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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.
  • Short Term High Yield vs. CDs vs. Treasuries vs. I-Bonds
    the stated 7 day yield on SNAXX ( $1,000,000 minimum) is 4.6%
    SWVXX is 4.47%
    I don't see 6.2%
  • Short Term High Yield vs. CDs vs. Treasuries vs. I-Bonds
    I'm following a similar allocation strategy, though with VUSXX (yielding 4.52%, insignificantly safer [Treasury assets]), and short term T-bills (similar yield to CDs); both fund and T-bills are state and local tax exempt.
    The situation with MMFs is fluid. For a long time, VUSXX paid so much less than some other funds (not just prime but even government MMFs) that using it made no sense. Also, it used to have a $50K min; Vanguard reduced that some time ago to $3K.
    Like you, I've played the game of meeting a MMF's initial min and then reducing my position. Though nowhere near $1M. FZDXX (4.47% yield) has a $100K min in taxable accounts, but by prospectus can be reduced to a $10K maintenance amount. Since I use this as my checking account (and can let the balance drop even lower), I'm willing to give up a few basis points in after-tax performance for the convenience.
    In an IRA, FZDXX requires only $10K to bootstrap. I've done that, leaving just 80¢ or so in the position.
  • U.S. Household Net Worth as a Percentage of GDP
    There are some asset taxes in the U.S.—estate taxes for the extraordinarily wealthy, low capital gains taxes 20% for investors who choose to sell, local property taxes to pay for schools in some states. All of the above taxes have proven evadable in various ways, and in the estate and capital gains cases have actually declined over time. My point is as our population has aged and inequality grown, more money has been accumulated on the asset side than on the income side of our finances. My impression is about 10% of the population controls about 75% of our household net worth, upwards of $105 trillion of our $143 trillion total. (Note: I corrected this number as it turns out the wealthy control even a greater percentage than I thought.) There is no reason we can’t have a wealth tax to help pay down the national debt. Yet GDP does not recognize all of those accumulated assets. So brandishing the debt to GDP ratio makes it seem like there are no means to pay the debt and the government is overspending.
  • Short Term High Yield vs. CDs vs. Treasuries vs. I-Bonds
    Takes a million dollars to get into SNAXX, so you often must give up about .15% yield and settle for its sibling SWVXX. I was able to buy SNAXX, in one of my accounts, in March of 2022, when I sold/reduced OEFs, but since then I have been able to retain SNAXX, at much lower amounts. With interest rates continuing to rise, I choose to own both SNAXX and some short term CDs paying 5%.
  • U.S. Household Net Worth as a Percentage of GDP
    FRED has many data series for debt/GDP. https://fred.stlouisfed.org/tags/series?t=debt;usa
    I think that federal debt/GDP (as %) is mentioned more often because it may indicate the taxing power or burden of the economy. It is available for most countries (self-published, or by IMF, World Bank, etc) and concerns arise when it starts to exceed 100%. It is about 120% for the US. There were significant jumps post-GFC (2008) and post-Covid pandemic (2020). https://fred.stlouisfed.org/graph/?g=YcQu
    Household debt/GDP is only 76.8%. There is no asset tax in the US, so the household assets/GDP of 600%+ don't really tell anything about the US federal tax situation. https://fred.stlouisfed.org/graph/?g=1074J
  • AAII Sentiment Survey, 2/22/23
    For the week ending on 2/22/23, neutral remained the top sentiment (39.8%; high) & bullish became the bottom sentiment (21.6%; very low); bearish became the middle sentiment (38.6%; above average); Bull-Bear Spread collapsed to -17.0% (very low). Investor concerns: Inflation (moderating but high); economy; the Fed; dollar; cryptos; market volatility (VIX, VXN, MOVE); Russia-Ukraine war (52+ weeks, 2/24/22- ); geopolitical. For the Survey week (Th-Wed), stocks were down sharply, bonds down, oil down sharply, gold down, dollar up. BIDEN visited Ukraine; PUTIN withdrew from SALT nuclear treaty. #AAII #Sentiment #Markets
    https://ybbpersonalfinance.proboards.com/post/942
  • Short Term High Yield vs. CDs vs. Treasuries vs. I-Bonds
    My indicators triggered a sell, in early Feb. Since then I'm at 99+%, mainly in two MM SWVXX-SNAXX paying 4.47-6.2%. I will join the next bond uptrend.
    Why do you have any money in SWVXX yielding 4.47% when SNAXX is yielding 4.62%? Not enough money is that account to qualify for SNAXX?
  • Buy Sell Why: ad infinitum.
    COWZ. I suppose the attraction there is dividends WITH growth prospects? But I see it framed as mid-cap Value, overall. Oops, my bad. In 6 years, it's up +93.51%. Not shabby.
  • Billions Pouring Into Bond ETFs Are Bright Spot for Blackrock / FT
    ”Enthusiasm for bonds is proving to be a bonanza for BlackRock’s fixed-income exchange traded funds, which have attracted more investor cash since US interest rates started rising than all their competitors combined.BlackRock, the world’s largest money manager, is capitalising on growing interest among wealth managers and other asset managers in using ETFs instead of or in addition to buying bonds directly. From March last year to the end of January, there were $146bn net flows into BlackRock’s fixed-income ETFs, while competitors took in $134bn.
    “Bond ETFs have been a bright spot for BlackRock after a year when its overall assets under management shrank by nearly 15 per cent to $8.6tn. Chief executive Larry Fink considers them a main driver of revenue growth. BlackRock predicts that bond ETF assets industry-wide will more than double from $1.8tn now to $5tn in 2030. The increases are being driven by regulatory changes, investors’ growing comfort with the way they perform in volatile markets and creative uses of them by wealth managers and even other bond funds.”

    Financial Times - February 17, 2023
    I was able to access the article one time online using my DuckGo browser. Good luck. As I posted in OT, a subscription to the Financial Times via Amazon’s Kindle service can now be had for a modest $7.99 monthly. I am a subscriber. ISTM the articles in the Kindle edition publish a day or two later than they appear online, however.
  • Stone Ridge U.S. Hedged Equity Fund to liquidate
    https://www.sec.gov/Archives/edgar/data/1559992/000119312523044909/d462582d497.htm
    497 1 d462582d497.htm STONE RIDGE TRUST U.S. HEDGED EQUITY FUND
    STONE RIDGE TRUST
    STONE RIDGE U.S. HEDGED EQUITY FUND
    SUPPLEMENT DATED FEBRUARY 22, 2023
    TO THE PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION,
    DATED MARCH 1, 2022
    On February 21, 2023, the Board of Trustees of Stone Ridge Trust approved a plan of liquidation and dissolution for the Stone Ridge U.S. Hedged Equity Fund (the “Fund”). The liquidation of the Fund is expected to take place on or about March 27, 2023 (the “Liquidation Date”). Effective after the close of business on March 9, 2023, the Fund’s shares will generally no longer be available for purchase.
    Stone Ridge Asset Management LLC (the “Adviser”) expects to operate the Fund pursuant to its stated investment strategy through the close of business on March 24, 2023. After March 24, 2023, the Adviser will reduce the Fund to cash in preparation for the Liquidation Date. Proceeds of the liquidation of the Fund are expected to be distributed to shareholders in cash. The liquidation proceeds are expected to be distributed promptly following the Liquidation Date in full redemption of each shareholder’s shares of the Fund.
    Please retain this Supplement with your records for future reference.
  • U.S. Household Net Worth as a Percentage of GDP
    Since we are constantly bombarded with dire economic predictions regarding debt to GDP, I think it's worth sharing a different image that helps explain why we need to move beyond simply an income tax to a wealth tax:
    image
  • DJIA Closes Negative YTD (February 21)
    This live StockCharts shows all of the major averages (max 5). Default to post is 1 yr, but change timeframe to YTD and click Update. I could also post screenshot if there is some issue.
    https://stockcharts.com/h-perf/ui?s=$INDU&compare=$COMPQ,$SPX,$TRAN,IWM&id=p93462951093
  • DJIA Closes Negative YTD (February 21)
    Thanks @Junkster.
    Looks like I got at least 1 of the averages wrong when I posted last night. I’ll correct / update those as of what Bloomberg’s website is displaying as of around 12:30 today. That’s a very useful tool you linked. I’ve used it in the past. A bit clunky to use, but shows annual returns with the dividends reinvested.
    “Recent declines in stocks and bonds have severely shaken the confidence of the bulls.”
    One newsletter I subscribe to dropped a sizable S&P “short position” 3 or 4 weeks ago. Talk about unfortunate timing … :) Glad I don’t take such advice seriously!
  • Blackstone Child Labor in Slaughterhouses and Low-Road Capitalism 2
    I admit I am cynical about the goals of the CEOs of corporate America, but there are lots of small efforts that make a huge difference if focused. Look at "Judd at Popular Information"
    Impressive results from Green Century.
    Also interesting and impressive is "Engine No 1" a hedge fund that manages ETFs focused on "decarbonization" NETZ and influencing better practices among SP500 companies VOTE
    They are the group that got three activists on the board of Exxon to force Exxon to deal with climate change, and are now working to stop methane leaks.
  • DJIA Closes Negative YTD (February 21)
    https://www.ytdreturn.com/on-s-p-500/
    Above link is a handy reference showing *total return* for various indexes. S@P still ahead for the year by 4.36%. Russell 2000 and NASDAQ 100 still comfortably ahead. Dow barely positive. Recent declines in stocks and bonds have severely shaken the confidence of the bulls.
  • Morgan Creek-Exos Active SPAC Arbitrage ETF to liquidate
    https://www.sec.gov/Archives/edgar/data/1683471/000089418923001244/morgancreekliftliquidation.htm
    97 1 morgancreekliftliquidation.htm SUPPLEMENT RE FORTHCOMING LIQUIDATION
    Filed pursuant to Rule 497(e)
    Registration Nos. 333-215588; 811-23226
    Morgan Creek - Exos Active SPAC Arbitrage ETF (CSH)
    a series of Listed Funds Trust (the “Trust”)
    Supplement dated February 21, 2023
    to the Summary Prospectus, Prospectus and Statement of Additional Information
    dated January 26, 2022
    After careful consideration, and at the recommendation of Morgan Creek Capital Management, LLC, the investment adviser to the Morgan Creek - Exos Active SPAC Arbitrage ETF (the “Fund”), the Board of Trustees of Listed Funds Trust approved the closing and subsequent liquidation of the Fund pursuant to the terms of a Plan of Liquidation. Accordingly, the Fund is expected to cease operations, liquidate its assets, and distribute the liquidation proceeds to shareholders of record on or about March 24, 2023 (the “Liquidation Date”). Shares of the Fund are listed on the NYSE Arca, Inc.
    Beginning on or about February 22, 2023 and continuing through the Liquidation Date, the Fund will liquidate its portfolio assets. As a result, during this period, the Fund will increase its cash holdings and deviate from its investment objective, investment strategies, and investment policies as stated in the Fund’s Prospectus and SAI.
    The Fund will no longer accept orders for new creation units after the close of business on the business day prior to the Liquidation Date, and trading in shares of the Fund will be halted prior to market open on the Liquidation Date. Prior to the Liquidation Date, shareholders may only be able to sell their shares to certain broker-dealers, and there is no assurance that there will be a market for the Fund’s shares during that time period. Customary brokerage charges may apply to such transactions.
    If no action is taken by a Fund shareholder prior to the Liquidation Date, the Fund will distribute to such shareholder, on or promptly after the Liquidation Date, a liquidating cash distribution equal to the net asset value of the shareholder’s Fund shares as of the close of business on the Liquidation Date. This amount will include any accrued capital gains and dividends. Shareholders remaining in the Fund on the Liquidation Date will not be charged any transaction fees by the Fund. The liquidating cash distribution to shareholders will be treated as payment in exchange for their shares. The liquidation of your shares may be treated as a taxable event. Shareholders should contact their tax adviser to discuss the income tax consequences of the liquidation.
    Shareholders can call 1-855-857-2677 for additional information.
    Please retain this Supplement with your Summary Prospectus,
    Prospectus and Statement of Additional Information for reference.
  • DJIA Closes Negative YTD (February 21)
    After a nearly 700 point drop Tuesday, the Dow Jones Industrial Average ended in negative territory for 2023 at the close.
    YTD Returns - As of 12:30 PM Wednesday, February 22
    DJIA + 0.22%
    S&P 500 + 4.24%
    NASDAQ + 10.13%
    (Numbers from Bloomberg)
    One fund of recent interest here, ARKK, was ahead by more than 34% YTD going into today’s session. It fell back by more than 6% today. The fact that any fund could move like this one has over the past year might indicate how crazy the investing landscape has gotten. (Numbers from Bloomberg)
    Just me or do geo-politics seem increasingly related to the market problems? Russia / Ukraine for sure. But now, just as China’s economy is emerging from its covid-related pullback, it appears relations with the U.S. are deteriorating. The balloon of course. But a lot more going on from my readings, including what appears to be China becoming more supportive of Russia’s invasion of Ukraine. If that’s not enough, North Korea fired off a barrage of its new solid fueled ICBMs over the weekend - one landing in the Pacific within sight of Japan. The solids are superior to liquid fueled rockets in that they’re easier to hide and can be launched without any prep on very short notice.
    And you want to invest?