M* Investor (Replacing Old/Legacy M* Portfolios)
investor.morningstar.com/
I haven't explored the new M* Investor fully. But some comments.
1. I had stopped using the old Watch Lists because I couldn't add Notes there. There is a small headache in making entries in the Portfolios because they requires dates, share numbers and prices, but for "watchlist" purposes, I just entered random dates (start of the month/year), 1 share, $1 price. In fact, when I converted some old Watchlists to Portfolios, it internally almost did that. So, I won't miss the new less convenient access to Watchlists (via new pages).
2. The Chart feature within M* Investors seems better - it can Compare different things (OEFs, ETFs, CEFs, stocks). This was a sudden new restriction of the Chart feature accessed from M* Homepage (that remains restrictive/limited). There are both Price and Growth-of-10K displays. However, these Charts are not linkable, and Export just creates a screenshot.
3. One main change I see is that there won't be multiyear subscriptions, but yearly renewals only. I haven't checked the access/feature differences between M* Basic and M* Premium subscriptions.
I will add more updates here,
https://ybbpersonalfinance.proboards.com/thread/256/interactive-charts-newer?page=1&scrollTo=669

For the week ending on 6/15/22, Sentiment was extremely negative: Bearish remained the top sentiment (58.3%; very high) & bullish remained the bottom sentiment (19.4%; very low); neutral remained the middle sentiment (22.2%; near average); Bull-Bear Spread was -38.9% (very low). Investor concerns included high inflation & supply-chain disruptions; the Fed (+75 bps hike was "leaked" to WSJ on Monday; expect more 50-75 bps hikes); market volatility (VIX, VXN, MOVE); Russia-Ukraine war (16+ weeks; no longer in headlines). For the Survey week (Thursday-Wednesday), stocks, bonds, oil, gold were all down, dollar was up. #AAII #Sentiment #Markets
https://ybbpersonalfinance.proboards.com/thread/141/aaii-sentiment-survey-weekly?page=6&scrollTo=667

Sorry, but PQTIX lost 1.70% today.
But, PGAGX - PGIM Wadhwani Systematic Absolute Return Fund gained 0.66%! PGAGX, a fairly new fund, is currently on my watch list. Looking for lower volatility funds in this category. So far, so good.
According to the Financial Times, the investment objective of the related UK fund is to seek a positive return on capital while simultaneously attempting to limit the risk of capital loss using a multi-faceted risk management. PGAGX intends to achieve its investment objective through investment in financial markets globally, gaining exposure through the use of financial derivative instruments to currencies (through forward foreign exchange contracts), fixed income securities (through bond futures) and equity securities (through equity index futures and equity index swaps) or by investing directly in equities.
Per M*, the manager, Dr. Sushil Wadhwani, CBE, is the Chief Investment Officer for QMAW, originally founded as Wadhwani Asset Management in October 2002. Prior to joining QMA, Sushil served as the Founder and Chief Executive Officer of Wadhwani Asset Management. He was formerly a full-time member of the Monetary Policy Committee at the Bank of England from 1999 to 2002. Prior to this, his roles included director of research, head of systems trading and partner at the Tudor Group, and director of equity strategy at Goldman Sachs International Ltd, and as an academic economist at the London School of Economics. He has over 25 years of quantitative modelling experience and runs a high calibre team of quantitative and qualitative research analysts...
Fred

https://www.google.com/amp/s/www.marketwatch.com/amp/story/those-who-buy-stocks-the-day-after-the-s-p-500-enters-a-bear-market-have-made-an-average-of-22-7-in-12-months-11655224023
Those who buy stocks the day the S&P 500 enters a bear market have made an average of 22% following year
***
Good information, traders: Wall Street is holding a sale, providing shares at 20% off!
You’re not ? That simply means you solely discuss the speak about being a contrarian investor, however don’t stroll the stroll. Now’s your likelihood to purchase when the blood is operating within the streets, as that well-known contrarian Nathan Rothschild as soon as stated.
If you have been keen to purchase shares in the beginning of the yr, when the S&P 500
SPX,
-0.48%
was 20% greater, why aren’t you much more keen now?
To provide help to reside as much as your contrarian bona fides, I analyzed how you’ll have achieved if, in each bear market since World War II, you acquire shares on the day the S&P 500 closes beneath the 20% loss threshold. Sometimes that day got here close to the tip of the bear market, and in different circumstances the market continued falling earlier than finally turning up. But on common you’ll have achieved very properly.***
Hello
Few days ago ust10 yr usdollar, commodities at all time high, RSI >80s
Imho maybe very close bottom
Maybe good ideas to unload these and consider buying more equities dca slowly in

Some excellent commentary/analysis on the curent crypto shennanigans by BBG's Matt Levine:
https://www.bloomberg.com/opinion/articles/2022-06-15/crypto-debt-can-be-trouble

Think it should have been 1%, but we”ll see.

I agree 1% would be a bazooka-level move that would've sent a decisive message. Meaning, I wonder if they can comfortably go 2 months w/o making an incremental increase between meetings....

Think it should have been 1%, but we”ll see.

The fed fund rate was raised by +75 bps (+0.75%) to 1.50-1.75% range & more 50-75 bps increases are coming; the QT is continuing as previously announced. The interest paid on reserves held at the Fed are now 1.65%; the discount/primary rate is 1.75%. The labor market remains strong & inflation data have surprised to the upside. Fed's goals are positive real rates & taming consumer demand because many other factors are out of Fed's control (global commodity prices, Russia-Ukraine war, Covid-19 issues in China). Headline inflation is what the public & the Congress care about, but the core inflation is more meaningful for the Fed to adjust monetary policy. Changing inflation-expectations via forward guidance is working as intended but the Fed is not locked into its previous guidance (so, it isn't bothered by "misses") & looks at the incoming data (current retail sales & housing data, UM Sentiment, etc) & some of it came during the blackout week this time.
https://ybbpersonalfinance.proboards.com/thread/158/fomc-statements-6-7-weeks?page=1&scrollTo=665

As a theory, managed futures sound wonderful, but I like many others have been disappointed. I bought AHLPX after extensive research helped me decide it had the best and least volatile track record. I held it for about six months in 2021 when it basically fell 6 % or so. Since then it is up about 16%.
Like a lot of "black box" funds, it is hard to predict how it will preform when you need it the most.
I think it is easier to have a defined short position or even inverse ETF for a negative correlation to the markets, if you are unable or unwilling to decrease equity exposure.

My experience is that managed futures and similar strategies work until they don't, but they tend to work when nothing else does. IMHO, holding long term is not a great idea unless they're a very small piece of the portfolio.
Buying right now, after a ~10% runup in the last month for funds like AMFAX, may not be a great idea either, purchase price having very much to do with returns, short and long term.
AHLPX is, generally speaking, a less volatile fund in the space.
I'm glad to see KMLM reaching decent volume levels. Don't own it myself, but may at some point.
YMMV.

+1.

had to establish a basis at time of death
ISTM that should have been very simple - it's the market value (not book value) of each asset at time of death (or six months later if using an alternate valuation date). In the case of MLPs which are traded like stocks, I imagine the valuation would be the average of the opening and closing market prices on the valuation date. Though I haven't checked to confirm the same algorithm is required for MLPs as for stocks.
This is the beauty of basis step up (or down) - it wipes the record clean. Depreciation adjustments that would matter if the owner sold the property while alive no longer come into play.
For example, I was the (co) executor of an estate containing a depreciated rental property. Valuing real estate is more difficult than valuing securities. You can't just look at the last trade. We went to a realtor who did a lot of sales in the development and asked for a written estimate of what the property would sell for. Six months later we had him provide an updated estimate. No complaints from the IRS.
Something else must have been going on with these MLPs. Perhaps they were jointly owned? Then (except in community property states) the step up in basis would only apply to the fraction owned by the deceased. Or perhaps they are thinly traded (still not very complicated)? Do you know why the lawyers made such a fuss over the MLPs?
Edit: a key word here is "master". That means it is public, listed. Without that, it would be more difficult to value, just as real estate is more difficult to value.

ECB follow up https://www.marketwatch.com/story/italian-bond-yields-dive-and-euro-climbs-as-ecb-announces-emergency-meeting-on-market-conditions-11655276116?siteid=yhoof2

I may be “whistling in the graveyard.” But, when I see PRWCX (no matter who the manager) off 15+% YTD, it gives me hope the broader equity indexes are near half-way down to their maximum losses. Check ‘07-09. I think the fund’s around 50% of the way to its losses back than. Could be wrong. Maybe we’re looking at the 1930s again. But I don’t think so. On the other hand, I think inflation is here to stay. Probably OT - Just responding to Sven’s comment comment.

S&P500 is up 1.3% on Wednesday morning. Will see later what % the rate hike is. Many traders are leaning toward 75 bps.
Wonder if the rate hike will improve the already bearish investor sentiment?

Is 7% coming soon?!.....

The average rate on the popular 30-year fixed mortgage rose 10 basis points to 6.28% Tuesday, according to Mortgage News Daily.
The rate was 5.55% one week ago.
The drastic rate jump this week is the worst since the so-called taper tantrum in July 2013, when investors sent Treasury yields soaring after the Fed said it would slow down its purchases of the bonds.

6.28%
Also, a city by city chart showing mortgage payment increases since January 1:
US mortgage payments are on the rise

Managed-futures funds are supposed to latch on to some trend, up or down, to make money. But as far as stocks/SP500 is concerned, PQTIX has been NEGATIVELY correlated. This is seen in the ratio chart of PQTIX:SPY; the bottom panels show PQTIX and SPX. In a ratio chart, down-trend means underperformance, up-trend means outperformance, flat means in-line performance. Timeframe used is 5 yrs but may default to 1 yr later.
So, PQTIX bet has been on other markets outperforming the SP500 and that has only worked recently. I held it for several years but dumped it (prematurely) before its recent spurt. In general, I have been disappointed with both managed-futures and long-short funds.
https://stockcharts.com/h-sc/ui?s=PQTIX:SPY&p=D&yr=5&mn=0&dy=0&id=p09370989141

The ECB is meeting to discuss widening credit spreads, mainly the Italian vs German sovereign bond spreads. Credit spreads in the US have gone up too and here is a look at the HY spreads from FRED,
https://fred.stlouisfed.org/graph/?g=QB0c
ECB News https://www.cnbc.com/2022/06/15/european-central-bank-last-minute-meeting-to-look-at-market-conditions.html

I own some and (more) KMLM in the same space. The latter does not have a long record as an ETF, but its managed futures strategy dates to 1993. It seems to have avoided the string of mediocre years of performance that PQT_X racked up, as Lewis highlighted. ER for KMLM is 0.9%, or half of the PIMCO fund. Nice presentation at kfafunds.com/kmlm in which they explain in detail the make up of their proprietary special sauce, the KFA MLM managed futures strategy. They also detail the long-term performance of their Index. Thanks to @wxman123 for the tip on this ETF.