for me at schwab, i can place an order for anything even if i don't have the funds to pay for it immediately. i am told, before placing the order, that i'll need to have the necessary funds in my account within two or three days (can't remember which). never have to sell MM funds before buying or anything like that. same thing doesn't work at fidelity, at least not for me.

Years ago it was 3 days (T+3). Until recently it was 2 days (T+2). Now it's just a day (T+1).
Fidelity automatically sells your MMFs as needed, as though they were your core (transaction) account. Or you could think of them as "overdraft protection". AFAIK, no one else does this.

@msf If the remaining 5% is still sizeable, rinse and repeat. What do you consider sizeable ?

How much risk and money is important is an individual preference. If I'm moving $100K from an investment to a non-sweep MMF, I'm not going to care about giving Schwab use of the entire $100K for a day. That's roughly (very roughly) $100K x 4% / 400 days = $10. Peanuts to many.
What I personally care about is not the floating of some cash but in being out of the market for a day. If I sell $100K and wait a day to purchase a replacement security, especially if it is a lateral move (replacing one fund for another of the same type), I want that money continuously invested.
Sure, the market might go down in that day and I'd be able to buy more shares. But it might also go up and I'd lose on the "exchange". I prefer to eliminate that market risk. If the market (funds in question) move even 1% in that day, that's $1K that I might lose or make depending on my luck that day. Four figure amounts look like real money to me.
Again, it's a personal matter. I don't like putting money at risk, even with 50:50 odds, if I don't need to. Others don't care about such short term risks. I'm comfortable losing the price of a movie ticket ($10). I'm not thrilled at putting the price of two cross country round trip tickets at risk. (I'm cheap - I book economy, nonrefundable.)

Via Mediaite:
Investors and day traders apparently did not like what they heard from former President Donald Trump on Tuesday.
Trump gave a whirlwind interview with Bloomberg Editor-in-Chief John Micklethwait on Tuesday, during which the ex-president once again promoted tariffs as an economic panacea, slammed the Federal Reserve, gave irrelevant responses, and told his interlocutor, “You’ve been wrong all your life on this stuff.”
The interview began at 12:49 p.m. ET and lasted until 1:53 p.m. ET. When it started, shares of Trump Media & Technology Group – the company that owns Trump’s Truth Social platform – were trading at $32.74 – above the opening price of $32.19. By the time Trump was done taking questions, the stock was down modestly to $31.89 before giving way to a precipitous downward move that saw the price bottom out at $25.16. About 90 minutes before the closing bell, shares rallied somewhat and ended the day at $27.06, losing $5.13 a share for the session. The wild moves prompted an automatic halt in trading on the NASDAQ.

Thanks @FD1000.

My own "dawgs" included ENIC and PSTL, but surely are not limited to those two. I'm sworn off REITS and RE funds. All we can do is to do our due diligence and research and then make a choice to pull the trigger, or NOT. (James Bond, to "Q:" "It's hard to know which, in your pyjamas.") I want to be diversified without being di-worse-i-fied.
TODAY: I took a BCE (Bell Canada) dividend and put the money to work, buying (tomorrow) shares in WCPNX (Weitz Core-Plus bonds) in the taxable account, to grow a dividend stream that can be tapped, without tapping the Trad. IRA. I'll take my usual chunk from the IRA in early January. And I've stopped letting Uncle Chuck reinvest single-stock dividends for me: they do it at their own convenience; they can't be trusted to reinvest with the customer's advantage in mind. If I use such dividends to buy single-stock shares, I'll use Limit Orders. If selling, I've learned from one of you about Stop-Loss Orders. Many thanks. I'm not growing the BCE position because I don't love to pay 15% taxes to Revenue Canada. It's still a negligible amount, and the dividend is outsized. On that basis, I don't mind. If the dividend shrinks, I'll rethink my position.

JEPI was advertised pretty heavy on Morningstar, Bloomberg, CNBC in 2021. and then 2022 happened which sent inflows to the moon on this thing. /investing on reddit had gobs of 20 somethings building JEPI/SCHD heavy portfolios which was interesting.
JEPI's stated benchmark is the sp500 but tries to match it with less volatility. it gets the volatility part right but for probably most of the dollars invested in this thing, its been a flop.
Hopefully people learn their lesson and build a portfolio with these products for the long term but thats not how it seems it goes. people will still pile into good performers and then sell when it doesn't go their way.
see ARKK.

When selling or exchanging shares, you should be aware of the following fund policies:
For accounts held through a financial intermediary, each fund typically expects to pay sale proceeds to the financial intermediary for payment to redeeming shareholders within two business days following receipt of a shareholder redemption order; however, each fund may take up to seven days to pay sale proceeds."
Bizarre wording given that you can buy them only through intermediaries and not directly through the fund.
In any case, the above general settlement time language is similar as in many mutual funds' prospectus. Below is the link to the prospectus (strange that I pulled it in my Schwab account and I get a morningstar.com link.)
https://doc.morningstar.com/docdetail.aspx?clientid=schwab&key=84b36f1bf3830e07&cusip=808515605

It is not all that unusual for fund families, especially boutique firms, to sell funds only through third party distributors.
At one time Janus closed off its direct sales channel to new investors. It allowed only existing investors with class D shares to continue investing directly. Everyone else had to buy T shares through third parties.
Schwab originated as a brokerage and likely leaned on that distribution channel when it started running funds.
With respect to M*, as I recall it used to make prospectuses available to users of its websites. As with much of M*'s content, M* seems to have monetized its fund documents:

The Clients We Serve
The Morningstar Document Library is ideal for brokerage firms or retirement plan service providers that want to outsource costly document collection and maintenance. In addition to this web interface, the Document Library can also be private-labeled or provided through APIs. Advisors and plan providers can grant investors direct access to the library via their own websites, ensuring investors receive immediate access to key documents. Fund companies and compliance officers find it a valuable resource for current and archived proprietary and competitor filings.

https://doc.morningstar.com/home.aspx
Note the "clientid=schwab" argument in the URL.
M* is providing all of the fund documentation for Schwab, not just for Schwab funds. For example, here's Schwab's page for FCNTX and the link to the fund's prospectus.
https://www.schwab.com/research/mutual-funds/quotes/summary/fcntx
https://doc.morningstar.com/docdetail.aspx?clientid=schwab&key=84b36f1bf3830e07&cusip=316071109
M* is not the only third party provider of Schwab fund prospectuses. Here's your same SWVXX prospectus hosted by righprospectus.com
https://connect.rightprospectus.com/Schwab/TVT/808515605/SP?site=FundDocs
And links to all the Schwab fund docs hosted there:
https://connect.rightprospectus.com/Schwab/

Providing the right document solutions at the right time, every time
Donnelley Financial Solutions′s RightProspectus is the next generation in compliance communications for mutual fund, variable annuity, and retirement product providers, as well as broker/dealers and clearing firms. With RightProspectus, documents in our repository are automatically tracked and updated as changes are filed with the SEC, ensuring constant access to the most current and accurate prospectuses. RightProspectus represents a quantum leap forward featuring a new, state-of-the-art online platform.

https://rightprospectus.com/

I have done the following for years at Schwab.
Suppose I have $100k in MM and want to buy $100k PRWCX.
I sell $100k of MM and buy PRWCX in the morning. At night I see the results, no problem.
If you do the reverse, same results.
If you sell all the shares of PRWCX, you don't know the exact results, just buy 95%. The next day buy the rest of the MM.
Yes, Schwab made money on that small amount.
It doesn't bother me.

I bought in in Feb and am up about 10% It seems to be doing about as well as many other Value funds ,although VTV is ahead. Among the other actively managed value funds I follow or use are pretty much 100% invested, so MRFOX 25% cash makes their results more impressive

I was trying to follow up on the irritating Schwab MM settlement of T+1 Schwab implements and checked their prospectus which says,
"To purchase, redeem, exchange or convert shares held in your Schwab account or in your account at another intermediary, you must place your orders with the intermediary that holds your shares. You may not purchase, redeem, exchange or convert shares held in your intermediary account directly with a fund.
When selling or exchanging shares, you should be aware of the following fund policies:
For accounts held through a financial intermediary, each fund typically expects to pay sale proceeds to the financial intermediary for payment to redeeming shareholders within two business days following receipt of a shareholder redemption order; however, each fund may take up to seven days to pay sale proceeds."
Bizarre wording given that you can buy them only through intermediaries and not directly through the fund.
In any case, the above general settlement time language is similar as in many mutual funds' prospectus. Below is the link to the prospectus (strange that I pulled it in my Schwab account and I get a morningstar.com link.)
https://doc.morningstar.com/docdetail.aspx?clientid=schwab&key=84b36f1bf3830e07&cusip=808515605

The former taxi drivers have already been displaced by the Uber drivers....now despite how quote fantastic end quote the economy is doing there is an over abundance of Uber drivers and they are making way less than they did several years ago....

Talking about taxi drivers, I finally found a worse investment that mine. The value of a taxi medallion in NYC runs in the area of $110,000 - $130,000. In 2011, they were selling for $1,000,000 or more.

LOL - Love it @rforno! And thanks for responding.
I’m the one who liked NSRGY between $100 and $107 - but want nothing to do with it now at $97.

I’m “dead in the water”
45% equity
30% cash
15% bonds
10% other
Anybody have any shorts on?

@ stayCalm: MRFOX LT Returns as of 9/30: APR 17.0%; MAXDD -15.7% (202003; Recovery Mos. 7; ST Dev 13.2%; DSEV 7.3%; Ulcer Index 3.2%; Sharp Ratio 1.14%; Sortino Ratio 2.07%; Martin Ratio 4.76; MFO Rating 5 (Best); Peer Count 108; APR vs. Peer 3.6%; APR Rating Best; APR vs. SP500 2.3; Fund is 8.8 years old. Good reasons why you own it.

@msf,
Interesting Chart.
I do remember paying for college tuition with a part time job back in the 1980's... now college tuition equates to taking out a mortgage.
I'd argue that "food away from home" has had a higher increase than the chart suggest.
A Happy Meal is still a cheap option, but a Happy Hour out at a restaurant has lost its Happy. A bottle of middle tier beer at home which you refrigerate and remove cap = $1-$1.50. The HH price for those 2 services 400% - 500% higher.
Truck (say a F150) prices are also much higher today on a percentage basis compared to 1980 prices.
Don't get me started on the price of Legos. :(

This is an example of an economic concept called Baumol’s cost disease. "It explains why barbers make more in San Francisco than in Cleveland and why services such as health care and education keep getting more expensive. "
https://www.vox.com/new-money/2017/5/4/15547364/baumol-cost-disease-explained
In a nutshell, as technology increases productivity in some areas like manufacturing, they become cheaper relative to labor-intensive areas like education where productivity can't rise much. Consider too how few farmers we have today producing more than ever.
From the cited piece:

Thanks @msf for all the enlightenment. An eye-opener … Don’t really know what to think about the firm’s motives here. Questionable. That said, Cambria has a history of launching some really unorthodox products.
FWIW - Morningstar gives Cambria a “Below Average” parenting grade. It writes:
“Cambria added Toroso Investments as a subadvisor to its suite of ETFs in September 2023. Toroso quickly morphed into Tidal Investments, a subsidiary of Tidal Financial Group, following a private equity deal in November 2023. Toroso and Tidal's co-founder and CIO Michael Venuto had been an independent trustee on Cambria's three-person ETF board since 2019. Venuto abstained from voting on the Toroso hire and resigned from the board. Although Cambria's choice of subadvisor is reasonable, the decision nonetheless raises questions.” *
* Excerpted from: Morningstar Analysis of the Cambria Global Allocation etf.

what age groups purchase what?
https://www.nytimes.com/2024/10/10/business/social-security-benefits-increase-2025.html

From linked article:
”But the index tracks a range of goods and services that are purchased primarily by younger working people, not by retirees, who often spend more of their income on housing and health care. The costs experienced by Americans over age 62 tend to outpace the index, Ms. Ghilarducci said, making the annual adjustment fall short of what retirees actually need.
“The adjustment is often mostly eaten up by the increase in Medicare Part B premiums, which are automatically deducted from Social Security checks. Some experts, including Ms. Ghilarducci, say Social Security beneficiaries also need an increase in their base-line benefits to maintain their buying power.”
What becomes clear with the medical issue is if you live long enough costs increase at a faster and faster rate.
d

@bee +1 Let me add , it seems to me that the list of taxes continues grow !!

Yup, and the invention of "user fees" where there were none.

Maybe @msf could check my math and simplify further
Eyeballing (mentally multiplying $12K by yogi's 1.3+x to get approximately $15.6K+), things look about right.
It's been a looong time since I graded math papers. I'm not restarting now :-)