PByrne was treated outrageously way back when (15y ago) by naked shorters, whose actions eventually resulted in increased crackdown and the rare prosecution attempt (it's flatly illegal, goes the argument). Herb Greenberg (MarketWatch and elsewhere) et alia were the evildoers at the time. I made a lot and then lost it all and a bit more when Novastar got naked-shorted. Byrne was a hero to many w Overstock.
Now of course he himself has become this total bad actor, destructive on so many fronts. Some of us chagrinned are reevaluating our sentiments and thinking from the housing bubble crash.

@Junkster, T-Bills are now better than m-market funds. Buy those commission-free at Fido, Schwab, etc. There is a nearby thread on the details for T-Bills and T-Notes.
https://www.mutualfundobserver.com/discuss/discussion/59328/tough-day-in-bond-land#latest

Thanks yogi. Am ignorant on T-Bills. Always thought they weren’t as liquid as money market if I needed the money for an immediate fund trade?

Most people hold them to maturity but you can buy/sell them at tiny bid/ask spread ANYTIME. There is nothing more liquid than T-Bills.

@Junkster, T-Bills are now better than m-market funds. Buy those commission-free at Fido, Schwab, etc. There is a nearby thread on the details for T-Bills and T-Notes.
https://www.mutualfundobserver.com/discuss/discussion/59328/tough-day-in-bond-land#latest

Thanks yogi. Am ignorant on T-Bills. Always thought they weren’t as liquid as money market if I needed the money for an immediate fund trade?

@Junkster, T-Bills are now better than m-market funds. Buy those commission-free at Fido, Schwab, etc. There is a nearby thread on the details for T-Bills and T-Notes.
https://www.mutualfundobserver.com/discuss/discussion/59328/tough-day-in-bond-land#latest

Mortgage credit in the port now at zero; it was by far my largest allocation in recent years. Last to go was EIXIX. AlphaCentric and Regan's entries in the category have been ~ 75% ROC recently, thus with a pitiful income yield. The category was flat early in the big 2022 selloff, weakening lately, and just not a whole lot of upside left in the tank. This is my obituary for the great debt trade of the last decade-plus. (I might buy in again on a true selloff and signs of recovery.)
I'm probably more cautious than a lot of posters, given no pension and adequate but not massive savings/investment $. #1 position now is cash, #2 is PQTAX, with some ETFs mainly in trading mode. Capital preservation is the main objective at this point.

“What % does a bond heavy fund have to be in bonds before you would consider to "lighten" up on ? Was this in a tax advantage account ?”
@Derf - Thanks for the question. No set percent. Easiest to explain if I post my allocation model.
- 25% is assigned to fixed income. No changes were made in the composition. The weighting, however was reduced from 30% to 25%.
- 25% is allocated to growth. I retained the holdings already in place, including DODBX (30% fixed income). But sold half of RPGAX (30% fixed) and substituted FLJP - a Japanese ETF.
- A 10% allocation to the defensive position does contain 3 funds with substantial bond holdings. Those, however, tend to be short term or laddered, serving primarily as “ballast” while the funds invest the remaining amount in puts, calls and other derivatives.
- That leaves the 40% alternative sleeve where most changes occurred. I axed 3 funds: AOK (70% fixed income), PRSIX (60% fixed income) and PSMM. The latter’s bond exposure is variable - but roughly in the 35-55% area. These were replaced by a market neutral fund, a long-short fund and one individual stock.
(* I had to correct the stated percentages from initially. )
Re question 2. The changes were all in Roth & Traditional IRAs. An investment in munis, which is part of the fixed income sleeve, remained the same.

Thanks @Devo : If you reached your limit on articles , then try here :: https://www.investopedia.com/how-vanguard-patented-a-system-to-avoid-taxes-in-mutual-funds-4686985
So with that read, should or could the "average" investor try to do the trade of MF's to appreciated stock while doing a redemption ? A step up in bias sounds good to me if the proceeds are to be passed on ! Granted the stock could go down in price before one gets to pass it on.
Go Badgers, Derf

By Jennifer Warren at SeekingAlpha
Summary
° Oil markets are responding to crisis as they do, with volatility. Other commodities follow this type of market reaction.
° U.S. citizens will be further disadvantaged as U.S. producers have less incentive to produce here. This is why the majors largely left U.S. fields for global ones pre-shale.
° Whose windfall would this be? Not Americans, not the rest of the world. Maybe Putin’s.
ARTICLE

more detail for the intellectually and economically curious
https://twitter.com/paulkrugman/status/1504516423439298564

would expect a ruling before this issue becomes a class action law suit
The suit was filed as a class action lawsuit. The cited piece reads: "The plaintiffs ... seek compensation for the alleged harm on behalf of a class of similarly situated investors nationwide."
What is the problem with that? This seems to be exactly the type of suit for which class actions were created - large number of plaintiffs, similarly situated, a common transaction, and not worth most people's time and money to sue on their own.
Assuming the court finds that some duty was breached by Vanguard, calculating damages will be interesting, since tax liabilities would seem to be more a matter of when a taxpayer owes taxes (i.e. when a taxpayer recognizes gain) than if a taxpayer owes the taxes. It could be a question of time value of money, not added tax liability.
The duty question: Vanguard has tax-managed funds. These were not promoted as such. Did Vanguard have any duty to consider tax implications?
Tax recognition timing: a plaintiff might argue that the recognition of gain was not certain - the fund shares could be bequeathed or donated to charities. So the damages should be the full amount of taxes due. OTOH, these are funds marketed as retirement funds, i.e. funds expected to be sold down during retirement. Arguably while other dispositions are possible, they might be considered speculative while gradual disinvestment would be considered the norm.
If it does come down to a question of timing (recognizing gain now rather than say, from age 65 to 95, then the damages might be just the time value of the taxes paid now rather than over those 30 years. Current discount rate (even with the 0.25% fed hike) is pretty low.
Lowering the institutional series' minimum was a stupid thing for Vanguard to do, given that it was going to merge the institutional and retail series of funds a few months later. But stupid and negligent are not the same, and in any case, the tax bills would have come due sooner or later.
See also
https://www.thinkadvisor.com/2022/03/15/vanguard-hit-with-class-action-suit-over-target-date-fund-tax-bills/

@Crash
For a fund with similar composition, I use EVT...it's now selling at discount, maintains 80-85% equity holdings, has a good track record plus a 7.15% distribution.

Since Jan. 1
New Position (Bought)
DRSK
GLDB
Y (Allegheny)
QLS
QMN
DODEX
BAMBX
Tactical Buys & Sells (Still own)
TAIL
RIO
GLDB
DRSK
Sold All
TMSRX
PSMM
AOK
PRSIX
DKNG
QED
5 Largest Positions (+ - 8%)
DODLX
PRPFX
BAMBX
QLS
ABRZX

@Charles, @BaluBalu, here is some info on Treasury auctions.
General Schedule for T-Bills, T-Notes, T-Bonds, https://www.treasury.gov/resource-center/data-chart-center/quarterly-refunding/Documents/auctions.pdf
Upcoming 52-Wk T-Bills, for Tuesday 3/22/22, https://www.treasurydirect.gov/instit/annceresult/press/preanre/2022/A_20220317_4.pdf

Apparently, he has never tasted his own pizza:
https://thehill.com/policy/international/598251-190-papa-johns-in-russia-are-still-open-at-the-end-of-the-day-they

The Fed lag is a bit hard to look past … with CPI now at 7.9%.

“I daresay you haven’t had much practice. Why, sometimes I’ve believed as many as six impossible things before breakfast.”
The Queen, Alice’s Adventures in Wonderland - Lewis Carroll

Gives you an idea how long we’ve been (or had been) in this Alice in Wonderland bond bull market. In Paul Volcker’s day it was acceptable for public officials to use tobacco products openly.

For the week ending on 3/16/22, bearish remained the top sentiment (49.8%; very high) & bullish remained the bottom sentiment (22.5%; low); neutral remained the middle sentiment (27.8%; below average). The overall Sentiment became more bearish. In the news filled Survey week (Thursday-Wednesday), the disastrous & grinding Russia-Ukraine war dragged on for the 3rd week although there were some indications of progress in talks; the Fed started the 2nd leg of its triple-action plan by raising the fed fund rate by 25 bps or 0.25% (1st - the QE-Taper ended, 2nd - the rate hikes started, 3rd - the Fed balance sheet reduction to come soon); there was also news that some issues related to the US-listings of Chinese stocks/ADRs (using the complicated VIE mechanism) may be resolved (& Asian & EM stocks had astounding jumps); the general stock market action was a decline early & a strong rebound later, and huge declines (reversals?) in commodities after huge run ups in the previous week (commodities are very volatile). https://ybbpersonalfinance.proboards.com/post/539/thread

The yields among 3, 4, 5, and 10 year treasuries are flattening. Will watch if this tread continues.
Will yield curve flattening follow by “inversion” ?

See anything strange here?

10% gain ain't what it used to be, not after a 56% drop (Y/Y as of OP). That is, it only recovered 1/10th of its remaining value, so it's still down around 50% Y/Y.
March 16, 2021 to March 15, 2022: 43.45% of value remaining (per M* interactive chart)
Adding in today's performance (rising from $54.39 to $60.04) one gets a remaining pct value of:
43.45% x (1 + $5.65/$54.39) = 47.96%. It's still down 52% Y/Y.
Not much pain alleviated.