interpretation :
someone has attempted to circumvent the normalization of potus grift.
step 1. provide 6-7 figure donation to attend dinner and\or 'consultative' WH event.
step 2. attempt to get last word in on your scam, relative to dozens of other like-minded entrepreneurs
step 3. given odds of outsider becoming insider, prepare to write it all off as business expenses
american capitalism 2025-2028, possibly longer

FFCB 4.8% 07/23/2029 Callable- cusip 3133ETDT1. ( at Schwab)
this is the disclosure - Disclosure Note for CUSIP - 3133ETDT1
Date Type Note
04/23/2025 Secured Text The Bonds are the general unsecured joint and several obligations of the Banks.
04/23/2025 Guaranteed Text The Bonds are not obligations of and are not guaranteed by the United States or any Federal Agency or instrumentality other than the Banks.
04/15/2025 New Issues on IDN information CONTINUOUS CALL BEGINNING ON 7/23/2025 @ 100%.
I understand these are likely to get called unless rates shoot up quickly - I do not quite understand the risk . I am considering this as a parking place for some cash . Is the risk worth the extra .50 basis points over treasuries ?

Weightings based on company earnings makes some sense. It's an intriguing way to build an index.
Weights based on earnings per share (which is not what these ETFs do) would make about as much sense as the DJIA being share price weighted. If a Dow component has a 2 for 1 split, its weight in the index is (approximately) halved. Likewise, EPS is cut in half if a company has a 2 for 1 split.
it removes valuation from the picture.
Almost. It limits its universe to the 500 largest U.S. companies by market cap. From that point on, weightings are substantially independent of valuation. (They must also have a P/E of at least 2, a very low bar if profitable).
I might prefer an index that did a little more smoothing of earnings to avoid whipsawing. It looks only at earnings over the past four quarters. Some companies have relatively steady earnings, while others may be cyclical, running deficits for years (investing for the future) before making profits. (See nimble dividend.) I need to give it more thought.
I haven't delved too deeply into whether nonrecurring expenses (or revenue) are incorporated into the calculation of earnings¹. These could likewise whipsaw a company's weighting, decreasing (or increasing) its earnings weight for one year only.
¹ See, e.g. https://accountinginsights.org/what-are-non-recurring-charges-and-how-do-they-work/

Not a single copy of After Yorktown in the public libraries of Maricopa County. I guess I'll have to buy one. :)
Have to agree that PRBLX lost its way. It used to be a steady low volatility fund. Sad to see Amazon in the top five holdings.

Total returns as of yesterday
1 year...VOO 13.7%....PRBLX 12.6%
3 year...VOO 48.7%....PRBLX 43.6%
5 year...VOO 119%....PRBLX 109%
Simpler: 5-year average annual performance... VOO 15.9%...PRBLX 14.9%.
Why did PRBLX lose its way?
I don't see it yet. When the SP500 is strong as per the last 5 years, it's harder to beat it.
I don't question my managers' selections; either you trust them or not.

@derf I consider the percentages by account instead of the portfolio as a whole as the taxable and IRA accounts are uniquely constructed. The percentage of a "full position" is an admittedly arbitrary 4%, and is an artifact from my earliest investing days. Some positions grow well beyond that target, such as AVGO and FNMA are both hovering around 15% in my IRA, with FNMA at a similar percentage in my taxable account. 20 positions in each of my accounts is comfortable...for the time being.

Some observations after going through MFO, June 1, 2025.
@David_Snowball: My TIAA 403b does include some non-TIAA funds, but the only Pimco fund available is PIMIX. When my plan changed about 4 years ago, some options were frozen - so, I could keep CREF Social Choice / QCSCIX, sell it, but cannot get back in. For now, I am sticking with it. Will keep an eye on Pimco multi-asset PIRMX (REITs, precious-metals, commodities and lots of TIPS).
@lynnbolin2021: A few years ago, I moved from Wellesley VWINX / VWIAX and VGWIX / VGYAX to Wellington VWELX / VWENX and VGWLX / VGWAX. I used ST- or ultra-ST- bond fund to make appropriate allocation adjustments. Maybe, with higher interest rates, it's time to take another look at Wellesley.
@dong or @Don_Glickstein (guessing MFO handle): Great launch article. But one caution about Upside/Downside Capture Ratio (U/D CR).
U/D CR works best when at least 1 bull and 1 bear cycles are included in the period. Similarly, Upside CR should have at least 1 bull cycle, and Downside CR should have at least 1 bear cycle. Otherwise, the values can mislead.
Since-inception does catch various market cycles. But 18 months isn't sufficient for definitive conclusions. IMO, the period considered should include at least 2022 (so, 3 yrs), maybe even 2020 (5 yrs). Note that CBLDX has existed since 01/2018-, but CBLVX only since 10/2024- .
Anyway, those are minor details. I thoroughly enjoyed your piece.

OK, how about some FDIC type "full-faith-and-credit" coverage of memecoins? The governement of "we the people?" should be willing to put their wealth behind the possible government approved cons.

He's got a 500m political warchest that could be used to guarantee his meme/shitecoins, but why would he do that? After all, it's *his* money.

I was surprised by the data - current international exposure only 12%, recommendation 15-20%.
Now look at international exposures (stocks and bonds) in some allocation funds/models & TDFs.
Morningstar Allocation Models https://mp.morningstar.com/en-us/portfolios/all
Aggressive Growth Stocks 32.86%, bonds 0.86%
Growth Stocks 27.13%, bonds 1.71%
Moderate Growth stocks 18.69%, bonds 3.88%
Vanguard https://investor.vanguard.com/investment-products/list/all?strategy=all_in_one&filters=open
Growth VASGX Stocks 33.40%, bonds 6.10%
Moderate Growth VSMGX Stocks 24.90%, bonds 12.20
TDF 2070 VSVNX Stocks 37.30%, bonds 2.90%
Fidelity https://www.fidelity.com/mutual-funds/fidelity-funds/overview?imm_pid=58700004243390979&immid=100726_SEA&imm_eid=ep35275476489&utm_source=GOOGLE&utm_medium=paid_search&utm_account_id=700000001009773&utm_campaign=MUT&utm_content=58700004243390979&utm_term=fidelity+funds&utm_campaign_id=100726&utm_id=71700000038714008&gad_source=1&gad_campaignid=1490091060&gbraid=0AAAAAD7OUhJfHEaon_b4soXK1aAmEo7Ue&gclid=CjwKCAjwl_XBBhAUEiwAWK2hzqSGTus3Eqxbn_p1pcRxslHEzthy441IZerMYSkYegV2tR5D1U4dbRoCKQ8QAvD_BwE&gclsrc=aw.ds
Aggressive Growth FAMRX Stocks 38.04%, bonds ?
Moderate Growth FSANX Stocks 27.44%, bonds ?
TDF 2070 FRBVX Stocks 36.93%, bonds 1.01%

Don Glickstein wrote a good article regarding a simple approach to chaos-resistant investing
in this month's Mutual Fund Observer.
Welcome aboard, Don!
https://www.mutualfundobserver.com/2025/06/stories-over-stats-a-simple-approach-to-chaos-resistant-investing/

"Staying home has worked for US investors for years but now may be time to think GLOBAL with 15-20% exposure (average now is 12%)."
So is (was) this a trade for 2025, or is this a new long-term shift in investing attitude?
US equities are no longer the safe bet, according to "expert" advise. Gosh, I wonder what changed.

Just posted all ratings to MFO Premium site, using Refinitiv data drop from Friday, 30 May 2025. Was able to get preview of next Saturday's full data drop by using Friday's MTD data for May returns.

30 may, 2025: Vonnie Quinn again. Is she the new regular? She has clearly worked on rounding out the sharp corners of her Irish brogue. Some work still needed.
https://www.bloomberg.com/news/videos/2025-05-30/real-yield-5-30-2025-video
Uncertainty. 50% tariff now on imported steel, The Orange Crud accuses China of reneging on the trade deal, which wasn't yet finalized. Consumer spending=down. Imports plummeting.
US Treasuries = first loss of the year. Guests emphasize uncertainty. Need more time and data to get a handle on the fiscal, economic scene. Navarro is full of (false) assurances re: the national debt growth in the House-passed Bill.
Junk bond issuance in May is the most since last Sept. $31B
I.G. middle of the maturity spectrum is advised ....

The Week in Charts (05/30/25)
The most important charts and themes in markets and investing, including:
00:00 Intro
00:18 Topics
01:30 "Sell in May and Go Away"
05:43 The "TACO Trade"
09:26 Who Holds the Power to Impose Tariffs?
11:40 The Fastest Growing Company in History
17:18 Money Printing Is Back
19:44 Rising Delinquencies
23:55 Musk Leaves DOGE
30:22 More Affordable Rents
Video
Blog

This Charley Ellis episode was previously broadcast on February 14, 2025.

This ad-hoc feature returns after a long break - the last was in 11/2024. One reason is that except for some special issues, Barron's has reduced coverage for funds. This week has several fund stories and some more were added due to my wrong guesses yesterday (market "EXTRA").
Staying home has worked for US investors for years but now may be time to think GLOBAL with 15-20% exposure (average now is 12%).
...
Funds: DODLX, FOSFX, GLD, IEUR, INDA, MDWIX, TGVAX, TXUE, VGK
INCOME/FUNDS. Dividend-oriented funds can focus on dividend-growth (CGDG, VIG, VIGI), current-dividends (FDVV, ONEY, VYM) or dividend-blend (SCHD).
Q&A/FUNDS. Alan BERRO, AWSHX / RWMGX / WSHFX (AUM $191.6 billion; low turnover). This large-blend (near the edge of value and blend) and GARP strategy fund mostly holds dividend-paying stocks with stable dividend histories. But there can be exceptions for up to 10% of the AUM, so there are growth stocks AAPL, AMZN, AVGO, CMCSA, MSFT and turnaround situations BA, EL, GILD, NKE, SBUX. Value/cyclicals should do better in meaningful rate environments. But he avoids high-yielding value-traps.
FUNDS. Vanguard core bond VCORX is featured. Top holdings are investment-grade corporates, Treasuries/Agencies, Agency MBS with some EMs, foreign sovereigns, and HY. Fund is cautiously positioned as the probability of recession in 2025 has increased.
EXTRA, FUNDS. Following BlackRock/BLK, State Street/STT, etc, Vanguard is expanding its PROXY-VOTING program “Investor Choice” to several of its index funds. However, only a tiny % of holders eligible to vote do so. Fund companies are also expanding their related investor PR.
EXTRA, FUNDS. Tidal Trust will offer ETFs based on publicly disclosed holdings of funds by Bill ACKMAN, Stan DRUCKENMILLER, Michael BURRY, Warren BUFFETT, etc. These ETF portfolios may be stale by several months.
https://ybbpersonalfinance.proboards.com/thread/841/weekly-business-digest-june-2025
Link for Weekly Features https://ybbpersonalfinance.proboards.com/board/12/market-insights

being neutral crypto does not make one immune...
"...for a problem in the crypto industry to actually have ripple effects, it has to get big and interconnected with the rest of the financial system. Stablecoins are the mechanism for doing that. Even if they’re not the trigger for a future crisis. They are both a transmission belt of problems and a prior factor that’s likely to make that crisis a bigger deal.
... stablecoins are not always so stable. The stablecoin USDC was initially pegged to the dollar, but the company that issued it held its reserves at Silicon Valley Bank. When the bank collapsed in 2023, the value of one USDC share, which was supposed to stay at a dollar, fell below 87 cents.
... right now the way people look at stablecoins is that you either use them for illegal payments or you use them as an on \ off ramp for crypto speculation. You don’t treat them like your money. But what this bill does is it’s sort of broadcasting to Americans. This is a Safe money substitute. Once it becomes treated as money by people, then even the smallest deep pegging can be enough to cause people to freak out..."
https://slate.com/podcasts/what-next-tbd/2025/05/crypto-wants-the-appearance-of-regulation-without-the-red-tape

"...Vanguard International Explorer™ Fund (the Fund), announced a restructuring of the Fund's investment advisory team by removing Baillie Gifford... In connection with the changes to the advisory arrangements, the Fund's expense ratio increased from 0.44% to 0.45%.
The restructuring of the investment advisory relationship resulted in portfolio activity that is expected to generate capital gains."
as admission of fault, vanguard will cover fee increase and cap gains by restructuring c-suite compensation....just kidding !!

Stable-Value (SV) Rates, 6/1/25
TIAA Traditional Annuity (Accumulation) Rates
No changes
Restricted RC 5.50%, RA 5.25%
Flexible RCP 4.75%, SRA 4.50%, IRA-101110+ 4.75%
TSP G Fund 4.50% (previous 4.250%). (edited 6/4/25)
Options outside of workplace retirement plans include m-mkt funds, bank m-mkt accounts (FDIC insured), T-Bills, short-term brokered CDs.
#StableValue #401k #403b #TIAA #TSP
https://ybbpersonalfinance.proboards.com/post/2013/thread