Piketty, Capital in the Twenty-First Century. Jan 1, 2014.
https://www.amazon.com/Capital-Twenty-Century-Thomas-Piketty/dp/067443000X

Looks like an interesting read. Thanks for the link, though I won't be buying it from Amazon.

A decade ago, the world was all abuzz with Piketty and this book. Be advised that it is long, dense, and fairly academic. I read about half of its roughly 600 pages. It's well researched, very interesting and worth the read. But it also seemed somewhat repetitive to me. It's not, but it does go on and on. It's still on my nightstand.

[T]here is little doubt that Mr. Piketty has written the big-think book of the moment. Sped into production in February [2014], “Capital” has jumped onto the New York Times best-seller list. Last week, Amazon notified readers its cavernous cupboards were bare.
...
Mr. Piketty is by no means the first intellectual to have attained celebrity. But he may be the first to see his ideas — and his headshot — go viral.
...
His book, and its discussion of, say, “The Ups and Downs of Ricardian Equivalence,” could prove as daunting to most readers as Mr. [Christopher] Lasch’s analysis of “the banality of pseudo self-awareness” [The Culture of Narcissism] or Mr. [Alan] Bloom’s charting of the path that led “From Socrates’ Apology to Heidegger’s Rektoratsrede [The Closing of the American Mind].”

https://www.nytimes.com/2014/04/27/fashion/Thomas-Piketty-the-Economist-Behind-Capital-in-the-Twenty-First-Century-sensation.html

Thanks for the warning. :). Sounds like a door stop.
I'll see if my library has it. And maybe I'll just stick to the latest Michael Connelly even if Piketty is only as daunting as Lasch, who I remember as mostly crabby.
BTW, when it comes to the downgrades, I agree that it is Congress that should get most of the credit though the deficit builder is named after Trump. Wandering attention spans will return to Tariff Theatre as third quarter earnings come into view. Tariff Theater is entirely a Trump production.

AAII Sentiment Survey, 5/21/25
BULLISH remained the top sentiment (37.7%, average) & neutral remained the bottom sentiment (25.6%, below average); bearish became the middle sentiment (36.7%, above average); Bull-Bear Spread was +1.0% (below average). Investor concerns: Budget, tariffs, jobs, inflation, recession, Fed, debt, dollar, geopolitical, Russia-Ukraine (169+ weeks), Israel-Hamas (67+8 weeks). For the Survey week (Th-Wed), stocks down, bonds down, oil down, gold UP, dollar down. NYSE %Above 50-dMA 58.88% (positive). Investment boost to AI came from sovereign-AI in Saudi Arabia, UAE, India. The US budget is headed to passed the House. #AAII #Sentiment #Markets
Sentiments are CONTRARIAN indicators.
https://ybbpersonalfinance.proboards.com/post/1997/thread

Piketty, Capital in the Twenty-First Century. Jan 1, 2014.
https://www.amazon.com/Capital-Twenty-Century-Thomas-Piketty/dp/067443000X

Looks like an interesting read. Thanks for the link, though I won't be buying it from Amazon.

A decade ago, the world was all abuzz with Piketty and this book. Be advised that it is long, dense, and fairly academic. I read about half of its roughly 600 pages. It's well researched, very interesting and worth the read. But it also seemed somewhat repetitive to me. It's not, but it does go on and on. It's still on my nightstand.

[T]here is little doubt that Mr. Piketty has written the big-think book of the moment. Sped into production in February [2014], “Capital” has jumped onto the New York Times best-seller list. Last week, Amazon notified readers its cavernous cupboards were bare.
...
Mr. Piketty is by no means the first intellectual to have attained celebrity. But he may be the first to see his ideas — and his headshot — go viral.
...
His book, and its discussion of, say, “The Ups and Downs of Ricardian Equivalence,” could prove as daunting to most readers as Mr. [Christopher] Lasch’s analysis of “the banality of pseudo self-awareness” [The Culture of Narcissism] or Mr. [Alan] Bloom’s charting of the path that led “From Socrates’ Apology to Heidegger’s Rektoratsrede [The Closing of the American Mind].”

https://www.nytimes.com/2014/04/27/fashion/Thomas-Piketty-the-Economist-Behind-Capital-in-the-Twenty-First-Century-sensation.html

You may be giving Trump too much credit (pun not intended) here. S&P and Fitch had already downgraded the US. Moody's downgrade was just the last of the triumvirate to take note of what had happened over time. Moody's wrote of more than a decade of concerns.
The first downgrade, by S&P, was somewhat forward looking. "S&P’s move followed a contentious debate in Congress over raising the debt ceiling, which many analysts viewed as a sign of dysfunctional governance."
Congress doesn't need Trump to squabble and deadlock.
What you can give Trump more credit for is sowing FUD. This has had cascading effects resulting in countries and foreign investors pulling capital out of the US.

The switch from traditional capital flows [into the US] in uncertain times is because it is the United States that has created a good deal of investor uncertainty and concern in 2025 through the launching of a trade war, fracturing the Western Alliance, and through its threats against Canada, Greenland and Panama. The short-term effects have been a weaker dollar and weaker American stock markets.

https://jonathanbaird88-89120.medium.com/the-shift-of-2025-why-capital-is-abandoning-u-s-stocks-for-europe-a706641cbebd

A recent analysis by Allianz economists noted that, ordinarily, when yields on Treasuries rise, the U.S. dollar gets stronger as foreign capital pursues those higher yields. However, the dollar weakened as yields rose, in this instance, which "suggests major holders were not only selling Treasuries but also converting the proceeds into currencies – possibly reallocating to European markets."

Fox Business: https://www.foxbusiness.com/economy/amid-recent-market-turmoil-who-owns-us-treasuries

“i don't disagree with gop of 2011 regarding most recent credit downgrade, in particular "...has destroyed the credit rating of the United States through his failed economic policies...".
Yes - One man in just 4 months in office has completely destroyed the credit rating of a nation that has stood for 248 years, weathered a civil war and emerged victorious from two world wars, survived the great depression, sent men to the moon and back, developed the Space Shuttle, launched Hubble and James Webb, explored Mars, pioneered the technical revolution, has an economy which at $29 trillion GDP is 5 times the size of its nearest competitor Japan and an annual budget in excess of $3 trillion. In just 4 months in office a single man has completely destroyed this nation’s credit rating.
Makes perfect sense to me.

https://www.sec.gov/Archives/edgar/data/831114/000139834425009997/fp0093676-1_497.htm
497 1 fp0093676-1_497.htm
THE RBB FUND, INC.
Oakhurst Short Duration Bond Fund
Oakhurst Short Duration High Yield Credit Fund
(each, a “Fund” and together, the “Funds”)
______________________________________________________________________________
Supplement dated May 21, 2025
to the Prospectus and Statement of Additional Information (“SAI”)
dated December 31, 2024, as supplemented
______________________________________________________________________________
At a meeting of the Board of Directors (the “Board”) of The RBB Fund, Inc. (the “Company”) held on May 13-14, 2025, based upon the recommendation of F/m Investments LLC (the “Adviser”), the investment adviser to the Funds, the Board approved a Plan of Liquidation and Termination for each Fund (collectively, the “Plan”). The Board determined that it is in the best interests of each Fund and its shareholders that each Fund be closed and liquidated as a series of the Company effective as of the close of business on or about July 30, 2025 (the “Liquidation Date”). The Liquidation Date may be changed without notice at the discretion of the Company’s officers.
Effective as of May 30, 2025, in anticipation of the liquidation, each Fund will no longer accept purchases into the Fund. In addition, the Adviser is in the process of transitioning each Fund’s portfolio securities to cash and/or cash equivalents and each Fund will no longer be pursuing its stated investment objective.
Shareholders of the Funds may redeem their investments as described in the Funds’ Prospectus. The redemption of shares will generally be considered a taxable event.
Pursuant to the Plan, if a Fund has not received your redemption request or other instruction prior to the Liquidation Date, your shares will be automatically redeemed on or about the Liquidation Date at the closing net asset value per share, and you will receive your proceeds (the “Proceeds”) from the Fund, subject to any required withholding. These Proceeds will generally be subject to federal and possibly state and local income taxes if the redeemed Fund shares are held in a taxable account, and the Proceeds exceed your adjusted basis in the Fund shares redeemed.
If you hold shares of a Fund in an IRA account, you have 60 days from the date you receive your Proceeds from the liquidation of the Fund to reinvest or “rollover” your Proceeds into another IRA and maintain their tax-deferred status. You must notify the Funds’ transfer agent by telephone at 1-800-292-6775 (toll free) prior to the Liquidation Date of your intent to rollover your IRA account to avoid withholding deductions from your Proceeds.
If the redeemed Fund shares are held in a qualified retirement account, such as an IRA, the redemption Proceeds may not be subject to current income taxation. You should consult with your tax advisor on the consequences of this redemption to you.
Shareholder inquiries should be directed to the Funds at 1-800-292-6775 (toll free).
Please retain this supplement for your reference.

https://www.sec.gov/Archives/edgar/data/1120543/000110465925051606/tm2515610d1_497.htm
497 1 tm2515610d1_497.htm 497
Filed pursuant to Rule 497(e)
under the Securities Act of 1933, as amended
Registration File No.: 333-200831
BAILLIE GIFFORD FUNDS
Baillie Gifford International Smaller Companies Fund (the “Fund”)
Supplement dated May 21, 2025, to the Fund’s Prospectus and Statement of Additional Information dated April 30, 2025, as amended
This Supplement updates and supersedes any contrary information contained in the Prospectus and Statement of Additional Information.
The Board of Trustees (the “Board”) of the Baillie Gifford Funds (the “Trust”) has approved and adopted a Plan of Liquidation and Termination (the “Plan”) for the Fund. The Fund has ceased selling shares to new investors. The Board has determined to close the Fund and redeem all outstanding shares no later than July 21, 2025 (the “Liquidation Date”). Prior to the Liquidation Date, Baillie Gifford Overseas Limited, the Fund’s investment adviser (“BGOL”), will begin liquidation of the Fund’s investments, and shareholders who have not redeemed their shares prior to the commencement of such liquidation are expected to indirectly bear a portion of transaction costs associated with such liquidation.
Pursuant to the Plan, the Fund will liquidate its investments and thereafter redeem all of its outstanding shares by distribution of its assets to shareholders in amounts equal to the net asset value of each shareholder’s Fund investment after the Fund has paid or provided for all of its charges, taxes, expenses, and liabilities. BGOL anticipates that the Fund’s assets will be fully liquidated, and all outstanding shares will be redeemed on or about the Fund’s Liquidation Date.
The liquidation of the Fund will be a taxable event for shareholders holding shares through taxable accounts. A shareholder in a taxable account who receives an amount in liquidation that is in excess of the shareholder’s tax basis will realize a capital gain, and if such amount is less than the shareholder’s tax basis, a capital loss. In addition to the liquidating distribution, a separate distribution to shareholders may be required prior to the Liquidation Date to the extent the Fund has undistributed net taxable income and capital gains (including as a result of the Fund’s conversion of portfolio securities to cash in connection with the liquidation), which distribution will generally be taxable to shareholders in the same manner as an ordinary course distribution. Please refer to the sections in the Prospectus entitled “Tax” for general information. The foregoing discussion is intended for Fund shareholders who acquired their shares through the Fund’s public offering. You may wish to consult your tax advisor about your particular situation.
Until the Liquidation Date, the Fund will be closed to all purchases except by dividend reinvestment or other automatic investment plan programs. At any time prior to the Liquidation Date, shareholders may redeem their shares of the Fund, at net asset value, as described in the section in the Prospectus entitled “Shares—How to Sell Shares.” Class K or Institutional Class shareholders invested via a financial intermediary may be permitted to exchange their Fund shares for either Class K or Institutional Class shares, as the case may be, in another series of the Trust, as described in and subject to any restrictions set forth in the section in the Prospectus entitled “Restrictions on Buying or Exchanging Shares.”
As a result of the intent to liquidate the Fund, the Fund is expected to deviate from its stated investment strategy and policy and will no longer pursue its stated investment objective. The Fund will begin liquidating its investment portfolio on or after the date of this Supplement and will hold cash and cash equivalents, such as money market funds, until all investments have been converted to cash and all shares have been redeemed. During this period, your investment in the Fund will not experience the gains (or losses) that would be typical if the Fund was still pursuing its investment objective.
If you are invested in the Fund through a financial intermediary, please contact that financial intermediary if you have any questions.
ANY LIQUIDATING DISTRIBUTION, WHICH MAY BE IN CASH OR CASH EQUIVALENTS EQUAL TO EACH RECORD SHAREHOLDER’S PROPORTIONATE INTEREST OF THE NET ASSETS OF THE FUND, DUE TO THE FUND’S SHAREHOLDERS WILL BE SENT TO THE FUND SHAREHOLDER’S ADDRESS OF RECORD. IF YOU HAVE QUESTIONS OR NEED ASSISTANCE, PLEASE CONTACT YOUR FINANCIAL ADVISOR DIRECTLY OR THE FUND AT 1-844-394-6127.
ANY SHAREHOLDERS WHO HAVE NOT REDEEMED THEIR SHARES OF THE FUND PRIOR TO THE LIQUIDATION DATE WILL HAVE THEIR SHARES AUTOMATICALLY REDEEMED AS OF THAT DATE, AND PROCEEDS WILL BE SENT TO THE ADDRESS OF RECORD.
For additional information regarding the liquidation, shareholders of the Fund may call 1-844-394-6127.
***
This supplement provides new and additional information beyond that contained in the Prospectus and Statement of Additional Information and should be read in conjunction with those documents.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

everyone is doing polite today! will join in....
i don't disagree with gop of 2011 regarding most recent credit downgrade, in particular "...has destroyed the credit rating of the United States through his failed economic policies...".

For now, yields on long bonds are rising quickly. 20 years treasury is being auction today with 5.0 % yield, an all time high. If the sale does not go well, it will be messy tomorrow. Bond traders are not so happy with the increased deficit from this tax cut bill. If bond market goes, so does the stock market. So we are watching closely.
Edits: From CNBC at market close:

The bill could increase the U.S. government's debt by trillions and raise the deficit at a time when fears of a flare-up in inflation due to Trump tariffs are already weighing on bond prices and boosting yields.
The 30-year Treasury bond yield jumped again Wednesday to hit 5.09%, touching the highest level going back to October 2023. The benchmark 10-year Treasury note yield traded at 4.59%.

10-4.

#1-Japan, #2-UK, #3-China (used to be #1). UK came up from far behind.
LinkedIn

It's pretty easy to observe that much of the benefit of Trump's $3.8 trillion tax cut goes to those who are certainly not struggling to get by. @FD1000 blithely dismisses that with the comment that "The rich get richer is old news."
It certainly is, and it's also pretty obvious that @FD1000 has no problem at all with that. After all, he's on the "getting richer" side, isn't he?
If it comes at the expense of government agencies specifically designed to protect the health, safety or financial interests of the average US citizen that's just fine with ol' FD.
Add: @Crash has just posted a report over in the OT section: The Congressional Budget Office (CBO) reports that "The current Bill would redistribute wealth upward, toward those who are already well-heeled."

not blaming trump? responses from congress on us debt receiving credit rating cut :
"...inept when it comes to creating the conditions or job creation and economic growth.."
“out-of-control spending and a lack of leadership in Washington, [the country needs] new leadership in Washington committed to fiscal responsibility, a balanced budget, and job-friendly policies".
"...failed leadership on the economy...the only way things will get better is with new leadership..."
"...has destroyed the credit rating of the United States through his failed economic policies..."
gop 2011

@dsuttr: Has it ever occurred to you that before something becomes "vindictive" there had to be an initiating event? Maybe we should cast a glance in that direction.
And exactly why is it "vindictive" to invite @FD1000 to comment on the pending major increase in US Government debt? After all, he has no problem telling us how wonderful the present administration (supposedly not "his people", though) is.

+1.

Bought starter in BKSY as a defense play and possible acquisition target.
Currently stalking a few international utilities and thinking of re-entering AES @ 10.

My experience with

ENIC (Enel Chile) was rather a disaster. Just thought I'd mention it.

I avoid LatAm companies for precisely that reason - I got burned hard w/Petrobras years ago.
For starters I'm looking at E.ON and Engie in Europe.

Bought starter in BKSY as a defense play and possible acquisition target.
Currently stalking a few international utilities and thinking of re-entering AES @ 10.

My experience with ENIC (Enel Chile) was rather a disaster. Just thought I'd mention it.

Bought starter in BKSY as a defense play and possible acquisition target.
Currently stalking a few international utilities and thinking of re-entering AES @ 10.

Earlier in this thread I invited @FD1000 to comment on the pending major increase in US Government debt, which of course is "the much larger reality"... he evidently doesn't care to say much on this subject.
I also get a chuckle out of his comments regarding "the other side" contrasted with his statement that "I don't need to explain my people, I don't have people". Lessee now... he don't have no "people" but somehow the people that he doesn't have have other people "on the other side". Kinda hard to follow all that...
He sure likes things both ways when it's convenient for him.

If the ripple effect is so severe why it didn't happen already?
We had a downgrade in 2011.
The downgrades are a symptom of a much larger reality. Your inability to perceive that is rather obviously at the root of the friction here.