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Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.
  • Overweight Tech or Financial Services?
    @larryB
    I know of them but little else? Have you used them?
    There are a few little odd things. For example AOM although 60/40 is 27% tech, although SP500 ( 35% tech) is only 23% of the portfolio.
    Can anyone make sense of M* other methods of listing Asset allocation such as "economic exposure
    "The Economic Exposure View displays the sensitivity of portfolio return to various asset classes. Economic Exposure will model the impact of these instruments based on their inherent leverage rather than solely based on their market values. Compared to the Classic Asset Allocation, this view provides additional clarity to investors around how funds use derivatives to adjust the portfolio’s risk profile in addition to more clearly depicting sources of risk and return."
  • Trump Dismisses Affordability Concerns, Insists Prices Are Coming Down
    Following are some unbelievable excerpts from a current report in The Wall Street Journal:
    President says notion that GOP performed poorly in recent elections because of cost of living is Democratic ‘con job’
    WASHINGTON—Republicans in Washington came away from the recent elections with a clear takeaway: focus on the high cost of living or risk big losses in next year’s midterms. President Trump said this past week that Republicans aren’t talking enough about his administration’s successes, and he dismissed questions on voters’ concerns regarding the economy. Most prices are on the downswing, he argued.
    “Our energy costs are way down. Our groceries are way down. Everything is way down. And the press doesn’t report it,” Trump said. “So, I don’t want to hear about the affordability. Because right now, we’re much less.”
    Trump’s optimistic perspective on the economy is at odds with government statistics and the views of many voters, according to pollsters and analysts. The Labor Department reported last month that consumer prices rose 3% in September from a year earlier, marking the fastest pace since January. In recent surveys, voters said the cost of housing, groceries and utility bills is unmanageable. Democratic candidates who focused their messages on affordability came out on top in Tuesday’s elections, handily beating their Republican challengers.
    In the Oval Office on Friday, Trump lashed out at reporters who pressed him on the cost of living: “We are the victors on affordability.” The president called Democrats’ contention that affordability played a role in Tuesday’s election a “con job”.
    Privately, Republicans said they are worried that Trump seems reluctant to empathize with voters’ economic pain. Some in the GOP have been raising red flags for weeks about Republicans’ vulnerabilities over the economy. Rep. Marjorie Taylor Greene (R., Ga.) said in a recent interview with CNN, “Affordability is a problem.” “I go to the grocery store myself. Grocery prices remain high. Energy prices are high,” she said. “My electricity bills are higher here in Washington, D.C., at my apartment, and they’re also higher at my house in Rome, Ga.—higher than they were a year ago.”
    Trump has focused in part on legacy-building projects such as peace deals abroad and a $300 million ballroom. Democrats are planning to say in ads that Trump is out of touch. Rahm Emanuel, a former top adviser to President Barack Obama, said “He is telling you he doesn’t really care”... “He does a very good impersonation of Marie Antoinette in drag”.
    "Trump is showing all the hallmarks of being isolated. “Every president loves the people who come in and tell them how great he is doing,” Emanuel said. “It is an illness of the Oval Office.”

    The above excerpts have been edited for brevity, and the link to the original Wall Street Journal report should be free.
    No comment is necessary- Trump's remarks loudly speak for themselves.
  • Overweight Tech or Financial Services?
    @larryB, thank you. I see that. I will be evaluating buying one or the other next week. I like the safety of Wellesley, but Wellington is only 15% in technology.
  • Trump administration moves again to dismantle top US consumer watchdog
    Following are excerpts from a current report in The Guardian:
    Government argues funding mechanism behind Consumer Financial Protection Bureau is unlawful
    The Trump administration has launched its most direct attempt yet to shut down the top US consumer watchdog, arguing the current funding mechanism behind the Consumer Financial Protection Bureau (CFPB) is unlawful.
    Attorneys for the administration claimed in a court filing that the agency “anticipates exhausting its currently available funds in early 2026”, setting the stage for it to be dismantled. The CFPB is legally barred from seeking additional funds from the Federal Reserve, its typical source of funding, the attorneys suggested.
    Donald Trump’s officials have tried persistently to close the agency, attempting to fire the vast majority of its workforce. These efforts sparked months of legal wrangling. The CFPB has returned more than $21bn to US consumers since it was set up, in the wake of the financial crisis, to shore up oversight of consumer financial firms.
    The justice department’s office of legal counsel issued an opinion claiming the CFPB cannot draw money from the Fed currently, claiming the “combined earnings of the Federal Reserve System” refers to profits of the Fed, which has operated at a loss since 2022. Several federal judges have previously rejected that argument used by companies attempting to dismiss lawsuits brought by the agency, reported Politico.
    Russell Vought, the White House office of management and budget director, said in October that he plans to shut down the agency, and that this would take up to three months. The claim was criticized by Democrats, given previous contrary statements from the administration, and court decisions blocking the agency from being shut down.
    “These comments are particularly concerning given that a federal court has specifically blocked you from illegally shutting down the agency,” wrote Senate banking committee Democrats in a letter to Vought. “Your continued attempts to shutter the CFPB are illegal, and American families stand to pay the price.”
    Vought has already suspended most of the agency’s work, as the full DC circuit court of appeals is deciding whether to take the case as a lower court order blocked the firings of about 90% of the agency’s staff.
    The CFPB did not immediately respond to a request for comment.

    Comment: Trump and Vought are determined to remove this consumer protection so that they can continue to game the financial system against the little guy. Anyone reading "1929" will immediately recognize the characters operating here.
  • Overweight Tech or Financial Services?
    One of my “go to” sites is Yahoo. PRSIX is an excellent fund. It only lost 20.38% in 2008 and gained nearly all of that back with a 25+% gain the following year. A bit over half the ‘08 loss occurred in the final quarter of ‘08 when it lost nearly 11%. Got hit hard in ‘22 with a 13.56% loss - but what didn’t?
    Doing the math … assuming someone held PRSIX thu both 2008 and 2009 they’d have emerged after 2 years with 99.9% of their initial investment (a larger gain needed to break even).
  • Stock Compensation Packages
    having friends&family at AMD that remember rougher times, they pretty much all cash out at least $50k/yr in options ASAP and then may ponder further strategies around tax for remaining amounts above that.
  • Overweight Tech or Financial Services?
    @larryB At my stage of investing, risk=volatility. Obviously, nobody can see the future but if you look at a chart of the 2 sectors over the past 5 years, you may have your answer. Are you willing to bet that the next 5 years will be much different? While gains have been greater in tech, chances of a loss were also greater.
    Perhaps you could share the names of the 2 funds you are considering.
  • Overweight Tech or Financial Services?
    Thanks for adding the substance guys. ISTM that “global” funds, unlike international, do normally have significant U.S. exposure. Some as high as 65-70%. Not to argue, just to be sure we’re on the same playing field.
    The whole concept of a single fund for all (or most) of one’s investments is a tough nut to crack. I wouldn’t do it, but you can find many examples of where it would have produced great long term results. Too many fantastic funds to even mention. But always that nasty little warning in the fine print: “Past performance is no guarantee …”
    At 80 and 15 years out from the last serious bear market (‘07-‘09) … do I want 60-65% of my life savings in stocks? No thank you. There are lot of interesting issues here. I look forward to following the thread.
    -
    Fair play / disclosure here: I am about 30% equity, 10% “other” (mostly real assets) with the remaining 60% in short term or rate-hedged debt of varying quality. Compared to 1-2% on cash a decade ago, 4, 5 or 6% (depending on quality of instrument ) isn’t hard to take. If leary of equity valuations, you’re getting paid to wait.
  • Overweight Tech or Financial Services?
    S&P500 has over 31% exposure to technology sector and that is quite enough in my opinion. In light of the high valuation of the US market, future returns are likely to be lower than the historical averages.
    For simplicity of using a single fund, why not consider broad-base total market index funds with both US and international in stocks and bonds? Depending which brokerage you use, one can select a static asset allocation funds or even a target date funds. At Vanguard they offer the LifeStrategy funds with 80/20 (Growth), 60/40 (moderate growth), 40/60 (conservative growth) and 20/80 (Income). Similar allocation funds are available at Fidelity and Schwab too.
  • Overweight Tech or Financial Services?
    Hi @larryB
    For the search words: best fund with mix of tech and financial services
    A quasi AI answer. Two sections. This first below doesn't include the word 'global', the second section does.
    Regards,
    Catch
    --- Funds that provide exposure to both technology and financial services generally fall under the Fintech (Financial Technology) thematic category. These funds invest in companies leveraging technology to transform financial services like payments, banking, and investing.
    Here are some of the best-known and top-performing Fintech ETFs:
    Top Fintech Funds
    Fund Name Ticker Description
    ARK Fintech Innovation ETF ARKF An actively managed ETF that invests in companies at the forefront of innovation in the fintech space, with holdings like Block, PayPal, and Coinbase. It is known for its focus on disruptive innovation and has shown strong returns over a three-year period despite high volatility.
    Global X FinTech ETF FINX This fund seeks to invest in companies using technology to help banks and other financial firms digitize their operations. It offers broad exposure to companies involved in payment processing, peer-to-peer lending, and digital banking globally.
    Amplify Digital Payments ETF IPAY A "pure-play" on the digital and mobile payments industry, this ETF includes traditional credit card companies like Visa and Mastercard, as well as emerging consumer payment companies like PayPal and Block.
    iShares FinTech Active ETF BPAY This actively managed fund invests in a range of innovative companies, including payment processors and traditional financial institutions adopting new technologies.
    Capital Link Global Fintech Leaders ETF KOIN This fund invests in a mix of traditional tech companies (e.g., Microsoft, Oracle) that provide the underlying technology for financial firms, and companies that use fintech internally.
    Key Considerations
    Thematic Focus: These funds are thematic and thus more concentrated than broad market or even single-sector funds. They are designed to capture growth in the intersection of two dynamic sectors.
    Risk Profile: Fintech funds can be volatile due to the nature of technology and the evolving regulatory landscape of the financial sector. The performance has been mixed across different funds and time periods.
    Active vs. Passive: Some, like ARKF and BPAY, are actively managed, relying on management expertise to pick stocks. Others like FINX are index funds, aiming to track a specific index.
    Before investing, consider your risk tolerance and investment objectives, and review the specific holdings and expense ratios of each fund
    --- USING THE WORD 'GLOBAL'
    Finding a single "best" fund is difficult as performance and suitability depend on market conditions and individual risk tolerance. However, several global funds invest significantly in both technology and financial services, offering exposure to both sectors.
    Funds with a mix of Technology and Financial Services
    Funds that explicitly target a blend of technology and financial services are often called "fintech" funds. These funds focus on the intersection of the two sectors.
    ARK Fintech Innovation ETF (ARKF): This active ETF invests in companies that focus on disruptive innovation in the financial services sector, which inherently includes a large technology component. It has shown strong long-term performance (50.09% three-year total return) but comes with high volatility.
    Global X FinTech ETF (FINX): This ETF offers exposure to companies providing financial technology products and services.
    Capital Link Global Fintech Leaders ETF (KOIN): This fund divides its investments into two groups: traditional financial companies adopting new technology and technology firms providing the code/hardware for fintech systems. Its top holdings include a mix of large tech companies like Microsoft and financial service infrastructure providers.
    General Global Technology Funds with Diversification
    Many general global technology funds include financial technology companies as part of their diversified technology holdings. These often have strong long-term performance and high ratings.
    Janus Henderson Global Technology And Innovation Fund (JNGTX, JGLTX): This highly-rated fund invests in domestic and foreign companies that benefit from technological advances. It has strong three-year annualized returns (32.4%) and is a good option for global technology exposure.
    T. Rowe Price Global Technology Fund (PRGTX): This fund seeks long-term capital growth by investing globally in technology companies. It has a reasonable expense ratio and good performance.
    Putnam Global Technology Fund (PGTAX): Another global fund focused on capital appreciation through investments in large and mid-size companies in the technology sector.
    Important Considerations
    Global vs. US Focus: Most top-performing, large-asset tech funds are heavily US-focused (e.g., Vanguard Information Technology ETF, FTEC, XLK), often with over 60% of assets in the top few large-cap tech stocks like Apple, Nvidia, and Microsoft. Funds with a true "global" mandate will have more exposure to international markets.
    Risk: Sector-specific funds, especially in high-growth areas like technology and fintech, can be more volatile than a broadly diversified global index fund.
    Expense Ratios: ETFs generally have lower expense ratios than actively managed mutual funds, which can impact long-term returns.
    It is recommended to evaluate the specific holdings, risk profiles, and expense ratios of these funds to determine which best fits your investment goals.
  • Overweight Tech or Financial Services?
    Dunno if this one meets your criteria. It's a State Street ETF, a fund of its own funds, includes bonds. So, Asset Allocation or what we used to call "Balanced." Ticker is GAL.
    Schwab is not showing me what I want to see about it. Overweight Financials or Tech, you ask? That's a false choice, a forced bifurcation.
    Morningstar shows 15.93% in Financials, 26.42% in Tech, in GAL.
    Me? Just for shits and giggles:
    I'm currently 26% in Financials, and 25.1% in "Info. Tech" according to Schwab. Those are my 2 biggest sector bets, followed by Health Care (13.1%) and Energy (12.8%). I'm waiting for the A.I. bubble to burst. My fearless prediction. So, I stay 47% in bonds: 19% "core." 28% Junk.
    My own Financials are NOT in the Big Bankster outfits that are the famous U.S. entities.
    ***********
    Break a leg!
    https://www.morningstar.com/etfs/arcx/gal/quote
  • Common concerns in shopping for funds and for health insurance
    @FD1000 said,
    BTW, the Original Medicare Medigap went from $145 to $206 in the last 3 years. That's over a 40%.
    I believe @FD1000 is referring to Part B increases.

    No.
    Supplement Insurance (Medigap) Plan G policies.

    @FD1000 Thank you for your partial response to my question. Could you please clarify which insurance company’s premium for Plan G increased from $145 to $206 over the past three years? Also, what age did you use to calculate these premiums?

    The idea that I have answered — or will ever answer — your question is ludicrous.
    @FD1000 If a Medigap Plan G jumps 40% in three years, the solution is to switch companies through underwriting if required. I know a few people who, by changing insurers each year, are paying less today than three years ago.
    BTW, that double dash? Pure ChatGPT. You really needed AI for one sentence?”
  • Common concerns in shopping for funds and for health insurance
    Humana's HMO plan H4141-017-003 isn't an option.
    If your wife's employer(?) is giving you added benefits but offering fewer options, I can't speak to that. H4141 is generally available to subscribers in most of Georgia (Metro Georgia). See first page of Summary of Benefits.
    https://www.humana-medicare.com/BenefitSummary/2026PDFs/H4141017003SB26.pdf
    All the HMOs don't have all our doctors. That's a no-go.
    "Staying flexible" only goes so far. I'd do the same thing rather than be flexible with doctors. Though insisting on particular providers comes at the cost of higher premiums and/or coinsurance and/or caps.
    Every HMO has a rating of 3.5/5. Every PPO is 4.5/5. The PFFS is better than all, IMO.
    H8145, Humana's PFFS in Georgia, has a 3.5* rating for 2026. (This is a drop from its 4.0 star rating for 2025.)
    https://www.humana-medicare.com/BenefitSummary/2026PDFs/H8145GHA09ECHH26.pdf
    There are 13 Humana PPOs for 2026 in Fulton County, GA (Atlanta) (your county may vary). Three of them have 4.5 stars; the remaining 10 have 3.5 stars. Not that I have any idea what the stars mean in pragmatic terms.
    https://www.medicare.gov/plan-compare/#/search-results?plan_type=PLAN_TYPE_MAPD&fips=13121&zip=30305&year=2026&lang=en&page=1
    What happens if we vacation in CA and I get a heart attack? No HMO covers me in-network.
    From the HMO summary of benefits above:
    HMO Travel Benefit
    Members may receive in-network benefits when services are received from a participating HMO National Network provider when traveling to other states.
    The last surgery I had, the doctor and the facility were not in-network. I pay the same as in-network.
    Providers have the option, on a case by case basis, of providing you service on in-network rates. If they do so they agree to the terms of your policy as if they were in-network. That's a downside risk of PFFS plans - you are stuck with providers who are either in-network or are willing to pretend they are for you.
    From Humana's PFFS Evidence of Coverage:
    We have network providers for all services covered under Original Medicare as well as other services not covered by Original Medicare. You can still receive covered services from out-of-network providers (those who don't have a signed contract with our plan), as long as those providers agree to accept our plan's terms and conditions of payment
    @msf As always, you provide excellent information! With evidence, detail, and zero fluff.
    Much appreciated.
  • US airlines cancel flights after aviation agency directive to cut air traffic
    It would not be surprising if these comments were made while the president was at Mar-a-Lago.
    Trump has spent a considerable amount of time golfing or at Mar-a-Lago during the government shutdown.
    https://www.npr.org/2025/11/01/nx-s1-5593444/trump-government-shutdown-travel
  • US airlines cancel flights after aviation agency directive to cut air traffic
    Trump slams air traffic controllers who called out during the government shutdown
    Following are excerpts from a current NPR report:
    President Trump is slamming U.S. air traffic controllers who called out of work during the government shutdown, during which they were forced to stay on the job without pay.
    Trump said in a post on Truth Social Monday morning that he was "NOT HAPPY" with controllers who took time off. "All Air Traffic Controllers must get back to work, NOW!!! Anyone who doesn't will be substantially 'docked,'" he wrote.
    In a statement to NPR, the National Air Traffic Controllers Association said, "This nation's air traffic controllers have been working without pay for over 40 days. The vast majority of these highly trained and skilled professionals continue to perform one of the most stressful and demanding jobs in the world, despite not being compensated. Many are working six-day weeks and ten-hour days without any pay."
    "These unsung heroes, who report for duty to safely guide this country's passengers and cargo to their destinations, deserve our praise. They have certainly earned it."
    Meanwhile, Trump called controllers who took no time off during the longest shutdown in U.S. history "GREAT PATRIOTS" and said he would recommend giving them each a $10,000 bonus.
    He said any controllers who wanted to quit shouldn't hesitate, but would receive "NO payment or severance of any kind!" and would be "quickly replaced by true Patriots." (In fact, one reason for the shortage is that it takes years to train and certify new controllers.)
    Others offered sharp criticism of Trump's comments. "The President wouldn't last five minutes as an air traffic controller," former Transportation Secretary Pete Buttigieg said in a post on X, "and after everything they've been through - and the way this administration has treated them from Day One - he has no business s****ing on them now."

    Comment: Trump said in a post on Truth Social Monday morning that he was "NOT HAPPY" with controllers who took time off.
    The report does not state if Trump made these comments from the golf course at Mar-a-Lago.

  • ClearBridge Small Cap Growth Fund to re-open to new investors
    https://www.sec.gov/Archives/edgar/data/880366/000119312525236594/d36245d497.htm
    497 1 d36245d497.htm
    CLEARBRIDGE SMALL CAP GROWTH FUND
    90149-P310/25
    LEGG MASON PARTNERS INVESTMENT TRUST
    SUPPLEMENT DATED OCTOBER 10 2025
    TO THE SUMMARY PROSPECTUS, PROSPECTUS
    AND STATEMENT OF ADDITIONAL INFORMATION
    EACH DATED MARCH 1, 2025 OF
    CLEARBRIDGE SMALL CAP GROWTH FUND (THE “FUND”)
    This supplement replaces and supersedes the supplement dated March 1, 2025.
    Effective December 1, 2025, the Fund will reopen to purchases and incoming exchanges from new investors. Please see the section titled “Share class availability” in the Fund’s prospectus for information regarding each share classes’ availability.
    Please retain this supplement for future reference.
  • Market timing is just gambling:
    One more post that timing the market is just gambling:
    I reduced my equity holdings from 45% to 30% over the summer thinking things were too overvalued and told myself I will not buy until October which is normally not a good month. FOMO was hard as everything was going higher and higher just about EVERY day but I wasn't going to budge! I apologize for not alerting the board that I was going back to 45% November 3rd. The last 2 days are just a slap in the face which as we all know happens to all of us. Down days after a big purchase. I will follow my asset allocation plan, I will follow my asset allocation plan. I will continue to type that 100 times as punishment for bad behavior. UGH
    You’re obviously not great at timing — so why bother doing it at all?
    Timing is like swimming: you can’t become a good swimmer by just reading about it. You have to spend countless hours in the water — and even then, not everyone becomes great at it.
    Conclusion: If practice doesn’t make you great, maybe it’s time to stop doing it.
    Good timing isn't about selling at the top and buying at the bottom; that's impossible. It's about missing most of the decline and making most of the upside.
    At retirement it's a much better choice for investors who have enough.
    Timing goes hand in hand with identifying sectors that do better and using special funds.
    There are so many myths that must be debunked.
    Diversification doesn't guarantee better performance. Concetrating in the right sectors does.
    This is why Buffett said: "Diversification is protection against ignorance. It makes very little sense for anyone that knows what they are doing". This is true for a very small % of investors. For the rest, Buffett recommends investing in the SP500, again concentrating, not in 10 sectors.
  • Buy Sell Why: ad infinitum.
    Sold a small stake in PAXS, and a 15% portion of PDO. Used the proceeds to buy more PDI.
    I did this based on the better TR on NAV for PDI, and the recent drop in PDI price.
  • Common concerns in shopping for funds and for health insurance
    @FD1000 said,
    BTW, the Original Medicare Medigap went from $145 to $206 in the last 3 years. That's over a 40%.
    I believe @FD1000 is referring to Part B increases.

    No.
    Supplement Insurance (Medigap) Plan G policies.

    @FD1000 Thank you for your partial response to my question. Could you please clarify which insurance company’s premium for Plan G increased from $145 to $206 over the past three years? Also, what age did you use to calculate these premiums?
    The idea that I have answered — or will ever answer — your question is ludicrous.
  • Uncle Warren signs off....
    Buffett is a shrewd and patient investor. Understatement maybe?
    A very sensible and level-headed individual. I wonder if he could have translated his skills over into the political forum. We don't have many such people as leaders.
    95 years old - god bless him.