So, when someone posts about a fund I own now and says, Well, in 2022, it lost more than another fund or in the last 10 years, this fund was better than another, I don't care, what matters is what the fund is doing now..

The problem is defining "now." A fund that does well for a few months or even a year would be bad reason FOR ME to jump in, perhaps you are different. If you have a fund that outperforms for years then that would be a reason for me to move...but just as often I find the fund reverts to the mean rather than continue to outperform, a point you acknowledge in another post. I totally get the idea of riding the wave of a winner, but find that strategy hard to implement in real life. Truth is it's very hard to beat buy and hold with solid funds over a long period of time, or even an index fund. I suspect many of us know that deep down, but just because I'm a bad golfer doesn't mean I dislike golf.

Actually, most funds trail the SP500 with which has a very small expense ratio if you hold for decades. There is a good reason why Bogle and Buffett recommended the SP500 for decades....and it's the easiest way to invest. So, why are we discussing funds and trade?
I came to a conclusion that I want to participate in the markets by using best risk/reward funds. The idea is to find good performance wide range funds with lower volatility, and that will result in a better sharp ratio. My basic system from 2000 to 2013 was to use a fund screener every 4-6 months and find the best 5 risk/reward funds for 1-3 months + 1-3 years and invest 20% in each. After I have done it several years, I learned a lot more about the managers, their history, and their weaknesses and strengths.
2008 was a waking call, I lost 25% in that year, and since then I have been searching for a way to control meltdowns. It took me another 10 years to master that concept, but this time by using special bond funds.
As you can see, it took me years of practice and tweaking. You just can't wake up one morning and be successful doing it.
Of course, bad calls are built into it, the idea is to lose very minimal (which in bondland is 0.1-0.2%) and make a lot more when I'm right. I'm not your typical trader, if my trade is right, I can stay in it for months until I find a better fund.
Now, at retirement, my portfolio is big enough that I only need to make inflation + 2-3%(of course, I want more) and why I don't need to take a lot of risk.
What is "now"?
Years ago, using my original system, 'now' used to be 1-3 months but I also looked at 1-3 years just to be sure the fund did well for the short+longer term.
Since 2017, "now" is the last 2-3 weeks and where better trading is needed
"now" also means investing in the best wide range funds, why you don't want to diversify, and exactly what I have done.

It doesn't look good.
I don't worry to much about this fund. Sold it late in 2021 and never used it after that. Since late 2012 it lost a lot and haven't rebounded much while other funds in the same space came back.

There's a fascinating piece in the WSJ on the ascendance of active ETFs (Jon Sindreu, "Investment Industry Loses Active ETFs," 10/8/2024). Not quite sure what to say about it. Key points:
1. Passive is a low margin, commoditize business which is "killing many midsize asset managers that lack the scale of compete."
2. Smart beta was the industry's first attempt to raise its margins by offering passive-like (or "passive-light") ETFs with higher fees. That cascaded in ESG and other niche preferences.
3. Active ETFs "are the latest attempt" to add to margins, and their investors "are paying more to get less performance." In particular, large cap active ETFs trail both large cap funds and passive ETFs in performance. Active mid-caps trail passive mid-caps. None of those calculations take volatility into account.
4. Active ETF launches this year outnumber passive by 3:1.
5. Active ETFs are outperforming in small caps and bonds.
6. The largest active ETF is JPMorgan Equity Premium Income ETF, "which sells covered calls to reduce volatility," an activity that Mr. Sindreu describes as "a sure way to miss out on big gains during rallies while retaining unlimited downside risk."
To which I say, "hmmmm..."

The chemistry Nobel goes partially to AI.
https://apnews.com/article/nobel-chemistry-prize-56f4d9e90591dfe7d9d840a8c8c9d553
These will provide huge boosts to profitless (so far) AI investment themes (many say AI-hype). So, I am changing the OP category from Off-topic to Other Investing.

https://www.sec.gov/Archives/edgar/data/1103243/000141304224000794/enscls497.htm
497 1 enscls497.htm
A series of PFS Funds
Supplement dated October 8, 2024
to the Prospectus and Statement of Additional Information
dated February 28, 2024
This supplement updates information currently in the Prospectus and Statement of Additional Information. Please retain this supplement for future reference.
The Board of Trustees (the “Board”) of the PFS Funds (the “Trust”) has approved a Plan of Liquidation (the “Plan”) relating to the Ensemble Fund (the “Fund”), effective October 3, 2024. Ensemble Capital Management, LLC, the Fund’s investment adviser (the “Adviser”), has recommended to the Board to approve the Plan due to the pending acquisition of the Adviser and the acquiring entity’s desire not to continue the mutual fund business. As a result, the Board has concluded that it is in the best interest of the shareholders to liquidate the Fund.
In connection with the proposed liquidation and dissolution of the Fund called for by the Plan, the Board has directed the Trust’s principal underwriter to cease offering shares of the Fund immediately as of the date of this Supplement. Shareholders may continue to reinvest dividends and distributions in the Fund or redeem their shares until liquidation. While undergoing an orderly liquidation, the Fund will invest in cash equivalents and will not be pursuing its investment objective.
It is anticipated that the Fund will liquidate on or about October 24, 2024. Any remaining shareholders on the date of liquidation will receive a distribution of their remaining investment value in full liquidation of the Fund. If you have questions or need assistance, please contact your financial advisor directly or the Fund toll-free at 1-800-785-8165.
IMPORTANT INFORMATION FOR RETIREMENT PLAN INVESTORS
If you are a retirement plan investor, you should consult your tax advisor regarding the consequences of any redemption of Fund shares. If you receive a distribution from an Individual Retirement Account or a Simplified Employee Pension (SEP) IRA, you must roll the proceeds into another Individual Retirement Account within sixty (60) days of the date of the distribution in order to avoid having to include the distribution in your taxable income for the year. If you receive a distribution from a 403(b)(7) Custodian Account (Tax-Sheltered account) or a Keogh Account, you must roll the distribution into a similar type of retirement plan within sixty (60) days in order to avoid disqualification of your plan and the severe tax consequences that it can bring. If you are the trustee of a Qualified Retirement Plan, you may reinvest the money in any way permitted by the plan and trust agreement.
This Supplement, and the existing Prospectus dated February 28, 2024, provide relevant information for all shareholders and should be retained for future reference. Both the Prospectus and the Statement of Additional Information dated February 28, 2024, have been filed with the Securities and Exchange Commission, are incorporated by reference, and can be obtained without charge by calling the Fund toll-free at 1-800-785-8165.

The last but one segment in the Blog
S&P 500 - second Lowest ever dividend yield (1.27%) and highest P/E (25) and highest P/S (3.0)

The Week in Charts (10/08/24)

The most important charts and themes in markets and investing, including:
00:00 Intro
00:19 Free Wealth Path Analysis
01:04 Topics
01:57 The Resilient Jobs Market
04:41 Labor Market: Still Cooling
08:34 Big Shift in Fed Easing Expectations
10:52 Bond Market Got Ahead of Itself
14:32 China Goes Parabolic
22:45 Declining Dividend Yields
25:25 More Affordable Rents
Video
Blog - 10/08 blog not currently available

My problem with qqmnx, which I own, is that it really isn’t “market neutral.” It has a .61 correlation with the S&P 500, according to PV. The Vanguard and AQR market neutral funds have negative correlation to the S&P 500. Qqmnx is also the only of the three with a positive beta to the overall market. If the goal is non-correlated returns to the stock market this may not be the best vehicle. That being said, if it is a piece of an overall strategy to achieve non correlated returns, it may be perfect.

So, when someone posts about a fund I own now and says, Well, in 2022, it lost more than another fund or in the last 10 years, this fund was better than another, I don't care, what matters is what the fund is doing now..

The problem is defining "now." A fund that does well for a few months or even a year would be bad reason FOR ME to jump in, perhaps you are different. If you have a fund that outperforms for years then that would be a reason for me to move...but just as often I find the fund reverts to the mean rather than continue to outperform, a point you acknowledge in another post. I totally get the idea of riding the wave of a winner, but find that strategy hard to implement in real life. Truth is it's very hard to beat buy and hold with solid funds over a long period of time, or even an index fund. I suspect many of us know that deep down, but just because I'm a bad golfer doesn't mean I dislike golf.

CBYYX -2%
EMPIX 1% (between yesterday and today, EMPIX is ahead of CBYYX)
SHRIX -2.9% (another 3% down day - having a larger AUM and thus a better scope for diversification did not seem to help.)

I've held the fund since 2019, and so I've benefitted from its returns since then. My spouse holds even more of it but hasn't owned it as long in both an IRA and regular account. She isn't interested in selling any of it.

balubalu: here's what happened last may, tho i don't fully understand it: https://www.artemis.bm/news/cat-bond-market-suffers-one-of-its-biggest-non-loss-event-weekly-declines-icosa/. other than that drop, i don't see any other significant ones in the past year or two.

Today, EMPIX is down 2.4%, SHRIX down 3.13%, but CBYYX is unchanged. Very inconsistent if the effect is from Helene devastation. On May 3rd, CBYYX was hit the hardest and SHRIX was unchanged.

https://www.artemis.bm/news/stone-ridge-leads-managers-cutting-mutual-cat-bond-or-ils-fund-navs-on-hurricane-milton/
@BaluBalu. You may have seen the above update on the pricing discrepancies. Reminds me of the fair market pricing of international funds. The cat bond managers marked down the navs of their cat bonds at their discretion due to the impending hurricane. The CBYYX managers chose not to.

I mentioned earlier in the thread about the potential for the smooth ride and then sudden drops as a feature of mark to market discretion of thinly traded securities. You are well versed with this notion with IOFIX. So, one may not be enthralled with the smooth ride or despair with the sudden drops, unless one happens to be unlucky with timing.

@JD_co,
Thanks. The fund is swimming is cash, manager claiming that there is nothing good to buy and then loses 1.41% on the day. What an attitude! I hope you do not own it.
@Dennis Baran,
My comment about ER and distro is to note why the fund website is so sparse in info. If I did not look for ER before, I am not going to look for it now.
Thanks for the heads-up about your sales. Your heavy weighting surprised me. I hope you held it long enough to have benefitted from its historic performance.

@chang,
The fund hedged the currency being invested. Professor Snowball provided a detailed write up on this fund on October’s commentary.

The fund will hedge its currency exposure with one- to three-month forward currency swaps.

https://mutualfundobserver.com/2024/10/launch-alert-crossingbridge-nordic-high-income-bond-fund/#more-19947

737-Max rudder Safety Alert.
https://thehill.com/homenews/4921992-faa-warning-boeing-737-rudder-system-may-jam/
"...a sealed bearing was incorrectly assembled during production, leaving the one side more susceptible to moisture which can freeze and limit rudder system movement...The news comes just four days after lawmakers urged the Department of Justice (DOJ) to investigate Boeing executives for putting profit over safety. The company has been under intense scrutiny over the last year following an incident in January when a door panel flew off mid-flight during an Alaska Airlines trip."

balubalu: here's what happened last may, tho i don't fully understand it: https://www.artemis.bm/news/cat-bond-market-suffers-one-of-its-biggest-non-loss-event-weekly-declines-icosa/. other than that drop, i don't see any other significant ones in the past year or two.

Today, EMPIX is down 2.4%, SHRIX down 3.13%, but CBYYX is unchanged. Very inconsistent if the effect is from Helene devastation. On May 3rd, CBYYX was hit the hardest and SHRIX was unchanged.

https://www.artemis.bm/news/stone-ridge-leads-managers-cutting-mutual-cat-bond-or-ils-fund-navs-on-hurricane-milton/
@BaluBalu. You may have seen the above update on the pricing discrepancies. Reminds me of the fair market pricing of international funds. The cat bond managers marked down the navs of their cat bonds at their discretion due to the impending hurricane. The CBYYX managers chose not to.

You beat me to this. Thanks for sharing this out and sorry there was a delay in posting it to our site. Fwiw, I believe we had already publicly announced the changes back in April. https://advisor.morningstar.com/ReleaseNewsLive/releasePopUp.aspx?Id=1835&type=Product&name=Advisor Workstation

@BaluBalu MRFOX ER is 1.01%. Its 2023 distro was 0.13; 2022 distro 0.03. (This info is from Barron's.) I will be selling 60% of my IRA holding in the fund later this month but keeping 22% of my regular account. The reason is that I want to diversify more, and so I've identified a few options which I hope will have decent and hopefully better overall returns with reasonable risk. The TR of the fund as you point out since April 1 is noteworthy.

1) hank "@FD / Wouldn’t it help people more if you posted what different investments will do in the next 1, 5, 10 years rather than what they did in the past?"
FD: your claim is pretty old. I don't predict what would be good, I invest based on what markets do currently and what I have posted for about 15 years on different sites.
You can read real time trades (here). What I think about bonds (here) and market calls (here).
2) hank: day/frequent trader
FD: I never said I'm one. I said I'm a trader and I'm not ashamed of it, while many who trade as much as me or more can't admit they are one.
3) BB: what does FD say about the prospects going forward for QQMNX or the L/S category
FD: I have said many times that most should avoid ALT funds and explained why. You must hold for years to see the benefit just to find out it was wrong.
4) MikeM: It's just BS to say this fund did well in this time frame but didn't do well in another,
FD: it's not BS, history proved that 1-2 categories can be at the top for years. Constructing a portfolio with the best funds now and never trading will not guarantee best results in the next 10 years. Markets change. Managers that did great with one style will lag markets that do better with another style.
One of the best writers in this site is Charles Lynn Bolin because of his ability to change based on current markets.
5) MikeM: To keep responding with fund suggestions after the fact and thinking you are some guru is irritating.
FD: of course, we had to get to this claim :-) Just read the above 3 links in item 1).
6) MikeM: I don't believe that FD can construct a portfolio for a second.
FD: pretty funny Mike.

https://www.sec.gov/Archives/edgar/data/1355064/000158064224006058/alpha-497.htm
497 1 alpha-497.htm
AlphaCentric LifeSci Healthcare Fund
CLASS A: LYFAX CLASS C: LYFCX CLASS I: LYFIX
(the “Fund”)
October 7, 2024
This information supplements certain information contained in the Prospectus, Summary Prospectus and Statement of Additional Information for the Fund, each dated August 1, 2024.
______________________________________________________________________________
Effective on or about November 1, 2024, the Fund’s name will change to “AlphaCentric Life Sciences and Healthcare Fund”.
* * * * *
You should read this Supplement in conjunction with the Prospectus, Summary Prospectus and Statement of Additional Information for the Fund, each dated August 1, 2024, which provide information that you should know about the Fund before investing. These documents are available upon request and without charge by calling the Fund toll-free at 1-844-ACFUNDS (1-844-223-8637) or by writing to 4221 North 203rd Street, Suite 100, Elkhorn, Nebraska 68022.
Please retain this Supplement for future reference.