+1.

Many people assumed investors in China would do well when Chinese economic growth was high. Unfortunately, this did not occur.
Now that Chinese economic growth has slowed and President Xi has consolidated power,
why should foreigners invest in China?
"China’s economy, on the other hand, grew over three times faster than the American economy on an annualized basis between 2009 and 2019, more than doubling in size in just a decade. Its equity market, the world’s second largest, also grew in size by 138%, almost the same amount as the U.S. stock market. Investors who bet on rising Chinese stocks over the same period, hoping to harness the country’s remarkable growth were, however, bitterly disappointed. In fact, the average investor owning the broad Chinese market through a fund tracking a passive, total market benchmark would have earned returns of 1.6% per year, failing to keep up with the country’s rate of inflation.
We refer to this phenomenon as the ‘Chinese Equity Market Paradox.’"
"What explains this dichotomy between China’s remarkable economic growth and such paltry stock market returns? The simple answer: the degree to which the benchmark they follow is composed of—and often overweight—State Owned Enterprises (SOEs). While SOEs abound in emerging markets generally, nowhere else in the world are they so prevalent as in China, largely as a result of the country’s unique privatization program in the early 1990s, as documented in our recently published paper on the subject."
Link

October 28th show

We have a new guest on WEALTHTRACK with a long and distinguished track record of investing in high-quality, dividend-paying stocks. She is Clare Hart, who Morningstar calls “one of the industry’s most impressive managers.”
Hart has been the Lead Portfolio Manager of two highly-rated funds since 2004.
Hart will discuss the benefits of focusing on quality and dividends, particularly in a difficult market environment.

“Taxation is the price we pay for civilization.” Oliver Wendell Holmes. According to fellow Supreme Court Justice Felix Frankfurter: “[Holmes] did not have a curmudgeon’s feelings about his own taxes. A secretary who exclaimed ‘Don’t you hate to pay taxes!’ was rebuked with the hot response, ‘No, young feller. I like to pay taxes. With them I buy civilization.”

Holmes was a better writer than that. We pay taxes, not taxation. His words, excerpted from the source, Compania General de Tabacos v. Collector, 275 U.S. 87 (1927), were "Taxes are what we pay for civilized society". Priceless (no mention of price).
https://quoteinvestigator.com/2012/04/13/taxes-civilize/
A phrase very similar to the familiar one is "taxation is the price which we pay for civilization". As Quote Investigator notes, this predates Holmes' dissent by 3/4 of a century. QI's citation for this 1852 writing is:

1852, Journal of the House of Representatives of the State of Vermont, October Session, 1851, Appendix: Report of the Committee Appointed by the Governor to Take into Consideration the Financial Affairs of the State, Start Page 368, Quote Page 369, Printed by Chauncey Goodrich, Burlington, Vermont. (Google Books full view) link

"The good news is America provides plenty of legal ways for people to avoid paying taxes, and the wealthier investors are, the more ways there are. "
I'm not sure that's good news. For this, I'll point to the Oracle of Omaha who said that he pays less (in percentage terms) than his secretary in taxes. Legal tax avoidance techniques available to the wealthier often result in regressive taxation.

"decent haircuts" is an interesting terminology to describe fluctuations in reported investment value of brokerage CDs. I have quite a few at the moment, and some of them are showing values 2.4% lower than the CD investment I made. Some are showing values slightly less than 1%, and others are showing losses between those amounts. You can choose to use the terminology that fits your opinion of these "losses". When I owned Bank CDs, the bank always reflected the value of my CDs as the amount I initially invested, and the penalty for early withdrawal was defined in the CD contract, normally 1 to 3 months of interest. For me, the potential of having to sell a CD at a 2.4% loss is much more concerning, than having to sell a CD that just reduces the amount of interest I earned. You never know what may come up in life that could dictate having to sell any investment, but selling a brokerage CD looks much more impacting than selling a bank CD. Buyer beware!

Morgan Stanley
https://www.morganstanley.com/im/publication/forms/tax/2022_estimated_year_end_distributions.pdf?1667045822725

i think the statistical measuring rods are just not showing RELEVANT data. Maybe they did, in days gone by. Before federal agencies re-defined stuff to make things look better than they actually are. It's all too mushy and opaque and convoluted. So THAT doesn't help anything, either.
*Edited to add: remember when it was GNP that was reported? Not GDP?

GDP curve doesn't look better (or worse) than GNP to these eyes.

Though zooming in on the past decade, one sees GDP slightly but clearly below GNP. Does the newer (lower) GDP figure make things look better than the older (higher) GNP figure?

Graph source: https://fred.stlouisfed.org/graph/?g=Vo1n

GDP measures the goods and services produced within the country's geographical borders, by both U.S. residents and residents of the rest of the world. GNP measures the goods and services produced by only U.S. residents, both domestically and abroad.

https://apps.bea.gov/scb/2021/03-march/0321-reprint-gnp.htm
"For more on the changeover from GNP to GDP, [the Bureau of Economic Analysis] present[s] a reprint of the August 1991 Survey article on the topic."

+1.

+1

Stuff happens! But it wasn't a big mistake.
In the Treasury purchase section at brokerages, the Auction and Secondary clicks are clearly indicated.
It seems that unintentionally, you went into the Secondary section, and bought what you thought was a 26-wk T-Bill, but you bought this 52-wk T-Bill in the secondary market with 26-wks remaining,
https://www.treasurydirect.gov/instit/annceresult/press/preanre/2022/A_20220414_4.pdf
The correct purchase would have been this 26-wk T-Bill,
https://www.treasurydirect.gov/instit/annceresult/press/preanre/2022/A_20221013_3.pdf
Don't lose sleep over it.
If you are buying 13-wk, 26-wk and/or 52-wk T-Bills for auction on Monday (10/31/22)/Tuesday (11/1/22), just be careful. As the announcements came out on Thursday, brokerages can accept orders after Thursday (10/27/22). Of course, Treasury Direct is now shut for maintenance all of Saturday and Sunday (you cannot login, but these general links should open - or may not).
Bookmark this Treasury Auction Schedule,
https://home.treasury.gov/system/files/221/Tentative-Auction-Schedule.pdf

I would think that the treasury bill was priced at a discount, below 100, so that the effective yield would match the stated yield of a treasury bill issued today.

So it appears I've acquired a T-bill in the secondary mark ? Wondering how that happened ? I thought I was buying a T-bill on 10/17 that settled on 10/20.
Yes or No, Derf

Can someone tell me what DTD stands for here ?
Thanks , Derf

@Crash: it appears that the author of the piece is Nicholas Borst of Seafarer.
@LewisBraham: M* offers an AI analysis of ECNS, as one might expect. A fund that was a top-quintile performer in 2021 while gaining 2% and then losing 42% in 2022 might make anyone queasy.

Treasury rates EOD: 3-mo 4.18%, 6-mo 4.51%, 1-yr 4.55%; next auctions Monday/Tuesday.
https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?type=daily_treasury_yield_curve&field_tdr_date_value_month=202210

Month over month is what tells us the current inflation rate. Year over year tells us a lot about past inflation, not that much about current.
M-o-M for July was 0.0, August 0.1, and Sept. 0.4. Annualize those, and you get what the recent to current rates are ... nowhere near the year-over-year rate. But of course as prices, e.g., gasoline, fluctuate, those M-o-M figures are likely to vary, maybe quite a bit.
Apparently figures like those are how the Bloomberg Real Yield crew in mid-month managed to crow that real yield on IG debt, like their name, is back after a pretty long absence.
I'm still on the 6m T bandwagon; they're at 4.5% today with an auction coming up Monday. If 5% turns out to be the terminal Fed rate, as the RY guests lately have opined, there's still a runway prepped for higher CD and short-maturity T rates. I agree with dt that a roughly 6% peak on these safer investments is prob'ly a reasonable expectation. But if the Fed breaks something important before then, we might not make it there.

This is neither Treasuries nor CDs, but caught my eye:
3.5% high-yield ordinary online bank account with Salem Five Direct, the online branch of Salem Five. Branches all over eastern Massachusetts. Mutually owned, not publicly traded. Just a $10.00 minimum. (Salem, Massachusetts.)
https://www.salemfivedirect.com/

OK, Mark is +1 for sfnative. (Which I are one of also.)
I vote for Sven, so it's a tie so far.
:)

If inflation stays elevated and above the CD yield, you are still losing unless you own IBond.
Still it is nowhere near as bad when the bond index fund this year, -16% YTD. You are indeed doing very well to stay positive this year while many of us are not as lucky. The CD yield will climb as long as the ST rate continues to rise. Sometime next year it may get above 5-6% yield and it become very attractive to lock in at higher rates for several years. You can also consider a CD ladder would cover all the base.

I use Schwab Brokerage exclusively and they offer a wide array of CDs, at very good rates. You do need to be careful about the "Call" feature, as it is easy to overlook that possibility of getting a callable CD. I bought a Schwab CD in May of this year, and it got called in September. Fortunately, I was happy this occurred as it was paying 2.1%, and after getting back $200k that I originally invested, I was able to reinvest it in new CDs paying 4% and 4.25%. I can't speak to Fidelity or Vanguard, but I suspect they have similar offerings. I am looking forward to several other short term CDs maturing in the next few months, and I anticipate reinvesting it a short term ladder when that occurs. I have not ruled out shifting some CD money to bond oefs in the future, but I am not expecting the bond oef market returning to total return strength in the near future. Just as side note, I am able to hold almost all on my cash in money market funds at Schwab that pays about 3%. for liquidity purposes. I am retired, 74 years of age, and I am loving the higher CD rates for investments.