.
One comment you made though has me baffled:

1) That's good if the agents are able to follow instructions and move the money from the MM sweep account into a new investment vehicle at the right time. But that does not always happen.

There is no interaction with agents when making a transfer or trade. Transactions are a couple keystrokes away from being applied instantly for stocks and ETFs, overnight for mutual funds.

My experience with (with Vanguard Brokerage) was different. I did the right keystrokes but the next day the money was put in the wrong place. I then had to contact an agent. And another and then a supervisor and then the supervisor's supervisor. After about 9 months of a combination of playing dumb and actually being dumb Vanguard admitted the error, corrected the error, and made good on all the money I would have gained had they followed directions diligently and on the money they lost by being irresponsible. But they only did that because I contacted FINRA who wasted no time in contacting them and yelling Bad Doggie, or the equivalent.

(https://www.audits2.ga.gov/reports/summaries/retirement-income-exclusion/)
Published: February 3, 2023.. QUOTE: "In 1981, Georgia enacted an income tax exclusion for retirement income received by taxpayers aged 62 years and over. Currently, taxpayers aged 65 and over may exclude up to $65,000, while those 62 to 64 (as well as those permanently and totally disabled) may exclude up to $35,000. The exclusion applies to retirement income such as capital gains, interest, and pensions, as well as up to $4,000 of earned income. Limits apply to individual taxpayers, so a married couple filing jointly may exclude twice the given limit. The exclusion is intended to induce retirees to live in Georgia and provide a boost to economic growth."
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Even if the difference is 0.2-0.4% annually why bother? I look for an easy way to trade without any hurdles. MM is a great holding place until the next trade and when I'm in, I invest at 99+%.
Most of our money is in IRAs (Roth+Rollover) anyway.

"Cutting losses quickly and letting profits run" is the right way.
1) It took me about 18 years (1995-2013) to get it until I got to a nice-size portfolio. In those years I was invested at 99+%. When the funds I owned lagged, I just switched to better-performing risk/reward funds.
2) In 2013, I added 2 new rules based on quicker market movements. Sell any stock/allocation fund if it loses more than 6% from the last top and sell any bond fund with more than 3% loss.
3) In 2017, one year prior to retirement, I implemented a new system, trading mostly bond funds. I would sell any bond fund before it reaches a 1% loss from the last top. Trading in/out is based on the big picture(risk is very high=out, otherwise=in) + uptrends.
Basically, I could be 99+% in or out. It's not about relative performance anymore, it's about protecting my portfolio first.

Last year, SCOXX / SNOXX was only 18.8% state tax exempt (and 0% exempt in Calif., N.Y., and Conn.)
https://www.schwabassetmanagement.com/resource/2022-supplementary-tax-information.
Even in Georgia, with its 5.75% state income tax, after you chop off 5.75% x 5.2% x (1 - 18.8%) or 0.24% for state tax, one is left with less than a 5% return. Own Treasuries and the full yield is state tax exempt.

Good question @Ben. However, what’s more desirable for one person might be less desirable for another.
I held funds at as many as 5 different houses at one time. Perfectly workable. Over very long time horizons there was a reluctance to depend on any single fiduciary firm, advisor or money manager - not knowing how they might change or be affected by things beyond their control some day. However, when you’re down to your last 10-20 years of life and when the probable time to shift 100% into cash is 10 years away or less, than the advantage noted of spreading the money around among 4 or 5 different mutual fund fudiciaries houses ceases to be much of a factor. (Ie : I don’t expect T.Rowe Price or American Funds to go “belly-up” any time in the next 10 years.) Of course, it’s somewhat of an empty argument anyway because even if the firm failed, money inside a fund is supposed to be perfectly safe.
One thing having money at 5 different houses did was allow me to move in and out of different sectors pretty much at will. I began spreading my money around after the SEC got involved big-time is seeing that funds prohibit “excessive trading” around 2000 (following some very real abuses). ISTM they went overboard. So, for instance, if I wanted to sell some of my REIT, gold or natural resource holdings only two weeks after increasing the position at one fiduciary, I could lighten up at a different where I held a similar fund without running amuck of anyone’s rules. With ETFs now available and the ability to own / trade stocks or CEFs through a full service broker pretty much at will, that concern has faded. Now (for me, anyway) it’s mutual funds for the really large, dominant long-term positions and ETFs or CEFs for the areas I’m apt to trade.
But, hey - if it works for you don’t change it.
@msf said: ”A minor plus of buying directly is the ability to do Roth conversions (within a single family) by dollar amount rather than in number of shares as brokerages require.”
Nice reminder … I did a “quickie” conversion of 100% of holdings at D&C and Oakmark in early March ‘09. Phoned each on a Friday afternoon as markets plummeted. They explained everything and emailed links to the necessary documents the same day. Got the paperwork into USPS overnight mail Monday morning. Wasn’t a lot of time to be terribly fussy about what to convert, if anyone remembers what the beginning of March 2009 was like.
@Ben - One big advantage of staying with the various houses is ability to trade without worrying about “early redemption” fees (in most cases anyway). With NTF funds at Fido anything sold within 60 days incurs a fee, and with some brokerages it’s 90 days. Also, fund to fund exchanges are a bit faster at a house. Only by about 1 extra day, however, based on my experience with Fido.

When you get to a certain asset level, larger fund houses may give perks. T Rowe Price will let you into its closed funds (like PRWCX) if you maintain $250K there. And at $500K, they will sell you cheaper institutional class shares (e.g. TRAIX) at "just" a $50K min.
At Vanguard, you can buy Admiral class shares that most brokerages don't sell. And at the Flagship level ($1M in Vanguard funds) you get 25 free trades per year of other family funds. That's really a brokerage perk layered on top of buying Vanguard funds directly.
Then there's BRUFX, not available at brokerages at any price.
A minor plus of buying directly is the ability to do Roth conversions (within a single family) by dollar amount rather than in number of shares as brokerages require. Direct ownership of a bond fund often comes with the ability to write checks directly against the fund (though tax implications of that can be messy).
Brokerages often waive loads (NTF) or give you access to lower ER institutional class shares with lower mins (TRP and Vanguard aside). They make bookkeeping a bit easier (single 1099, all assets in one place). They often have better cash management services (bill pay and such).
Regarding executor work - been there, done that. I was certainly capable. It was nevertheless a chore to deal with more institutions, getting more letters testamentary, doing several mailings. It's not so much a matter of feasibility as it is of ease.
My personal preference is to use brokerages (as few as possible) for convenience and access to I class shares. But to buy funds with limited access or to buy cheaper share classes I'll deal directly with the fund house if necessary.

All good points @Junkster and thank you for weighing in. I too became a believer in cutting losses early and to this day have not learned when to sell my winners (e.g. I bought Mickey D @$13 circa 2003 and still hold it) and see no magical prowess in hedge funds as you aptly pointed out. Everyone and anyone can have their bad days.

The first trading book I ever read, “How I Made $2,000,000 In The Stock Market” by Nicolas Darvas, taught me the precept of always cutting my losses and letting my profits run as well as the power of trading momentum, The book had a huge impact on my life so I am a believer. But……. Please note the article linked by the OP was written by a founding member of Long Term Capital Management. We all know how that turned out. Probably explains why he then took a 10 year sabbatical from the markets.
Also regarding hedge funds who are are glorified for employing the strategy of cutting losses letting profits run and momentum trading. Their long term performance compared to simply buying and holding the S@P is beyond woeful. See the link below to where depending on the time period the S@P won by a 3x to 4x margin. Bear markets, which are few and far between are where the hedge funds win. Even though even then they are still losers.
https://www.aei.org/carpe-diem/the-sp-500-index-out-performed-hedge-funds-over-the-last-10-years-and-it-wasnt-even-close/

It's all what you're comfortable with, but like WABAC, I have not encountered any of the disadvantages you suggest a brokerage has, @Ben. And if I have a question, I just call my contact advisor at our local office. I don't pay anything for that, and he is always willing to meet with me if I have questions or concerns. My IRA, the bulk of my money, is with Schwab. I keep a smaller 401k active. That was with TRP but recently moved to Merrill. I keep the 401k just for the sake of owning PRWCX.
One comment you made though has me baffled:

1) That's good if the agents are able to follow instructions and move the money from the MM sweep account into a new investment vehicle at the right time. But that does not always happen.

There is no interaction with agents when making a transfer or trade. Transactions are a couple keystrokes away from being applied instantly for stocks and ETFs, overnight for mutual funds.

I thought that this was an interesting article for one's investing digestion. Feel free to disagree. It's from SeekingAlpha for those who shun such things or have trouble accessing the information.
"Summary
° "Cutting losses quickly and letting profits run" (CLE-LPR) is arguably the single most popular piece of advice offered to professional traders at the start of their careers.
° In stock market investing, a CLE-LPR strategy has lead to higher returns compared to a static portfolio of stocks and T-bills with the same average exposure, over the past century.
° There is a close connection between CLE-LPR and Momentum-based investing.
° We explore some not-so-obvious reasons why many hedge funds are committed to the tenet of cutting losses early and letting profits run."
A Closer Look At 'Cut Your Losses Early; Let Your Profits Run'

It's a similar argument when someone says, I own 20 funds VS 3 funds and I don't have any problem.
The following are several issues, at least for me.
1) We have 5 accounts at each discount broker. One joint, 2 Roth IRAs, and 2 Rollover IRAs. If I own 5 funds from 5 different families, think how many more accounts I need to have.
2) If you trade, as I do, it's a nightmare to have several brokerages. If you don't trade often, having one discount broker is much easier. Suppose I own D&C fund directly and want to sell it all this coming Monday and buy instead GOODX. How many hoops do you have to jump thru?
3) Customer service is usually much better at discount brokers (think Fidelity and Schwab) with a lot more services and options. You don't spend more time at discount brokers, you just selected your own way of investing based on the limitation you imposed.
4) You don't need an agent to move your money from selling a fund to MM. Fidelity does it automatically, at Schwab you need to buy the MM.
5) At year end filing taxes is a lot easier and faster for me, the IRS doesn't care.
6) Over the years I bought several funds with commissions at Schwab, I didn't pay any fees, it all depends on the account size and persistence you have, sometimes you just have to ask.

@Ben
I'm not yet retired, just turned 60, so my situation is a bit different than yours. I, like you enjoy managing our finances and my wife is happy to be hands off though at times I wish she showed more interest. That is largely why 12 years ago I consolidated our investments to a brokerage (TDA and then Schwab after the merger), so that if and when anything happened to me healthwise, she would have an easier time wrapping her arms around our finances. We have no children, so there would be no help to step in and assist her in that regard. We have since left Schwab and moved to TRP entirely after TRP offered their Summit Program and the fact most of our investments were through TRP funds anyway.
Both of my wife's parents lived to 91 years of age and for their final 3 years my wife lived with them as their primary care giver and to honor their wishes to remain out of nursing facilities. We were very grateful when they consolidated their finances to just a few accounts as we were not only physically caring for their daily needs, but making sure the bills got paid and taking care of their investments which was made easier for us after the consolidation. Also made doing their annual tax returns easier. Estate matters were also simplified after their deaths because of the consolidation.
Just my 2 cents worth, but by all means keep doing what you are doing as long as you are able and enjoy it, probably helps keep you young!

@Yogibearbull. Thank you. The OT intentionally refers to stocks (not funds which by definition are diversified)*.
I’ll assume you wouldn’t ever exceed 5% for any 1 stock.
* Edit / Add: The Investment Company Act of 1940 does set standards for identifying funds as ”diversified” / ”non-diversified”. And Yogi is correct in that most of the funds that receive attention here fit the ”diversified” description.

@rforno : What brokerage are you using to roll treasuries & what term ?
Thanks , Derf

Schwab.
I bought a 1-mo TBill at auction yesterday and it's set to auto-roll next month...first time I've done it at auction and also auto-roll, so I'm curious how it all plays out.
Other Tbills I manually roll myself if I'm not otherwise using the money ... I've been mainly sticking with 1-mo TBills just for flexibility.
Again, I'm not a bond person. I just hate giving Schwab .34ER for a MMF and then worry about buying/selling their fund each time I want to make a stock transaction. (Yeah, there are other ETFs available, I know...)

Each time you buy a stock you will have to sell your 1-mo Tbill just as you need to sell Schwab MM.
Is it easier than trading MM? No, a lot harder.
Are you going to get a good price? no way to know
Is selling/buying Schwab MM annoying? absolutely, but I got used to it. I trade in/out of my funds and trade the opposite using my MM.
Looking at treasuries at Schwab with a maturity of 9/15 to 9/30 and I see YTM of 4.09 to 5.066. I will stick with my Schwab Treasury Obligations Money Fund – Ultra Shares (SCOXX) that pay "only" 5.2%. If you don't have the min, you can use SNOXX at 5.05%

Some brokerage advantages in my mind are :
1) Money Market sweep accounts
2) Consolidation of investments (and Tax reporting) at 1 location.

Thank you for your reply.
1) That's good if the agents are able to follow instructions and move the money from the MM sweep account into a new investment vehicle at the right time. But that does not always happen.
2) I can see how that is helpful to the IRS. How does that help me? My question is sincere, not sarcastic.

Some brokerage advantages in my mind are :
1) Money Market sweep accounts
2) Consolidation of investments (and Tax reporting) at 1 location.

(https://seekingalpha.com/article/4629757-how-do-t-bills-bil-stack-vs-other-asset-classes?mailingid=32449091&messageid=2850&serial=32449091.7608)
See below several excerpts.
How Do T-Bills And BIL Stack Vs. Other Asset Classes?
Aug. 19, 2023 5:31 AM ETSPDR® Bloomberg 1-3 Month T-Bill ETF (BIL)2 Comments
Juan de la Hoz
Summary
Higher Fed rates have led to higher rates on most bonds and fixed-income securities.
T-bills have benefited more than most and currently yield +5.4%.
An analysis and peer comparison of t-bills follows.
In my opinion, the overall risk-return profile of t-bills is currently quite attractive, due to their above-average yields and extremely low level of risk. As such, t-bills are fantastic investment opportunities, and particularly well-suited for more risk-averse investors. Investors seeking higher yields might prefer riskier, higher-yielding securities, while more dovish investors might prefer longer-term securities, to lock-in their yields.
I'll be focusing on the SPDR Bloomberg 1-3 Month T-Bill ETF (NYSEARCA:BIL) for this article, but everything here should apply to most other t-bill funds, and to the securities themselves.
BIL invests in t-bills, which are securities issued by the U.S. Federal Government, the strongest, most credit-worthy institution in the world. Credit risk is effectively nil, as are default rates, barring an unprecedented U.S. default. Due to this, BIL should see negligible losses during downturns and recessions, outperforming high-yield bonds and senior loans. On the other hand, the fund lacks the flight-to-quality effect of treasuries, especially longer-term treasuries, and so should underperform these securities during recessions.
BIL invests in t-bills, securities with very low maturities, duration, and interest rate risk / exposure. All of these are significantly lower than average, lower than most other bond sub-asset classes, but roughly comparable to senior loans.
Conclusion
T-bills currently offer investors above-average yields, very low overall risk, and a very strong overall risk-return profile. As such, and in my opinion, t-bills are fantastic investment opportunities, and particularly well-suited for more risk-averse investors.

Actually, with both manual purchases and auto-roll, T-Bill purchases are coordinated with maturing T-Bills so that the money remains in T-Bills CONTINUOUSLY.
For example, 13-wk and 26-wk auctions are on Monday, and brokers may block the money needed for purchase on Monday afternoon, but the settlement isn't until Thursday and can be covered by maturing T-Bills on Thursday. Only Fido starts sending margin notices but those can be ignored - for once.

18 aug, '23
https://www.bloomberg.com/news/videos/2023-08-18/bloomberg-real-yield-08-18-23-video

18 august, '23.
https://www.bloomberg.com/news/videos/2023-08-19/wall-street-week-08-18-2023