Yes @LarryB - For us boomers there was a bright side in the past round of inflation. Homes / real estate appreciated a lot. Depended on the mortgage rate of course. But with a fixed-rate mortgage, even at higher rates than today, some of us made out pretty well in the 70s & 80s. The labor scene, however, was a lot different. Two important changes: (1) The ability of unions to negotiate wage increases that keep even with inflation has diminished since those days. (2) Automation continues to take away many lower-skilled jobs. Fully automated car-washes with no workers on site is just one further sign of the trend. One wonders what unskilled / low skilled workers will eat?
My inquisitive mind wonders what investments might do well with much higher than the Fed’s targeted 2% inflation? Honestly I don’t know. But your reference to rising rent is intriguing.

+1.

One year rankings¹ are of little value.
Out of 49 fund families, Vanguard was ranked 21st (43rd in 2021)
while T. Rowe Price was ranked 36th (13th in 2021) in 2022.
The methodology used for Barron's annual Fund Families feature should be questioned
due to large annual rating changes and eligibility requirements².
¹ 5-Yr and 10-Yr rankings are also included.
² Only 49 asset managers out of the 854 in Lipper’s database met the criteria for 2022.

This article helps explain the European liquidity issue. Monetary / fiscal policy works with a lag. @Crash is correct that the ECB has recently tightened. However for much of 2022 its policy was stimulative. Actually, the point both the WSW guest and Forsyth make is that this stimulus is winding down.
Here’s a clip from the Forsyth piece I noted earlier (Barron’s 2/20/23): ”Much of the early-year rally also had been driven by a largely unrecognized global liquidity surge noted by Citi global markets strategist Matt King. Even as the Fed was reducing its balance sheet (aka quantitative tightening), actions by the European Central Bank, the Bank of Japan, and the People's Bank of China were adding $1 trillion to global liquidity, he writes in a provocative research note.”
(Yep - I should have made this clearer in my original comment.)

Packers Sanitation Services had children doing Blackstone's dirty work:
https://nbcnews.com/news/us-news/feds-find-100-children-cleaning-slaughterhouses-pssi-rcna71171

Federal officials say more than 100 children worked in dangerous jobs for slaughterhouse cleaning firm....The Labor Department says the children who were working overnight shifts used “caustic chemicals to clean razor-sharp saws.”

Packers was acquired by Blackstone in 2018. The company was just fined only $1.5 million by the DOL for having 102 children as young as 13 working hazardous overnight jobs cleaning slaughterhouses in eight states. This in my view makes such fines just a cost of doing business. BlackStone's stock is already up 27% year-to-date, despite this announcement. Meanwhile, workers in general at the slaughterhouses have said conditions have been unsafe since Blackstone acquired it:
https://pestakeholder.org/wp-content/uploads/2022/03/Packers-Sanitation-Blackstone-Leonard-Green-PESP-March-2022.pdf

• In July 2021, the US Department of Labor’s Occupational Safety and Health Administration (OSHA) cited PackersSanitation Services Inc, and three other companies in connection with a nitrogen leak that tragically caused the deaths of six workers and injured almost a dozen others at a Georgia poultry processing plant.
• OSHA’s 2021 investigation found 17 serious and two repeat violations by Packers at the plant.
• Packers Sanitation Solutions Inc. has been acquired by four different private equity firms since 2007.
• Blackstone and Leonard Green/ AlpInvest extracted hundreds of millions of dollars from PSSI through
transactions known as dividend recapitalizations, in which the private equity firms added debt to Packers
Sanitation’s balance sheet in order to collect dividends for themselves.
• According to a 2017 report by the National Employment Law Project (NELP) looking at OSHA severe injury data, PSSI stood out as a particularly dangerous workplace with one of the highest numbers of serious injury reports compared to its relatively small number of employees.

Again, the fact that the stock is up strongly this year indicates Wall Street doesn't care.

我能说什么 ... Wǒ néng shuō shénme (Wah nung sscho shen ma) ... What can I say.?!
'What can I say?
--- Indicating that nothing that could be said would add to or improve the situation.
--- Something you say when you don't have any other good response to what someone says.
--- A phrase used to emphasize the fact that one is unable to explain, excuse, or clarify something any further.
I had the 'opportunity' to live in Taiwan for two years. A busy work period; but I did attempt to study some Mandarin language; to the point of learning common phrases and words, as others may when traveling. So, the reference to the phrase; also found of use in Chinese, too.
@hank placed a quote from Bloomberg last week, and I also don't recall who stated it there: 'If your're not confused, you're not paying attention.' The original statement is placed to Tom Peters, a long time author of business modeling books. The quote is from his book, 'Thriving on Chaos: Handbook for a Management Revolution'. I still have his early work, 'In Search of Excellence' book.
Thriving on Chaos seems to be a current summation, of follow the money, in this current investing environment.
***** As to, 'What can I say': Those here who follow 'Wall St. Week' and/or 'Real Yield' should be able to absorb a decent overview of the market week. There are market pieces, here and there; that may not be covered. But, I remain limited to add more many times. I continue to discover some of the 'other'. In light of this, being redundant becomes an issue with writing. I will attempt to add something of consequence, every week, aside for the data list.
--- Tuesday, CPI: Inflation rose in January by 0.5% following a 0.1% increase in December.
The CPI was up 6.4% from the same period in 2022. Both numbers were higher than expected.
Across-the-board increases in shelter, food and energy boosted the index after inflation had shown signs of receding in recent months.
--- Wednesday, Retail sales at 2 year high. Retail sales are mostly goods and are not adjusted for inflation. But even accounting for the technical distortions, Americans are still spending. I don't find any slack in folks going to the restaurants in our area; as they are quite busy all days of the weeks.
--- Thursday, PPI (Producer Price Index) at +.7% from December. Estimate was +.4%. Jobless claims down...194,000 v 200,000 estimate. I suspect the recent layoffs are not reported by those who could claim....yet; if they received a severance payment package, etc., or they have immediate employment elsewhere.
--- Snippet: Reported that credit card debt hit $1 Trillion. Reporting agencies suggest card holders are paying off other debt or other necessary payments with cards. and not with a checking/savings account.
--- U.S.$ UP +.24% for the week, +.49% YTD
*** UST yields chart, 6 month - 30 year. This chart is active and will display a 6 month time frame going forward to a future date. Place/hover the mouse pointer anywhere on a line to display the date and yield for that date. The percent to the right side is the percentage change in the yield from the chart beginning date for a particular item. You may also 'right click' on the 126 days at the chart bottom to change a 'time frame' from a drop down menu. Hopefully, the line graph also lets you view the 'yield curve' in a different fashion, for the longer duration issues, at this time. Save the page to your own device for future reference.
*** Bonds of most flavors received a face slap again this week, although many bond sectors were positive on FRIDAY, easing some of the losses. I'm still inclined towards IG bonds for the longer term, being year(s) not months; when the FED rates increases begin to stop and move downward. Duration right now is important for we investors, as the yield's for the short end are 'high'; as noted in the yield curve notations at MFO. At some point, when the economy finds a defined direction; longer duration will find a path. I keep watching for rotations with yields/pricing, as I lean more towards attempting to find the profit from pricing; but right now I'm happy with the +4% yields of a MMKT. This was not the case in April, 2022.
Lastly, one may expect the FED to go back to the well of high rates, eh???; as they may not be pleased with all of the data points they gather.
A good day to you.....
----------------------------------------------------------------------------------------------------------------------------------------
---Several selected bond funds returns since October 25, 2022. I'll retain this date, as it is a recent inflection point when bonds began to have positive price moves. We'll need to watch if this was just a 'blip'.
NOTE: I've kept the prior dated reports in the beginning of this thread; and have added YTD to this data.
For the WEEK/YTD, NAV price changes, Febuary 13 - Febuary 17, 2023
***** This week (Friday), FZDXX, MMKT yield continues to move with Fed funds rate and ended the week at 4.47% . The core Fidelity MMKT's have continued a slow creep upward to 4.20%. The holdings of these different funds account for the variances at this time.
--- AGG = -.43% / +1.29% (I-Shares Core bond), a benchmark, (AAA-BBB holdings)
--- MINT = +.12% / +1.13% (PIMCO Enhanced short maturity, AAA-BBB rated)
--- SHY = -.07% / +.2% (UST 1-3 yr bills)
--- IEI = -.35% / +.2% (UST 3-7 yr notes/bonds)
--- IEF = -.57% / +.87% (UST 7-10 yr bonds)
--- TIP = -.21% / +.95% (UST Tips, 3-10 yrs duration, some 20+ yr duration)
--- VTIP = -.04% / +.49% (Vanguard Short-Term Infl-Prot Secs ETF)
--- STPZ = -.1% / +.42% (UST, short duration TIPs bonds, PIMCO)
--- LTPZ = -.32% / +2.85% (UST, long duration TIPs bonds, PIMCO)
--- TLT = -1% / +3.1% (I Shares 20+ Yr UST Bond
--- EDV = -1.4% / +4.2% (UST Vanguard extended duration bonds)
--- ZROZ = -1.47 / +4.3% (UST., AAA, long duration zero coupon bonds, PIMCO
--- TBT = +2.2% / -5.6% (ProShares UltraShort 20+ Year Treasury (about 23 holdings)
--- TMF = -3.5% / +6.2% (Direxion Daily 20+ Yr Trsy Bull 3X ETF (about a 3x version of EDV etf)
*** Additional important bond sectors, for reference:
--- BAGIX = -.51% / +1.35% (active managed, plain vanilla, high quality bond fund)
--- LQD = -.675% / +1.84% (I Shares IG, corp. bonds)
--- BKLN = -.38% / +3.3% (Invesco Senior Loan, Corp. rated BB & lower)
--- HYG = -.29% / +1.75% (high yield bonds, proxy ETF)
--- HYD = -1.5 %/+1.95% (VanEck HY Muni
--- MUB = -1.18% /+.56 (I Shares, National Muni Bond)
--- EMB = -.57%/+1.27% (I Shares, USD, Emerging Markets Bond)
--- CWB = +.12% / +6.27% (SPDR Bloomberg Convertible Securities)
--- PFF = +.03% / +8.36% (I Shares, Preferred & Income Securities)
--- FZDXX = 4.47% yield (7 day), Fidelity Premium MMKT fund
*** FZDXX yield was .11%, April,2022.
Comments and corrections, please.
Remain curious,
Catch

It's my sense -- or perhaps it's only a hope -- the Fed will unofficially tolerate a VERY long runway towards reaching their 2% goal. (And, if that goal proves to be an elusive target they can eventually de-emphasize the importance of reaching it.) Why would a 3% to 4% inflation rate be a big problem anyway?
2% Inflation

REVIEW. After doing well in FY 2021 (07/2020-06/2021), university ENDOWMENTS did poorly in FY 2022 (07/2021-06/2022) (but now is 02/2023! It takes that much tome to collect data from 678 institutions). Average allocations of 30% alternatives (some not marked to market, a concern) and 28% US equity meant that they outperformed the SP500. Gifts/donations remained strong.
FUNDS. Best Fund Families are ranked based on performance in 8 fund categories and are asset-weighted.
For 2022: 1-DFA, 2-Victory, 3-Neuberger Berman, 4-Capital Group/AF, 5-JPM,…, 18-Franklin Templeton,…, 21-Vanguard,…, 23-Pimco,…, 30-Fidelity, 31-Nuveen/TIAA,…, 36-Price.
For 5 Years: 1-Fidelity, 2-MFS, 3-Putnam, 4-Mainstay, 5-Amundi US, 6-Pimco,…, 10-Neuberger Berman,…, 13-Capital Group/AF,. 14-JPM,…, 17-DFA, 18-Vanguard,…, 21-Price,…, 26-Victory, 30-Nuveen/TIAA,…, 41-Franklin Templeton.
10-year rankings and rankings within the fund categories are also provided. (Too much detail to be included here, so access Barron’s online, at newsstand, or at local library)
INCOME INVESTING. Be wary of higher-yielding EM debt, whether dollar-denominated (EMB) or in local currencies (EBND, LEMB). Many EM countries are at different stages of the rate cycle, and dollar can also have a significant impact.
FUNDS. Gibson Smith, Smith Capital (core-plus SMTRX, etc); formerly, Janus Hendersen FI-CIO (JABAX, etc). After a disastrous 2022, BONDS in 2023 are the most attractive in a decade and may remain so for 12-24 months. Money is flowing into bond funds. The FED is near the tail end of its monetary tightening (rate hikes, QT). Remember that slowing economy or recessions are good for the bond market (true for investment-grade bonds, but not for spread products, HY, EMs, etc). He doesn’t like short-term bonds – yes, yields are attractive, but for how long? He likes IT/LT bonds and a BARBELL approach. Bond volatility will remain (Treasury MOVE 110.11). For corporates, he looks at company fundamentals first, and then invest in its bonds, investment-grade or HY. He also likes MBS and CMOs.
(EXTRA) FUNDS. ETFs that are benefiting from higher rates include DIVO, DGRW, GCOW, LVHI, ROUS, TBF (short Treasuries).
https://www.barrons.com/magazine?mod=BOL_TOPNAV
https://ybbpersonalfinance.proboards.com/thread/403/barron-february-20-2023-2

Legendary Fed Chairman Paul Volcker was highly critical of the Fed’s policy of targeting 2% inflation, saying he saw “no theoretical justification” for it and that if successful, it “would mean the price level doubles in little more than a generation.” In this EXTRA exclusive, Former Fed Vice Chair Richard Clarida defends the 2% solution.

Victoria Fernandez of Crossmark Global was on Surveillance within the last two weeks. I think she said if you aren't confused by the mixed messages of the market, you aren't paying attention. I liked that. I included their 2023 outlook PDF. Nothing earth-shattering, but a decent framework for the year, I reckon.
https://www.crossmarkglobal.com/wp-content/uploads/Crossmark-10-Predictions-for-2023-White-Paper_FINAL.pdf

17 Feb, 2023.

International stocks and U.S. stocks generally move in multi-year cycles.
U.S. stocks have significantly outperformed foreign stocks for an extended period through 2021.
Relative performance of S&P 500 vs. international developed markets based on five-year rolling returns*

Above zero, the U.S. market outperformed;
below zero, international markets outperformed
*Relative performance represents the S&P 500 Index’s returns minus
international developed markets’ returns (MSCI World ex-U.S.).
Source - RBC Wealth Management, Bloomberg; monthly data from 1/31/75 – 12/31/21

Many of Vanguard's ETFs are share classes of existing mutual funds.
This structure is unique to Vanguard since they own a patent (expires May 2023) for it.
One asset-management firm has already expressed interest
in adding an ETF share class to several of its mutual funds.
Will other firms follow suit?
Link

https://www.sec.gov/ix?doc=/Archives/edgar/data/1175813/000139834423003751/fp0082374-1_497ixbrl.htm
CONESTOGA FUNDS (the “Trust”)
CONESTOGA MICRO CAP FUND
Supplement dated February 17, 2023
To the Prospectus, Summary Prospectus and
Statement of Additional Information (“SAI”),
each dated January 31, 2023
THIS SUPPLEMENT PROVIDES NEW AND ADDITIONAL INFORMATION BEYOND THAT CONTAINED IN THE PROSPECTUS, SUMMARY PROSPECTUS AND SAI. THIS SUPPLEMENT SHOULD BE READ IN CONJUNCTION WITH THE PROSPECTUS, SUMMARY PROSPECTUS AND SAI, AS APPLICABLE.
On February 16, 2023, the Trust’s Board of Trustees approved a change to the name of the Conestoga Micro Cap Fund (the “Fund”) to the “Conestoga Discovery Fund.” The name change for the Fund will be effective on or about April 18, 2023. There will be no change to the Fund’s investment objective, principal investment strategies or investment limitations as a result of the name change.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

No access to NYT
(The link is to a subscriber-only newsletter.)
Courtesy of Google:
Cached copy
If that link doesn't work, try doing a Google search on:
warshawsky TIAA annuity
Mark Warshawsky worked for TIAA and wrote a paper about this 20 years ago. His idea is the subject of this NYTimes OpEd.

17 Feb, 2023:
https://www.bloomberg.com/real-yield

+1. @Old_Joe and @larryB.

@Old_Joe. + 1. All three of your points are right on. Particularly the last. They don’t even bother with “ thoughts and prayers “ anymore cause they realize how hollow that sounds.

https://www.sec.gov/Archives/edgar/data/826732/000110465923023265/a23-7211_1497.htm
497 1 a23-7211_1497.htm 497
CALAMOS INVESTMENT TRUST
Calamos Global Sustainable Equities Fund (the "Fund")
Supplement dated February 17, 2023 to the
CALAMOS® FAMILY OF FUNDS
Summary Prospectus, Prospectus and Statement of Additional Information dated March 1, 2022, as Supplemented
As previously disclosed in the prospectus supplement dated November 2, 2022, the Fund's Board of Trustees approved a proposal to liquidate the Fund at a meeting held on October 31, 2022.
It is expected that the Fund will liquidate on or about March 27, 2023 (the "Liquidation Date"). All dates noted in this announcement are effective as of the close of business on the respective date.
Effective February 21, 2023, the Fund will stop accepting purchases from new investors and existing shareholders, except that existing investors that hold Fund shares through defined contribution retirement plans as of February 17, 2023, may continue to purchase Fund shares through March 20, 2023. If a final distribution is required, it will be paid no later than Wednesday, March 22, 2023. The Fund reserves the right to modify the extent to which sales of shares are limited prior to the Fund's liquidation.
Any contingent deferred sales charge that would be applicable on a redemption of the Fund's shares shall be waived from February 21, 2023, to the Liquidation Date.
Calamos expects to begin to reduce the remaining assets of the Fund to distributable form in cash on or around March 20, 2023, to facilitate the Fund's liquidation. Beginning on that date, the Fund may no longer be invested in accordance with its principal investment strategies. The last date to place redemptions via the NSCC is Friday, March 24, 2023. After the close of business on the Liquidation Date, the Fund will liquidate any remaining shareholder accounts and will send shareholders the proceeds of the liquidation.
PLEASE RETAIN SUPPLEMENT FOR FUTURE REFERENCE