Hi @mskursh Welcome to MFO. I think you'll find this forum of value.
And 'hats off to you' for helping co-workers have a better understanding of investing.
401k's and/or 403b's are surely not perfect depending on the plan sponsor and the amount of support by the employer; but I saw too many over many years who wouldn't have saved a dime if not for having a 401k/403b plan available. And, of course; some will never learn or have prudent spending/saving habits.
I operated an investment club within a small office and convinced 15 of 25 people to place $100/month into the account and I would manage the money. I also provided a monthly report of all values and totals; and where and why the money was invested. The club operated from 1985 to about 1992, until disbanded by vote. But, the $100/month formed good habits for many; and this helped them later when a 401k plan became available.
Remain curious,
Catch

A few minutes ago I pointed out that Howard Marks fails to contemplate or incorporate any modifications to reflect the necessity of ... attempting to control the inevitable manipulations of large financial interests. Coincidentally I just happened across this from NPR:

The Justice Department sued Visa on Tuesday, accusing the company of illegally monopolizing the debit card market and therefore driving up prices for businesses and consumers.
The lawsuit, filed in the Southern District of New York, says Visa handles more than 60% of debit card transactions in the U.S. and collects more than $7 billion in annual processing fees. The company allegedly used its market power to stifle competition and keep fees artificially high, according to the suit.
"We allege that Visa has unlawfully amassed the power to extract fees that far exceed what it could charge in a competitive market," Attorney General Merrick Garland said in a statement. "Merchants and banks pass along those costs to consumers, either by raising prices or reducing quality or service. As a result, Visa's unlawful conduct affects not just the price of one thing — but the price of nearly everything."

Q.E.D.

Howard Marks credits his initial understanding of different economic systems to a book he read in junior high school!
Lengthy excerpt from near the conclusion:
“My first step toward understanding the workings of the various economic systems came in junior high school in the late 1950s, when I read George Orwell’s Animal Farm. Orwell wrote it in 1945 as a thinly veiled critique of Russia and communism/socialism. That book taught me most of what I needed to know about free markets versus command economies. If you haven’t read it, or if you read it so long ago that you can’t remember what it says, I suggest you pick it up.
“In the allegory of Animal Farm, the animals took over the running of the farm. For me, the key lesson emanates from the motto they painted on the barn wall, borrowed from Karl Marx: “From each according to his ability; to each according to his needs.”
“What an idealistic statement! It would be great if everyone produced all they could, with the more able members of society producing more. And it would be great if everyone got what they need, with needier individuals getting more. But, as the animals on the farm soon learned, if workers only get to keep what they need, there’s no incentive for the more able among them to put in the additional effort required to produce a surplus from which to fill the needs of the less able. The great challenge, of course, is to strike the proper balance: to take enough from the successful in the form of taxes to fund services, government programs, and wealth transfers without eroding their incentive to work or encouraging them to seek out low-tax jurisdictions.”

” … I did not read the rest of the thread, except the last two posts.”

Well, I surely would encourage you to read the entire thread. Howard Marks is one of @Mark’s and my favorite financial writers. Admittedly, he can be a tough read. But he provides a valuable, somewhat unique perspective on valuations and investor attitude. ISTM he goes “off the rails” a bit here. I’ve not known him to wade into politics before. But none of us is exempt from all the shouting / loud political posturing and promises being made in the run up to Nov. 5.
I also thought @Crash made some salient points and his comparison to Denmark adds to Howard Marks’ analysis of the U.S. at this juncture.
Don’t get caught up in the sparring with OJ. Been going on for about 15 years. Never ends. But truth be told - I like him. And he adds immensely to the board.

The Week in Charts (09/23/24)
The most important charts and themes in markets and investing, including:
00:00 Intro
00:25 Free Wealth Path Analysis
01:11 Topics
02:14 The Easing Cycle Has Begun
15:15 Everything Is Up
18:32 Is the Consumer Pulling Back?
24:50 Will Lower Mortgage Rates Unfreeze the Housing Market?
29:42 The Other Side of Mania
31:34 Democratizing Education
Video
Blog - 09/23 blog not currently available

I never cared about crowding in bonds and stock funds years ago for about 30 years now. It meant that I'm in the right fund/category and made good money.
We have been hearing about the big tech companies crowded trade for about 15 years.
Do I really want to be in the unloved/uncrowded ones that are lagging?
And that's why I jump on the new leaders, and many times they lead for months and years.
There is only one undeniable indicator: the price, and why I watch for uptrends. Never predict and never front run.
Remember: in early 2024 many predicted 6-7 rate cuts and SP500 to finish at about 4900. Both were wrong so far.

Down 10% today and now $12.15 in today's AH trading..... it's still $12 over-valued, imho.
For context, today's volume was ~19.2m shares, the average is ~9m.

From the track map published with that link: watch out, Apalachicola.

https://www.sec.gov/ix?doc=/Archives/edgar/data/225635/000119312524221496/d862021d497.htm
BLACKROCK MUNICIPAL BOND FUND, INC.
BlackRock High Yield Municipal Fund
(the “Fund”)
Supplement dated September 18, 2024 to the Summary Prospectuses, Prospectuses and Statement of Additional Information of the Fund, each dated October 24, 2023, as supplemented to date
At a meeting held on September 13, 2024, the Board of Directors of BlackRock Municipal Bond Fund, Inc. (the “Board”), on behalf of the Fund, approved the Reorganization (as defined below) of the Fund into an exchange-traded fund (“ETF”), which will be managed by BlackRock Fund Advisors, an investment adviser under common control with BlackRock Advisors, LLC, the Fund’s current investment adviser (“BlackRock”). The Board, including all of the Directors who are not “interested persons” (as defined in the Investment Company Act of 1940, as amended) of the Company, determined, with respect to the Reorganization, that participation in the Reorganization is in the best interests of the Fund and the interests of existing shareholders of the Fund will not be diluted as a result of the Reorganization.
The Fund will be reorganized into an ETF through the reorganization of the Fund into a newly-created ETF, iShares High Yield Muni Active ETF (the “Acquiring Fund”), which is a series of BlackRock ETF Trust II. The Fund and the Acquiring Fund have identical investment objectives and fundamental investment policies and substantially similar investment strategies. Following the reorganization, the Fund will be liquidated (such reorganization and liquidation, the “Reorganization”).
The Reorganization is anticipated to close as of the close of trading on the New York Stock Exchange on February 7, 2025. The Acquiring Fund has not commenced investment operations.
Importantly, in order to receive shares of the Acquiring Fund as part of the Reorganization, Fund shareholders must hold their shares of the Fund through a brokerage account that can accept shares of an ETF (the Acquiring Fund). If Fund shareholders do not hold their shares of the Fund through that type of brokerage account, they will not receive shares of the Acquiring Fund as part of the Reorganization. For Fund shareholders that do not currently hold their shares of the Fund through a brokerage account that can hold shares of the Acquiring Fund, please see the Q&A that follows for additional actions that such Fund shareholders must take to receive shares of the Acquiring Fund as part of the Reorganization. No further action is required for Fund shareholders that hold shares of the Fund through a brokerage account that can hold shares of the Acquiring Fund.
BlackRock believes that the Reorganization will provide multiple benefits for investors of the Fund, including lower net expenses, additional trading flexibility and increased portfolio holdings transparency.
The Reorganization will be conducted pursuant to an Agreement and Plan of Reorganization (the “Plan”). The Reorganization is structured to be a tax‑free reorganization under the U.S. Internal Revenue Code of 1986, as amended. As a result, Fund shareholders generally will not recognize a taxable gain (or loss) for U.S. tax purposes as a result of the Reorganization (except with respect to cash received, as explained elsewhere in this Supplement).
In connection with the Reorganization, shareholders of the Fund will receive ETF shares of the Acquiring Fund equal in value to the number of shares of the Fund they own, including a cash payment in lieu of fractional shares of the Acquiring Fund, which cash payment may be taxable.
Completion of the Reorganization is subject to a number of conditions under the Plan, but shareholders of the Fund are not required to approve the Reorganization. Existing Fund shareholders will receive a combined prospectus/information statement describing in detail both the Reorganization and the Acquiring Fund, and summarizing the Board’s considerations in approving the Reorganization...

Regarding CBYYX where a few are invested including me. I re entered this fund in July after Hurricane Beryl had no impact whatsoever. Hurricane Beryl was a cat 5 and broke all sorts of meteorological records. Yet none of the cat bonds got hit. Since Beryl the cat bonds have been the best performers in Bondville even outperforming the S@P. Oddly enough almost all the gains have come on Fridays. Unlike earlier in the season predictions, this has been a historically quiet hurricane and tropical storm season. Partly due to of all things Sahara dust in the atmosphere.
There is another possible cat 4 or 5 storm brewing in the Gulf now to be named Helene. It may prove to be much ado about nothing as it is still developing or it could be another Hurricane Ian. Hurricane Ian was almost two years ago to the date and one of the most destructive on record for the reinsurance market. The cat bonds trading back then plummeted 15% in a matter of a few days. So being better safe than sorry selling out of my cat bond position today. Will probably re enter next week. Going back some twenty years there have only been three hurricanes that have impacted the cat bond market. So the odds of this impeding weather pattern being meaningful is extremely low. But again, for me would prefer to err on the side of caution.
https://www.artemis.bm/news/helene-may-strike-gulf-coast-as-hurricane-this-week-wide-range-of-model-intensity-forecasts/

There has to be a happy medium. allocations in defined benefit plans are too risk averse for the young worker. (this is changing I read where allocations to stocks in many state plans is growing. what was once the norm (a 30/70 stock/bond allocation) is not in some places 50/50 (IL is considering 60/40).
But it solves the "me" problem lots of people face. I don't know how much to save, have the where with all to save it and don't have any idea how to pay myself.
the 401k introduces a ton of freedoms and is probably responsible for more millionaires than ever before which is great but I think the roll out of the 401k was awful and still to this day pretty rough for most providers.
I think automatic opt-in rule is fantastic and I think there needs to be more of that stuff.
the 401k programs have come a long way but its taken too long. There is a friend of my father who put money in his 401k for almost a decade during the 90's before he realized that none of it was invested in anything. just sitting in the account. there was no training not anything.
but even today at my old job they would have meetings every 6 months on how to participate once enrolled. it was the most convoluted hour on the planet. In my dept, people know that I pay attention to this stuff (the type of guy to have an account on a website like this) and I usually get "hey can you help me?" I'm also older and they are usually in their 20's and so I say "if you were my child, this is what I'd recommend" I give them "if you can" and call it a day. they are like this is much more helpful than anything in that meeting.

Good thread.
Juan de la HOZ has been discussing CLOZ and explaining it in simple language since 8/2023. See (https://seekingalpha.com/article/4627176-cloz-bbb-bb-clo-etf-strong-10-7-percent-sec-yield-low-interest-rate-risk).
He published another article in March 2024 (https://seekingalpha.com/article/4677263-cloz-high-yield-clo-debt-etf-strong-9-6-percent-outstanding-performance).
Another one is JBBB VS CLOZ (https://seekingalpha.com/article/4689549-jbbb-versus-cloz-which-high-yield-clo-etf-is-best-for-income-investors)
Sorry if you can't read it.

Hi @BaluBalu

"Some bond NAV's had positive moves after NOON, on Friday." Do you mean price? If not, which bond [fund?] NAVs do you follow?

Yes, the NAV's are the price; or what we would pay to buy a particular etf through the day. This isn't necessarily critical information; but allowed me to think that buying, at the week ending (Friday), was taking place after being down from the previous days. One may look at this link below, again on Monday and follow the pricing to discover whether there is any follow through in buying from the week end.
I can't provide anything useful about PFF; but apparently the current investments are in the proper places at this time. We do not hold this etf.
I follow about 20 funds via Google Finance. About 8 of them are investments we hold, but others are market sector etf's; be they bond or equity related. One may create their own 'follow' list at Google Finance, without the need to 'sign in'; unless there have been changes I'm not aware of. You may give it a try to discover if there is any value, if you really choose to follow items through the day. Otherwise, you can enter a ticker as needed for a 'look'.
This is what the etf PFF looks like for 1 day at Google Finance, which is this past Friday. You may also click 5 day to see all of last week and price moves. Return numbers do not include distributions; so not total return, to the best of my knowledge.
M* quote page for PFF. This is the Friday data on the graph. One can see the price rotation to positive after NOON. The etf IEF and other bond etf's show a similar pattern. You may save this page link and type in any ticker in the search at the top for a quote; and/or click on the 'performance' icon for that info.
Lastly, this is all for now. Our COVID funk is still hanging around with fatigue; and for me, I've lost my sense of taste...........bummer, for sure.

"Some bond NAV's had positive moves after NOON, on Friday." Do you mean price? If not, which bond [fund?] NAVs do you follow?
I think a deeper dive into PFF would be good for us to understand its TR behavior YTD and its prospects going forward (on any time scale you prefer). As I look at TLT or IEF, PFF did very well. Was the difference driven by getting to par ($25, $1000, whatever it holds) because equities (credit?) have done well or something else? So, is a higher duration BBB- / BB+ fund a good approximation for PFF, except prefered's tilt to financial sector?
I plan to look into later -
https://www.ishares.com/us/products/239826/PFF?cid=ppc:ishares_us:google:fund-names&gad_source=1&gclsrc=ds

NOTE:

My intention, at this time; is to present the data for the select bond sectors, as listed; through the end of the year (2024). This 'end date' will take us through the U.S. elections period, pending actions/legislation dependent upon the election results, pending Federal Reserve actions and market movers trying to 'guess' future directions of the U.S. economy. As important during this period, are any number of global circumstances that may take a path that is not expected; and/or 'new' circumstances. In the 'cooking pot' we currently have the big ingredients of the middle east and also, how much damage Ukraine may inflict upon Russia and the response.

W/E September 20, 2024..... FED actions = mixed returns for bonds
--- With FED Reserve actions this week found the w/e with mixed results for bond sectors. High yield is still happy, quality corp. bonds did well, as did short duration TIPs related, short duration Treasury was mixed and long duration was NOT very happy. Some bond NAV's had positive moves after NOON, on Friday.
A few numbers for your viewing pleasure.
FIRST:
*** UST yields chart, 6 month - 30 year. This chart is active and will display a 6 month time frame going forward to a future date. Place/hover the mouse pointer anywhere on a line to display the date and yield for that date. The percent to the right side is the percentage change in the yield from the chart beginning date for a particular item. You may also 'right click' on the 126 days at the chart bottom to change a 'time frame' from a drop down menu. Hopefully, the line graph also lets you view the 'yield curve' in a different fashion, for the longer duration issues, at this time. Save the page to your own device for future reference. NOTE: take a peek at the right side of this graph to find the yield swings of the past week, and for the current yields for the last business day.
For the WEEK/YTD, NAV price changes, September 16 - September 20, 2024
***** This week (Friday), FZDXX, MMKT yield continues to move with Fed funds/repo/SOFR rates; and ended the week at 5.04% yield. MMKT's yields found LARGE yield drops after Wednesday (FED Reserve) . Fidelity's MMKT's continue to maintain decent yields, as is presumed with other vendors similar MMKT's. As a percentage of YIELD, yields were down from 1.42% through 2.14% for 3 Fido MM's. Theoretically, a new yield bottom is in place, until the next FED action. SO, one is still obtaining a decent MM yield. SOFR rates had a yield drop of -9.57%. WHAT is SOFR?

--- AGG = -.26% / +4.77% (I-Shares Core bond), a benchmark, (AAA-BBB holdings)
--- MINT = +.17% / +4.40% (PIMCO Enhanced short maturity, AAA-BBB rated)
--- SHY = +.07% / +4.07% (UST 1-3 yr bills)
--- IEI = +1.06% / +4.29% (UST 3-7 yr notes/bonds)
--- IEF = -.47% / +4.48% (UST 7-10 yr bonds)
--- TIP = +.10% / +4.92% (UST Tips, 3-10 yrs duration, some 20+ yr duration)
--- VTIP = +.28% / +4.87% (Vanguard Short-Term Infl-Prot Secs ETF)
--- STPZ = +.24% / +4.92% (UST, short duration TIPs bonds, PIMCO)
--- LTPZ = -.41% / +4.93% (UST, long duration TIPs bonds, PIMCO)
--- TLT = -1.54% / +2.65% (I Shares 20+ Yr UST Bond
--- EDV = -2.08% / +1.62% (UST Vanguard extended duration bonds)
--- ZROZ = -2.47% / -.31% (UST., AAA, long duration zero coupon bonds, PIMCO
--- TBT = +3.06% / +.52% (ProShares UltraShort 20+ Year Treasury (about 23 holdings)
--- TMF = -4.64% / -6.07% (Direxion Daily 20+ Yr Trsy Bull 3X ETF (about a 2x version of EDV etf)
*** Additional important bond sectors, for reference:
--- BAGIX = -.20% / +5.21% Baird Aggregate Bond Fund (active managed, plain vanilla, high quality bond fund)
--- LQD = +.21% / +5.58% (I Shares IG, corp. bonds)
--- BKLN = +.19% / +5.53% (Invesco Senior Loan, Corp. rated BB & lower)
--- HYG = +.79% / +8.04% (High Yield bonds, proxy ETF)
--- HYD = +.07%/+5.31% (VanEck HY Muni)
--- MUB = -.07% /+1.95% (I Shares, National Muni Bond)
--- EMB = +.65%/+8.63% (I Shares, USD, Emerging Markets Bond)
--- CWB = +1.20% / +5.64% (SPDR Bloomberg Convertible Securities)
--- PFF = +1.49% / +11.86% (I Shares, Preferred & Income Securities)
--- FZDXX = 5.04% yield (7 day), Fidelity Premium MMKT fund
*** FZDXX yield was .11%, April,2022. (For reference to current date)
Comments and corrections, please.
Remain curious,
Catch

https://variety.com/2024/tv/news/wall-street-week-weekly-tv-newsmagazine-bloomberg-overhaul-1236151353/
Feature driven starting this week, rather than info. driven. And I could only find an audio version. Harumph.
...Ah, OK. Here's a video version.

Always enjoy reading Jack Hough’s regular Barron’s column.
”Brace for stimulation. The Federal Reserve just slashed interest rates for the first time in four years to goose the economy. Already, young families shopping among seven-figure teardowns near city centers can finance them at 6.1%, down from 6.5% a month ago. Housing crisis solved.
“Next is supposed to be a rip-roaring stock market rally, as falling rates spur company profits and reduce the relative allure of bonds. I'm thinking about celebrating with something only rich people can afford, like dinner and a movie.”
Article - ”The Stock Market Is Priced for Middling Returns From Here On”
Barron’s September 23, 2024
Author: Jack Hough
-
A more sober note from Dennis Jean-Jacques, founder and chief investment officer of Ocean Park Investments:
”We are in a more fragile state than when interest rates were near zero and the world was largely at peace. Today, while the market is at its highs, there is significantly more uncertainty—given war in the Middle East, China’s property troubles, and the coming U.S. election. Household allocations to equities are at record levels, which makes us uneasy. Credit spreads are historically low, reflecting a perception of reduced risk.”
Article - ”This Money Manager Likes Durable Businesses. 4 Industrial Stocks He’s Got His Eye On.”
Barron’s September 23, 2024
Author: Reshma Kapadia

+1.
I recall applying for SS and being told I'd be receiving reduced benefits. Because I had "non-covered" jobs for a lotta years. But I'd ALWAYS paid in. I had to go to the local office in person. Then they fixed their mistake. Stupid system, when they can say that to a guy like me.

I do not get why the SS office employees are trying to not give people their legitimate earned benefits. Who are they serving with their behavior? I do not understand their motives.

Ya, I was pissed. What they could not see (or misidentified?) was all of my payments into "self-employment tax" due to the fact that I worked for a church as a clergyman for many years. I could have chosen to opt out of SS, but that would have been extremely stupid. And the opt-out choice = declaring that I have a religious or ethical problem with SS. That's just not true for me. So, I did NOT opt-out. Glad I didn't. The Superv. at the local SS office looked at my previous 2 tax returns, and then my listed benefit jumped up by $500/month. But they treated me with contempt along the way. I was dealt with as if I were a liar. Liars exist on the bottom of the ocean, with the whale shit. He said he was sorry for that, "but we have to deal with lots of people trying to cheat."
For SS purposes, clergy are self-employed. For federal tax purposes, clergy are employees. Ridiculous, silly, crazy, stupid and nuts.

Many people long for the era when defined benefit plans were more prevalent.
However, some estimates indicate that only ~50% of employees were eligible for pensions then.
Pensions are costly for businesses to fund and administer.
Moreover, a company could renege on its pension plan if it experiences significant financial distress.
If the pension plan was insured by the Pension Benefit Guaranty Corporation (PBGC),
participants would receive benefit payments subject to limits set by law.
But these benefit payments could be significantly less than those initially "promised" by the company.