Difficult to stay patient sitting on an unfilled Limit Buy Order when Mr. Market is rising and rising..... But it cannot go on forever upward in a straight line. Behavioral Economics. Beware of FOMO.

@Crash - You’re more patient than me. I fiddle for 5 or 10 minutes and than cancel the order. Don’t like uncertainty. One reason I’ve moved mostly to open end traditional funds is to get away from this minute by minute game.
I don’t know about “sell in May.” But ISTM that when a major index approaches a milestone (in this case Dow 40,000) that it will often move back & forth crossing that number several times in the ensuing months. Just a vague recollection.
Bloomberg reports that the DJI briefly crossed over 40,000 this morning before pulling back. You can say milestones don’t matter. Perhaps. But the public psyche is important (near term anyways) to markets and a milestone does mess around with psyche.

I bit the bullet and bought into an MLP NOT in my IRA. I don't like waiting for the k-1, but the stock is worth the "hassle." The company lets you sign-in to access the k-1 before it comes in the mail. THIS year, the k-1 came atrociously late via the USPS.

Consider yourself lucky. The K-1 filing deadline is March 15th, but companies can request an automatically granted extension to Sept 15th. (Sept 16th this year; Sept 15th is a Sunday.)
https://tax.thomsonreuters.com/blog/what-is-schedule-k-1
https://www.irs.gov/pub/irs-pdf/p509.pdf

If any fund (mutual fund, closed-end fund, or ETF) owns more than 25% MLPs, the fund will be taxed as a corporation. Accordingly, there are two types of MLP funds – those structured as RICs, which own up to 25% MLPs, and those structured as corporations (or C-Corp funds), which tend to be 90-100% MLPs.

https://www.etftrends.com/energy-infrastructure-channel/beyond-the-k-1-tax-treatment-for-an-mlp-fund-vs-an-mlp/
MLPFX is of the latter type. Thus, like and individual investor in an MLP, it owes taxes on income generated by the MLP. The tax gimmick in MLPs is that their dividends are treated as returns of capital. So one does not owe taxes immediately on this income. MLPFX passes these ROCs through to its investors.
Ultimately the tax bill comes due. The return of capital reduces the cost basis of an MLP so that when it is sold, the gain is not based on the purchase price but on the purchase price minus the "tax-free" divs received. Since MLPFX is taxed as a corporation, it will owe those taxes.
"Upon a Fund’s sale of a portfolio security, the Fund will be liable for previously deferred taxes."
Prospectus
These deferred tax expenses are reported as expenses of the fund as they are accrued, i.e. at an estimated rate of 5.44% per year. That's the cost of creating a wrapper fund to convert MLP K1s into 1099s.

One disadvantage of investing in a C-Corp fund instead of individual MLPs is the potential for tax drag to weigh on fund performance relative to its underlying holdings. C-Corp funds accrue a deferred tax liability for the portion of distributions considered to be a tax-deferred return of capital and for gains in underlying holdings.

ETFtrends (cited above).
Aside from Fidelity Treasury Portfolio, I can't find any underlying funds in the portfolio.

I am K-1 free now. But these can be found online at,
https://www.taxpackagesupport.com/

Looking at MLPFX Prospectus, it's organized as a taxable C-corp (not as a typical passthrough fund), so the ER includes potential deferred income tax liability from unrealized gains/losses. Is that a real expense? May be someone else can throw a light on this twist.
https://connect.rightprospectus.com/Invesco/TADF/00143K277/P

I bit the bullet and bought into an MLP NOT in my IRA. I don't like waiting for the k-1, but the stock is worth the "hassle." The company lets you sign-in to access the k-1 before it comes in the mail. THIS year, the k-1 came atrociously late via the USPS.

Because they can? *shrug* Heck, there's also a 5.50 front-end load and .25 12(b)-1 fee as well, just in case you really wanted to twist the knife into your gut. Run fast, run far.
In such cases, I'd definitely use an ETF .. there are several. Just check to make sure it's not levered, if you are trying to be conservative in your income holdings.

FYI - The book summary and photo image for this thread are no longer based on Amazon and do not link to Amazon.
…

Anyone know why the expense ratio is so high on Invesco SteelPath MLP Select 40 A (MLPFX)? I owned the fund to get K-1-free access to MLP's inside of an IRA. However, 6.57% seems insane! What's up with that? Also, for those of you who like MLP's and want exposure within an IRA (without getting hit with K-1's), what do you use? I will probably switch to an ETF.

AAII Sentiment Survey, 5/15/24
BULLISH remained the top sentiment (40.9%, above average) & bearish remained the bottom sentiment (23.3%, below average); neutral remained the middle sentiment (35.9%, above average); Bull-Bear Spread was +17.6% (above average). Investor concerns: Elections, budget, inflation, economy, the Fed, dollar, Russia-Ukraine (116+ weeks), Israel-Hamas (31+ weeks), geopolitical. For the Survey week (Th-Wed), stocks up, bonds up, oil down, gold up, dollar down. CPI +3.4%, PPI +2.2% (wholesale). DJIA futures 40,000+. #AAII #Sentiment #Markets
https://ybbpersonalfinance.proboards.com/post/1472/thread

Just bought a 2013 Odyssey with cash. Won't be paying much more for insurance than we've been paying on the 2002. With any luck, it will be our last van.
Wouldn't be buying umbrella insurance if we had spent the last 45 years buying cars on credit.
Great post by @catch22 immediately above this post. I wasn't driving in the 60's. but we ended up driving several cars from that era.

@Derf- Not sure what you mean- that link takes me to used copies of that one historical book, written in 1999.

"He was “Mush” because everything he touched turned to mush.” --A Bronx Tale (1993)
Yes, I had initiated a position in MRFOX quite recently. So sorry, shareholders. So very sorry. (I've also tainted QDSNX and BIVRX this quarter as well).

@Crash You noted:

Remember when dents could be hammered out and sanded smooth again? Check out the solidity of a 1958 DeSoto vs. a compact 2023 Suzuki sedan.

Note: dents can still be 'worked' out, just adjust for inflation.
Generally, we're talking more than fender dents, eh?
I was auto driving in 1963, in no seat belt cars. No 'new' safety glass in windshields, etc.
When I bought my first new car in 1966, some advertising mentioned the 'new' safety glass windshields, being: 'Beginning in 1966 cars came equipped with improved laminated windshields that could withstand nearly three times the impact of earlier versions. In the 60s and 70s Federal Motor Vehicle Safety standards were set for the strength and clarity of laminated windshields (FMVSS 205); windshield retention strength during accidents (FMVSS 212); roof rigidity in rollover accidents (FMVSS 216); and limits on windshield penetration (FMVSS 219). 'The car also had 'lap' seat belts.
My graduating class lost several classmates from auto accidents. They likely would have survived had they been driving a vehicle built in the last 10 years.
Three weeks ago, 5 local high school kids were returning from a morning STEM class and the driver lost control of an Equinox. The SUV crossed the two lane road center line, dove into the ditch and then rolled about 6 times. Only one passenger had a broken leg, with the others having bangs and bruises. The photo of the SUV looked really nasty.
An add:
Auto Crumple Zones, a brief article. These zones are intended to protect the passenger compartment and the folks within.
Anyway, things aren't always simple, eh?; without knowing more. You've watched the 'crash tests?

Car insurance from Yahoo Finance. Dated 15 May, '24:
I had an ins. agent back East who went the extra mile. A true saint, a stand-up mensch.
I know of no others like him. Have not heard of any others like him. Here's an article written as an apologia, rationalizing and making excuses for the price-gouging that's going on.
https://finance.yahoo.com/news/car-insurance-costs-are-surging--but-its-not-because-of-price-gouging-195212537.html
"...The higher fatality rates indicate that crashes are becoming more severe, pushing up the costs of repair and replacement as well as legal liability..."
What does that even MEAN? I didn't just fall off the turnip truck. More fatalities? Big effing surprise! Remember when dents could be hammered out and sanded smooth again? Check out the solidity of a 1958 DeSoto vs. a compact 2023 Suzuki sedan. Duh. But of course, he won't mention that aspect of the bigger picture.

DJIA futures this evening are at 40,000+.

"Boeing said that the company believed that it had honored the terms of the settlement"
That old BELIEF! We know beliefs are facts for many.
It is the justice department's fault the way they agreed and let the implementation of the deferred prosecution agreement (DPA). If you look at the history of successful DPAs (i.e., no repeat offending), invariably you will see they start with some heads of upper management roll and a monitor placed as part of the agreement - many times rolling heads is not laid out explicitly but that is how it gets implemented. No heads were rolled means no change in culture. Replacing the CEO with a lame board member is never enough. Who was the monitor? Never gets mentioned in the press. My recollection was that BA was allowed to self certify a lot of the work even after the DPA. There was never a scope for remediation.
Edit: Appaloosa bought a bunch of BA in Q1.

@yogibearbull,
Good chart. Since the last FOMC / press conference when Powell took rate hikes off the table (5/1), MRFOX is lagging substantially behind any moderate allocation fund I follow or the proxies for MA funds (HELO, PHEFX, etc.) this forum uses for moderate allocation funds. It is a bit discouraging that the team has been overly defensive after Powell presser. Proving again that in mutual fund investing hot money attracts cold returns.
I was going to add to MRFOX but its March and April inflows (and its TR since April 1) have been discouraging. Good luck to me and others that hold this fund.
P.S.: why I compared the fund to MA funds (incorrect comparison)? I wanted the fund to match or beat MA funds and as such I bought the fund in place of a MA fund, rather than in place of an equity fund in its category - just low expectations.
Thanks

Jeff DeMaso discusses Vanguard's new CEO among other topics.
https://www.independentvanguardadviser.com/a-new-leader-comes-to-vanguard/

Thanks for the link. Always appreciated.
He writes:

it certainly feels like Vanguard's culture has been changing already. Vanguard adding fees and selling off non-core businesses—like its small-biz retirement accounts—lends a sense that the bottom line has taken priority from the shareholder (owner) experience

Though the antecedent (Vanguard returning to its core business) was apparent, I had drawn the opposite conclusion.
Some companies manage to expand their lines of business successfully. Many do not and decide to focus on strengthening their core competencies. For Vanguard, that has always been inexpensive, conservatively managed funds.
Between 2002 and 2019 Vanguard offered a cash management account, Vanguard Advantage. It was offered only to Voyager Select ($500K+) and Flagship ($1M+) customers; the former had to pay $30/year and $4.95/mo if you used BillPay.
https://www.investmentnews.com/industry-news/news/vanguard-to-end-its-small-cash-management-service-78435
https://www.mymoneyblog.com/vanguardadvantage-all-in-one-checking-account-at-vanguard.html
This was not Vanguard's core business, and it wasn't going to put money into it unless it saw it getting traction with it well-heeled customers. Today it offers a barebones cash management account that offers nothing but ACH transfers (and a bank sweep) - minimal services that are cheap to provide. Even here, it started with a controlled rollout.
It launched three managed payout funds in 2008 (talk about bad timing), merged them into a single fund in 2014, eliminated the managed payout feature in 2020 (renaming the fund Managed Allocation Fund), and ultimately merged the fund away altogether in 2023.
https://corporate.vanguard.com/content/corporatesite/us/en/corp/who-we-are/pressroom/Press-Release-Vanguard-Announces-Changes-To-Managed-Payout-Fund-02282020.html
It offered a variable annuity (through an outside insurer) with underlying Vanguard funds. Again not a core product, it got out of the business of administering the VA in 2019.
https://corporate.vanguard.com/content/corporatesite/us/en/corp/who-we-are/pressroom/Press-Release-Vanguard-Transitions-Variable-Annuity-Offering-061919.html
In that press release, Vanguard even comments that it will be "Focusing on core offerings". This is nothing new; it didn't start in 2024 with Vanguard shedding its small business retirement accounts.
Bogle built a solid money management firm. Once he left, Vanguard dabbled in expanding financial products. For the most part, it hasn't done this well. While still dabbling it has often retreated to its core business. Sticking to one's knitting does not mean that one is placing the bottom line ahead of shareholder interests.
This is not to say that Vanguard shouldn't be spending more to support its huge number of investors. It can, and IMHO should, nudge people toward electronic trading and communication. But it also needs to improve its human communications as well. This is not a matter of shedding lines of business. This is a matter of providing decent service for its core businesses.

P&C insurer Chubb/CB has been mentioned several times in this thread. Now it's revealed that CB was the secret stock Warren Buffett/BRK has been accumulating for 3 quarters - with SEC's blessing. This $6.7 billion stake isn't even a baby elephant (-:)
https://www.cnbc.com/2024/05/15/warren-buffetts-berkshire-hathaway-reveals-insurer-chubb-as-confidential-stock-its-been-buying.html