https://www.fidelity.com/mutual-funds/investing-ideas/disruption
https://www.barrons.com/articles/these-fidelity-funds-will-get-cheaper-the-longer-you-own-them-51587504789
Thoughts?

...but doesn't he have a real nice boat somewhere?
Would have been better off laddering CDs and investing in 90 day Tbills over the past 5 years...and you wouldn't have had to pay state taxes on the Tbills, nor his management fees.
...maybe he's going to return the management fee monies like Harvard U?

Good briefing yesterday from the folks at Bloomberg ...
Ever hear of ARKK or CLIX?
https://1drv.ms/b/s!AmF1g-5ef-jIk81qnsOLJw_LlR9ekA

A couple of big name fund guys are bullish on stock market opportunities...

Miller said only four other times have stocks have been as attractive: In 1973-1974 when the Vietnam War was going on and Richard Nixon had resigned as president; in 1982 after Mexico defaulted on its debt; in 1987 following Black Monday; and in 2008-09 during the last financial crisis. "If you missed the other four great buying opportunities, the fifth one is now front and center," wrote Miller, who is now the chief investment officer and founder of Miller Value Partners in Baltimore.
Justin Thomson, a chief investment officer for T. Rowe Price Group Inc. (NASDAQ: TROW) who oversees international equities, also offered some guidance to help investors thrive.....he sees a buying opportunity...."I should emphasize that truly great companies are rare," Thomson wrote in a white paper. "Opportunities to buy great companies at great prices are even rarer. We are currently at one of those moments."

https://bizjournals.com/baltimore/news/2020/04/21/bill-miller-this-is-one-of-the-5-greatest-buying.html?ana=yahoo&yptr=yahoo

Howdy,
I won't talk about the metals as you've covered it. One of the oldest and most important (to me) quotes I've ever read was from the Elder Baron Rothschild. He said to guard against economic downturns, one should have 1/3 of their wealth in securities, 1/3 in real estate and 1/3 in rare art. Note that he's talking Wealth, not your asset allocation for your 401K. Also, you can substitute many things for Rare Art but in ain't Beanie Babies.
Take a few minutes and run your own numbers. Now wipe off your computer screen. Most people will be something like 80/15/5 . . . or worse.
I've been working at it for years now and still have never gotten to 33/33/33. That said, I'm better today than when I first looked at it.
I know it doesn't answer your question but it may serve as some strategic guidance.
Good luck,
rono

We have been Vanguard customers since at least 1985. We have the majority of our investments at Vanguard. I have had a large number of widely varying types of transactions and interactions with Vanguard employees. The vast majority have been overwhelmingly positive and have completely satisfied my needs. No institution established my humans can expect to be perfect, but Vanguard comes as close as you could reasonably expect from a mutual fund company.

Good morning. As I write ... Today is looking better as the stock futures are up across the board in the States, Europe and Asia. Over the past two days there has been a lot of selling as the money feed in the barometer moved from a reading of 63 down to 33 with the VIX rising above 40 from the mid 30's. However, the short volume in the S&P 500 declined from the low 70's to the low 50's as valuations pulled back. This is good. For me, having more than a full allocation to equities all I am doing is just watching and pondering the best asset allocation for me to run with and not venturing to far form my 20/40/40 base allocation. I'm thinking that stocks will provide the better upside between now and year end so I'll probally stay equity heavy at about 45%, income at about 40% and cash at about 15%. With this, I'm now left to buy in the income area of my portfolio by about 2% and reduce equities by another 2% based upon current valuations and this leaves me some cash that I can play with in the markets without drawing it below the 10%/12% range.
Have a Great Day ... be safe ... and, I wish all ... "Good Investing."

More ETFs malfunctioning: https://barrons.com/articles/how-united-states-oil-fund-got-whipsawed-51587491180

M* is not perfect. Far from it. But I think it's worth paying attention to. CIBC (CM ticker) remains a 5-star bargain, according to the same source. https://www.morningstar.com/stocks/XNYS/CM/quote

The VIX was created by the Chicago Board Options Exchange (CBOE)
and now is at 47.65 at 11:45 PM
I follow the VIX + many other indexes/ETF during the day at Yahoo which is accurate too (VIX)

Hi Guys, Today is Tuesday 4/21 (around 7:50am) and it is not looking to start well with the stock futures down across the board. The VIX has climbed back towards the 40's reading after being down in the mid 30's. In addition, the money feed, in the barometer, moved from 63 to 50 which indicates that some investors are now booking profit from the recent stock market's upward run. I have the big stock Index (S&P 500) pulling back yesterday just short of 2% (1.8%) leaving it with about a 26% gain above it's 52 week low.
I did a little selling yesterday and reduced my equity allocation from the 49% to the 47% range. My next sell step, in my rebalance process should the Index continue its descent, is around the 2685 mark. Otherwise, my next calendar sell step will come sometime during the first part of May. After my next sell step I plan to hold, for a while, at an asset allocation of about 15% cash, 40% income and 45% equity. From this asset allocation, I will either move towards a 10/45/45 or 20/40/40. At the moment I'm in flux as I ponder how much cash to hold and I could wind up at 15/45/40 as cash is paying very little in the form of yield.
I'm still with my thoughts that the Index will settle into a trading range bewteen 2500 to 2700 ranges. However, please know it can move above, or below, these numbers based upon news of events and happenings.
For now, I sit and watch.
Thanks for stopping by and reading ... be careful ... stay safe ... and, I wish all ... "Good Investing."

I have a question about what happens in an index when a significant number of companies in an index go bankrupt. (Gee - guess what sector I might be talking about :-/) So, the value of the company's stock goes to zero, and the index falls accordingly. When a new entity gets picked to replace it, how does the value of that company get reinserted into the index?
For example, let's say there's a simple index that consists of A, B, C, and D, each stock sells for $10 and all the market caps are the same, so the index starts out at $100. A.B. and C stay at $10, and D goes bankrupt, so the index falls to $75. A new entity E is introduced whose stock is $10.
My guess is that the NAV of the index is redesigned such that the new entities, A, B, C, and E, split the $75 NAV at the time of D's bankruptcy. A, B, and C have a smaller representation in each share; each index investor's basis reflects the progress of all 5 entities including the demise of D.
Would this procedure be in the SIA for the various index funds and ETF's? I'll have to read through some.

"...I can say that if you are not a buy and hold forever (Bogle style) then you are not an investor...."
I come here to learn. Reading many of the interchanges between others here and FD1000, it's clear that he/she has an unreasonable need to win all the time. Reminds me of conversations with my nephew. Reminds me of the Orange Abortion in the White House.
....... When I was a younger man and doing comunity organizing, our leader reminded us very early about a Cardinal Rule: if you control the terminology and definitions and can get the ones on the other side of the issue to start believing and using your definitions and terminology, then you've all but WON the issue.
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I'm not interested in embroidery nor competition in here. You've got info worth sharing? Share it, by all means.

My main point is that you can't make your assumption on others. If an investor meets their goals then it's that simple. I know a guy that sold his company for millions of dollars years ago and wants low volatility and invested over 90% in Munis and it worked great for him over 20 years. Another one retired with a pension + his SS covers his expenses and all his money is in stocks. Another guy uses only CEFs and trade them with good results. They all met their needs, there is no right or wrong answer, the problem is trying to put someone in a box that you don't like.
Over the years I shared my thoughts and actually helped hundreds who contacted me privately. I never tell them to use my style, never, I helped them using their style. This is what many can't grasp.
Example: An older relative retired around 2001-2 and told me he saw several financial advisors and thinks that 1% is too high and he really doesn't trust them while markets got volatile and he wants a stable LT simple portfolio and all his money is at Vanguard. Based on his portfolio, he needed about 3-3.5% yearly withdrawal. I told him he can be in just 35-40% stocks and the rest bonds and to invest in just 2 funds VWIAX+VSCGX. Every 2-3 years this guy calls me and thank me how I saved him so much money and how it works.
I knew VWIAX would be better but I wanted to diversify a bit more. Below are the results(link)

Looks like today, Monday April 20th, will be "Take Back Monday" as the stock futures are down across the board. This should be expected as stocks have had a strong run coming off their 52 week low by a little better than 28%. Time, for me, to book some profit and start my rebalance process. Have a great day ... be safe ... and, I wish all ... "Good Investing."

If you read this, it sounds like the crisis in the bond market was just a blip and now that the Fed’s stepped in everything’s hunky dory: https://google.com/amp/s/www.nytimes.com/2020/04/16/business/bonds-fed-rescue-investors.amp.html
Now read this to understand how problematic bond funds can be and have been recently: https://google.com/amp/s/finance.yahoo.com/amphtml/news/bond-etfs-not-mispricing-mutual-120000952.html

Let's look at a story of 2 International funds. If we look at total return, the growth of $10,000 invested on 1/1/2011, we have these results:
Both funds A and B start with a $10,000 investment on 1/1/2011.
on 12/31/2011, fund A had $8609 / fund B had $9823
on 12/31/2012, fund A had $10124 / fund B had $11608
on 12/31/2013, fund A had $12391 / fund B had $14969
on 12/31/2014, fund A had $11489 / fund B had $15138
on 12/31/2015, fund A had $11459 / fund B had $15625
on 12/31/2016, fund A had $11018 / fund B had $17188
on 12/31/2017, fund A had $13360 / fund B had $19843
on 12/31/2018, fund A had $11876 / fund B had $17966
on 12/31/2019, fund A had $15456 / fund B had $21034
At the end of 9 years of return history, fund B has returned 36% more than fund A.
on 4/1/2020, fund A had $12663 / fund B had $15693
Even after a misstep in the 1st qtr of 2020 (which every manager goes though) Fund B has still returned ~20% more than fund A for long term investors.
Also:
Fund A's managers have been on board for 3 years, fund B management since inception. Fund A's volatility as measured by STD is 13.5, fund A has been less volatile at 11.3.
Fund A has an expense ration of 1.15%, you'll pay less for fund B, 0.9%.
If you are a long term investor, which fund would you have been happier investing if on 1/1/2011? If you are a long term investor, why would you throw out fund B and replace it with find A? Is there a crystal ball that tells you fund A is immune to manager missteps?
of course:
Fund A = CWVGX
Fund B = FMIJX

Yes selling OTM puts can lead to regular income and I think they fall under friendly 1256 tax rules but I don't really remember... but if you're smart you will have them cash-secured, meaning if the market or stock symbol tanks and you're suddenly forced to buy the shares you can do it w/o going into a margin call.
HOWEVER - these days I would not be selling puts unless I wanted to own the underlying stock for a long term position, as there is the great likelihood that things will go south again quickly and blow out my short put positions. If volatility makes *very*very* OTM puts attractive I'd consider them for a trade, but unless you're looking to either trade them or accumulate stock, selling puts is NOT recommended during periods of market volatility even if the volatility makes puts 'attractive' because of the increased IV.
Conversely you could write covered calls on ETFs or stocks you own - such as quality dividend stocks. That way you can collect *something* more than MM rates, and you have some downside protection to exit your position before losses kick in. If the stock goes up, whoop-de-doo, you make a profit.
Index futures options (/ES) or index options (OEX, SPX) also have trading nuances such as wide bid-ask spreads, goofy settlement schedules, and depending on the vehicle, limited liquidity.

@msf - I started another thread on using options to generate income instead. Marcus and Amex Personal Savings are FDIC insured and yielding around 1.5%. Vanguard Prime is yielding around 0.6, Treasury MM little lower. There was as a Time Prime was yielding more than the FDIC insured accounts which is why I had parked my cash there - cash I need to pay college tuitions.
Right now, I'm thinking of moving it to one of the above two FDIC insured Bank MMs. Unless I hear what I want to hear in my other thread and want to try and eke out a bit more return with as low a risk as possible.

So Vanguard Prime Money Market is yielding 0.6. All other "Safer" money markets are yielding even less. This when just a couple of months back Prime was yielding more than what you could get in an FDIC insured MM account with a bank. While Bank MMs have also dropped their interest rates, Mutual MM fund yields have basically collapsed.
All of the above to simply explain I'm looking at selling OTM Puts to generate Income and wanted to know tax treatment. I learnt gains / losses from options are capital gains, all short term unless options are actually held over a year (and even here there are some exceptions). More curious was the fact index/bond/futures options get a more favorable treatment of 60/40 long term/short term tax rates. So now I have one question for those might be doing what I'm about to try, or otherwise use options regularly in their portfolios.
If I sell options on SPY - ETF that invests in the S&P 500 index - will I qualify for the favorable 60/40 tax treatment? I'm thinking not and only institutions that can actually sell options directly on the index may be able to do that. However, thought I would ask.

@FD1000 ... What is your source for the VIX?
FD1000 says, my reporting is wrong and ... "In the last 2 days, the VIX is around 40"
My source is linked below. I stand by my statement and it can be postured by visiting the link below. Just hover over the VIX in the matrix and you can see that for the past couple of days the VIX has been back of the 40's and in the mid 30's. Click in it and it becomes more revealing.
https://finviz.com/futures.ashx
This now makes count two, from my perspective, that you have engaged me and I have withstood the challenge coming from you, FD1000, not once but now twice.
This person certaintly seems to enjoy striffe not only with me but others as well. Howerver, on the bright side of things, their challenges, now twice failed, have given even more credence to my postings.

(link) to VIX numbers
April 15-16 VIX > 40
another (source)
Another (source)
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BTW, I can't remember the second challenge, please remind me :-)