Sold CMCSA for a 10% ST gain

Right on time. DJT says EU not cooperating so 50% tariff on them. And, because APPL wont build iphones in US they get 25%.
Markets down 1 to 3%.

I love tariff even MAGA leader (DT) doesn't know what it is - he said first exporting countries will pay just like cost of MAGA wall south of the border to be paid by Mexico. His MAGA followers don't either. But when Walmart came out (it's import tax, we need to pass some of it to consumers), DT wailed - WM needs to eat the cost means we share holders. But for me, Tariff costs is much less (I bought a car, all major appliances etc. in the last 6-12 months so I am set) than the tax breaks I will get from Beautiful bill (sorry Medicaid recipients). I went to Costco yesterday to buy a window AC, it was made in China, cost was same as before 30% tariff, I was in hog heaven. On China, DT blinked - tariff 145% to 30%. So we pay 30% on imports from China and China consumers only pay 10% on American imports - China got a better deal.

Thanks for the link. Pieces on the Kitces site are always worth a read. I'm planning to read it in full over the next couple of days.
Meanwhile, I see that the exec summary is already out of date:

It also creates a new type of savings account for children – Money Account for Growth and Advancement, or "MAGA" accounts – which the Federal government would automatically open and fund with $1,000 for every US citizen born from 2025 through 2028!

From CNBC:

Under the proposal, “Trump Accounts” — previously known as “Money Accounts for Growth and Advancement” or “MAGA Accounts” — can later be used for education expenses or credentials, the down payment on a first home or as capital to start a small business.

https://www.cnbc.com/2025/05/22/tax-bill-maga-baby-bonus-now-called-trump-accounts-who-is-eligible.html
Here are some other last minute changes that were dropped into the bill:
https://www.politico.com/live-updates/2025/05/21/congress/trump-megabill-last-minute-changes-00364603

Kitces article on the proposed Federal Tax changes:
Here's one:

proposed-tax-bill-2025-tax-cuts-and-jobs-act-tcja-sunset-salt-deduction-cap-child-tax-credit-qbi-deduction-maga

+1. Ill be watching my new position. FBP. I want that pig to CLIMB. The past two days have been shit.

direr than the usual:
https://heathercoxrichardson.substack.com/p/may-22-2025?utm_source=post-email-title&publication_id=20533&post_id=164216050&utm_campaign=email-post-title&isFreemail=true&r=tcpky&triedRedirect=true&utm_medium=email

https://www.sec.gov/Archives/edgar/data/1655589/000174177325002037/c497.htm
497 1 c497.htm ETF5 P1 0525
ETF5-P1 05/25
FRANKLIN TEMPLETON ETF TRUST
SUPPLEMENT DATED MAY 22, 2025
TO THE SUMMARY PROSPECTUS, PROSPECTUS AND
STATEMENT OF ADDITIONAL INFORMATION (“SAI”)
DATED AUGUST 1, 2024, OF
FRANKLIN FTSE HONG KONG ETF
On May 21, 2025, the Board of Trustees of Franklin Templeton ETF Trust, on behalf of the Franklin FTSE Hong Kong ETF (the “Fund”), approved a proposal to liquidate and dissolve the Fund. The liquidation is anticipated to occur on or about July 8, 2025.
After the close of business on June 10, 2025, the Fund will no longer accept creation orders. Trading in the Fund on NYSE Arca, Inc. (NYSE Arca) will be halted prior to market open on July 2, 2025. Proceeds of the liquidation are currently scheduled to be sent to shareholders on or about July 8, 2025.
When the Fund is in the process of liquidating its portfolio, which is anticipated to commence prior to July 2, 2025, the Fund will hold cash and securities that may not be consistent with the Fund’s investment goal and strategies.
Shareholders may sell their shares of the Fund on NYSE Arca until the market close on July 1, 2025 and may incur the usual and customary brokerage commissions associated with the sale of Fund shares. The Fund’s shares will no longer trade on NYSE Arca after market close on July 1, 2025, and the shares will be subsequently delisted. At the time the liquidation of the Fund is complete, shares of the Fund will be individually redeemed. Shareholders who do not sell their shares of the Fund before market close on July 1, 2025 will receive cash equal to the amount of the net asset value of their shares, which will include any capital gains and dividends, on or about July 8, 2025.
For those shareholders with taxable accounts and for Federal, state and local income tax purposes: (a) any liquidation proceeds paid to such shareholder should generally be treated as received by such shareholder in exchange for the shareholder’s shares and the shareholder will therefore generally recognize a taxable gain or loss; and (b) in connection with the liquidation, the Fund may declare taxable distributions of its income and/or capital gain. Shareholders should consult their tax advisers regarding the effect of the Fund’s liquidation in light of their individual circumstances.
Please retain this supplement for future reference.

https://www.sec.gov/Archives/edgar/data/1645194/000119312525125030/d820618d497.htm
497 1 d820618d497.htm 497
VGOF-P5 05/25
LEGG MASON ETF INVESTMENT TRUST
SUPPLEMENT DATED MAY 22, 2025
TO THE SUMMARY PROSPECTUS, PROSPECTUS AND
STATEMENT OF ADDITIONAL INFORMATION
EACH DATED AUGUST 1, 2024 OF
WESTERN ASSET SHORT DURATION INCOME ETF AND
WESTERN ASSET TOTAL RETURN ETF
On May 21, 2025, the Board of Trustees of Legg Mason ETF Investment Trust, on behalf of the Western Asset Short Duration Income ETF and Western Asset Total Return ETF (each a “Fund” and together, the Funds”), approved a proposal to liquidate and dissolve the Funds. The liquidation is anticipated to occur on or about August 29, 2025.
After the close of business on August 1, 2025, the Funds will no longer accept creation orders. Trading in the Funds on NASDAQ will be halted prior to market open on August 23, 2025. Proceeds of the liquidation are currently scheduled to be sent to shareholders on or about August 29, 2025.
When the Funds are in the process of liquidating their portfolios, which is anticipated to commence prior to August 23, 2025, the Funds will hold cash and securities that may not be consistent with the Funds’ investment objectives and strategies.
Shareholders may sell their shares of a Fund on NASDAQ until the market close on August 22, 2025 and may incur the usual and customary brokerage commissions associated with the sale of Fund shares. The Funds’ shares will no longer trade on NASDAQ after market close on August 22, 2025, and the shares will be subsequently delisted. At the time the liquidation of the Funds is complete, shares of the Funds will be individually redeemed. Shareholders who do not sell their shares of a Fund before market close on August 22, 2025 will receive cash equal to the amount of the net asset value of their shares, which will include any capital gains and dividends, on or about August 29, 2025.
For those shareholders with taxable accounts and for Federal, state and local income tax purposes: (a) any liquidation proceeds paid to such shareholder should generally be treated as received by such shareholder in exchange for the shareholder’s shares and the shareholder will therefore generally recognize a taxable gain or loss; and (b) in connection with the liquidation, a Fund may declare taxable distributions of its income and/or capital gain. Shareholders should consult their tax advisers regarding the effect of a Fund’s liquidation in light of their individual circumstances.
Please retain this supplement for future reference.
2

A lot depends on how the Senate Parliamentarian comes down on compliance with the reconciliation rules. The S.P. has been in the job since 2012, appointed by Harry Reid. The MAGAs could try to fire her and put in an Aileen Cannon clone.

Evidently in this proposed "budget" is also a section which is designed to limit the power of federal judges to hold people in contempt, potentially shielding President Trump and members of his administration from the consequences of violating court orders.

The sprawling domestic policy bill Republicans pushed through the House on Thursday would limit the power of federal judges to hold people in contempt, potentially shielding President Trump and members of his administration from the consequences of violating court orders.
Republicans tucked the provision into the tax and spending cut bill at a time when they have moved aggressively to curb the power of federal courts to issue injunctions blocking Mr. Trump’s executive actions. It comes as federal judges have opened inquiries about whether to hold the Trump administration in contempt for violating their orders in cases related to its aggressive deportation efforts.
It is not clear whether the provision can survive under special procedures Republicans are using to push the legislation through Congress on a simple majority vote. Such bills must comply with strict rules that require that all of their components have a direct effect on federal revenues.
But by including it, Republicans were seeking to use their major policy bill to weaken federal judges. Under the rules that govern civil lawsuits in the federal courts, federal judges are supposed to order a bond from a person seeking a temporary restraining order or a preliminary injunction.

Free (hopefully) link to NY Times report.

https://www.nbcnews.com/politics/congress/trump-bill-house-republicans-pass-what-know-rcna208488
A debt limit hike
"The bill is projected by the CBO to add $2.3 trillion to the federal deficit over 10 years, with the tax breaks and new expenditures far outweighing the savings.
It also raises the debt ceiling by $4 trillion ahead of a summer deadline announced by the Treasury Department for Congress to act or risk a catastrophic default. "
Oh, and he wants his name on the tax accounts for Children for which folks receive a lousy $1K (bold added):
Trump accounts
"The measure creates new tax-preferred savings accounts for children that the federal government seeds with a $1,000 deposit. Parents could then contribute an additional $5,000 annually until the child is 18. The money can be used for educational purposes, for a down payment for a home or to start a small business.
The original version of House Republicans' legislation called them "MAGA" accounts, but after an eleventh-hour amendment, they were renamed 'Trump" accounts."

Link to WaPo article referenced in OP for non-subscribers.
https://www.msn.com/en-us/politics/government/trump-s-tax-bill-plan-adds-to-federal-debt-prompting-investor-backlash/ar-AA1FielS

Politics aside, this bill is fiscally irresponsible.
Our national debt was 124% of GDP as of 2024.
The government now spends more on interest than it does on national defense or Medicare.
The nonpartisan Congressional Budget Office (CBO) projects the bill will add aproximately $3.8 trillion
$2.3 trillion to the federal government's $36.2 trillion in debt over the next decade.
The Committee for a Responsible Federal Budget (CRFB) estimates additional debt would be $3.1 trillion
after accounting for recent adjustments made by House leadership.
Borrowing costs for mortgages, credit cards, and small business loans will increase.
U.S. equities may also lose some of their appeal when bond yields are elevated.
Edit: Revised CBO debt estimate based on current information. Added CRFB estimate.
https://www.crfb.org/blogs/cbos-first-score-house-reconciliation-bill

Bought the 10-yr 2035 TIPS reopening for both of our IRAs.

Thanks @Old_Joe
Watching the Senate now, eh?
I'll add this for now for whomever one may consider the words apply to; today, in 6 months or 2 years or ???
CRAZY

Investor unease over President Donald Trump’s economic program drove the government’s borrowing costs to their highest level in nearly two decades, following House approval of tax legislation that is expected to add trillions of dollars to the ballooning U.S. national debt.
The yield or interest rate on the 30-year Treasury bond briefly topped 5.1 percent Thursday morning, reflecting investors’ demands for greater compensation in return for lending money to the U.S. government.
If yields remain elevated, they will eventually mean higher borrowing costs on mortgages, credit cards and auto loans. Already, the average rate on 30-year mortgages has risen to 6.81 percent from 6.62 percent in mid-April, according to Freddie Mac.
Higher bond yields also are likely to act as a headwind on stocks. The S&P 500 index dropped more than 1.5 percent in early trading after the House passed the president’s tax plan by a vote of 215 to 214 with all but two Republicans in the majority and every Democrat voting no.

The above is from a current report in The Washington Post.

https://www.sec.gov/Archives/edgar/data/874964/000093041325001861/c112749_497.htm
497 1 c112749_497.htm
THE LAZARD FUNDS, INC.
Lazard US Systematic Small Cap Equity Portfolio
Supplement to Current Summary Prospectus and Prospectus
For all existing and prospective shareholders of Lazard US Systematic Small Cap Equity Portfolio:
· Lazard US Systematic Small Cap Equity Portfolio (the “Acquired Portfolio”) will be converted from a mutual fund into an exchange-traded fund (“ETF”), which is expected to occur on or about September 12, 2025.
· If you are an existing shareholder of the Acquired Portfolio, and your account can hold an ETF, your portfolio shares will be converted, and no action is needed by you.
· If you hold shares of the Acquired Portfolio in an account that cannot hold an ETF (i.e., your account is not permitted to purchase securities traded in the stock market), there are certain actions you can take. See the “Questions and Answers” section below for further information.
At a meeting held on May 20, 2025, the Board of Directors of The Lazard Funds, Inc. (“LFI”) approved on behalf of the Acquired Portfolio and the Board of Trustees of Lazard Active ETF Trust (“LAE”) approved on behalf of Lazard US Systematic Small Cap Equity ETF (the “Acquiring Portfolio” and together with the Acquired Portfolio, the “Portfolios”) (the Board of Directors of LFI and the Board of Trustees of LAE are referred to herein collectively as the “Board”) an Agreement and Plan of Reorganization (the “Plan”) pursuant to which the Acquired Portfolio, a series of LFI with approximately $46.9 million in assets as of March 31, 2025, will transfer its assets and liabilities to the Acquiring Portfolio, a series of LAE, in exchange for shares of the Acquiring Portfolio in a tax-free reorganization (the “Reorganization”). The Acquiring Portfolio is, and will be immediately prior to the date of the closing, a shell series, without assets or liabilities, created for the purpose of acquiring the assets and liabilities of the Acquired Portfolio. The Board, including all of the Directors who are not “interested persons” of LFI (as defined in the Investment Company Act of 1940, as amended (the “1940 Act”)), determined that participation in the Reorganization is in the best interests of the Acquired Portfolio and that the interests of existing shareholders of the Acquired Portfolio will not be diluted as a result of the Reorganization. The Reorganization is expected to become effective on or about September 12, 2025.
The Acquiring Portfolio will have identical investment objective, fundamental investment policies and investment strategies as the Acquired Portfolio. Lazard Asset Management LLC (“LAM”), the Acquired Portfolio’s current investment manager, will serve as the investment manager of the Acquiring Portfolio. The Acquiring Portfolio’s portfolio management team is expected to be composed of Oren Shiran and Stefan T. Tang, the Acquired Portfolio’s current portfolio managers.
The Board believes the Reorganization will permit shareholders of the Acquired Portfolio to pursue the same investment objective in an ETF structure, which provides multiple benefits for shareholders, including lower costs, the potential for increased tax efficiency, intraday trading and full daily holdings transparency.
The Reorganization is structured to be a tax-free reorganization under the United States Internal Revenue Code of 1986, as amended. As a result, the Acquired Portfolio shareholders generally will not recognize a taxable gain (or loss) for U.S. tax purposes as a result of the Reorganization (although cash received as part of a Reorganization may be taxable, as noted below).
In connection with the Reorganization, shareholders of the Acquired Portfolio will generally receive ETF shares of the Acquiring Portfolio equal in aggregate net asset value to the number of shares of the Acquired Portfolio they own and may receive a cash payment in lieu of fractional shares of the
Acquiring Portfolio. Shareholders who do not want or cannot hold Acquiring Portfolio shares may redeem out of the Acquired Portfolio or exchange their Acquired Portfolio shares for shares of another fund. A redemption or exchange of shares would generally be a taxable event for shareholders holding shares in taxable accounts.
For the avoidance of doubt, the Acquiring Portfolio shall not issue fractional shares, and cash shall be distributed to Acquired Portfolio Shareholders in connection with this Reorganization in lieu of fractional Acquiring Portfolio Shares
Completion of the Reorganization is subject to making various filings with the U.S. Securities and Exchange Commissions (the “SEC”) and a number of conditions under the Plan. The Reorganization does not require shareholder approval. Acquired Portfolio shareholders will receive an information statement/prospectus describing in detail both the Reorganization and the Acquiring Portfolio, and a summary of the Board’s considerations in approving the Reorganization.
In anticipation of the Reorganization:
· on or about May 22, 2025, R6 Shares of the Acquired Portfolio will be closed to new shareholders and subsequent purchases by existing shareholders through the time of the Reorganization;
· on or about May 30, 2025, all Rule 12b-1 fees on Open Shares of the Acquired Portfolio will be waived and all issued and outstanding Open Shares of the Acquired Portfolio will be converted into Institutional Shares; and
· on or about September 8, 2025, the Institutional Shares class will be closed to new shareholders and subsequent purchases through the time of the Reorganization.
These dates may be subject to change. It is currently expected that at the time of the Reorganization there will be no outstanding R6 Shares.
An Information Statement/Prospectus with respect to the Reorganization is expected to be mailed to Acquired Portfolio shareholders in July 2025. The Information Statement/Prospectus will describe the Acquiring Portfolio and other matters. Investors may obtain a free copy of the Prospectus of the Acquiring Portfolio once the registration statement of the Acquiring Portfolio becomes effective at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds or by calling (800) 823-6300...
Dated: May 22, 2025

too subtle i guess.

Yeah. That’s one word for it.
It might make me feel better to fling mud at the other side and enumerate all their shortcomings. But it doesn’t do a damn bit of good for my financial bottom line. Investing is about growing wealth or, minimally, maintaining the purchasing power of your liquid assets. My dollar bills all look the same. All green. Not red colored or blue shaded to indicate under which party’s Administration they were acquired.
Why distract yourself here from focusing on the ways to make money? The words of the old AA prayer, “Grant me the serenity to accept the things I cannot change. The courage to change the things I can. And the wisdom to know the difference” may well apply.
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