A M* poster (LINK) noted this new RMD-QCD-annuity, https://ardweb.uchicago.edu/downloads/QCD_to_Fund_a_CGA_One_Pager_2023.pdf
This is modeled after the charitable remainder trust (CRUT/CRAT) with taxable funds. In these, basically (i) the donor gets immediate partial deduction for the imputed value of the "donation" (accounting for annuity "benefit"), and (ii) the payments to beneficiaries are taxable.
In the new RMD-QCD-annuity setup, only (ii) applies as (i) is not completely applicable. But I am surprised that the full amount is counted. So, if one has $50K in this RMD-QCD-annuity, and $50K in outright QCD, one gets some benefits back from the former. This does seem strange but it is more restrictive than CRUT/CRAT from taxable funds (e.g. beneficiaries can be the donor or spouse only, and other restrictions).
Edit/Add, 8/17/23. QCD can only be from T-IRAs, not from 401k/403b (but those can be rolled over into T-IRAs). Note the RMD age of 72+ and QCD age of 70+.

And Howard Marks & a group left TCW before that (1995; founded Oaktree)). In fact, Howard Marks helped Jeffrey Gundlach a LOT (2009) by providing most of the the initial costs to set up DoubleLine (new fund registrations, new office, some basic payments to 12+ people who also quit with Gundlach) - a check for around $20 million for 20% stake in something that may have gone nowhere. But it all turned out good and Marks became a lot more richer.

And JPM.
Tangled web. J. Epstein.
https://www.cnbc.com/2023/08/15/jeffrey-epstein-referred-obama-white-house-counsel-to-jpmorgan.html

Jeff Gunlach was fired from TCW under weird circumstances over 10 years ago.
https://reuters.com/article/us-tcw-lawsuit/ex-star-manager-gundlach-sued-over-stealing-drugs-porn-idUSTRE6064YI20100108
Gunlach later formed DoubleLine management that went on successfully.

Not here. Zero funds were acquired by Osterweis a year ago. Attached is a note from MFO posting. https://mutualfundobserver.com/discuss/discussion/comment/148769/#Comment_148769
Please review the Great Owl funds listed under “Funds” tab above. [Charles who does all of the statistical work - ds edit] has done the great work to compiled the list. One come to mind is Dodge & Cox Income, DODIX. YTD return is +4% and it is on top of its category core-plus bond fund.

From WSJ so I can't read the article: Laird Landmann and Steve Kane, two of the firm's top bond investors, will leave. TCW Group, the big Los Angeles money manager, is gearing up for another wave of high-profile exits. Laird Landmann, one of the firm's three senior bond investors, will retire from the firm in December.14 hours ago
Tad Rivelle left a little while ago.

The Week in Charts (08/15/23)
A tour of the markets covering the most important charts & themes, including...
00:00 Intro
00:29 The Streak is Broken (Inflation Report)
05:10 The Road to Prosperity (Real Wage Growth)
07:57 US vs. Europe (Inflation Rates/Monetary Policy)
09:42 A Tale of Two Cities (The Upside/Downside of Higher Rates)
14:11 A Fiscal Imbalance (Government Spending /Tax Revenues)
19:35 This Wasn't Supposed to Happen (Rising Rates/Multiples)
23:15 A Big Shift in US Trade (China Falls to #3)
28:14 Refilling the Reserves? (SPR)
30:05 New High in Residential Real Estate
32:13 Incremental Progress
Video
Blog

@hank : I was surprised when you said TMSRX was on your list ! Would you buy back into this fund if what happened ?

Hi @Derf. No, I don’t see myself ever owning TMSRX again. But - Never say “never”. If I were going to go back into a multi-strategy fund it would be BAMBX. Hasn’t shot the lights out either. Moving in would be a defensive move if I felt some other asset I own had gotten overvalued. Not the case today.
It’s not a buy-list. Just a bunch of funds I look at to see how the day is going during hours and how it went at day’s end. It’s true, however, that many are former holdings. That’s because I know a little more about them. It’s also true that I watch some things with an eye to possibly buying at some attractive point. And some are things I sold way too early and so I just whimsically watch them “fly away” …
Thanks for asking!

uh, how's Hussy doing? I think I am joking … (Hope) I can lock up my monies for a couple years and stop playing around in this casino....

Good question. I stopped tracking him. But HSGFX gained over 17% in 2022. YTD it is down about 8,5%. Unfortunately, had you held it 15 years, you’d have lost 4.5% annually over that time. (Running in reverse ain’t going to make you wealthy.)
I’m not qualified to say, but my impression is that parts of the U.S. market are grossly overvalued. Not sure the entire market is, however. I lean more toward international equities, so don’t fret much about where the S&P is. Sebastian Page, a very smart dude from TRP, was on Bloomberg today trumpeting the unrecognized value that resides in many U.S. equity sectors. Small cap is one area he mentioned.

All ratings have been updated on MFO Premium site through July using Refinitiv's data drop dated 4 August. Tools include MultiSearch, Great Owls, Fund Alarm (Three Alarm and Honor Roll), Averages, Dashboard of Profiled Funds, Dashboard of Launch Alerts, Portfolios, Quick Search, Fund Family Scorecard. The site now includes several analytics, including Charts, Compare, Correlation, Rolling Averages, Trend, Ferguson Metrics, Calendar Year and Period Performance.
Only nine days late! Apologize, tried a few too many upgrades too close to month's end. Will try to post update with last Friday's 11 August drop next day or two.

USPS Informed Delivery is usually the same day, or the next day, or after 7-10 days (if mail misdelivered & hopefully returned to Post Office/mail-person).
Complaint is useless. I have complained about delated deliveries of Certified mail (not cheap) and even for those, there isn't any response. In one case, it was delivered very late, but I also got a response from the Post Office, sorry, we cannot do anything.
If you really want something tracked, send as Registered and/or Insured.

https://www.sec.gov/Archives/edgar/data/1261788/000089418923005615/zieglerfamcohedgedliquidata.htm
497 1 zieglerfamcohedgedliquidata.htm 497
Trust for Advised Portfolios
Supplement dated August 15, 2023
to the Prospectus and Statement of Additional Information
dated January 31, 2023, as previously supplemented, for the
Ziegler FAMCO Hedged Equity Fund
We wish to inform you that the Board of Trustees of Trust for Advised Portfolios has approved a plan of reorganization whereby the Ziegler FAMCO Hedged Equity Fund (the “Acquired Fund”), a series of Trust for Advised Portfolios, will reorganize into the the DCM/INNOVA High Equity Income Innovation Fund (the “Acquiring Fund”), a series of Centaur Mutual Funds Trust. The Reorganization, which is expected to be tax free to the shareholders of the Acquired Fund and which is subject to a number of closing conditions, including the approval of the Acquired Fund shareholders, will entail the transfer of all of the assets and liabilities of the Acquired Fund to the Acquiring Fund in exchange for shares of the Acquired Fund.
The Reorganization will shift investment management oversight responsibility for the Acquired Fund from Ziegler Capital Management, LLC to DCM Advisors, LLCs, Inc., an experienced provider of investment advisory services. USCA Asset Management LLC, as sub-adviser, however, will continue to provide day-to-day portfolio management as the sub-adviser to the Acquiring Fund, subject to the New USCA Sub-Advisory Agreement approval by shareholders of the Acquiring Fund.
If shareholders of the Acquired Fund approve the Reorganization, the Reorganization is expected to take effect on or about the close of September 29, 2023. At that time, the Institutional Class shares of the Acquired Fund that you currently own would, in effect, be exchanged on a tax-free basis for Institutional Class shares of the Acquiring Fund with an aggregate value equal to the aggregate value of your Acquired Fund shares.
In the next few weeks, the Acquired Fund shareholders of record will receive a proxy statement/prospectus that contains pertinent details regarding the upcoming Reorganization, including the Board’s reasons for approving the Reorganization. The proxy statement/prospectus will also provide shareholders an opportunity to vote on the proposed Reorganization.
Please retain this supplement with your Prospectus and Statement of Additional Information for future reference.

update:
Cromwell Greenspring Mid Cap Fund:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1872253/000089418923005637/ck0001872253-20221231.htm

+1 @JD_com / Agree utilities appear oversold. One reason is they tend to run with bonds, and bonds have been creamed of late.
Along the same lines, a lot of international stuff denominated in non-dollars has been hit. As noted elsewhere, I picked up a (previously owned) European food conglomerate ADR today that’s been beaten up lately by the soaring dollar.

https://finance.yahoo.com/news/look-options-market-signs-stock-200536548.html?fr=sycsrp_catchall
Look to the Options Market for Signs of Stock Market Trouble
Bold added by me.
"Twice in the past six sessions the (S&P) index’s futures erased a 0.9% gain, the first time that’s happened since February.
While uncertainty about the economy and central bank policy was one instigator, something else may be contributing to the volatility: Market makers repositioning their exposures. There’s evidence that these Wall Street dealers — with the capacity to move millions of shares to hedge their books — have shifted to a posture where their selling has the potential to exacerbate market swings.
Any turbulence is likely to be temporary and betting against price swings remains a popular trade. But this change in dealer positioning is a departure from the first seven months of the year when the cohort played a major role curbing price swings, according to a model kept by Goldman Sachs Group Inc.’s managing director Scott Rubner.
“Market moves are exacerbated, and no longer muted,” Rubner, who has studied flow of funds for two decades, wrote in a note Thursday. “This is new.” "

2020 Election Cost $14.4 Billion https://www.opensecrets.org/news/2021/02/2020-cycle-cost-14p4-billion-doubling-16/
State & Local Spending on 2022 Mid-Term Election Set to Top $16.7 Billion https://www.cnbc.com/2022/11/03/2022-midterm-election-spending-set-to-break-record.html
Investing 101: ”The trend is your friend.”

Some of the worst performers today from my watchlist (I do not presently own any of these):
WPM (precious metals miner) -4.13%
DKNG (online gaming) -3.51%
OPGSX (gold miners) -3.07%
PRNEX (natural resources) -1.95%
GRES (natural resources) -1.94%
TCAF (PRWCX clone) -1.12%
My watchlist currently tracks 30 stocks or funds. 29 ended the day in the red. (That includes 5 or 6 bond funds.) Only one on the list, TMSRX, managed to break even. A close runner-up was BAMBX, down only 0.10%
So it goes.
* I also track 3 inverse funds. Of course they were up on a day like this.

From the ads on the news channels, network news, and local news, it’s apparent that their audiences are not a highly valued demographic. (A lot of drug and Medicare ads not to mention the MyPillow and gold bug ads on the right-leaning outlets.)
Plus the news operations are such a small sliver of the ginormous publicly held parent companies (e.g., Comcast, Warner Bros Discovery, News Corp., Paramount, Disney), that any uptick is unlikely to make a dent in the stock price.

Good stuff @MrRuffles. And it's not too hard to find out that the number of people that watch cable news is pretty small in comparison to the amount of noise that it generates.

Fox came in first place in total day viewers, averaging 1.1 million, including 140,000 in the advertiser-coveted 25-54 age demographic, according to Nielsen Media Research data.
MSNBC ranked second, netting a daily average of 796,000 total viewers and 95,000 in the 25-54 age demographic. CNN came in last place among the three leading cable news networks, earning an average of 463,000 total day viewers.

When the trials start, they will likely go wall-to-wall coverage w/o commercials, so I'm not sure there's any profit-incentive here for the networks/stations or individual investors.
If anything, buy yourself a nice 12 year old scotch to savor, you'll enjoy it more.

Funny you should say that. A local market had 8 or 10 bottles of Jura 10-year double-casked / sherry finish from old stock. No longer able to get. Best stuff I’ve ever tasted. No one else had it. Tried to special order their 12 year from a local stalwart. Also not available. So I bought every bottle of the 10 year in the store over a few weeks. Store has none now. But I have 6 in the cabinet. Pray for a short trial!

@sma3
Vanguard has a two-step process, as I understand it. Behind the scenes:
First, the estimate the returns over the next ten years using the Vanguard Capital Markets Model.
https://static.vgcontent.info/crp/intl/auw/docs/resources/Vanguard_VCMM_brief.pdf?20150814|091500
Second, the run the Vanguard Asset Allocation Model to create a model portfolio.
https://advisors.vanguard.com/insights/article/whats-behind-our-portfolio-construction-process
As part of the process of talking to the Advisor, I was asked what percent active and passive allocations that I favored. It was a fuzzy question, and I responded 50% active and 50% passive. I also derived with the Advisor that I wanted 50% stock and 50% bond portfolio.
The Advisor came back to me a couple of weeks later and presented a proposed portfolio. I went with that portfolio, although the literature says that clients have the option to propose different funds.
One more point, Vanguard provides you with an Advisor, and you do not have the option to select your own like at Fidelity. I did look up the credentials of the Advisor and was pleased with his knowledge and professionalism. It is an improvement over my experience from several years ago. I believe that it is part of Vanguard's effort to improve PAS.

@lynnbolin2021
Is the process of picking investments totally automated? do they make all the decisions and choices in the advisory accounts?