BondBloxx’s Joanna Gallegos thinks it’s a great idea despite the asset class’ reputation for charging high fees and academic research that have shown sluggish returns. Her firm launched the BondBloxx Private Credit CLO ETF (PCMM) about three months ago.
“We don’t believe in the velvet rope. We believe in connecting markets,” the firm’s co-founder and chief operating officer told CNBC’s “ETF Edge” this week. “People have not had access to it. It makes sense in a portfolio. People should have access to … a power tool like that in their portfolio.”

The National Oceanic and Atmospheric Administration, the nation’s premier agency for weather and climate science, has been told by the Trump administration to prepare to lose another 1,000 workers, raising concerns that NOAA’s lifesaving forecasts might be hindered as hurricane and disaster season approaches.
The new dismissals would come in addition to the roughly 1,300 NOAA staff members who have already resigned or been laid off in recent weeks. The moves have alarmed scientists, meteorologists and others at the agency, which includes the National Weather Service. Some activities, including the launching of weather balloons, have already been suspended because of staffing shortages.
Together, the reductions would represent nearly 20 percent of NOAA’s approximately 13,000-member work force.
Managers within NOAA have been told to draw up proposals for layoffs and reorganizations to trim the agency’s staff by at least 1,000 people, according to eight people who requested anonymity because they weren’t authorized to discuss the plans publicly. NOAA managers have been asked to complete their proposals by Tuesday, one of the people said. The proposals are likely to involve eliminating some of the agency’s functions, though managers have received little guidance about which programs to prioritize for cutting.
The recent employee departures have already affected NOAA’s operations in many realms: predicting hurricanes and tornadoes, overseeing fisheries and endangered species, monitoring the changes that humans are bringing about to Earth’s climate and ecosystems.
NOAA has been singled out for cuts by some of Mr. Trump’s allies. Project 2025 calls NOAA “one of the main drivers of the climate change alarm industry.” The document calls for the agency to be dismantled and some of its functions eliminated or privatized. The idea that private companies could replace NOAA in forecasting the weather is a “gross misunderstanding,” said Keith Seitter, a distinguished visiting lecturer in meteorology and climate science at College of the Holy Cross in Worcester, Mass: “The app on your phone or what you’re watching on TV, those are private-sector companies, but those private-sector companies depend critically on NOAA for all the information that they’re using to create those forecasts,” Dr. Seitter said. “It’s a coordinated effort.”
Employees who are still working at NOAA describe feelings of deep anxiety. Their colleagues have been let go unannounced, meaning they have no idea who might simply not show up for work. With their government-issued credit cards frozen, they can’t buy supplies for research projects or travel to retrieve instruments that have been installed at sea. They are scrambling to back up their scientific data, fearful that programs might be shuttered or leases on buildings canceled.

In a sense that tactic of buying when others are fearful has worked for me as well. Dumpster fires and bathwater floods are great places to look for hidden gems rather than racing up the roads to the current sparkles in the eyes of the masses.
I am no where near the abilities of Buffett, Marks or a host of others but my best returns have come from selections made during those times.

@hank We are trying to time the markets. At least I am.
The toughest part of the game is parsing out your dry powder.