@FD1000: Concerning your comments (just above), I am in close agreement.

Thank you.
We should concentrate on investments and money on this site.
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Watches: In the last 10 years, I kept buying cheap Chinese watches that look like Apple Watches and have about 80% of their capabilities for about $25-30. Every 3 years I threw them away and bought a new one with better technologies.
I bought 2 Seikos in my life. They are just indestructible. They got banged, fell on the floor, and still work, but I haven't used them for years because I like digital and lighter watches. I also like to read my messages and receive phone calls.
Seikos are great watches; anything more expensive than that is just a showoff. Just call it men's jewelry. Most people carry their phone everywhere; you really don't need a watch.

I drive an M Roadster. I bought it 25 years ago. Used. Paid cash.
Well, yes, we also have a Volvo, bought in 2015, At the factory. Cash.
To my son's considerable distress, I don't feel a need for the most modern car.
At the end of my career, we got a new VP. She called us together for a chat. "When you first graduated, you drove a Toyota, but now you would certainly drive a Lexus." I was driving a Honda. Yeah, I didn't think much of her other ideas, either. This is the part where having a larger investment portfolio came in. Picture my hands in a weighing motion. I was fairly sanguine with the conclusion - I don't need this (the VP experience).

European stocks have underperformed U.S. stocks for more than a decade.
The S&P 500 gained more than 500% since 2010 while European stocks
were up less than 150% during the same period.
Conversely, European stocks gained 220% during the previous 15 years
(1995 - 2009) while the S&P 500 went up only 130%.
What has changed during the past 15 years and will these changes revert?
"The trade-off confronting investors: The U.S.’s biggest stocks are more innovative and profitable
but also far more expensive, while Europe’s are much less interesting but are cheap and have stimulus,
plus an appeal to investors looking to diversify away from their highly concentrated U.S. holdings."
https://www.msn.com/en-us/money/markets/it-s-a-scary-world-but-investing-abroad-has-new-attractions/ar-AA1GJfVH

I haven’t looked at his website. No desire to. Yes - Dillian does seem to attach a lot of importance to ostentatious displays of wealth. Probably why he likes to give big tips.
Does that Dick Millie keep any better time than a $100 Seiko? Link to one model.
The (hardcover) book isn’t holding its value very well.
“List Price”: $27.99
Amazon new with free Prime shipping: $10.54
Independent Amazon seller new: $6.30
Used in “good” condition: $4.90
:)

- The only two sources of financial stress are risk and debt.
FD: It depends. Risk is in your head; change your thinking or maybe change your style.
The right debt is healthy and welcome. Example: buying a house with a loan.
- A home is not an investment.
FD: Home is the best investment for most Americans. Most retirees have small portfolios.
- Trying to get ahead by cutting down on expenses is a loser’s game.
FD: Cutting expenses is one of the best choices for most people because Americans spend too much money and have small portfolios at retirement.
- Increasing income is the key to financial happiness.
FD: If income is a higher salary, probably. Increasing investment income isn't the key.
If someone makes $150K annually, is she happier than another who makes $100K?
If someone's portfolio is worth 10 million, is she happier than another who has "only" 5 million?
- A dwelling under 1250 sq. feet represents a meager existence / lack of success in life
FD: Again, if you are a student or just started working in NYC, you are doing fine.
- Driving a 10-15 year old (rusty) vehicle also represents a lack of success in life.
FD: Really? So, why did Sam Walton drive an old vehicle?
- Never finance a new vehicle. Always pay cash.
FD: Know how to negotiate new vehicles and always finance it when the rate is low at 0-1.99% while your investments do much better.
- Don’t skimp on insurance.
FD: too generic. You need the proper insurance.
We always had Home, Auto, and Umbrella. When we had young kids, we had term life insurance. As retirees with grown kids, we stopped it years ago.
- Always give large outsized tips for services well rendered.
FD: Please define "well rendered."
Wait, I have one. Save a million by age 35. The devil is in the details :-)

I was trading stock index futures back in 1990. But as I hazily recall The Gulf War that began in August 1990 ended a bull market and led to a shallow bear that ended in a bottom in October. Then the market chopped around with some big swings until the day we began dropping bombs in January 1991 where it really took off. Not remotely suggesting this will play out the same because of so many different variables. Really curious how tomorrow plays out. Nothing would surprise me. It will be a real test for the current bull which since its lows in April has been immune to lots of negative news. And It is not like this came out of nowhere like in 1990. I hate events like this that occurs on a Friday with the two day weekend ahead.

When I started my present job - Jan 1991, against that backdrop.
My take on that "immunity" is that the economy was so healthy to begin the year, that we might've had another 25% year on the S&P, had all the subsequent disruptions not occurred.

Took a quick look at Richard Mille watches on an internet shopping site.
There were 50 examples ranging from $132,250 to $1,380,000.
Frankly, I thought none of the watches were aesthetically appealing.

I have a couple of Citizen watches along with a Seiko watch.
Inherited an Omega gold watch that my father earned in 1976 for 25 years of service with his employer.
This watch is in mint condition and has never been worn.
Might be worth a decent amount but I think I'll keep the Omega
for sentimental reasons plus it's a very nice looking watch.

Just posted all ratings to MFO Premium site, using Refinitiv data drop from Friday, 13 June 2025. Flows too updated through 6 June, but FLOW through 13 June.

In October 1997, AMG acquired a 71 percent state in Tweedy, Browne for $300 million in cash.
Other owners include its four managing directors, William Browne, Thomas Shrager, John Spears, and Robert Wyckoff, Jr.

http://www.mfwire.com/fundprofile.asp?fund=27524&bhcp=1
Some of the other principals may have sold off their shares at some later times, but TB was effectively sold in 1997.
I never invested in TBGVX in part because it was always expensive, both before and after 1997.
July 1996 prospectus:

Investment advisory fee: 1.25%
Other Expenses: 0.35%
Total Fund Operating Expenses: 1.60%

July 1998 Prospectus:

Investment advisory fee: 1.25%
Other Expenses: 0.17%*
Total Fund Operating Expenses: 1.42%*
Without the voluntary fee waiver of the administrator, Other Expenses would have been 0.18% for the Global Fund. Absent the voluntary fee waivers, Total Fund Operating Expenses would have been 1.43% ... for the Global Fund....

On the surface at least (and disregarding the 1 basis point fee waiver) it looks like AMG improved operating efficiency, resulting in a lower ER. Management fees were unchanged.
IMHO estate planning is more difficult without a spouse. One cannot defer estate taxes by leaving assets to a spouse; one cannot utilize common planning techniques such as a bypass ("AB") trust, etc. Bachelors are "stuck" leaving all of their assets to non-spouses (children, siblings, other family, friends, etc.), with all the commensurate tax planning headaches that involves.

Doesn't look like telecom, but really have no idea.

I have a feeling it’s an early computer. An old (now deceased) friend worked on them in the military during WWII and always claimed one computer would fill an entire room. I’m guessing the time period based on the hair styles of the women + photos I’ve seen of family members in the late 40s. But might be early 50s.
The amazing thing is that you now carry in your pocket a computer immensely more powerful! :)
Link to “The First Computer”

"that picture of a 1940s telecommunications switchboard (or computer bank?)"

Doesn't look like telecom, but really have no idea. That equipment looks like a semi-permanent cross-connect setup- not anything that is constantly reconfigured according to telecom traffic need. The women appear to have been posed for the picture, and likely once that board is configured it doesn't need to have anyone "operating" it on a constant basis.

This is what I came up with for AA.
https://app.screencast.com/focrQYzX5b271
There is a category called "ventures" which would be interesting to better understand.
List of Ventures:
https://app.screencast.com/tARS7gSpS6usi

FWIW saying I am big into 3 of those 'ventures' in my long-long term portfolio. Great minds think alike, I guess. :)

@rforno Lemme guess: EPP, WELL and AMT?

Close! BIP. BEP, and EPD (the latter in *very* large size)

I have been invested in bond OEFs since 2017 at about 95%.
Most of the performance I made in unique bond funds was much higher than your typical us gov , muni, and corp.
I also learned that investing based on predictions isn't a good idea.
I only know how to invest based on current markets.
Let's read the conclusions. The experts never give a definite answer. I never invest based on FEEL.

Our reading of bond market messaging is that it is more attractive to hold exposure to long-term interest rates in inflation-protected form, as long-term nominal rates are not offering adequate compensation for the inflation risk inherent in them. If you feel that the probability of US sovereign default in the long term is much lower than that implied in market pricing, then US TIPS might be a doubly good way to hold your long-term interest rate exposure.

Youtube interview: How to beat the market over 50 years w/ Jay Bowen

This is what I came up with for AA.
https://app.screencast.com/focrQYzX5b271
There is a category called "ventures" which would be interesting to better understand.
List of Ventures:
https://app.screencast.com/tARS7gSpS6usi

FWIW saying I am big into 3 of those 'ventures' in my long-long term portfolio. Great minds think alike, I guess. :)

@rforno Lemme guess: EPP, WELL and AMT?

question for you high-level bond investors...
what does the linked post below imply (if anything) for short-term (<5yr) us gov , muni, and corp bonds?
https://elmwealth.com/decoding-the-bond-market/

2008-09 was a tough year overall. UTF is a solid fund, if purchased at the proper point...which goes for many funds. I've owned it for the last 5 years and it's done well, though it's richly valued currently.

Good points @PressmUP. It was just the unexpected price swings around X-dividend date that puzzled me. And I’ve noticed the same with other CEFs. You helped by noting these strange price swings are common.
I’m aware CEFs are priced by sentiment and do not often trade at NAV. I owned 15-16 a month or so ago and commented proudly on my ”CEF basket” here a few times. Many of them were doing very well. But when I pulled up the 2008 performance (where it was available) I learned that several of my “hottest” ones had lost between 50% and 65%* in 2008 alone. So, I pulled back out of caution. At age 79 I’m not going to go chasing anything lower as I did in ‘08.
Still own 11 CEFs. Most are somewhat sedate and income oriented - even though I realize they aren’t the “hottest rods” on the block! BTW - GDL held up well in 2008 losing just 8%.
Yes - Best to avoid thinly traded holdings. Tough to get on the fire escape when needed! :)
* UTF is the one that lost 65% in 2008. Yet, I’ve come across well meaning financial articles describing the fund as an excellent “conservative” choice ”for older investors”. Obviously those writers hadn’t bothered to pull up its past performance.

Unlike OEFs or ETFs, CEFs price is purely determined by investor sentiment and not the underlying value of its holdings. As you may be aware, investors like to buy/sell around distribution dates, which drives the potential for price fluctuation.
I tend to say away from thinly traded CEFs for the reasons described in this thread. I prefer CEFs with 6-9% distributions, at minimum $1B AUM, and 125,000 daily traded shares.