+1.

What is the story here?
State Street was a pioneer and first mover in the ETFs (SPY was the 1st ever ETF in 01/1993).
For many years, the SEC had approved the ETFs as exceptions to mutual funds, and over time, these exceptions created ETFs with slightly different twists. Firms hung on to these older versions of ETFs because the newer rules were quite different. Some older ETFs also had decent past history and good liquidity due to better intuitional acceptance even when some had high ERs.
So, many firms developed entirely new "core" versions of their older ETFs that had lower ERs, but the AUMs started out low, and liquidity was not good for institutions, but OK for retail. This is ETF industry version of having its cake and eating it too.
That is how the "SPDR Portfolio" ETFs came about in 10/2017. These were just what the others have called their "core" ETFs (BlackRock's iShares come to mind and there are several others).
More recently, there were reforms for the ETFs in 09/2019 and all these older ETF structures based on ETFs-as-exceptions-to-mutual-funds were dumped, and new ETF structures were developed and applied uniformly to almost all ETFs.
Now to SLY vs SPSM.
SPDR SLY started in 11/2005. Its current AUM is $1.8 billion and ER is 0.15%. Its benchmark was always SP SC 600.
SPDR Portfolio SPSM started out in 07/2013 with a different SC index, that was changed to another SC index, and finally changed to SP SC 600 in 2020. Its current AUM is $5.2 billion (much bigger than the original SLY) and ER is 0.05% (much lower than the original SLY).
So, now, after the changes to SPSM in 2020, the 2 became identical! Why not merge them?
And that is what State Street is doing now with 06/2023 target. If anything, what took them so long?

Hi @larryB
I was going to write about this next week, but here we are and that's great; as it relates to your and my own question, too.
SOFR is a broad measure of the cost of borrowing cash overnight, collateralized by
U.S. Treasury securities in the repurchase agreement (repo) market.
There is monetary hand-holding in REPO and SOFR land. LIBOR had this function, but has been replaced with SOFR. LIBOR (London) had a few proven manipulations taking place and was given the boot for this monetary trading arena. Trillions of dollars travel these hidden electronic roads as we eat, sleep, play and other. I don't know about all of the areas using SOFR rates (lack of study time), but some large mortgage companies use the SOFR yield rate to set mortgage rates.
SOFR New York Fed. Reserve related write up.
This links to Part II, for the overview. I wouldn't begin to launch this in my own words. I think you'll find some quick decent reading without going crazy.
SOFR A decent Investopedia definition
My quick and dirty for SOFR and MMKT rates is that, as FED rates increased....then SOFR rates increased and with watching SOFR rates there is a very close connection in the yields being paid in MMKT's.
SOFR is reported through the day on Bloomberg tv, and has remained at 4.55 during the same time frame as with the 'flat line' in MMKT yields, generally speaking. for the ones I view. There is a % range for this and I can't find my handy-dandy chart. I'll dig around and place it in this thread; as it can't be more than a few electrons away.
Hi @Anna Thanks for the kind words. I learn from writing, too.

Noted by M* Ptak, https://twitter.com/syouth1/status/1629229976225456129
https://www.sec.gov/Archives/edgar/data/1064642/000119312523048750/d259502d497.htm

https://www.sec.gov/Archives/edgar/data/1064642/000119312523048776/d287555d497.htm
97 1 d287555d497.htm SPDR SERIES TRUST
SPDR® SERIES TRUST
(the “Trust”)
SPDR Bloomberg SASB Corporate Bond ESG Select ETF
(the “Fund”)
Supplement dated February 24, 2023
to the Summary Prospectus, Prospectus and Statement of Additional Information
each dated October 31, 2022, as may be supplemented from time to time
On February 23, 2023, at the recommendation of SSGA Funds Management, Inc., the Trust’s investment adviser, the Trust’s Board of Trustees voted to close and liquidate the Fund.
The Fund will create and redeem creation units through April 11, 2023, which will also be the last day of trading of the Fund’s shares on the NYSE Arca, Inc., the Fund’s principal U.S. listing exchange. The Fund will cease operations, liquidate its assets, and prepare to distribute proceeds to shareholders of record on or about April 17, 2023 (the “Liquidation Date”). Shareholders of record of the Fund remaining on the Liquidation Date will receive cash at the net asset value of their shares as of such date, which will include any net capital gains and net investment income as of this date that had not been previously distributed. Any net capital gains and net investment income from the previous fiscal year, which were not distributed by the end of the most recent fiscal year-end, may be distributed to shareholders in advance of the Liquidation Date, in what is commonly referred to as a “spillback distribution.”
Prior to the Liquidation Date, the Fund will be in the process of closing down and liquidating its portfolio, which will result in the Fund not tracking its Index and increasing its holdings in cash and/or cash equivalents, which may not be consistent with the Fund’s investment objective and strategy. Shareholders of the Fund may sell their holdings on the NYSE Arca, Inc. prior to April 12, 2023. Customary brokerage charges may apply to such transactions. From April 12, 2023 through the Liquidation Date, we cannot assure you that there will be a market for your shares.
On or about April 18, 2023, the Fund will distribute to its remaining shareholders a liquidating cash distribution equal to the current net asset value of their shares. While Fund shareholders remaining on the Liquidation Date will not incur transaction fees, shareholders generally will recognize a capital gain or loss on the redemptions. Shareholders should contact their tax adviser to discuss the income tax consequences of the liquidation.
Shareholders can call 1-866-787-2257 for additional information.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
022423SUPP2

https://www.sec.gov/Archives/edgar/data/1378872/000119312523048862/d471458d497.htm
497 1 d471458d497.htm 497
INVESCO EXCHANGE-TRADED FUND TRUST II
SUPPLEMENT DATED FEBRUARY 24, 2023 TO THE:
PROSPECTUSES AND STATEMENT OF ADDITIONAL INFORMATION
DATED FEBRUARY 25, 2022, AS PREVIOUSLY SUPPLEMENTED, OF:
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)
and
PROSPECTUSES AND STATEMENT OF ADDITIONAL INFORMATION
DATED DECEMBER 16, 2022, AS PREVIOUSLY SUPPLEMENTED, OF:
Invesco PureBetaSM MSCI USA Small Cap ETF (PBSM)
Invesco PureBetaSM US Aggregate Bond ETF (PBND)
(PBEE, PBDM, PBSM and PBND are
each, a “Fund” and collectively, the “Funds”)
As previously announced, at a meeting held on January 20, 2023, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Board”) approved the termination and liquidation of each Fund. The liquidation payment to shareholders is now expected to take place on or about June 30, 2023.
On February 24, 2023, the Board approved a revised timeline for the termination and liquidation of the Funds. Accordingly, the Funds no longer will accept creation orders after the close of business on June 16, 2023. The last day of trading in each Fund on the Cboe BZX Exchange, Inc. (the “Exchange”) will be June 23, 2023. Shareholders should be aware that while the Funds are preparing to liquidate, they will not be pursuing their stated investment objective or engaging in any business activities except for the purposes of winding up their business and affairs, preserving the value of their assets, paying their liabilities, and distributing their remaining assets to shareholders. A liquidation may also be delayed if unforeseen circumstances arise.
Shareholders may sell their holdings of a Fund on the Exchange until market close on June 23, 2023, and may incur typical transaction fees from their broker-dealer. Each Fund’s shares will no longer trade on the Exchange after market close on June 23, 2023, and the shares will be subsequently delisted. Shareholders who do not sell their shares of a Fund before market close on June 23, 2023 will receive cash equal to the amount of the net asset value of their shares, which will include any capital gains and dividends, in the cash portion of their brokerage accounts, on or about June 30, 2023.
Shareholders generally will recognize a capital gain or loss equal to the amount received for their shares over or under their adjusted basis in such shares.
Shareholders should call the Funds’ distributor, Invesco Distributors, Inc., at 1-800-983-0903 for additional information.
Please Retain This Supplement For Future Reference.
P-PS-TRUSTII2-PROSAI-SUP 022423
================================================================
https://www.sec.gov/Archives/edgar/data/1418144/000119312523048856/0001193125-23-048856-index.htm
497 1 d292792d497.htm 497
INVESCO ACTIVELY MANAGED EXCHANGE-TRADED FUND TRUST
SUPPLEMENT DATED FEBRUARY 24, 2023 TO THE:
PROSPECTUSES AND STATEMENT OF ADDITIONAL INFORMATION
DATED FEBRUARY 25, 2022, AS PREVIOUSLY SUPPLEMENTED, OF:
Invesco Balanced Multi-Asset Allocation ETF (PSMB)
Invesco Conservative Multi-Asset Allocation ETF (PSMC)
Invesco Growth Multi-Asset Allocation ETF (PSMG)
Invesco Moderately Conservative Multi-Asset Allocation ETF (PSMM)
(each, a “Fund” and collectively, the “Funds”)
As previously announced, at a meeting held on January 20, 2023, the Board of Trustees of the Invesco Actively Managed Exchange-Traded Fund Trust (the “Board”) approved the termination and liquidation of each Fund. The liquidation payment to shareholders is now expected to take place on or about June 30, 2023.
On February 24, 2023, the Board approved a revised timeline for the termination and liquidation of the Funds. Accordingly, the Funds no longer will accept creation orders after the close of business on June 16, 2023. The last day of trading in each Fund on the Cboe BZX Exchange, Inc. (the “Exchange”) will be June 23, 2023. Shareholders should be aware that while the Funds are preparing to liquidate, they will not be pursuing their stated investment objective or engaging in any business activities except for the purposes of winding up their business and affairs, preserving the value of their assets, paying their liabilities, and distributing their remaining assets to shareholders. A liquidation may also be delayed if unforeseen circumstances arise.
Shareholders may sell their holdings of a Fund on the Exchange until market close on June 23, 2023, and may incur typical transaction fees from their broker-dealer. Each Fund’s shares will no longer trade on the Exchange after market close on June 23, 2023, and the shares will be subsequently delisted. Shareholders who do not sell their shares of a Fund before market close on June 23, 2023 will receive cash equal to the amount of the net asset value of their shares, which will include any capital gains and dividends, in the cash portion of their brokerage accounts, on or about June 30, 2023.
Shareholders generally will recognize a capital gain or loss equal to the amount received for their shares over or under their adjusted basis in such shares.
Shareholders should call the Funds’ distributor, Invesco Distributors, Inc., at 1-800-983-0903 for additional information.
Please Retain This Supplement For Future Reference.
P-PSM5-PROSAI-SUP 022423

https://www.sec.gov/Archives/edgar/data/1168164/000119312523048828/d404592d497.htm
497 1 d404592d497.htm SPDR INDEX SHARES FUNDS
SPDR® INDEX SHARES FUNDS
(the “Trust”)
SPDR Bloomberg SASB Emerging Markets ESG Select ETF
(the “Fund”)
Supplement dated February 24, 2023
to the Summary Prospectus, Prospectus and Statement of Additional Information
each dated January 31, 2023, as may be supplemented from time to time
On February 23, 2023, at the recommendation of SSGA Funds Management, Inc., the Trust’s investment adviser, the Trust’s Board of Trustees voted to close and liquidate the Fund.
The Fund will create and redeem creation units through April 11, 2023, which will also be the last day of trading of the Fund’s shares on the NYSE Arca, Inc., the Fund’s principal U.S. listing exchange. The Fund will cease operations, liquidate its assets, and prepare to distribute proceeds to shareholders of record on or about April 17, 2023 (the “Liquidation Date”). Shareholders of record of the Fund remaining on the Liquidation Date will receive cash at the net asset value of their shares as of such date, which will include any net capital gains and net investment income as of this date that had not been previously distributed. Any net capital gains and net investment income from the previous fiscal year, which were not distributed by the end of the most recent fiscal year-end, may be distributed to shareholders in advance of the Liquidation Date, in what is commonly referred to as a “spillback distribution.”
Prior to the Liquidation Date, the Fund will be in the process of closing down and liquidating its portfolio, which will result in the Fund not tracking its Index and increasing its holdings in cash and/or cash equivalents, which may not be consistent with the Fund’s investment objective and strategy. Shareholders of the Fund may sell their holdings on the NYSE Arca, Inc. prior to April 12, 2023. Customary brokerage charges may apply to such transactions. From April 12, 2023 through the Liquidation Date, we cannot assure you that there will be a market for your shares.
On or about April 18, 2023, the Fund will distribute to its remaining shareholders a liquidating cash distribution equal to the current net asset value of their shares. While Fund shareholders remaining on the Liquidation Date will not incur transaction fees, shareholders generally will recognize a capital gain or loss on the redemptions. Shareholders should contact their tax adviser to discuss the income tax consequences of the liquidation.
Shareholders can call 1-866-787-2257 for additional information.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
022423SUPP3

I’ve read the full report for DODBX and just a quick glance so far at DODEX.
DODBX: They’ve sliced 2 or 3 % off their previous near -70% allocation to equities, moving that into bonds. Equities are now at 66%. They single out what they see as opportunity in mortgages / mortgage related instruments. And they’ve got a significant hold in international equities - near 15% as I recall.
I was curious about their previous explained use of a small S&P short position. No mention of it in this year’s commentary. However, the financial accounting page lists 3 shorts. The amounts seem relatively insignificant. A bit of hedging going on.
E-Mini S&P 500 Index— Short Position
Euro-Bund Future— Short Position
Ultra 10 Year U.S. Treasury Note Future— Short Position
DODEX: Very interesting! Here’s a few excerpts:
”2022 was a difficult year for emerging and developed equity markets around the world. Waning economic growth, rising geopolitical tensions, disruption in global supply chains, and tightening monetary policies in the face of surging inflation, all weighed on stocks …
“From a valuation perspective, emerging markets equities continue to look compelling: the MSCI EM ended the year at 11.3 times forward earnings. Emerging markets value stocks remain attractively priced compared to growth stocks, with a wide valuation spread—nearly two standard deviations above the historical mean. The broad divergence between performance and valuation within emerging markets, coupled with a highly volatile and uncertain global economic and political backdrop, provides a potentially productive setting for (our investment approach).
“ … The Fund’s holdings, on average, trade at 9.5 times forward earnings, compared to the MSCI EM at 11.3 times. This, coupled with our long-term investment horizon, enables us to invest in companies, industries, and countries that may face significant uncertainty in the short term, but where we believe the long-term prospects are bright. An example of these principles in action is the Fund’s large overweight position in select China Internet holdings, the biggest contributor to the Fund’s outperformance last year.” (Boldface mine)
Re China - They appear to see diamonds where I see mainly refuse (based on the geopolitics). Reminiscent of the circus act of swallowing a burning torch.

This is what I think about the king without clothes, Gundlach (link).

For those without a Bloomberg subscription, the piece is syndicated and can be read here;
https://www.fa-mag.com/news/wall-street-s-mutual-fund-to-etf-magic-trick-is-failing-to-wow-71984.html
By converting an existing fund, issuers hope to bring an established track record and assets to the ETF market, giving each strategy a head start
This is also one of the rationales that Vanguard gives for its ETF share class of OEFs. Not so much for the track record as for not needing to accumulate assets from scratch.
Yet, there remain headwinds for many fund issuers exploring a conversion. One is the entrenched position of mutual funds in the American retirement system, where their stability and fractional share trading are more valuable than their ETF counterparts.
This is beginning to change, with firms like Fidelity and Schwb offering fractional trading of ETFs.
https://www.fidelity.com/learning-center/trading-investing/fractional-shares
https://www.schwabmoneywise.com/essentials/fractional-shares
OTOH, some firms, like Merrill still don't seem fully comfortable with fractional OEF shares, let alone fractional ETF shares. For example, see this partial transfer form for Merrill, requiring one to specify full shares.
https://olui2.fs.ml.com/publish/content/application/pdf/GWMOL/Partial_Asset_Transfer_Authorization_Letter.pdf

LOL - I owned the 210. The Bel Air was the top-end. More chrome on the sides behind which road salts could collect and lead to earlier rust problems.
I picked up my 210 from a local junk yard for around $250 in 1962. Straight-6. Apparently it had seen taxi service in some city. Pretty well wore out by the time I got it. Still a pretty good looker, however, in two-tone green. The 3 speed tranny would occasionally lock-up in reverse. The options were (1) to crawl underneath and manipulate the linkage by hand, or (2) drive back home in reverse - which I recall doing on at least one occasion.

Great sketch from David. Sure resembles the classic ‘57 Chevy, prettiest car I ever owned.
Which model? Even without seeing the sketch (blocked), I can tell from the URL that it is the high end Bel Air. There were two other models, the 150 and the 210.
https://www.hagertybroker.ca/apps/valuationtools/search/Auto/1957/Chevrolet?type=5&bodytypegroup=2

in most cases it's the Bel Air that receives the lion's share of attention. One might even go so far as to question whether or not Chevy even produced anything other than the Bel Air (and Corvette) in 1957, yet two other models were rolling for the assembly line: the 150, for the economy-minded consumer, and the 210, which bridged the gap between the 150 and the luxurious Bel Air.

https://www.hemmings.com/stories/article/1957-chevrolet-150-210-series
I didn't have the opportunity to drive a 57 Chevy (a 150 straight-6) until decades later, at which point it drove like a truck. Good thing it had a large steering wheel for leverage when turning. I just assumed that the effort required was due to its aged condition. Though even at that age, the manual transmission was the smoothest I've ever driven.

When Hell Freezes Over. February 20 - February 24, 2023

***A phrase used to say that one thinks that something will never happen.***
A snippet of recent correspondence between myself and Jay Powell: I noted to him that I remained concerned that a lot of damage would take place to the economy attempting to achieve a 2% inflation rate in the near future. He replied that the policy was in place and would remain so and until and 'When Hell Freezes Over'. My last reply this week, of which, I've yet to receive his reply, included this image.
:) :) :)
Hell, Michigan is near Ann Arbor. The entire area is part of a massive freezing rain storm on Wednesday, and still finds 100,000's without power as of Saturday.
"Mr. Powell, you and friends, now have your excuse to move rates with caution; as to not break the economy too much."
--- U.S.$ UP +1.33% for the week, +1.82% YTD (Big POP this week)
*** 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. 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 in the above chart. 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. NOTE: MMKT yields have flat lined the past few weeks.
--- About those MMKT's. As this may be a choice of more folks going forward during likely increased FED rates; and the zig-zag in the equity and bond markets, a look at one component of numerous MMKT funds.
REPOS: The repo market is essentially a two-way intersection, with cash on one side and Treasury securities on the other. They’re both trying to get to the other side.
One firm sells securities to a second institution and agrees to purchase back those assets for a higher price by a certain date, typically overnight. The contract those two parties draw up is known as a repo. Essentially, it’s a short-term collateralized loan. And just as most loans come with an interest payment, you can think of the difference between the original price and the second, higher price, as the “interest” paid on that loan. It’s also known as “the repo rate.” More HERE.
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. The economy remains too HOT in many sectors!
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 20 - Febuary 24, 2023
***** This week (Friday), FZDXX, MMKT yield continues to move with Fed funds/repo rates and ended the week at 4.47% . The core Fidelity MMKT's have continued a slow creep upward to 4.22%. The holdings of these different funds account for the variances at this time. *** These rates have now mostly flat lined for two weeks.
--- AGG = -.9% / +.39% (I-Shares Core bond), a benchmark, (AAA-BBB holdings)
--- MINT = +.--% / +1.13% (PIMCO Enhanced short maturity, AAA-BBB rated)
--- SHY = -.3% / -.1% (UST 1-3 yr bills)
--- IEI = -.8% / -.4% (UST 3-7 yr notes/bonds)
--- IEF = -1.13% / -.27% (UST 7-10 yr bonds)
--- TIP = -.83% / +.11% (UST Tips, 3-10 yrs duration, some 20+ yr duration)
--- VTIP = -.38% / +.11% (Vanguard Short-Term Infl-Prot Secs ETF)
--- STPZ = -.48% / -.06% (UST, short duration TIPs bonds, PIMCO)
--- LTPZ = -1.7% / +1.12% (UST, long duration TIPs bonds, PIMCO)
--- TLT = -1.38% / +1.67% (I Shares 20+ Yr UST Bond
--- EDV = -1.5% / +2.6% (UST Vanguard extended duration bonds)
--- ZROZ = -1.6% / +2.6% (UST., AAA, long duration zero coupon bonds, PIMCO
--- TBT = +2.8% / -2.9% (ProShares UltraShort 20+ Year Treasury (about 23 holdings)
--- TMF = -4.2% / +1.7% (Direxion Daily 20+ Yr Trsy Bull 3X ETF (about a 3x version of EDV etf)
*** Additional important bond sectors, for reference:
--- BAGIX = -.87% / +.47% (active managed, plain vanilla, high quality bond fund)
--- LQD = -1.1% / +.71% (I Shares IG, corp. bonds)
--- BKLN = -.33% / +2.94% (Invesco Senior Loan, Corp. rated BB & lower)
--- HYG = -.52% / +1.22% (high yield bonds, proxy ETF)
--- HYD = -.82 %/+1.12% (VanEck HY Muni
--- MUB = -.63% /-.08% (I Shares, National Muni Bond)
--- EMB = -.23%/+1.04% (I Shares, USD, Emerging Markets Bond)
--- CWB = -1.7% / +4.46% (SPDR Bloomberg Convertible Securities)
--- PFF = -1.03% / +7.2% (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

From the looks of it, you are correct: https://cambiar.com/etf/camx/ Conversion to ETFs is indeed a trend, but one interesting development is it hasn’t worked for most mutual funds trying to increase their assets. They’re still losing money after they convert:
https://bloomberg.com/news/articles/2023-02-13/mutual-fund-to-etf-conversions-failed-to-attract-investors-in-2022

Modern AWD are really FWD much of the time. But if any slippage is detected (e.g. by differences in wheel RPMs), the RWD portion kicks in. Some call this part-time 4WD or auto-4WD. The AWD designs vary too - some normally have front, rear split of 100%FWD, 0%RWD (until RWD needed), others have low constant splits, 70-90% FWD, 10-30% RWD (until more RWD needed).
There are permanent AWD too where the front-rear split is fixed and never changes.
The old 4WD were really 2WD/RWD until the car was stopped and 4WD was engaged.
AWD was a PR term to avoid confusion with the old and clunky manual 4WD.
Race cars tend to have RWDs. A principle of physics/engineering is that on acceleration, more weight shifts to the rear-wheels and that gives better racing traction. On braking, more weight shifts to front wheels, so that is why front brakes are typically larger, and may wear out faster.
Sorry, none of this relates to Jamie Dimon. But this is just an addendum to the car discussion.

+1.
I remember big, heavy, clunky DeSotos, smaller Studebakers, Nash Rambler, Hudson, along with Ford, Plymouth, Dodge, Chevy, Olds, Cadillac. Lincoln. Mercury. Edsel. Seems to me, the sheet metal was thicker, heavier. You could "pound out" a small dent. And I recall the old line: "You could get any color you wanted, as long as it was black." Just a bit before my time.

The site comes up as potentially compromised in my security software.
No matter. I mispoke. What I was thinking of was front wheel drive.

Rear wheel drive cars have better balance than front wheel drive cars. Because the balance is better, the handling of the car will be better. Front wheel drive cars have most of the weight of the engine and transaxle over the front wheels. On the other hand, rear wheel drive cars distribute the weight of its drivetrain more evenly from front to rear.

https://www.bmwofbridgewater.com/blog/2018/december/13/front-wheel-drive-vs-rear-wheel-drive.htm

+1.
Yes, I've come to a decision: I'll invest in companies that offer a 3% div. or better. Then hold on for the long haul. My single stocks are all in different industries, too. I did that deliberately. :)

This week’s guest has experienced multiple economic and market cycles during his more than 50 years of managing money and thinks the current one is particularly perilous for investors. In an exclusive WEALTHTRACK appearance, he felt it was important to tell us why and what steps we should consider taking to mitigate its effects.

Feb 25, 2023

Yeah.
I grew up in a Leave It to Beaver family (not really) and city in SW Ohio starting 76y ago, middle-class if not upper-middle-class, but thank goodness had liberally educated, progressive, allocentric parents who knew what freedom is for and what our obligations are to others.
They pushed hard for and helped get enacted fair housing legislation, among other local initiatives (religiously though not color-integrating the country club, bringing the MJQ to the local symphony, active in LWV, Planned Parenthood, all that sort of thing).
Many of my friends' families were not like that, though lots were (through church and local university).
Now, in a true black comedy piece of history, I find out that where we moved to, on the north side, in the early 1950s had begun its life (long before my parents arrived) as a restricted redlining model for the entire bleeding country.
https://www.pbs.org/video/redlining-harry-kissel-ozarwf/
FDR's admin adopted of Harry Kissell's recommendations. Oi!
Off-topic,
@msf
>> remember that cars were much lighter then and the engines weren't sitting over the front axle.
Not clear what cars are being thought of here, but every Chevy (and all the rest) I drove from the 1950s and 1960s had exactly that distribution:
https://conceptbunny.com/wp-content/uploads/2021/01/1957-Chevrolet-Bel-Air.gif