“I also posted … why high-rated funds were terrible in the last 10 years “
@FD / Wouldn’t it help people more if you posted what different investments will do in the next 1, 5, 10 years rather than what they did in the past?
You seem to be inventing your own definition of “trader” vs “investor.” I’m not sure if there exists a rigid definition of “trader.” You are entitled to your own like anyone else. For day trading the SEC does have a definition. But it’s several times weekly, not yearly.
Here’s a legal definition of frequent trading
Here’s some SEC definitions of day trading
Of course, various mutual fund providers also have definitions for frequent trader. These can vary from one provider to the next.

@MikeM, I did understand you pretty well. Racqueteer's answer was excellent, explaining it further. There are so many styles between traders to B&H for ever.
You could have constructed a very nice portfolio in 2010 just to find out that your decent VALUE or EM funds have lagged SPY/VOO by a big margin.
On the other hand, the same funds above lost money for 10 years.
I also posted how PIMIX did great and then ICMUX did much better + why high-rated funds were terrible in the last 10 years.
The above examples are not monthly or even yearly trades, these are at least 3 years in the same fund. It shows it would be difficult to construct a portfolio that works well in all markets.
So, when someone says she is not a trader on these boards, it's hard for me to believe it.
Did you trade 2-3 times per year? You are a trader.
Did you trade only 30% of your portfolio? You are still a trader.
There are not many posters who bought 10 funds 5 years ago and created their "perfect" portfolio and haven't done 3-5 and more changes.
Most of the ones who owns their funds for years are indexers and or Bogleheads.

The SP500+QQQ has been great since 2010. From 2000 to 2010, the SP500 lost about 10% and QQQ lost almost half.
FAIRX was a great fund during 2000-10 but has been far behind since 2010.
ICMUX made more than PIMIX for 3 years (chart)
But PIMIX made more from 2015 to 2020 (chart) and PIMIX management is pretty good.
Based on my history of following many funds, I hardly ever found a fund that stays at the top every 2-3 years. Maybe PRWCX is the exception.

@FD1000, you totally didn't understand or ignored what I said. My opinion is that, for most investors (not traders), it's the portfolio construction that matters more so than individual funds. Of course no fund stays in the top tier of category year in and year out. But there are plenty of funds that stay consistently good over time and fill that portfolio segment, like ICMUX.
Your comparative selection of funds above is all in hindsight and therefore irrelevant to portfolio construction IMHO.

https://www.sec.gov/Archives/edgar/data/315774/000143510924000385/beehive497e.htm
497 1 beehive497e.htm
THE BEEHIVE FUND
A series of Forum Funds
Supplement dated October 7, 2024 to the Prospectus and Statement of Additional Information
dated May 1, 2024
IMPORTANT NOTICE REGARDING PROPOSED FUND REORGANIZATION
At a meeting held on October 4, 2024, the Board of Trustees of Forum Funds (“Board”) approved, subject to shareholder approval, a proposal to reorganize The BeeHive Fund (the “Fund”), a series of Forum Funds, into newly created, exchange-traded series (“ETF”) of Tidal Trust III, the BeeHive ETF (the “Acquiring Fund”), whereby the Acquiring Fund will acquire the assets and assume the liabilities of the Fund. Cannell & Spears LLC (“Cannell”), the investment adviser to the Fund, recommended the transaction (“Reorganization”) to the Board. The Reorganization is intended to qualify as a tax-free transaction for federal income tax purposes.
In order to approve the Reorganization, Fund shareholders will receive a proxy statement to vote on an agreement and plan of reorganization (“Plan”) at a special meeting of shareholders, which will be held on or about November 26, 2024 at the offices of Forum Funds, Three Canal Plaza, Portland, Maine 04101. If approved by shareholders, the Reorganization is expected to occur in December 2024. Expenses associated with the Reorganization will be borne by Cannell.
If shareholders approve the Reorganization, the Fund will transfer all of its assets and liabilities to the Acquiring Fund in exchange for shares of the Acquiring Fund, and the Fund’s shareholders will receive shares of the Acquiring Fund with a value equal to the aggregate net asset value (“NAV”) of their Fund shares immediately prior to the Reorganization, except any fractional Fund shares will be redeemed for cash. The Acquiring Fund’s investment objectives, principal strategies, principal risks and investment limitations will be substantially the same as the Fund’s, and the Acquiring Fund’s expense ratio will be lower than the Fund’s. Although Cannell will be the investment sub-adviser to the Acquiring Fund and Tidal Investments, LLC (“Tidal”) will serve as the investment adviser, the same portfolio managers who are employees of Cannell will continue to be responsible for day-to-day management of the Acquiring Fund. Shareholders of the Fund will not pay any sales load, commission, or other similar fee in connection with the Reorganization. After the Reorganization, shareholders may only purchase or sell shares of the Acquiring Fund on a national securities exchange at prevailing market prices through a broker-dealer.
In connection with the Reorganization, the Fund will close to purchases by new shareholders on or about November 29, 2024. Fund shareholders may continue to purchase shares of the Fund until December 6, 2024.
If you hold Fund shares at the Fund’s transfer agent (e.g., not through an omnibus account) or in a brokerage account that only allows you to hold mutual fund shares, you will need to set up a brokerage account that permits investments in ETF shares prior to the Reorganization. If such a change is not made before the Reorganization, you will not receive shares of the Acquiring Fund as part of the Reorganization. Instead, you will receive cash equal in value to the aggregate NAV of your Fund shares as of the date of the Reorganization, which will be a taxable event.
* * *
For more information, please contact a Fund customer service representative toll free at
(866) 684-4915.
PLEASE RETAIN FOR FUTURE REFERENCE.

https://www.sec.gov/Archives/edgar/data/1120543/000110465924106519/tm2425464d1_497.htm
Baillie Gifford U.S. Discovery Fund (I & K share classes)
Baillie Gifford Health Innovation Equities Fund (I & K share classes)

@Sven, the quality of Vanguard's customer service, support, and IT folks (at least at their headquarters), appears to be lower than Schwab or Fidelity. With many colleges and universities within a 25 mile drive of Malvern (Penn, Drexel, Temple, Villanova, St. Joseph's, Swarthmore, Bryn Mawr to name a few), certainly a large talent pool is at their fingertips. I can only conclude that pay is the issue.

It's my perception that people who move in and out of funds are "fund" investers, maybe even collectors, not over-all "portfolio" investors. My hope is having a portfolio that trends upward with the least amount pf volatility I can obtain. The portfolio is, hopefully, made up of managers and a mix of fund type with a winning long-term history. Not the best fund that month or year. If ICMUX has a so-so year, I don't jump out to get into the hot fund at the time. ICMUX, and I'm just using this fund as an example, has history of good management and returns and a risk level that fits the portfolio.... Is there better funds at this precise time? Probably. Just another 2-cents.

Good management is not guaranteed to be good every year or even several years and in every situation and/or market.
I never believed in diversification either because it led to lower performance for years.
BTW, in very high risk markets, you learn pretty quickly that most funds sink together. You even learn that bonds don't always save you, think 2022.
The SP500+QQQ has been great since 2010. From 2000 to 2010, the SP500 lost about 10% and QQQ lost almost half.
FAIRX was a great fund during 2000-10 but has been far behind since 2010.
ICMUX made more than PIMIX for 3 years (chart)
But PIMIX made more from 2015 to 2020 (chart) and PIMIX management is pretty good.
Based on my history of following many funds, I hardly ever found a fund that stays at the top every 2-3 years. Maybe PRWCX is the exception.
In bondland the exceptions are so much better and can last for months, sometimes years.
An extra of 3% in bondland annually for many retirees is so good that you can own a small % in stocks (or none) with a much lower volatility portfolio.
The investors who believed in B&H; in the last 10 years, the most recommended bond fund, BND (US Total index) made just 1.7% average annually, far behind inflation.
In the last year, I owned 2 bond funds for most months and hardly traded. Not every trader changes funds every week/month. I always admitted I'm a trader but I see many who trade so much more than me and claim they don't.

Flagship investors at Vanguard get few perks such as 25 free trades on transaction fee OEFs per account. All our transactions are online, thus there is no fees. There is no dedicated rep for Flagship customers.
A year ago, we set up Personal Advisor Select service to manage our retirement funds. Initially the asset allocation plan was set up on phone calls and I revised them several times using their messaging system. The dedicated rep cannot be reached by phone, and it takes days to get return calls. The account set up took several months to complete.
What broke the camel’s back was that when my wife talked with the agent in case I passed on before her, she found the rep to be inexperienced to rely on. My wife is well informed of our proposed plan. We tried the discussion several times but we were not successful. Our goal is to have a human touch in managing the retirement funds. In the end, we exited our PAS relationship with Vanguard.

Observations:
1) fred495 is a good trader. Every investment board have different traders. The ones who buy and hold years, the ones who switch every 2-3 years, and others who change when they see better funds than what they have.
So, when someone posts about a fund I own now and says, Well, in 2022, it lost more than another fund or in the last 10 years, this fund was better than another, I don't care, what matters is what the fund is doing now.
2) We discussed PVCMX several months ago and I said why own it now. YTD is made only 4.2%. Does anyone own this fund and feel great?
3) ICMUX made YTD 8.5%(there are better bond options). Retirees who have enough and want low SD performance should be very happy to make it in bonds. I know fred is in this camp.
Where can I sign for 3-5% annually over inflation and I keep the money?
4) What about QQMNX? I have tested so many ALT funds, especially AQR funds, and was never impressed about their LT. It is also very difficult to hold them when the market is running away. ALT funds can do a better job in more volatile markets, but remember, if the managers make 1 mistake every year, it can be costly.
In 2022 QQMNX did well, but in 2023 it made 5% while SPY made 26%. Would you hold that long?
5) Retirees who have enough can avoid the big losses easier than accumulators who must stay invested all the time.
6) Someone who can't time markets and wants to own 10%, maybe 20% in ALT funds and hold LT? why not.
BTW, I don't love or hate any fund/manager, I dislike laggers, especially the ones that lag for 1-2 and more years while many hang on.

Hidden Challenges of the Bucket Strategy:

@WABAC, you may have sat in the station too long. The bond-train left the station when discussion and anticipation of lower rates started, around the start of 2023, right around the time many were heavily focused on short-term bond safety. I still believe intermediate duration bond funds are a good bet through 2025, but they may need to rest after getting ahead of themselves on rate cut expectations. Just my 2-cents.

Let say I buy a annuity, own rental property, apply for Social Security, and receive a pension along with any other income producing asset. I have often wondered how these income producing (in periodic payments) assets are calculated into my net worth and my overall portfolio asset allocation.
Annuity:
The annuity pays individuals differently, but for the sake of the discussion let's say you buy a 5% fix annuity. You won't actually know what you lifetime payout will be (until you die), but you would expect ($300K*5%) periodically ($15K/yr for example). Eventually, a annuity dies with you. Does annuity income add to your net worth while alive? Is it subtracted when you die (not that you care, but your heirs might).
Social Security:
Social Security seems to be set up in a similar manner (plus a COLA rider), but your payout is determined instead your work income history. SS goes away upon death and so does its net worth value. Does it have a net worth value while alive.
Rental Property:
If you bought a $300K home and rented it for income, you might hope to net 10% ROI or $30K/yr. The property has to be managed and maintained. Upon death, the property has value. While living, a rental asset provides rental income. Both seem to be additive to one's net worth in life and death.
Pension Income:
From the linked article:

For example, if your pension pays out $40,000 a year, you expect to live 30 years, and your discount rate is 4%, then your pension would be worth around $692,000 today. You can get this value by plugging all of these values into a financial calculator [Payment = $40,000, Future Value = $0, Interest/Year = 4%, Periods = 30, Periods/Year = 1] and then solving for the Present Value. In other words, if you had $692,000 today (Present Value) that was earning 4% per year, you would be able to withdraw $40,000 per year for 30 years before running out of money.

This article might lend itself to help determine how these income producing assets impact net worth.
how-much-is-my-pension-worth/

You might consider CPAI (Counterpoint Quant Equity ETF, a multi-cap growth fund. Age 0.8 years; 11.96 financials (not heavy); YTD return 33.4% through September beats SP 500 by 5.7%; ER .75.

I can buy and sell EMPIX at Fidelity, but that may be because I invested in it long ago. This may change. CBYYX is available at Fidelity at a low minimum but only for some retirement plans. SHRIX is available no load at InteractiveBrokers, see Mutual Fund Search Tool there. A small problem: it is offered with 500K minimum.

when CBYYX wasn't open to me at Fidelity, i transferred a single share over from Schwab and then was good to go ... except that F charges a fee for CBYYX trades and S does not.

As the old joke goes: The secret ofcomedyistiming.
Bought CBLDX on September 12 for 9.76$ per share. It closed Friday at 9.7549. So it could be around for a while. If M* can be believed, it's return of .05% last week was less than SPAXX's return of .07. M* also had VRIG and USFR ahead of SPAXX, CBLDX, RSIIX, RPHYX. CSOIX was a winner last week, but a loser by too much for me in 2022.
Things liable to go if we start poorly on Monday are TBUX, USTB, XONE, and WSHNX.

I'm just looking for some things to beat SPAXX

My goodness. No jumping needed. Any of the Riverpark or Crossbridge funds have been doing that since the start of 2023 with the smoothest ride you can ask for (RSIVX, CBLDX for example). Heck, even the ultra-conservative RPHYX has done as well or better than CDs and MMs. Take a look at CSOAX/CSOIX for another smooth ride with a bit more horsepower. 5-star and a great owl fund. I'm sure there are many other examples too.
MM's, treasuries and CD's have been great if you want zero risk, and that is understandable for many here. But more lucrative options may have opened up many many months ago.

I'm already underwater with CBLDX.
I have a limited appetite for junk.

@WABAC You seem to have as good a handle on bonds as anyone here. So surprised by your comment on CBLDX. On a total return basis it is at an all time high. Or am I missing something. I hold a position in CBLDX as a sub for cash - at least for now.
https://stockcharts.com/sc3/ui/?s=CBLDX

I'm just looking for some things to beat SPAXX

My goodness. No jumping needed. Any of the Riverpark or Crossbridge funds have been doing that since the start of 2023 with the smoothest ride you can ask for (RSIVX, CBLDX for example). Heck, even the ultra-conservative RPHYX has done as well or better than CDs and MMs. Take a look at CSOAX/CSOIX for another smooth ride with a bit more horsepower. 5-star and a great owl fund. I'm sure there are many other examples too.
MM's, treasuries and CD's have been great if you want zero risk, and that is understandable for many here. But more lucrative options may have opened up many many months ago.

I'm already underwater with CBLDX.
I have a limited appetite for junk.

I'm just looking for some things to beat SPAXX

My goodness. No jumping needed. Any of the Riverpark or Crossbridge funds have been doing that since the start of 2023 with the smoothest ride you can ask for (RSIVX, CBLDX for example). Heck, even the ultra-conservative RPHYX has done as well or better than CDs and MMs. Take a look at CSOAX/CSOIX for another smooth ride with a bit more horsepower. 5-star and a great owl fund. I'm sure there are many other examples too.
MM's, treasuries and CD's have been great if you want zero risk, and that is understandable for many here. But more lucrative options may have opened up many many months ago.

I can buy and sell EMPIX at Fidelity, but that may be because I invested in it long ago. This may change. CBYYX is available at Fidelity at a low minimum but only for some retirement plans. SHRIX is available no load at InteractiveBrokers, see Mutual Fund Search Tool there. A small problem: it is offered with 500K minimum.
And tropical storm Milton is forecast to become a hurricane Sunday night, and be at or near major hurricane strength when it reaches the west coast of the Florida Peninsula by mid week. Life is never dull.