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Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.
  • Trump cuts threaten a measurement lab critical for advanced chips and medical devices
    Following are excerpts from a current NPR report:
    The Trump administration is planning to close a small, obscure laboratory whose work undergirds everything from microchip manufacturing to nuclear fusion.
    The Atomic Spectroscopy Group at the National Institute of Standards and Technology (NIST) provides the definitive measurements of atomic spectra. Spectra are specific sets of colors emitted by different atomic elements. Those sets of colors act as atomic fingerprints that are used to characterize a wide variety of things — from the gases in far-off stars, to the blood in a person's finger.
    The laboratory has been in continuous operation for more than 120 years, but in mid-April it will be forced to close, according to a letter sent by the lab's head, Yuri Ralchenko, to dozens of colleagues around the world.
    "We were recently informed that unless there is a major change in the Federal Government reorganization plans, the whole Atomic Spectroscopy Group will be laid off in a few weeks," Ralchenko wrote in the letter, which was emailed on March 18 and seen by NPR. The letter was first reported by Wired. Ralchenko says in the letter that he was told "our work is not considered to be statutorily essential for the NIST mission."
    But thousands of scientists and engineers disagree. A petition is now circulating to reverse the closure, and it had received close to 3,000 signatures as of Wednesday. Among the signatories is Nobel Prize-winning physicist Sheldon Glashow.
    "I cannot believe that the government would be stupid enough" to slash this kind of work, Glashow said in a video statement. The overwhelming support exists because the group's spectral measurements get used in almost every field imaginable, according to Elizabeth Goldschmidt, a physicist at the University of Illinois, Urbana-Champaign. "You look at the very specific color of a star, it can tell you the makeup of the star. You look at the blood in someone's finger ... and that can tell you how much oxygen is in the blood," she says.
    But to measure colors accurately, devices like telescopes and pulse oximeters must be correctly calibrated, and that's where the Atomic Spectroscopy Group comes in. The laboratory maintains a database of atomic spectra that are the standard reference used to ensure devices are functioning correctly. Every month, the database receives around 70,000 queries from around the world, according to a recent post about it on NIST's website — and it's cited in two research papers per day, according to a recent presentation by Ralchenko.
    Among the researchers querying the database is Brett Morris, an astronomer at the Space Telescope Science Institute in Baltimore, Md. who works on NASA's James Webb Space Telescope. Morris is studying planets around distant stars. Sometimes he says, the light coming from those stars looks surprising. "The first thing you have to do is to figure out who's to blame — was it oxygen? Was it carbon? Was it neon?" he says. "And the resource for doing that is the database produced by the Atomic Spectroscopy Group."
    In addition, the laboratory conducts precise measurements of ultraviolet atomic spectra that are critical to developing advanced microchips. Ultraviolet light is used to etch tiny circuits, and advances in the field require detailed knowledge of the atomic spectra of elements in the extreme ultraviolet. There are a handful of facilities that research ultraviolet spectra, and this group is one of them, Goldschmidt says. It also studies plasmas, which are ionized gases that enshroud nuclear fusion reactions. Researchers around the world are pursuing fusion as a clean and virtually limitless form of energy, and detailed knowledge of plasmas is essential to that development.
    Neither NIST nor its parent agency, the Department of Commerce, responded to NPR's inquiries about the closure, but the savings from closing the lab would be minimal. NIST's annual budget is just $1.5 billion, less than 0.02% of the government's $7 trillion annual budget.
    image
    A silicon wafer with microchips etched into it. Microchips are etched using specific wavelengths of light. Better measurements of the wavelengths in ultraviolet light are required to advance chip manufacturing.
    Within NIST, the atomic spectroscopy group is made up of seven full-time federal employees. The group's employees even pay out of pocket for coffee and sugar used in its coffee breaks and have been doing so since 1973, according to a video celebrating its anniversary last year. By contrast, if the spectroscopy group closes, the costs will be enormous, scientists say. Researchers around the world will waste hours on the internet hunting around for the best spectral measurements, says Evgeny Stambulchik, a physicist at the Weizmann Institute of Science in Israel.
    What currently takes a couple of minutes might soon take "many hours, maybe many days," Stambulchik says. "Multiply that several hours by several thousands of scientists and you understand the waste of work time there would be without such a centralized database," he says.
    But Goldschmidt says the real blow would be to industry. Having centralized and agreed-upon calibration and measurement standards "is what allows industries to innovate and make new products," she says. "Everyone wins when this happens at NIST because everyone can rely on what NIST does, and they don't have to invest their time and money in doing it themselves."
    Comment: Stupid, STUPID, STUPID !!!
  • Donald Trump announces new 25% tariffs on all imported cars and car parts
    Following are edited excerpts from a current report in The Guardian:
    image
    President says levies will take effect on 2 April when he is expected to unveil reciprocal tariffs on other imports
    On Wednesday Donald Trump announced plans to impose sweeping 25% tariffs on cars not made in the United States, days before the US president is expected to announce wide-ranging levies on other goods from around the world: “What we’re going to be doing is a 25% tariff for all cars that are not made in the United States,” Trump said in the Oval Office. “We start off with a 2.5% base, which is what we’re at, and go to 25%.”
    The tariffs will go into effect next week, on 2 April, the president claimed, and the US will start collecting them the following day. “This is very exciting,” he said, suggesting the move would spur economic growth. In February, Trump floated the idea of a 25% tariff on imported vehicles but had offered no other details. On Monday, the president hinted that the auto industry levies could come in “the very near future”.
    On 2 April – a day Trump has dubbed “liberation day” – the president is expected to unveil a wide range of so-called reciprocal tariffs – levies on imported goods that the Trump administration argues are unfairly taxed by the US’s trading partners.
    Trump has long argued that the US is being cheated by its trading partners and that tariffs are the best remedy. However, he has delayed or watered down his tariff plans on several occasions. His stance has worried investors, leading to sharp sell-offs in US stock markets, and has proved unpopular with both corporate America and consumers.
    Many economists have expressed alarm, too, warning that the president’s tariff plan would risk increasing prices across the US. A study by Anderson Economic Group, an automotive consultant, for example, found that blanket tariffs on Canada and Mexico risked increasing US car prices by as much as $12,000.
    Mexico, Japan, South Korea, Canada and Germany are among the top car exporters to the US. Will Scharf, a White House official, claimed the new car tariffs would result in more than $100bn in annual revenue to the US. “Have no fear, we will WIN everything!!!” Trump wrote on Truth Social earlier this month, claiming that tariffs were already “pouring money” into the country.
    But a Harris poll conducted for the Guardian found that the majority of Americans were already worried about the impact tariffs will have on their finances. Ninety per cent of Democrats, 69% of independents and 57% of Republicans reported they were concerned about tariffs.
    Industry groups sounded the alarm on Wednesday. “Throwing away tens of thousands of jobs on both sides of the border will mean giving up North America’s auto leadership role, instead encouraging companies to build and hire anywhere else but here,” said Candace Laing, president and CEO of the Canadian Chamber of Commerce. “This tax hike puts plants and workers at risk for generations, if not forever.”

    Comment: Those states who voted for Trump also voted for exactly what they are getting. Unfortunately, so are the rest of us.
  • Tesla’s Europe sales drop nearly 45% amid row over Musk’s Trump links
    What goes around, comes around.
    What is alarming in Tesla’s problem in Europe is not just the falling sale, the overall EVs sale are growing nicely at the same time.
    Tesla is also falling behind in China which is a bigger market than EU. BYD and several Chinese EVs are leapfrogging Tesla by their lower price points. Auto-driving is a FREE feature in BYD cars. On top of it, BYD now have a rapid 5 minutes charging time (even if that is true, fast charging is not good longevity for battery life).
    Instead of shorting Tesla, why not buy BYD ADR stock, BYDDY?
  • Tesla’s Europe sales drop nearly 45% amid row over Musk’s Trump links
    "Just trying to make the board a place where persons of all political persuasions feel comfortable sharing and benefitting from investment insights. Why would we discourage 50% of all investors from feeling welcome and participating here? Let’s keep financial content over here and political rants in OT. "
    I agree with @hank.
    Since this discussion forum focuses on investing, I avoid posting overtly political messages
    in the Fund Discussions and Other Investing categories. I'm not always successful in this regard...
    I use Off-Topic when I critique the Trump administration or start a thread which can become "hot" politically.
    It can be challenging to disentagle politics from financial impact in the current environment.
    Just my 2¢...
  • J.D. Power 2025 U.S. Investor Satisfaction Study
    I personally wouldn't select a wealth management firm based solely on J.D. Power's study.
    For what it's worth, the study results are below.
    "The U.S. Investor Satisfaction Study is a combination of the former J.D. Power U.S. Full-Service Investor Satisfaction StudySM and J.D. Power U.S. Self-Directed Investor Satisfaction Study. SM The redesigned study evaluates the experiences of investors working with a wealth management firm, in either an advised or DIY capacity in seven dimensions (in alphabetical order): digital channels; ease of doing business; people; product and service offerings; resolving problems or complaints; trust; and value for fees paid. The 2025 study is based on responses from 7,876 advised and 3,723 DIY investors and was fielded from January through December 2024."
    "Raymond James ranks highest in overall satisfaction among advised investors, with a score of 748 (on a 1000-point scale). U.S. Bank (738) ranks second and Edward Jones (734) ranks third."
    "Vanguard ranks highest in overall satisfaction among DIY investors, with a score of 704.
    Fidelity (703) ranks second and T. Rowe Price (691) ranks third."


    https://www.jdpower.com/business/press-releases/2025-us-investor-satisfaction-study
  • Barron's Revisits Pimco Income
    @yogibearbull …. Very interesting article in Barron’s this morning on a closed end fund with large holdings in Berkshire…. A cheap way of getting exposure because of the fund’s large discount. Would value any thoughts you have … https://www.barrons.com/articles/berkshire-hathaway-warren-buffett-fund-1e1e51ad
  • Tesla’s Europe sales drop nearly 45% amid row over Musk’s Trump links
    Thanks @gman57. I owe you one! All of us occassionally mix political and financial content together - self included. It’s a challenge not to. Let’s try the best we can to keep those separate to the degree possible.
    Why?
    - Both sides of the political spectrum invest and know a lot about investing. It is not in our best interest to discourage input from either side. The more contributions and perspectives on investing, the better for all of us.
    - MFO is funded by donations. Why discourage members of “the other side” from contributing? We all lose in that case,
    - The Off Topic board has long been utilized for moaning, groaning and political venting. And I can’t ever recall any MFO participant complaining about that. I for one feel fortunate that Off-Topic exists as a place to share things like books, films, travel, songs and - yes, the often unseemly going-ons in our nation’s capital.
    Thanks again.
    @gmam57 Re: Shorting TSLA - Yes that would be an appropriate investing topic. In fact, @rono has started such a thread.
    Shorting is fraught with risk. Losses can be infinite if the stock keeps rising. Even if you know you are right, at some point the costs of “covering” your shorts could drive you out of the market. I like to play the long-short game through funds. Even the experts find it a challenge (lackluster returns). But you won’t lose your house playing with them. In the L/S realm I own CPLSX and CPZ. Together they comprise near 20% of my portfolio. Both of those funds run by Calamos have indeed been shorting TSLA. Another one I used to own is NLSAX. Also a decent fund. Why Shorting Stocks is Risky
    @gman57 - Here is the portion of your previous post (later deleted by you) which I objected to: ”Yes, I'm going to a takedown Tesla event 3/29. Sooner or later we each are going to have to stand up. I'm going to do it before it gets so bad it's no longer effective. Are you going to wait until we attack Greenland?”
  • Tesla’s Europe sales drop nearly 45% amid row over Musk’s Trump links
    @gman57
    Your post belongs in Off Topic. I don’t think political action planning belongs in the investing section. Of course you are free to travel to whatever events you want and to voice those opinions.
    @Old_Joe’s linked article and comments relate to TSLA from a financial standpoint. It’s been an incredibly strong performer for many years. As I noted above, if you own any growth funds or the S&P 500 you almost certainly own TSLA stock yourself.
    Not trying to be the “cop on the beat”. Just trying to make the board a place where persons of all political persuasions feel comfortable sharing and benefitting from investment insights. Why would we discourage 50% of all investors from feeling welcome and participating here? Let’s keep financial content over here and political rants in OT. Thank you.
  • Tesla’s Europe sales drop nearly 45% amid row over Musk’s Trump links
    Sale of Tesla cars also falling behind in China in 2024.

    In 2024, BYD had a 32% share of China’s total market for new energy vehicle sales, which includes hybrids. Tesla claimed only 6.1% of the market, despite reaching a record high in terms of shipments, according to the China Passenger Car Association.
    Tesla is struggling in Europe, too, where its sales fell in February for the second consecutive month: The company sold around 40% fewer vehicles on the continent compared with February 2024, according to the European Automobile Manufacturers’ Association.
    https://cnn.com/2025/03/25/cars/china-byd-annual-sales-pass-tesla-intl-hnk/index.html
    https://bbc.com/news/articles/cd65d583qvzo
    Noted that Warren Buffet owns BYD very early and have been selling them as they mature.
  • Crypto Stablecoin USD1 Launch
    https://www.businesswire.com/news/home/20250325773694/en/World-Liberty-Financial-Plans-to-Launch-USD1-the-Institutional-Ready-Stablecoin
    "WLFI’s USD1 will be 100% backed by short-term US government treasuries, US dollar deposits, and other cash equivalents. Initially, USD1 tokens will be minted on the Ethereum (ETH) and Binance Smart Chain (BSC) blockchains, with plans to expand to other protocols in the future. Each token is intended to maintain a value of $1 USD, fully backed by a reserve portfolio audited regularly by a third-party accounting firm...USD1 reserves will be custodied by BitGo"
  • The Week in Charts | Charlie Bilello
    "[M]edian home for sale in the US ($124k) is 57% higher than the current median household income ($79k)."
    As a first time home buyer, I was told that I should expect to pay three times my annual income.
  • CDs and Money Markets
    FYI from Barron's: "Heads up, municipal bond investors: Amid all the Trump 2.0 policy proposals, there is one you should be aware of: The potential for munis to lose their tax-exempt status. “Eliminate Exclusion of Interest on State and Local Bonds” is listed on page 9 of a 50-page House Budget Committee document prepared in January that lists some 200 ways the government could raise extra funds to offset the impact of extending the 2017 Trump tax cuts."
  • CDs and Money Markets
    I am a little older than you, dt, and also don't have much appetite for risk. However, I do want to beat inflation and aim to have my portfolio earn an annual total return of around 5-7%.
    Currently, about 25% of my portfolio is invested in CDs from large national banks, and if they go under then the FDIC will not be of much help anyway. About 50% is in bond funds like CBLDX, ICMUX, RCTIX, etc., and the remaining 25% is in a MM fund for the time being.
    Once the Trump tariff induced market turbulence subsides, my thoughts are to invest the MM funds in low SD alternative funds such as QDSNX, QQMNX, etc., and perhaps a balanced fund like PRCFX. But, for this segment of my portfolio I will always be dancing near the exit.
    Good luck.
    Thanks Fred, I still maintain M* Watchlists and look at several bond oef categories. I have some interest in wading back into Muni funds, like NVHAX for my taxable account at Schwab, so I will maintain money in my MM funds with that in mind.
  • CDs and Money Markets
    I note SWVXX is down to 4.15% yield. Still attractive to me. I'm still adding in dribs and drabs. The savings account at the credit union is used simply as a sleeve to tuck money into for a particular purpose; it will be spent in a matter of months.
    Yes, in one of my Schwab accounts, I put 2 CDs that matured, into SWVXX that pays 4.15%. In a different Schwab account, I put 1 CD that matured, into SNAXX that pays 4.30%. I can't find a nonCallable CD that pays more than that.
  • Tesla’s Europe sales drop nearly 45% amid row over Musk’s Trump links
    TSLA closed @ $287.99 today up 66.83% over the past year. Over 5 years it is up 740%.
    I guess the folks that have held it a while can afford to lose a bit shorter term. I’m not aware of anyone who posts on this board owning it currently. But 5 or 10 years ago there was a member who was loading up on the stock. Imagine he made out pretty well.
    It’s likely nearly all of us own a bit indirectly through our funds, however.
    Top 623 mutual funds with TSLA stock
    Should I be happy when one of my funds has a very bad day because it holds TSLA stock? Interesting conundrum …
    (I’ll note that CPLSX, which I own, has been shorting TSLA according to the above linked source. CPLSX is up about 3.5% YTD.)
    Not familiar with European car buying habits, The Bloomberg video posted by @BaluBalu mentions heightened Chinese competition as one problem for Tesla. That’s what I’ve been hearing too. In the U.S. prices (of gas) at the pump have been stable lately, possibly taking away some of the perceived benefits of electric cars. Also, it seems as if Americans are waking up to the benefits of hybrids, which combine some of the fuel savings of all electric vehicles along with the convenience and reliability offered by petroleum fueled vehicles. I think a doubling of gas prices over a short period of time would greatly motivate buyers to buy Teslas and other all electric vehicles - whether here or in other countries.
  • CDs and Money Markets
    I note SWVXX is down to 4.15% yield. Still attractive to me. I'm still adding in dribs and drabs. The savings account at the credit union is used simply as a sleeve to tuck money into for a particular purpose; it will be spent in a matter of months.
  • Buy Sell Why: ad infinitum.
    Limit order is in for slightly below today's closing price in BLX. Just a handful of shares, using dividend money, paid today.
    *EDIT TO ADD: yes, the order was executed this morning, Hawaii Time. A small remainder of the dividend given yesterday is going into SWVXX. 26/03/2025.
  • Fidelity, Schwab Block Orders of BlackRock and Texas Capital ETFs
    You might consider SUTXX (Schwab) or FSIXX (Fidelity, Merrill). No B/A spread, no fluctuating prices, no premiums/discounts, no 1099-Bs, no wash sales, and nearly identical performance to SGOV.
    Through March 24, FSIXX has returned 0.97% and SGOV has returned 0.95%.
  • Tesla’s Europe sales drop nearly 45% amid row over Musk’s Trump links
    Following are excerpts from a current report in The Guardian:
    US carmaker’s European market share falls as Chinese rival BYD overtakes it on global revenue, topping $100bn
    Sales of new Tesla cars slumped in Europe last month in the latest indication of a potential buyer backlash over Elon Musk’s high profile and controversial behaviour since becoming a leading figure in Donald Trump’s administration. The Texas-based electric carmaker sold less than 16,000 vehicles across Europe last month, down 44% on average across 25 countries in the EU, the UK, Norway and Switzerland, and Tesla’s market share fell to 9.6% last month, the lowest it has registered in February for five years. In January, its sales across Europe fell 45%, from 18,161 in 2024 to 9,945.
    However, in the UK the Society of Motor Manufacturers and Traders reported an almost 21% rise in the number of new Tesla cars registered in February, with the Model 3 and Model Y proving the second and third most popular after the Mini Cooper.
    Analysts have said that the volatile sales are also likely to have been affected by Tesla’s overhaul of the Model Y. A global analyst at Jato Dynamics, said: “Tesla is experiencing a period of immense change. In addition to Elon Musk’s increasingly active role in politics and the increased competition it is facing within the EV market, the brand is phasing out the existing version of the Model Y – its bestselling vehicle – before it rolls out the update. “Brands like Tesla, which have a relatively limited model lineup, are particularly vulnerable to registration declines when undertaking a model changeover.”