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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.
  • Buy Sell Why: ad infinitum.
    K-1s normally come in late-March or early-April, so any early filing is out.
    They need more forms. Brokerage 1099 reports are not reliable but one has to use some info from 1099 and other from K-1.
    I dealt with K-1 for years, so it's a doable mess. But I am now K-1 free and I sleep better.
    This will be my first year with a K-1. (ET, Energy Transfer.) So, my brokerage provides a 1099? But somehow, that is incomplete? I am aware, per the TRP website, that the required K-1 must come directly from the company I'm invested in..... But somehow, both forms must be included with the tax return?
    What GENIUS is in charge of this crap?
    I am considering another: it's an oil royalty trust with TWO (count 'em!) employees, and an official HQ address out of the quaint town of Keene, New Hampshire. But nowhere on their website do they mention a K-1. Nor do they refer to themselves as a Limited Partnership. It's squishy. The website explains that specific information for tax filing will be sent with a year-end report. But no official IRS form number. The info comes in a "letter."
    NRT. http://www.neort.com/
    .....Fun and games. But the profits MIGHT be worth the trouble? My tax guy is the one who will have to worry about it all, anyhow. And with probably zero tax due, and just a small refund, maybe it's just not a big deal in my situation.
  • media economy coverage
    @sma3 I'm sorry if what I said hurt you, but the mistake you're making is assuming I am talking about you specifically. I think it is wrong to generalize about the 1619 Project by anyone because it is a diverse compilation by different authors on many different subjects. I never mentioned you in particular in the above 1619 post. Nor did I have you necessarily in mind. My response is more inspired by the nonsense posted by virtually everyone from the right about so-called "wokeism" related to the 1619 Project. If anything that was particular, I was responding to the initial remark in this thread targeted at me written by a certain baseball fan, but my response goes beyond that.
    I am well aware of the controversy over the Project, and it has generated critical responses from both leftwing and rightwing historians. I am, however, irritated by the fact that posting a single essay from the project, one not written by Hannah-Jones but someone else on a different subject, incites these generalized attacks. And DavidRMoran is right to say that the project has evolved significantly from its initial publication and the NYT has attempted to address any errors in its various historical texts.
    It is the fake controversy over CRT, and the reductive conflation of it with the 1619 project, that particularly irks me. CRT is tought in colleges, law school in particular, not in elementary schools. The truth is guys like DeSantis don't what to talk about America's ugly history with race at all. I can understand that Hannah-Jones created controversy by a simple premise from the software industry--that slavery was a feature not a bug in the nation's founding, part of its essential design. I don't completely agree with that foundational argument. I think the founders had different viewpoints on the subject and while some certainly wanted to perpetuate the slavery institution, their views on the subject were not uniform. It is a mistake to generalize about them as well.
    But isn't Hannah-Jones' foundational argument even worth discussing in schools instead of putting the founders on pedestals and pretending they're gods as many children's history books currently do? The controversy the 1619 Project has generated is a necessary one. It should be debated in schools, not summarily dismissed. If anything would teach children "critical thinking," the loss of which older generations constantly lament today, it would be analyzing and discussing these essays.
  • Buy Sell Why: ad infinitum.
    K-1s normally come in late-March or early-April, so any early filing is out.
    They need more forms. Brokerage 1099 reports are not reliable but one has to use some info from 1099 and other from K-1.
    I dealt with K-1 for years, so it's a doable mess. But I am now K-1 free and I sleep better.
  • Buy Sell Why: ad infinitum.
    Even better-FXF issues a 1099-not a K1 tax form. Unfortunately, UUP , an etf I was interested in years ago, issues a K1 !
    Why are people allergic to the K-1? Is it because they are typically issued late?
  • Buy Sell Why: ad infinitum.
    Even better-FXF issues a 1099-not a K1 tax form. Unfortunately, UUP , an etf I was interested in years ago, issues a K1 !
  • media economy coverage
    @BenWP
    Yes SE CT Thanks for the correction
    @LewisBraham
    I don't want the following to be too detailed or political, but comments deserve a specific response.
    I am deeply hurt that you believe my complaints about the original 1619 project are based on “prejudice” and are “foolish” and “worse”. I do not think these adjectives improve the tenor of our discussions here. Many other people share my concerns about the lead essay of 1619 for similar reasons, and these concerns limited it's impact considerably.
    I was using 1619 as an example of the ideological and political agenda that seems to frame almost all media today, from the WSJ (whose editorials I occasionally read although they always seem to cherry pick facts that support their anti- Biden agenda) and the NYT on the left.
    I was referencing the opinion of five well known professional historians (who I have read and greatly respect), about the statement of Nikole Hannah-Jones (1691 lead editor, a journalist, not a historian), that “one of the primary reasons the colonists decided to declare their independence from Britain was because they wanted to protect the institution of slavery”.
    These historians believe this key statement in the lead essay is “factually inaccurate” and a “displacement of historical accuracy by ideology”. This made a lot of people suspect ideology and inaccuracy might be common here, and made them suspicious of the motives around the entire effort. It ignited a controversy that was a significant distraction to the impact 1619 could have had.
    https://www.nytimes.com/2019/12/20/magazine/we-respond-to-the-historians-who-critiqued-the-1619-project.html
    Gordon Wood, James McPhearson and the other historians say in their letter
    “We applaud all efforts to address the enduring centrality of slavery and racism to our history. Some of us have devoted our entire professional lives to those efforts, and all of us have worked hard to advance them. Raising profound, unsettling questions about slavery and the nation’s past and present, as The 1619 Project does, is a praiseworthy and urgent public service. Nevertheless, we are dismayed at some of the factual errors in the project and the closed process behind it.”
    “These errors, which concern major events, cannot be described as interpretation or “framing.” They are matters of verifiable fact, which are the foundation of both honest scholarship and honest journalism. They suggest a displacement of historical understanding by ideology. Dismissal of objections on racial grounds — that they are the objections of only “white historians” — has affirmed that displacement.”
    “On the American Revolution, pivotal to any account of our history, the project asserts that the founders declared the colonies’ independence of Britain “in order to ensure slavery would continue.” This is not true. If supportable, the allegation would be astounding — yet every statement offered by the project to validate it is false. “(end quote)
    There are more detailed refutations available than this letter. Like most controversial subjects, it is not black and white, but it seems to me very unlikely that continued British rule would have abolished slavery more quickly, as it continued in Britain until 1833.
    https://www.aier.org/article/fact-checking-the-1619-project-and-its-critics/
    The Times says they did not assemble a group of experts on the Revolution to get differing views on this critical statement for a debate or analysis. None of the five academics they consulted is a Revolutionary War historian. Their research is focused on economics, poverty, evictions, injustice, racism and civil rights. The two who were trained in History, research the 20th century, not the Revolution.
    A penetrating analysis of the Revolution’s origin with factual material on both sides would have eliminated much of the controversy about the original 1619 statement. But I have to agree with Wood et. al. that ideology seems to have take precedence over a debate about the facts.
    Unfortunately, there are few sources that a reader can go to find both sides and facts of an issue without being filtered though a pre-existing viewpoint to score points with their “tribe”.
    One of the few I have found that tries to present both sides of an issue in a daily email, using material from pretty much mainstream media is www.theflipside.io. They focus on current issues and try to present both sides (without quoting Fox news). Here is their presentation of the original 1619 project.
    https://www.theflipside.io/archives/the-1619-project
    I would look at their recent posts on Kevin McCarthy, Tax policy, and Classified Documents from last week.
  • This Tale of Humira Made Me Doubt My Healthcare Holdings
    https://www.nytimes.com/2023/01/28/business/humira-abbvie-monopoly.html
    This investigative piece from the Times uncovers a lot of unsavory truths about why US drug prices are so high and how the maker of Humira has gamed a rigged system to maintain its massive profit margins. To think that Abbvie has made $114B off this one drug! The system must have been designed by drugmakers because it is perfectly tailored to prevent competition. I have decent-sized holdings in XLV and BHCFX, but I feel sleazy saying so.
  • VG Multisector Bond Fund VMSIX/VMSAX
    Now I see where that foreign figure comes from - click on the issuer type "tab" under "Weighted Exposure".
    The latest SEC filings (including monthly filings) go only through September. Looking at the annual report (with Sept data), only 75% of the portfolio was domestic, so 25% was foreign. A reallocation of over 15% of the portfolio (from foreign to domestic) in three months - from Sept to Dec - would be quite substantial.
    More likely Vanguard is counting only ex-US sovereign debt as foreign debt and counting all other foreign debt (such as Air Canada and Credit Suisse AG) in various other buckets of corporate bonds.
    Counting this way, it does look like 100% of Vanguard's "foreign" (i.e. sovereign) debt is EM. In Sept. that was 9.7% of the fund's portfolio (vs. 9.1% in Dec.).
    Contrast that with the clear breakdown Fidelity gives for FADMX, where foreign corporate debt still counts as foreign debt:
    Foreign Developed-Markets Debt		5.06%
    Corporate Bonds 2.29%
    Sovereign Bonds 2.73%
    Cash & Net Other Assets 0.03%
    Emerging-Markets Debt 15.76%
    Corporate Bonds 4.02%
    Sovereign Bonds 10.80%
    Floating-Rate Debt 0.40%
    Cash & Net Other Assets 0.55%
    I generally assume that promo material borrows from legal filings - companies risk suits if they deviate. What the VG prospectus says is:
    Under normal circumstances, the Fund will invest at least 80% of its assets in bonds, which include fixed income securities such as corporate bonds; emerging market bonds; and U.S. Treasury obligations and other U.S. government and agency securities
    While the wording doesn't say that this list is exhaustive ("bonds which include ...."), developed market debt is conspicuous by its absence. The odd wording is consistent with not considering corporate foreign debt to be foreign debt.
  • VG Multisector Bond Fund VMSIX/VMSAX
    Vanguard is using an incremental approach.
    After having funds in core, core-plus, HY, EM bond categories, a multisector bond fund is the next step, as noted by @Observant1. I will just watch it for now as I do have Vanguard accounts.
    @msf, I see the website showing foreign as 9.1% (total 52.7% investment-grade). May be the promos just highlighted IG, HY and EM.
    https://investor.vanguard.com/investment-products/mutual-funds/profile/vmsix#portfolio-composition
  • Adanis empire lost 51 billions in 48 hrs
    An interesting story that is unfolding.
    Questions raised in the US & Indian media include why the sudden Hindenburg interest in an obscure business empire far away. Adani companies aren't even listed in the US.
    Notably, the Hindenburg report came just ahead of a big local stock offering by Adani Group.
    Also be aware that Indian accounting rules and business empire building techniques differ.
    On the latter, it is common for Indian conglomerates to acquire controlling stakes of 20-30% and become manager-operator of the entities. So, unlike in the US, many companies in these groups aren't wholly-owned subsidiaries. Tatas, Birlas, Ambanis, Mahendras, Adanis and many others (I have included only the names more familiar in the US) grew that way. Both Ambani & Adani are close to Indian Prime Minister Modi.
    BTW, Tata Motors/TTM recently announced that it is withdrawing its US listing due to lack of interest. https://finance.yahoo.com/quote/TTM/profile?p=TTM
    Several Indian companies are listed in the US.
    https://m.dailyhunt.in/news/india/english/businessupturn-epaper-dhc9e2ecf265b34d49a4518907d16772ea/indian+companies+that+are+traded+on+nyse+and+nasdaq-newsid-n197957212
  • Jittery Investors Turn to Cash in Hunt for Yield - WSJ
    Capital One Bank is paying 3.3% for their Savings Account, and 4.15% for one year CDs. That is still below the 4.27% and 4.42% for a Money Market fund at Schwab. and I can get one year CDs at Schwab for a 4.75% Coupon rate. Capital One offers some liquidity advantages for me, with a local branch that appeals to my wife, and CD penalities for early termination is much less "painful" than brokerage CDs at Schwab. You take a hit on interest rate amounts at Capital One, but not as significant as some might expect.
  • Jittery Investors Turn to Cash in Hunt for Yield - WSJ
    With little more effort, one can also buy T-Bills to beat the m-mkt funds.
    I also read a story that banks are losing deposits because bank accounts (savings, online savings, m-mkt accounts) haven't kept up with rising rates. But banks don't care as their lending business has been slow too and the Fed pays them 4.4% to park their reserves at the Fed.
    Edit/Add: LINK1 LINK2
  • media economy coverage
    @davidrmoran, you are one of the hardest to decipher posters on this board. You write in code that I think only you understand. Short sentences and acronyms you think others should understand. Write in clear sentences and you will get your point across a little better.
    u k, bruh?
    idk, looking back here and trying to see what you are talking about, not having luck ...
    TJ was for Thomas Jefferson
    [] was an inline flag for someone who cannot be bothered to get ' its ' right, ever, simply ever
    nerde was a weak, nerd attempt at pointing out the error of getting merde wrong even in the pointed deployment of it (same person), as the French don't say
    woke, crt, 1619, car audio, jfc, all should be figure-outtable, no? lmk, hth
  • Jittery Investors Turn to Cash in Hunt for Yield - WSJ
    ”The dash for cash on Wall Street is back on. Investors have added about $135 billion to global money-market funds over the past four weeks … through Jan. 18. That is the best stretch since the four-week period ended May 2020, when those funds logged roughly $175 billion in net inflows …
    “Increased cash allocations are the latest sign of caution among investors who are questioning whether the recent rebound in stocks and bonds will continue … The average return on U.S. money-market funds this month is 4.12%, the highest yield since the 2008 financial crisis … The S&P 500, on the other hand, has a dividend yield of about 1.6%.”

    By the end of December, assets sitting in money-market funds hit a record $5.18 trillion … That surpassed the previous high of $5.16 trillion from May 2020 … In December, individual investors slightly lowered the share of cash in their portfolios to about 21.8%, below the historical average of roughly 22.5% … The reading still marks one of the highest levels since May 2020. In comparison, stock and stock fund allocations are at about 63.9%, above the historical average of around 61.5%.
    Excerpted from: The Wall Street Journal (Print Edition) January 26, 2023 (Narrative edited for brevity. Attribution to data sources omitted for brevity).
    You’ll likely need a WSJ subscription to access story online.
  • Is 2023 the time to wade back into bond funds? Thoughts?
    +1 Thanks @yogibearbull
    “but redemptions are limited to 5% of AUM quarterly.”
  • MXF. The Mexico Fund (CEF)
    The one that got away? If you were in it on Jan. 1, you've already made a great profit.
    https://www.morningstar.com/cefs/xnys/mxf/performance
  • Bloomberg Real Yield
    Although a graphic below the video image notes 1/20/2023; this is the Friday program this week, as I watched in 'real time'. @Crash, you may search BNN and the words 'Real Yield'.
  • Bloomberg Real Yield
    @AndyJ,
    Thanks for the link to yesterday's show.
    This is one of two Real Yield episodes on YouTube labeled 01/20/2023.
    Perhaps someone cut & paste the title but forgot to change the day?