2.9% above SP500 the first half of this year, in a crazy-strong period thus far (over 18.5%);
1.6% above CAPE alone;
and even a percent or so above TRBCX and FCNTX.
A hair under FLVCX, of all things, which is otherwise not good at all, and even a hair over QQQ.
So again wow, so far.

Those people waiting beyond 62 and then dying before the break even point bought an insurance policy for their surviving spouse. If you are married, it is even more important to wait as long as possible. If you and your spouse both don't make breakeven age (though I'd bet odds are greatly in favor that 1 or both do), who cares - your dead.