”This column should not be read as a criticism of low-risk investments. They aren’t required for younger investors, who need not worry about redeeming their funds at the wrong time (at least, if they are sensible), but they are critical for retirees who are withdrawing their assets. Ballast prevents them from entering a bear market spiral in which they spend ever-larger percentages of their portfolio to realize the same amount of money. Do that for long, and you are in real trouble.”
Do younger investors (ie ages 25-45) really pay much attention to portfolio construction / hedging? Sure, some do. And likely if they’re reading this board they pay greater attention than the average working stiff with a job, kids in school, a big mortgage and 25 + years to retirement.
Good article. Hopefully (as the author suggests) well considered portfolio specific hedging may reduce short term volatility for those already in the withdrawal stage. In no way, shape or form would I ever argue that hedging improves longer term performance. And … there’s always the option (hedge) of moving a big chunk into cash and / or CDs, as one well-heeled poster appears to have done recently. As a sometimes landscaper / gardener, I’m aware that hedges come in many different shapes and colors.

The Week in Charts (04/19/24)
The most important charts and themes in markets, including...
00:00 Intro
00:14 Topics
00:46 When the Levee Breaks
07:21 The Other Side of Mania
12:01 The Large/Small Divide
15:19 Netflix Numbers
19:14 When Valuation Matters
22:12 Tesla Trimming
26:25 Housing Slump Continues
30:51 Higher (Cash Yields) For Longer
Video
Blog

Exactly @gman57

BOT more shares of GOOGL while down slightly in pre-market trading to bring position to intended level. Avg share price just under $138 (a wee bit lower than the $140+ on our first BUY/SELL). Will either be another ST trade. if we get a bounce, or will ADD to position as LT HOLD. All yet TBD.
EDIT: Decided to dbl the position. BOT more shares during early market action as price kept falling. Snagged next batch at just under $136. Fun stuff!
EDIT_2: Closed out the position with some BUYs later in the day in the $135's, to end at an avg purchase price of $137, less than 1/2% below today's Close. Seems to be about where we were when we took the first ride on GOOGL. Lot of negativity towards it now but thinking we should be just about done with this round of punishment. We'll see!

SOLD full position in GOOGL on after hours POP at ~$177 for a ST Gain of ~29%. This trade took a LOT longer than expected to materialize but ended up being the best of my three ST plays on GOOGL, then NVDA, then GOOGL again.

the Fed continues it's rate reductions
Continues?
I'm not counting on rates dropping soon. Around 70% of the economy is driven by consumer spending, which "grew at a still-solid 2.5% rate, slowing from the [previous quarter's] 3.3% growth pace".
https://www.fidelity.com/news/article/top-news/202404250006RTRSNEWSCOMBINED_KCN36S06D-OUSBS_1
And from the cited WP piece, "That exuberant [consumer] spending — especially on travel, restaurants, concerts and other services — has recently lifted inflation, reigniting fears that the Federal Reserve may have to be even more aggressive in its efforts to slow the economy."
"Yields remain higher on the day after the latest GDP report showed slower growth and higher inflation than expected." (WSJ)
https://www.wsj.com/livecoverage/stock-market-today-earnings-04-25-2024/card/treasury-yields-stable-after-solid-7-year-auction-yg7fFwF9KaOlkRIwZylf
IMHO the markets tend to initially overreact to any news. Still, yields aren't going down in the short term. Nevertheless, grabbing longer term rates over the next few weeks seems like a solid, cautious approach.

Sold 100k SUTXX MMKT (currently 5.17%) to extend income ladder- 50k treasuries, mature 2/26 @ 4.9698%, and 1/27 @ 4.806%
Note: The Washington Post is reporting that "the U.S. economy grew at 1.6 percent annual rate in first quarter 2024, a sharp slowdown".
Those of us currently building and maintaining income ladders should be alert that high current MMKT returns may drop significantly if the economy slows and the Fed continues finally begins it's rate reductions, and consider moving at least some MMKT cash to long-term securities.

Sold 100k SUTXX MMKT (currently 5.17%) to extend income ladder- 50k treasuries, mature 2/26 @ 4.9698%, and 1/27 @ 4.806%
Note: The Washington Post is reporting that "the U.S. economy grew at 1.6 percent annual rate in first quarter 2024, a sharp slowdown".
Those of us currently building and maintaining income ladders should be alert that high current MMKT returns may drop significantly if the economy slows and the Fed continues finally begins it's rate reductions, and consider moving at least some MMKT cash to long-term securities.

https://www.sec.gov/Archives/edgar/data/1683471/000089418924002557/opportunistictraderliquida.htm
497 1 opportunistictraderliquida.htm OPPORTUNISTIC TRADER ETF 497E
Filed pursuant to Rule 497(e)
Registration Nos. 333-215588; 811-23226
Opportunistic Trader ETF (WZRD)
a series of Listed Funds Trust
Supplement dated April 24, 2024
to the Summary Prospectus, Prospectus and
Statement of Additional Information (“SAI”)
dated February 7, 2024
After careful consideration, OT Advisors, LLC (the “Adviser”), the investment adviser to the Opportunistic Trader ETF (the “Fund”), and the Board of Trustees (the “Board”) of Listed Funds Trust have jointly determined that the liquidation of the Fund is in its and its shareholders’ best interests. Accordingly, the Board approved the closing and subsequent liquidation of the Fund pursuant to the terms of a Plan of Liquidation. The Fund is expected to cease operations, liquidate its assets, and distribute the liquidation proceeds to shareholders on or about May 9, 2024 (the “Liquidation Date”). Shares of the Fund are listed on NYSE Arca, Inc.
Effective immediately and continuing through the Liquidation Date, the Fund will commence the liquidation of its portfolio assets. During this period, the Fund will increase its cash holdings and deviate from its investment objective, investment strategies, and investment policies as stated in the Fund’s Prospectuses and SAI.
The Fund will no longer accept orders for new creation units after the close of business on the business day prior to the Liquidation Date, and trading in the shares of the Fund will be halted prior to market open on the Liquidation Date. Prior to the Liquidation Date, there is no assurance that there will be a market for the Fund’s shares during that time period, and shareholders may only be able to sell their shares to certain broker-dealers. Customary brokerage charges may apply to such transactions.
If no action is taken by a Fund shareholder prior to the Liquidation Date, the Fund will distribute to such shareholder, on or promptly after the Liquidation Date, a liquidating cash distribution equal to the net asset value of the shareholder’s Fund shares as of the close of business on the Liquidation Date. This amount will include any accrued capital gains and dividends. Shareholders remaining in the Fund on the Liquidation Date will not be charged any transaction fees by the Fund. However, the net asset value of the Fund on the date of the liquidating distribution is calculated will reflect the costs of liquidating the Fund. The liquidating cash distribution to shareholders will be treated as payment in exchange for their shares. The liquidation of your shares may be treated as a taxable event. Shareholders should contact their tax adviser to discuss the income tax consequences of the liquidation.
Shareholders can call (800) 617-0004 for additional information.
Please retain this supplement with your Summary Prospectus, Prospectus, and
Statement of Additional Information for future reference.

Liquidation filing (M* Ptak at X/Twitter LINK)
https://www.sec.gov/Archives/edgar/data/1683471/000089418924002557/opportunistictraderliquida.htm?utm_source=Twitter&utm_medium=social&utm_campaign=Jeff_Ptak

Paying $200 for a (introductory) year of M* Premium Investor. That’s $16.66 a month. You can’t buy a bottle of drinkable scotch for that. I saw a 6-pack of Sam Adam’s (Boston Lager) priced at $12.50 (+ bottle deposit) where I shop the other day. We are all suffering from “sticker shock.” Everything seems more expensive, especially if you’ve been retired a long time. I love reading financial stuff. Spend hours a week reading up on funds on M* alone. Usually it’s just to get an idea how different approaches are faring, as my core holdings hardly ever change.

Would pay a kings ransom just to see the list of "investors" buying this stock daily. DJT is averaging 6M shares per day. Are the buyers from Russia? China? Supreme Court justices?
DJT is up over 12% today, at $36.75 for the moment.
It's one thing to hear about a con after the rubes have been fleeced, but its another to watch it all in slow motion. You can goose a stock price for only so long.

I cannot remember any company that within a month of its IPO is begging Congress (let alone market makers) to save its falling share price. Apparently their CEO (a former GQP congresscritter) believes that 'free markets' are great only when you can profit from them -- which is par for the course with these people.
https://www.politico.com/news/2024/04/24/devin-nunes-trump-media-stock-congress-00154054

My first & last boat leans up against back garden shed. I paid all of $100 for 11'6" flat bottom v hull. Many enjoyable hours spent fishing !
To each his own.

For fishing I never thought it made much difference what size boat. Over 45 years I owned both an aluminum 14’ and a deeper wider 16-footer. Was crazy enough to troll out on Lake Michigan with that 14-footer and just a single 15 HP outboard during the 70s & 80s. The larger boat had a second engine.
Back to fishing … I think size is overrated. Have enjoyed catching bluegill from the edge of a pond in the spring just as much as hauling in 30 lb + salmon on the great lakes in August. You could argue the bluegill taste better.

(I’ll defer to others as far as Mike’s question for “smart guys”.)
But I agree 100% with Mike’s reasoning. I do have some non-sheltered holdings in a tax exempt muni bond fund. Aside from that, the other 90%+ resides in IRAs and I don’t give a hoot fret much about dividends. Total return is what matters to my thinking. Not to criticize those who do pay heed to dividends inside tax sheltered accounts. Monitoring dividends might well help them make better purchase or allocation decisions, just like monitoring other investment attributes can.
I noted in another thread that there is one important exception. If you own a foreign holding (including ADRs) taxes do apply to you even if held inside a tax deferred account. Withholding of taxes owed is required by law (per jurisdiction). Some foreign tax rates are as high as 25%. There seems to be some ways to get some of that back thru your U.S. tax filings, but apparently not worth the hassle for most people. The U.S. has treaties with several countries that limit tax liability for U.S. citizens. In the case of Switzerland, where I have a small exposure, the withholding tax is limited to 10% of dividends. No tax on cap appreciation.

Question for you smart guys, so given all this talk on divie's, the only reason to pick a stock that gives higher dividends than other stocks is if it is held in a taxable account since dividends are taxed less than regular income, right? There is zero added return benefit in a tax deferred account - only total return matters. I do understand a stock paying higher dividends may be a smoother ride, but not necessarily give better returns.
Is my thinking accurate, or am I off base with my bias?

Given my tax bracket since I'm still working, I prefer QDI taxed at 15% versus various bonds that are taxed as ordinary income at my 35% bracket. But I don't go looking for insanely-high dividends either ... my sweet spot is 4-7% (with good coverage/growth) depending on whether they're common or preferreds.

@majick - bogleheads.org has extensive discussion on ishares ibonds:
https://www.bogleheads.org/forum/viewtopic.php?p=7814245&hilit=Ibte#p7814245

https://www.sec.gov/Archives/edgar/data/1388485/000182912624002721/fundvantage_497.htm
497 1 fundvantage_497.htm 497
Filed pursuant to Rule 497(e)
under the Securities Act of 1933,
as amended Securities Act File
No. 333-141120
FUNDVANTAGE TRUST
(THE “TRUST”)
POLEN GLOBAL SMID COMPANY GROWTH FUND
(THE “FUND”)
Supplement dated April 23, 2024 to the Fund’s Summary Prospectus dated December 29, 2023, and Prospectus and Statement of Additional Information (“SAI”), each dated September 1, 2023, as supplemented.
LIQUIDATION AND TERMINATION OF THE FUND
The Board of Trustees of the Trust has approved a plan to liquidate and terminate the Fund. The plan of liquidation provides that the Fund will cease its business, liquidate its assets and distribute its liquidation proceeds to all of the Fund’s shareholders of record. Final liquidation of the Fund will occur on or about May 23, 2024.
The Fund will cease accepting purchase orders and will be closed to all new and existing investors on May 6, 2024.
Shareholders of the Fund may redeem their shares at any time prior to the liquidation date. If a shareholder has not redeemed his or her shares by the liquidation date, the shareholder’s shares automatically will be redeemed and proceeds will be sent to the shareholder of record. All applicable redemption fees will be waived for redemptions of Fund shares that occur after the date of this supplement. Liquidation proceeds will be paid in cash at the Fund’s applicable net asset value per share.
In addition, shareholders may use the proceeds from the redemption of shares of the Fund to simultaneously purchase shares of a different Polen fund. Shareholders can make exchange requests by telephone or by mail. See “To Redeem from Your Account” in the Prospectus for contact information. If the Exchange is open for regular trading (generally until 4 p.m. Eastern time, on a business day) at the time an exchange request is received in good order, the trade date generally will be the same day. See “Redemption of Shares” in the Prospectus for additional information on transaction requests. The Fund will not accept your request to cancel any exchange request once processing has begun. Please be careful when placing an exchange request. Call Shareholder Services toll-free at (888) 678-6024 from Monday through Friday, 8:00 a.m. to 6:00 p.m., Eastern time before attempting to exchange a large dollar amount. By calling us before you attempt to exchange a large dollar amount, you may avoid delayed or rejected transactions. Please note that the Fund reserves the right, without notice, to revise or terminate the exchange privilege, limit the amount of any exchange, or reject an exchange, at any time, for any reason. See “Market Timing and Frequent-Trading Policy” in the Prospectus for additional restrictions on exchanges.
As the liquidation of the Fund approaches, the Fund’s investment adviser is expected to increase the portion of the Fund’s assets held in cash and similar investments in order to prepare for orderly liquidation and to meet anticipated redemption requests. This may adversely affect the Fund’s performance. The impending liquidation of the Fund may result in large redemptions, which could adversely affect the Fund’s expense ratio, although existing contractual fee waivers will be maintained. Also, as the Fund’s liquidation approaches, the Fund will cease to pursue its investment objective.
The redemption of shares held by a shareholder as part of the liquidation generally will be considered a taxable event. Prior to final liquidation, the Fund may make distributions of income and capital gains. These distributions will have the tax and other consequences described in the Fund’s prospectus and statement of additional information. A shareholder should consult with the shareholder’s tax advisor to discuss the Fund’s liquidation and the tax consequences to the shareholder...

https://www.sec.gov/Archives/edgar/data/1540305/000089418924002501/defiancechai-liquidationst.htm
497 1 defiancechai-liquidationst.htm 497
Filed Pursuant to Rule 497(e)
File Nos. 333-179562; 811-22668
Defiance Israel Fixed Income ETF (CHAI)
April 24, 2024
Supplement to the Summary Prospectus, Prospectus, and Statement of Additional Information (“SAI”), each dated December 11, 2023
The Board of Trustees of ETF Series Solutions, upon a recommendation from Defiance ETFs, LLC, the investment adviser to the Defiance Israel Fixed Income ETF (the “Fund”), has determined to close and liquidate the Fund immediately after the close of business on May 24, 2024 (the “Liquidation Date”). Shares of the Fund are listed on the NYSE Arca, Inc.
Effective on or about May 14, 2024, the Fund will begin liquidating its portfolio assets. This will cause the Fund to increase its cash holdings and deviate from the investment objective and strategies stated in the Fund’s prospectus.
The Fund will no longer accept orders for new creation units after the close of business on the business day prior to the Liquidation Date, and trading in shares of the Fund will be halted prior to market open on the Liquidation Date. Prior to the Liquidation Date, shareholders may only be able to sell their shares to certain broker-dealers, and there is no assurance that there will be a market for the Fund’s shares during that time period. Customary brokerage charges may apply to such transactions.
On or about the Liquidation Date, the Fund will liquidate its assets and distribute cash pro rata to all remaining shareholders. These distributions are taxable events. Distributions made to shareholders should generally be treated as received in exchange for shares and will therefore generally give rise to a capital gain or loss depending on a shareholder’s tax basis. Shareholders should contact their tax advisor to discuss the income tax consequences of the liquidation. As calculated on the Liquidation Date, the Fund’s net asset value will reflect the costs of closing the Fund, if any. Once the distributions are complete, the Fund will terminate. Proceeds of the liquidation will be sent to shareholders promptly after the Liquidation Date.
For additional information, please call 1-833-333-9383.
Please retain this Supplement with your Summary Prospectus, Prospectus, and SAI for future reference.

The prices of all options would increase to reflect 24/7 trading instead of 9/5

@gman57. Sold our boat this month and our umbrella went down by fifty bucks. Selling our much loved sailboat was very bittersweet. Happiest and saddest day all at once.