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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.
  • Bond funds to invest in now?
    Anyone moving into or adding to LT Treasuries now that the Fed is talking 3 rate decreases this year?
    No, still riding my favorites. I want to stay at about 50/50 stocks/bonds. I'll add WCPNX sooner or later. Less risk.
  • Schwab move...Let's retire this thread. Lots of interactions. Food for thought. THNX.
    Done.
    I had to send a message to TRP to find out just what's what. The reply specified the transfer would be done TONIGHT. The $50.00 transfer/extortion fee will be covered by the value of some fractional shares. Those will not transfer. Any remainder will be sent as cash to Schwab.
    Great. There was absolutely nothing about this process which was easy, routine and normal. Jayzuz. Next I'm waiting to hear if a trustee to trustee switch can be made with the Bruce Fund. Don't hold your breath. Looking forward to Purdue vs. Gonzaga on the week-end. "March Madness." Game-watch party here.
  • ⇒ All Things Boeing ... NASA may send Starliner home without its crew
    FYI: In the Off-Topic section there is now an updated report on the ongoing Boeing situation:
    Shakeup: Boeing CEO Dave Calhoun to step down
    To recap, in the OT section the articles on the Boeing situation are as follows:
    • 1/7/24: Yet More Trouble on the Boeing 737... so it's asking for an exemption to safety rules
    • 1/8/24: United finds loose bolts on Boeing jets grounded after blowout incident
    • 1/9/24: FAA says safety ‘not speed’ will decide how long Boeing jets are grounded
    • 1/10/24: Boeing 737 Max 9: A closer look at the much-discussed "missing bolts" -
    • 1/11/24: F.A.A. Investigating Whether Boeing 737 Max 9 Conformed to Approved Design
    • 1/12/24: FAA to increase oversight of Boeing citing ‘other manufacturing problems'
    • 1/22/24: FAA: Airlines should check the door plugs on another model of Boeing plane
    • 1/23/24: United Airlines re Boeing: "The Straw That Broke the Camel's Back"
    • 1/24/24: Boeing's quality control: "A rambling, shambling, disaster waiting to happen"
    • 1/25/24: Alaska holds Boeing accountable, wants to be made whole for $150M in losses
    • 1/25/24: Airlines Hoping for More Boeing Jets Could Be Waiting Awhile
    • 2/21/24: Head of Boeing’s 737 program will leave the company
    • 2/26/24: Boeing Efforts to Improve Safety Fall Short, FAA Panel Says
    • 2/28/24: FAA gives Boeing 90 days to fix quality control issues
    • 3/6/24: Boeing stonewalling National Transportation Safety Board, says top US safety official
    • 3/9/24: Boeing Subject of Criminal Inquiry by DOJ
    • 3/12/24: Boeing quality whistleblower John Barnett is found shot dead
    • 3/25/24: Shakeup: Boeing CEO Dave Calhoun to step down
  • Stock based compensation
    One of the things that convinced me to take a flyer on SYLD is their screens only include companies engaged in net share buybacks. Their screens for shareholder yield also include paying down debt.
    I tried watching the video, but I find it hard to watch and/or listen to most people that lack any kind of professional experience or training. So I don't know what their complaints with buybacks are.
    BTW. I know of two other ETF's, PKW and WTV, playing the buyback theme. Per MFO premium, the debt/equity ratios are .75 for SYLD, 3.06 for WTV, and 3.47 for PKW.
  • Stock based compensation
    I asked a highly regarded professor of Finance to opine buybacks versus stock based compensation about a year ago. I am quoting him here but not his name. :
    Devesh: I came across this article, which is slightly dated:
    https://www.pionline.com/article/20170316/ONLINE/170319937/the-s-p-500-s-hidden-828-billion-annual-expenses
    If correct, this means a large portion (or most of the buybacks) might just be repurchasing stock issued in comp each year.
    Finance Professor:
    First, a piece of advice. Don’t believe much that you read (including what I write), especially about buybacks. The mythology on buybacks is staggering, including the claims that they are funded mostly with debt, that they come at the expense of value creating investments and that they are primarily to cover stock-based compensation. The truth is that stock-based compensation is not only a much smaller amount than the buybacks, but the companies that are the biggest buyback players are not the ones where stock compensation is a large percent of expenses. Finally, starting in 2007, stock compensation has shifted away from options (which used to be the primary reason for buying back stock to cover exercise) to restricted stock units (which don’t require these gymnastics). The truth is that the buybacks, for the most part, are cash infusions to investors, and much of that cash gets reinvested back into the market.
  • Stock based compensation
    You here little about the massive stock buybacks of most companies. The main reason they do it is to avoid dilution from the even more massive option awards that they give their top employees.
    SP500 companies spent 2/3s of profits purchasing 2.7% of their market capitalization each year, but only reduced the total share count 0.7% in the last decade.
    If you are playing poker for 30 minutes and you can't recognise the patsy, the patsy is you.
  • MassMutual Main Street Fund be liquidated
    https://www.sec.gov/Archives/edgar/data/927972/000110465924038206/tm249166-1_497.htm
    497 1 tm249166-1_497.htm 497

    MASSMUTUAL FUNDS
    MassMutual Main Street Fund
    Supplement dated March 25, 2024 to the
    Prospectus dated February 1, 2024
    and the Summary Prospectus dated February 1, 2024
    This supplement provides new and additional information beyond that contained in the Prospectus and Summary Prospectus, and any previous supplements. It should be retained and read in conjunction with the Prospectus and Summary Prospectus, and any previous supplements.
    The Board of Trustees of the MassMutual Premier Funds has approved a Plan of Liquidation and Termination pursuant to which it is expected that the MassMutual Main Street Fund (the “Fund”) will be dissolved. Effective on or about August 23, 2024 (the “Termination Date”), shareholders of the various classes of shares of the Fund will receive proceeds in proportion to the number of shares of such class held by each of them on the Termination Date.
    Please note that prior to the Termination Date, the Fund may hold most or all of its assets in cash or cash equivalents and therefore may not be able to meet its investment objective.
    PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
    B3000M-24-02
    MS-24-01
  • Apple. DOJ. News item. Lawsuit.
    I do not understand all of the Apple haters, which is not to say that they are perfect. However, I am an unabashed Apple lover. In my home, we have iPhones, iPads, Apple TV, Apple Watch, an iCloud account and an old iMac that we no longer use. We seldom have problems with any of these devices. And when we do, the problems are easily fixed by a simple call to the Apple helpline (at no charge.)
    Before we bought our first iMac, we used various Windows- based computers that were continually locking up and getting infected with viruses. We had frequent service calls from a computer technician who would visit our house to debug everything and download the latest antivirus fixes. Before actually using the computer, we would have to turn it on and wait 10-15 minutes for all of the antivirus programs to run. Even then, the computer was so slow, and we had to keep updating to more expensive computers with more memory to run all of the software.
    We decided to try an Apple computer out of desperation. The Apple salesman told us we shouldn’t be having the problems we were experiencing and that we didn’t need a more powerful computer than an iMac because they were bug-free. I was skeptical but took the bait. He was correct. Our iMac ran flawlessly from the start with never any problems with viruses. When you turn it on, it’s ready to use almost immediately. I never have to download antivirus software.
    We were so impressed with the iMac, that we soon got iPhones and iPads. My iPad is so easy and intuitive to use, that it eventually became my computer of choice for nearly everything. It has essentially replaced the iMac, which now gathers dust — not because it’s bad, but because the iPad does everything much easier. I can buy a new iPad when needed for a fraction of the price of a desktop computer, and I can take it on trips, hold it in my lap, take photos with it and my iPhone, etc. All of my Apple products run seamlessly among each other. If I take a photo on my iPhone, I can instantly edit on my iPad if needed.
    The iPhone has truly revolutionized communications. It’s not simply a phone, it’s a pocket computer that can also take amazing photos, send messages and emails, browse the internet, read the news, etc. Although expensive, I’ve never doubted its worth. I can truly say that I’ve gotten my money’s worth out of every Apple product that I own.
    Much of the Apple hate seems to be driven by jealousy or wannabes. I get it. Number One in anything becomes a target. But let’s not forget that Apple is No. 1 for a reason— actually many, many reasons.
    Microsoft users have their fans. They are great products if you are computer savvy enough to keep them running and virus-free. Or if you work in an office with a staff of computer technicians to keep them running. But for my purposes, it’s Apple all the way.
  • TIAA/CREF VAs at MFO
    @Charles, thanks. Here is my experience after the latest MFO Premium update.
    Background - Yesterday (3/24/24), I had manually changed all old TIAA/CREF IF-xxxx tickers to Qxxxxx except the 2 residuals QCBMP (CREF Bond R2) and IF-SMZQ (TIAA REA).
    Today (3/25/24):
    1. It required a MANUAL change of QCBMP (CREF Bond R2) to QCBMPX. But on Save, it also AUTO-changed all references of old IF-SMZQ (TIAA REA) to new QREARX. So, the AUTO-substitution logic for old TIAA/CREF IF-xxxx to new Qxxxxx seems to be working.
    But users should be aware that a WARNING screen may open up listing all affected saved portfolio by the update that will be overwritten and the choices are to Overwrite or Cancel. Users may be surprised by this (especially for their saved portfolios that they didn't touch) but should select Overwrite option.
    Portfolios and Multisearch just won't run now with old IF-xxxx tickers (a lone exception is IF-BZKF for CREF Equity Index, but its Qxxxxx tickers transitioned fine). The changes aren't dynamic or real-time, but one-time to Overwrite.
    2. As for the minor issue with trying to run several classes (R3, R2, R1) of CREF Stock - QCSTIX QCSTPX QCSTRX, it's the same and I understand @Charles' explanation:
    It runs under Portfolio.
    It doesn't run under Watchlist default (with Basic Info).
    It runs under Watchlist with ALL Classes checked in More Basic Info.
    3. I will look around for OTHER Qxxxxx tickers. Many are recognized by Yahoo Finance, M* Investor, Nasdaq, Stockcharts (few), but one has to know them. Not all VAs have Qxxxxx tickers. I don't know if Nasdaq would provide a list of all supported 6-character Qxxxxx tickers.
    Of course, Multisearch pulls up VAs with IF-xxxx tickers from Fidelity, Transamerica, T Rowe Price, Vanguard, etc (and of course, TIAA/CREF, but that is done now), but I don't see an easy way to find which have Qxxxxx tickers. Reverse lookup from Qxxxxx to VA Names to IF-xxxx seems a manually laborious process. I think only Lipper may do something about this if/when it upgrades its system to recognize the 6-character Qxxxxx tickers.
  • TIAA/CREF VAs at MFO
    A minor issue is that the following list (for CREF Stock) runs fine under Portfolio, but not under Watchlist.
    QCSTIX QCSTPX QCSTRX
    Each ticker runs fine individually under the Watchlist, but defaults to QCSTIX.
    The previous list ran fine under both, but of course, those are gone now,
    IF-CBMF IF-CMP5 IF-CMP6
    Problem may be that in the Q-version, these 3 tickers are recognized as classes of the same VA/fund, and MFO may be complaining why run 3 classes simultaneously. This wasn't a problem with the old IF-tickers.
    A workout is just to use More Basic Info - All Classes and then the list runs properly. (BTW, the interim instructions need to be adjusted to indicate that All Classes option is within More Basic Info, not Basic Info.
  • TIAA/CREF VAs at MFO
    Vow, it's done (almost)! Thanks @Charles!!
    In this massive change at MFO Premium, there were (only) 2 issues:
    CREF Bond Market R2 ticker is wrong, QCBMP should be QCBMPX (note the missing X)
    TIAA REA is still the old IF-SMZQ and should also be changed to QREARX. Of course, the focus has been on many CREF VAs, but there is also 1 TIAA VA.
    As in the past, the MFO Premium won't run at all until I changed ALL old IF-xxxx to new Qxxxxx in ALL saved Portfolios. This should be fixed - Portfolio should run so long as the tickers for the current run are all valid, and it shouldn't matter what the other saved Portfolios have. Anyway, this is how I found the residual problems for CREF Bond R2 and TIAA REA below (so, I had to make them "wrong" temporarily).
    All related history and updates can be found at this link thread,
    https://ybbpersonalfinance.proboards.com/post/1405/thread
  • Apple. DOJ. News item. Lawsuit.
    "That might force me to buy a new computer."
    It's quite possible to run two desktop computers using only one monitor and mouse/keyboard. Inexpensive and easy to setup and use switches are available and allow instant switching between the two computers. Apple computers are pretty easy to set up via your router to talk to each other and transfer compatible files between the two computers.
    I use a setup like that with an obsolete Mac G5 which still runs 25-year old apps. Those apps are incompatible with the Mac Minis that we use for everyday purposes.
    For example, the G5 still runs Claris CAD, which is totally incompatible with current Mac operating systems. However, the CAD files, once generated, can be saved as PDF files, and easily transported over to the Mini. Another option is to take screen shots of files on the G5, and transport those over to the Mini.
  • A Dividend Aristocrat Falls - WBA
    @BaluBalu, PEY & SCHD look back 10 years. FDL (M*) looks back 5 years. Those are just a few that made it through to my watch lists that are based on looking back.
    Wisdom Tree has some interesting dividend strategies that aren't reliant on looking back at fixed periods of time.
  • The week that was, global etf's, various categories + heat map. Week ending May 17, 2024.
    The graphic is set for the 5 days ending March 22, Friday; for the best to worst % returns in select etf categories. One may then also select the one month column to align the one month return best to worst; or for the other listed time frame columns.
    ADD an etf performance of your choosing, if you desire.
    *** Requested ADD: For the week and YTD
    --- EWW = +.79% / -.54% (I Shares, Mexico)
    MMKT note: Fidelity mmkt's yields moved upward a few hundreds % this week, with core acct's yields at 4.97% (SPAXX) and 5.02% (FDRXX).
    NOTE: The majority of all equity and bond sectors finished the week with positive returns, with bond funds having decent gains.
    NEW: 1 week 'heat map' by sectors. This is an interactive graphic. You may hover the computer pointer over the various blocks to view portions of sectors and/or stocks within those sectors. NOTE: to the left of the graphic, one may change the 1 week performance drop down menu to another time frame. Another example: at the left edge of the graphic, select exchange traded funds and then 1 week.
    Remain curious,
    Catch
  • MRFOX
    I asked my advisor at Fidelity whether it is possible to make MRFOX available at Fidelity. After consulting with others she answered that it is possible, but only if many investors want it: Fidelity requires $25MM in demand in order to ask for a net new relationship with the fund. She suggested that if many people express their interest, perhaps something could be done. This does not look encouraging at all, but I wanted to share it here anyway.
  • advised and subadvised

    @a2z. @David_Snowball. Thank you.
    There are several parameters on MFOP that can be searched independently of other selection criteria: Symbols, Fund Names, Socially Conscious?, Adviser Names, Manager Names, and all the Holdings metrics (Names, Ticker, Sector, Security Type, Country, Currency, Debt).
    They are denoted with a Plus? label. So, in this case, one can get funds advised and subadvised by Wellington by selecting Plus? Yes for the Adviser and then selecting Wellington for the SubAdviser.
    I just ran MFOP and found 161 funds (oldest share class only) either Advised or SubAdvised by Wellington. Here's link to pdf.
    c
  • TIAA/CREF VAs at MFO
    You are very welcome ybb, especially for enlightening me (and the folks on the board) about VAs. Lipper fussed, however, extending the update to include the TIAA listed tickers, apparently because they are 6-character tickers ... at least for now. In any case, MFOP maintains its own fund name file. And, we will start maintaining our own ticker substitution file shortly, so in future you will be able to pull-up the TIAA funds by listed ticker (for current portfolios, searches, and watchlists, the substitutions will be done automatically, and if you like, you can then export/save the updated tickers to your profile). Thank you again, c
    TIAA (Lipper/MFOP)
    QCBMRX (IF-CMR2)
    QCBMP (IF-CMQ9)
    QCBMIX (IF-MTJQ)
    QCBMFX (IF-F89J)
    QCEQRX (IF-CMQ8)
    QCEQPX (IF-CMQ7)
    QCEQIX (IF-MDMF)
    QCEQFX (IF-F896)
    QCGLRX (IF-CMQ6)
    QCGLPX (IF-CMQ5)
    QCGLIX (IF-SKRL)
    QCGLFX (IF-F7Z9)
    QCGRRX (IF-CMQ4)
    QCGRPX (IF-CMQ3)
    QCGRIX (IF-FDWD)
    QCGRFX (IF-F895)
    QCILRX (IF-CMQ2)
    QCILPX (IF-CMP9)
    QCILIX (IF-WPZK)
    QCILFX (IF-F82K)
    QCMMRX (IF-CMP8)
    QCMMPX (IF-CMP7)
    QCMMIX (IF-RWDV)
    QCMMFX (IF-F82J)
    QCSCRX (IF-CMP4)
    QCSCPX (IF-CMP3)
    QCSCIX (IF-THMV)
    QSCCFX (IF-F7Z8)
    QCSTRX (IF-CMP6)
    QCSTPX (IF-CMP5)
    QCSTIX (IF-CBMF)
    QCSTFX (IF-F7Z3)
  • MFO Premium Questions
    @Charles, thanks for your response. Monthly enforcement of allocation is what it looked like from comparison with PV monthly rebalancing. But your official confirmation is important. Here is some data for standard deviation (SD). LINK
                                           MFO    Wtd-Avg   PV w/o rebal   PV w/qtr rebal   PV w/mo rebal
    03/2023-02/2024 (1 Yr)    15.3    16.15       15.11             15.33               15.37
    03/2021-02/2024 (3 Yr)    15.4    17.15       15.38             15.38               15.38
    03/2019-02/2024 (5 Yr)    13.4    17.30       13.27             13.40               13.45
    03/2014-02/2024 (10 Yr)  10.6    14.35       10.80             10.62               10.66
    03/2009-02/2014 (15 Yr)   9.4     14.30       10.47             9.43                 9.44
  • Mutual Fund Managers who Left and came Back
    Two days ago - to my sadness and delight - I had learned via MFO that Eric Cinnamond, one of my all-time favorite managers with ARIVX/ICMAX was back in the mutual funds world with Palm Valley Capital Fund (PVCMX). ('Sadness' because I have missed almost 5 years of exploiting his financial acumen for a modest management fee and 'delight' because I have now been able to put a sizable investment into his new vehicle.)
    This got me thinking, are there any other great/good managers who came back to manage a mutual fund or an ETF after being away for some time in the last, say, 20 years that I might be missing on?
    (No knock on Bill Nygren, who's done an admirable job at the Oakmark Fund (OAKMX), but I am still hoping for the day that Robert Sanborn comes back with a publicly available investment offering.)