If Schwab.com is down I haven’t found another way to Schwab Bank.
In a post (way) above, I suggested that Schwab Bank may be just another internet bank. This tends to support that view. I suppose you could call Schwab and see if they can help access your money. That would be like calling into any other internet bank where you had your account.
Schwab: ... real bank
Is Merrill is a real bank because it shares a parent company with BofA? "Schwab Bank ... and Charles Schwab & Co., Inc. [Schwab Brokerage] are separate but affiliated companies and subsidiaries of The Charles Schwab Corporation."
https://www.aboutschwab.com/history
Schwab Bank is real but it's not part of Schwab brokerage services. To use Schwab Bank services you have to have an account there distinct from your brokerage account. No different from using other internet banks. One thing that Schwab does to mitigate this dual account arrangement is to let you use your brokerage account for optional overdraft protection on the bank account.
Alternatively, there are some banking services that Schwab offers directly with a brokerage account. No separate bank account needed. You can write checks and make ATM withdrawals from your brokerage account just as you can with Merrill and Fidelity. According to this Schwab brokerage account agreement (2023), those services are provided through BNY Mellon (see p. 2).
My Schwab brokerage account shows that Schwab uses Citibank, NA for incoming wires and JP Morgan Chase for direct deposits and ACH transfers.
https://client.schwab.com/app/routing-numbers/#/routingnumbers (login required)
Fidelity ... free ATM fee rebate requires CMA account
Or premium level services ($500K+ in household accounts), or paid management services. Though now that you can use SPAXX as a CMA sweep account, is there anything you can do with a Fidelity brokerage account that you can't do with a CMA account?
Fidelity ... a facade to PNC
Fidelity cash management services (for both its brokerage and CMA accounts) are provided by UMB bank. PNC bank only issues Fidelity's ATM/debit card. That card is actually serviced by BNY Mellon. And its Visa credit card is from Elan.
Schwab's Amex credit cards are issued by American Express National Bank.
Do not you need a Fido CMA account to use zelle?
You need a debit card. That's available with most Fidelity brokerage accounts. There is no fee charged by Fidelity to use this card with any Fidelity account at any level of assets.

I've been a happy owner of JHQAX for many years now and think of it's expected return and volatility the same as you stated, like a moderate balanced fund. But I also bought into the T.Rowe Price hedged fund, PHEFX, when it came out and have steadily increased the holding. PHEFX has actually returned more than JHQAX with what seems to be slightly more volatility. 1 year return for JHQAX=15.2%, PHEFX=22.7%. In comparison to a well known balanced fund, PRWCX=16.9% while the S&P 500 has returned ~22% in the past 1 year. FWIW.

JPMorgan Hedged Equity (JHQAX) has been on my watchlist for a while.
This fund would assume a role similar to that of a moderate allocation fund in my portfolio.
I've compared JHQAX to three well-regarded moderate allocation funds.
It had the lowest max drawdown/volatility and the highest Sharpe/Sortino ratios.
The fund's CAGR lagged by 20 bps - 55 bps.
Portfolio Backtester
During its lifetime, JHQAX has performed well on a risk-adjusted basis.
Are there any potential material risks associated with this fund's options strategy which
have not been realized but may become evident during certain market events in the future?
What am I missing?
I've read Devesh's recent "Opting out of Options ETFs" article where he states:
"These products are complex, incur significant bid-offer costs for the ETF providers, and they are all passed on to the end buyer in one form or another. If you must own stocks and are afraid of a stock market crash, reduce your stock allocation."
https://www.mutualfundobserver.com/2024/08/summer-thoughts/
Perhaps @Devo could provide his professional assessment of JHQAX
including corresponding risks for its options strategy?
Edit/Add: After posting, I read again the following article written by Devesh.
https://www.mutualfundobserver.com/2024/04/options-based-funds-a-deeper-diver/

M* classifies LCORX as a tactical allocation fund.
For the most part, a moderate allocation fund would serve the same purpose in my portfolio.
With this in mind, I compared LCORX to three well-regarded moderate allocation funds.
Since 05/01/2009 (constrained by RLBGX inception date), LCORX experienced
the lowest maximum drawdown although its CAGR lagged significantly.
All three moderate allocation funds had higher Sharpe/Sortino ratios.
Portfolio Backtester

Good point, @sven, regarding Capital Appreciation. It appears that Segalas got some help from other Jennison Associates colleagues in the last few years of his service. These days, three of them are running the OEF while those three, plus a fourth, run the PGIM Jennison Focused Growth ETF (PJFG) and the Harbor Long-Term Growers (WINN). WINN has $500M under management, so no trading problems. Both are very aggressive sporting large positions in the Mag 7.

@fred495 , it's unclear if the free access to old M* Legacy Portfolio will continue.
Right now, there are distinct links for M* Legacy Portfolio and the new M* Investor.
1) M* Legacy Portfolio https://www.morningstar.com/portfolio-manager
2) M* Investor https://investor.morningstar.com/
So, #2 will go away or will just redirect to the Morningstar.com.
But what happens to #1? The M* announcement is unclear. If it goes away, or redirects to Morningstar.com, then the free access is gone. This is because to access Legacy Portfolio from within Investor/Portfolio will require subscription. So, will M* keep self-standing access to Legacy Portfolio when doing this huge integration?
BTW, former Premium users were moved to M* Investor last year for the remainder of their Premium subscription, and they had to renew to maintain access.
Users will find out on Tuesday evening that is just 2 days away. Unfortunately, I won't be able to test this as I have subscription to M* Investor and I cannot test M* in free/basic-login mode. But please report this here.

Posted for anyone in need of portfolio construction ideas. As the saying goes, “There’s more than one way to skin a cat.”
https://www.whitecoatinvestor.com/150-portfolios-better-than-yours/

I am still curious
what was the psychology of retail investors then towards 10, 20, and 30 yr Treasuries when those yielded nearly 15%? With no risk of being called, were retail investors hoovering these instruments? If not, why not?
Were people really thinking of 12-15% inflation into perpetuity?
I get that markets move much faster now.

In April, (Invenomic Institutional Fund) BIVIX started including monthly data packs for its fund.
Invenomic July Data Pack
Prior to that, they had monthly fact sheet & commentary (though this year has been mostly repeating "growth & momentum continue" & "value lags". The data packs, however, are insightful as they show the contributions of their long & short portfolio by year as well as by sector to their overall results. As good as BIVIX's record has been (not including this year), I was surprised in how significant the difference between their long & short portfolios contributed to their overall results. A comparison between some all long small cap value funds suggests to me that maybe an all long small cap value Invenomic fund might be worth creating. Especially since the long side contributed in a positive way but the short side in a negative way.
And do any other Long Short funds fare any better on the short side?

Yes. 20% in a money market fund - Delaware Cash Reserves. The company is no longer existent.
Wasn’t all happy. Especially shopping for groceries in the big stores in the northern (Detroit) suburbs. There were always several employees moving up / down the aisles marking items up by hand. No bar codes in those days. Things went up fast. The loaf of bread you paid 50 cents for became 60 cents a few weeks later and 75 cents by year’s end. On and on it went. Not only bread. Meats, staples, everything rising. Year after year. So, after paying federal income tax on your 20% “windfall” you were lucky to end up ahead. Fortunately unions were strong and protected workers with COLA wage raises. To some extent, non union workers benefited indirectly.
This source shows annual inflation peaking around 18% in 1980 and remaining in double-digits for several years.
I didn’t sense as much angst among the public back then over rising prices as today. But maybe I wasn’t looking or listening. I think it came on gradually over many years and people got used to it. They say if you put a frog in a pot of cold water and heat it up to a boil slowly the frog will die of the heat rather than jump out.

Simpler back then to grab a CD at 15%... i knew a guy who did just that.

Yes, I was just beginning to work full-time and saving. I remember going around to several institutions buying CD's. From what I remember they were paying maybe 10-12% and had short maturities, maybe no more than a year?
After that, Templeton Growth was my first mutual fund investment through my account executive at a local Prudential-Bache office.
No internet/online brokerages yet and no-load mutual funds were just beginning to gain traction.

@AndyJ- Yes sir, you are correct on that. Still, 50 years of damage ain't great.

A blast from the past.

Photo caption: ”President Ronald Reagan ordered Federal Reserve Chair Paul Volcker not to raise interest rates. It didn’t work.” (Barron’s, August 19)

...high % of uninsured deposits are a concern for the regulators. Bank run may hit any bank, large or small. But small & medium size banks are most vulnerable. Last year, the FDIC rescued all deposits when it didn't have to, but don't expect that every time.
Use different titles for CDs (e.g. up to 5 POD accounts are possible, each insured to $250K) or spread the CDs among the banks.
https://dailyhodl.com/2024/08/17/bny-state-street-and-jpmorgan-chase-and-91-us-lenders-at-serious-risk-of-bank-runs-report/

M* Risk Score & SD indicate what is.
M* Risk Score LCORX 32, VFIAX 73, so for LCORX 43.84%
SD LCORX 9.92, VFIAX 17.84, so for LCORX 55.61%
Moderate-allocation range is 50-70%, so it's effectively near the lower end of moderate allocation or upper end of conservative-allocation.
Conservative-allocation is now split, 15-30%, 30-50%.

Perfect @msf
It was getting late when I last posted and I overlooked the 60% cash figure @BaluBalu cited. As you stated, he was looking at the economic rather than classic view at Morningstar as I once did, For some reason the ”economic” view appears to be the default view whenever I click on LCORX’s holdings at M*. So I nearly always need to reset it.
As much of @BaluBalu’s questioning (Devil’s Advocacy? ) has centered on how to incorporate a fund like LCORX into one’s overall portfolio construction, I’d suggest he start a separate thread on portfolio construction to garner as many different approaches as possible with an eye to see how LCORX might contribute.. He might also want to look at a thread I put up a couple weeks ago: How many funds is the right number? In spite of the silly misleading title, the thread does tread with caution into the realm of portfolio construction.
PS - In the above linked thread, I made reference to LCORX as a “balanced fund.” Technically that’s incorrect. However, for me it fills a spot once occupied by a balanced fund. I don’t find the risk / reward trade-offs substantially different. “Tactical Allocation” is a more accurate moniker.

B-G's funds have been out of style for the past few years. It's not just with HAIGX and B-G's sleeve of VWIGX. M*'s automated analysis notes: "The parent firm's five-year risk-adjusted success ratio [is] 21%". See, M*'s quant analyses are not entirely useless. :-)
HAIGX is a clone of B-G's BGCSX. 44 holdings overlap, all of which are in each fund's top 50 (M* portfolio tool). Same set of managers. And no management investment at BGCSX either.

Curious why you are using March 31 portfolio info. M* shows June 30 info - 60% fixed income. Very different and dynamic as you mentioned. Seems like a tactical long-short allocation fund.
As @hank did in another thread, you are looking at M*'s economic exposure view rather than its classic view. The classic view is designed to tell you what a fund is doing while the other views are designed to tell you more about how a fund is doing that.
LCORX is not so dynamic, at least based on 2nd quarter changes. Its 68% turnover is annual, not quarterly.
M*'s classic June 30th view shows 15.75% fixed income exposure. Very different from the 60% you are quoting. And that 15.75% is within rounding error of the 15% (14% IG + 1% HY) Leuthold itself shows in its 2nd quarter (June 30th) report.
If you're interested in how the classic view is calculated, here's a M* methodology paper:
Shorts and Derivatives in Portfolio Statistics, December 31, 2009.
If you're interested in what the newer portfolio views (economic exposure, market value) are supposed to show, here's a M* video. You must watch the tail end of the video for the charts. They are not shown in the text and without them the example is useless.
https://www.morningstar.co.uk/uk/news/204541/does-my-fund-invest-in-derivatives.aspx

Simpler back then to grab a CD at 15%... i knew a guy who did just that.

"The manager turnover is the main reason M* recently downgraded its rating of LCORX to silver from gold. Interestingly, LCOR retains their gold rating."
Three of the 4 managers are unchanged at least since 2015. There was one manager change in 2021. IMO, not enough justification to drop fund rating because of manager change.
I know enough Gold rated funds I would not own and I am happy to own many Silver rated funds. I do not get hung up on M*'s Gold vs Silver.
In any case, I see the fund analysis at M* for LCORX done by solely machines. M*'s machine driven analysis and ratings have been more harmful than useful - the Chicago firm has taken to heart the Silicon Valley mantra of "fake it until you make it."
Their drop from Gold to Silver is as credible as you like. I would completely ignore their medal rating for LCORX.
It seems, since the recent market peak on July 16, the active / dynamic / tactical hedgers PHEFX and LCORX did not fare as well as the passive hedger HELO but PRWCX performed the best among these. I can accept the differences as not material / significant. However, I see that LCORX did so much better than PRWCX during the Covid crash or during the 2022-23 interest rate environment - so, I see the attraction to LCORX.
I guess I will take my chances with the passive hedger HELO which I already own and hope that if we have an armageddon situation, the Fed and Congress will bail the markets out. As I often say, it is not a question of whether an alt fund is good or bad, it really is what role one expects the fund to perform in one's portfolio. Since i already have two hedgers and if I count in MRFOX and QLEIX, that is four hedgers, I should not add one more to my portfolio, rather increase the existing ones or cut bait.
Most of my posts are not to educate or debate others but to help me think out loud and perhaps, revisit the posts when my memory fades. I bookmarked this thread and hopefully, I will remember.